You spend years planning for retirement looking forward to days of a simpler life with years of savings spent on travel and leisure activities. But the reality is that some of the biggest expenses retirees shell out money for often surprise them and have nothing to do with leisure activities.
AARP did some digging and, after speaking with financial advisors, created a list of the top ten expenses that have retirees cutting into their savings and investments.
Stress can be particularly dangerous for older adults — it can even speed up the aging process and exacerbate existing health issues. For this reason, it’s important that caregivers recognize stress, the effect it’s having on the individual, and know of resources and other ways to address/reduce stress.
The National Council on Aging published a recent article that referenced research from the American Institute of Stress which includes a look at the connection between stress and inflammation.
According to the article, “… more stress equals more inflammation, and more inflammation when we’re stressed equals more (or worse) health problems. These include atherosclerosis (hardening of the arteries), Type 2 diabetes, arthritis, dementia, and cancer, to name a few. The same report notes that chronic stress also can reduce the effectiveness of certain vaccines in older adults, including for the flu and pneumonia. And stress actually accelerates the aging process itself.”
Where are retirees truly prospering? In which countries do they have it easiest when it comes to the things we really value when we commit to retirement such as financial benefits and a strong health care system?
In one report, the US ranks 18th and our pension systems earned a not so glowing C+. So where are the top spots? Those countries where retirees are living a little easier? Here are the top five “best places to retire” and a peek at what earned them accolades.
Norway – robust pension system
Switzerland – read about their Retirement Residency Program
Iceland – top rated pension for local retirees
Ireland – low crime and low-cost government healthcare
Australia – friendly with universal healthcare
Check out this article from Kiplinger that details the top 10 countries and learn more about what it was that helped them earn spots at the top of the leaderboard. It also helps us understand why, according to the article, more than 440,000 retired workers are collecting U.S. Social Security benefits abroad.
As a Seniors Real Estate Specialist (SRES), many of my consultations with older adults who are thinking about downsizing and relocating, (a good 10-15% of them) will lead to a discussion about aging in place.
Aging in place can also be about helping clients find a forever home to move to in a new location, which is conducive to the needs of the person and may even help them stretch their finances, depending on how they chose to finance the next place. In some cases though, I consult about staying put… Many wonder why I would do that instead of finding them another home to move to.
Well, the answer is simple… because sometimes the home is already their forever home, IF, and only if, they consider a few changes to ensure the home is better suited to their current needs. My goal is never to move someone who doesn’t need (or want) to move.
Here’s a case study as an example: I visited a lady who had a 2-story home with a guest bedroom and small bathroom on the main floor, and 3 bedrooms and 2 bathrooms upstairs, which included the owner’s suite. The space was open and spacious on the main level. She had recently become a widow and had paid off the mortgage as instructed by her late husband’s final wish. She loved the community she has lived in for 20+ years but thought it would be best to move to a smaller house. As we talked and did the research, we concluded that the equity in her house would not quite cover the purchase of a forever home and she was not willing to go back to having a mortgage payment of any amount.
The plan of action I suggested was to:
Get quotes to remodel the guest bathroom on the main floor allowing that to become a true main level owner’s suite, accessible for her to live in as opposed to having to go up and down stairs every day.
Get quotes to update the entrances to the home adding accessible features including universal design touch-ups that would allow her to age in place in the current home and not have to experience moving from a place and location she loved and could afford to keep.
Revisit after getting quotes to discuss the options again and consider if she would need additional information to fund the renovations or if moving would be back on the table as an option and how to do that without costing her too much in monthly expenses.
My role as an SRES Realtor was simply to advise and refer contractors or remodeling companies that would incorporate the ADA/universal design features, as well as staying in touch to provide additional information until the homeowner had made their decisions.
We sometimes provide services without financial gain.
We always say real estate is more than property, it’s about the people!
We are available to answer questions you or someone you know has about aging in place or finding your next home. Contact us any time.
As we age, many of us will need a little help with the fine print. If you find yourself with age-related changes in your vision, you’ll likely find yourself in search of reading glasses. You can order them online and have them delivered to your door. And you can have extra features added to the reading glasses.
Who has the best customer service? Which company is best for the blue-light blocking readers? What about most affordable or the company with fun options?
Today’s retirees are on the move. Crime, traffic and more and sending many of them away from the cities they’ve lived in for decades but how do they decide where to move next?
A great article called “Politics and Pickleball” looks at some active seniors who searched for their next home but looked at much more than the real estate. The article says that while they consider proximity to family, recreational opportunities, cultural events, and climate, the surprising factor increasingly cited by retirees is — politics.
Some want a state with politics more in line with their own perspectives while others were interested in the opportunities created by being in a place where their own politics may not be the majority.
May 28th is World Hunger Day and June is designated as Hunger Awareness Month — both designed to raise awareness of food insecurity in the US and around the world.
A number of efforts are underway to make seniors more aware of SNAP benefits they may be eligible for. SNAP (Supplemental Nutrition Assistance Program) was previously known as the food stamp program founded in 1939 by the Roosevelt administration.
Today, it’s providing food for many families including low-income seniors. If you know of someone experiencing food insecurity, direct them to the resources available through SNAP including an easier application process.
This time of year in the south, homeowners brace for spring storms and tornadoes. It’s time to prepare and ensure you know what to do if your home or property sustains damage. Know the process and your rights ahead of time — be prepared.
If the process gets bogged down and you’re not getting the results you want, you need to know what to do next.
Kiplinger is out with a brief Q&A to help you navigate dealing with insurance claims for storm damage including:
It has subtle beginnings. A parent or loved one needs a little help taking care of themselves or getting to appointments. Then, as days go by, you realize that care provided by a child or loved one has expanded and requires a significant amount of time and energy.
Family caregivers are critical for caring for people as they age, but some argue that more compensation is needed for those caregivers who often are also balancing a job and their own responsibilities at home.
AARP found that family caregivers provide $600 Billion in unpaid care across the United States. In a recent article, AARP spells it out clearly, “Time is money. No one knows this better than the nation’s 38 million family caregivers who devote 36 billion hours of free care to older parents, spouses, partners and friends with chronic, disabling and serious health conditions. Family caregivers are the backbone of the long-term care system in the U.S. But with over 60 percent of family caregivers working either full-time or part-time — and 30 percent living with a child or grandchild — they need and deserve more assistance from city, state and federal governments, says the report. For instance, states can expand caregiving tax credits and workplaces can adapt more family-friendly policies such as paid family leave.”
The organization wants to see Congress take action to help ease the burden faced by this country’s family caregivers.
>>Click here to read the article and learn more about what AARP is doing.
There’s little dispute that we’re living in an increasingly stressful world. We’re connected every minute, trying to do more in less time, and the result is stress which compromises our physical and mental health. The list of ailments that can be blamed on stress is familiar and lengthy, and includes headaches, anxiety, poor concentration and insomnia among other things.
A recent Newsweek article looked at the move toward Slow Living which is described as “a movement that encourages people to eliminate external pressures that are fueling their stress, do things that make them happy, and most importantly, slow down the pace of life to be more present in every moment.”
It’s what baby boomers talk about all the time – fondly looking back at days when life seemed simpler, slower, there was quality time spent with loved ones. People actually visited one another unscheduled and spoke face to face. It’s a movement so many people have been craving and it’s paying off for those who are actually able to step back and enjoy even small moments spent with people you care about.
It has long been feared as one of the deadliest forms of cancer largely because it often goes undetected until it’s too late. Good news is that new treatments are being developed and the survival rate is lengthening. It’s still helpful to know some of the signs of Pancreatic Cancer.
AARP is out with a list of warning signs as well as information about medications being used in the fight against pancreatic cancer. As with most cancers, early detection is key.
Warning signs:
Abdominal discomfort in the mid to upper abdomen that often radiates to the back
New onset diabetes or worsening blood sugar levels, especially with weight loss
Darkening of urine and lightening of stool
Jaundice (yellowing of the skin and whites of the eyes)
Seniors and their caregivers know very well how quickly Medicare expenses can add up. There is relief for some seniors who are living on a low or fixed income. The Qualified Medicare Beneficiary (QMB) is designed to help save money on visits to physicians, medical procedures, and hospital stays.
There is a lot of information to know about QMB but the National Council on Aging does a fantastic job of answering questions including:
Taxes can get confusing but it’s worth studying. If you’re a Georgia senior, there are a number of tax exemptions and benefits you may qualify for — benefits that will ease your tax burden.
GeorgiaLegalAid.org does a great job of explaining the different exemptions and benefits which include:
If you’re planning to buy or sell real estate, it’s a good idea to consider working with a senior real estate specialist or SRES like Atlanta Seniors Real Estate.
Here are a few reasons why an SRES will be beneficial:
Experience: A senior real estate specialist has extensive experience working with clients who are 50 years of age or older. This means they understand the unique needs and concerns of seniors when it comes to real estate transactions.
Knowledge: SRES designees have received specialized training in senior real estate, including topics like reverse mortgages, age-restricted communities, and estate planning. They are equipped to provide expert advice and guidance on these topics.
Connections: Senior real estate specialists often have strong connections with other professionals who work with seniors, such as estate planning attorneys, financial planners, and senior living communities. They can help you build a network of resources to assist you in making informed decisions.
Advocacy: A senior real estate specialist can serve as your advocate throughout the real estate transaction, ensuring that your interests are protected and your needs are met.
Overall, working with a senior real estate specialist can help ensure a smoother and more successful real estate transaction, especially if you or a loved one is a senior.
We tend to think of physical therapy as something prescribed for recovery from an injury but, many feel PT can also be an important tool in preventative care by optimizing movement and promoting health, wellness and fitness.
A recent National Council on Aging article points out that “a physical therapist can make a meaningful impact in your life by helping you to stay independent so you can do the things that matter the most.”
The Council on Aging article answers questions including:
You’ve saved for this point in your life. You’ve socked away money in retirement accounts for years, so you want to maximize the money you are able to take out and live on.
Some states have no income tax and some tax retirement distributions while others do not. AARP is out with a guide to which states will tax money from your IRA or pension and it includes information about what those taxes are. If you’re looking to downsize and relocate, it’s worth knowing which states will be more tax-friendly to retirees living on retirement funds.
Ready to relocate or need other resources as you prepare for a move? Contact Atlanta Seniors Real Estate for assistance or we’re happy to answer your questions.
It’s time for a move — perhaps it’s downsizing or moving into housing that offers a level of care that you or a loved one needs. There have never been more options for senior living than now, but with so many choices can come quite a bit of confusion.
The list includes:
RETIREMENT LIVING
Retirement/Active Adult Communities
Senior Apartments
Senior Cohousing
LONG TERM CARE
Assisted Living
In-Home Senior Care
Active Senior Housing
Independent Living
Continuing Care Communities
Congregational Retirement Communities
Nursing Homes
Specialized Care
Hospice
How do you know which type is right for you? Do you know the questions to ask? SeniorLiving.org is out with an update to its Senior Living Guide. They do a great job of explaining the differences between different options. Then, when it’s time to sell your home and relocate, contact a Senior Real Estate Specialists like Atlanta Senior Real Estate to help you with options in your own community.
Tyler Perry has announced that he’s donating $750,000 toward helping older Atlantans on fixed incomes cover rising property taxes. The actor and filmmaker said he wants to ensure the seniors are able to remain in their homes.
Atlanta Mayor Andre Dickens applauded the donation in a statement saying, “Atlanta’s growth and prosperity should not come at the expense of our legacy residents—many of whom have been priced out of their homes in previous years. Tyler Perry has been engaged in our ongoing conversations around legacy resident retention, and he told me he wanted to do something to support these efforts. Thanks to his generosity, more Atlantans will be able to remain in the communities they built.”
The $750,000 donation will go toward:
Paying off all back property taxes for every low-income senior in Atlanta. More than 300 low-income seniors currently owe back-taxes. The assistance will cover not only City taxes, but back County and school taxes.
Freezing property taxes for 100 low-income seniors by using funds to pay the difference between present day property taxes and property tax increases through a pilot program.
The funds will be administered by Invest Atlanta Partnership, the nonprofit wing of the City’s economic development authority.
You may have heard of VITA or Volunteer Income Tax Assistance coalition which offers seniors and others tax preparation assistance. Volunteers offer free basic online tax preparation help to qualified individuals. There is also a program called TCE or Tax Counseling for the Elderly.
VITA and TCE sites are generally located at community and neighborhood centers, libraries, schools, shopping malls and other convenient locations across the country. To locate the nearest VITA or TCE site near you, use the VITA Locator Tool or call 800-906-9887.
Spring is right around the corner so it’s time to look at spring cleaning. If you’ve been wanting to declutter, this is a perfect time to start.
Senior relocation company Caring Transitions (best known for estate sales, packing/unpacking and more services for senior moves) is out with a list of 6 things to incorporate into your spring cleaning routine.
Rearrange closets Take everything out, put away the winter clothes, and rearrange shelves and hangers to give yourself some extra storage space and make room for lighter pieces.
Clean out your pantry Go through your pantry, fridge, freezers, cabinets, drawers etc., clearing anything that’s expired or unnecessary.
Check for pests Be sure that there aren’t any cracks in windows or doors where creepy crawlies could creep in; check window seals for fungus/mold buildup; replace door mats regularly; thoroughly sweep behind furniture at least once a week.
Wash walls You should always give walls a good scrub before welcoming warmer air indoors – especially after spending months with thicker clothing on stands indoors gathering dust.
Spring clean appliances Be sure all appliances are wiped down with damp cloths or sponges daily and cleaned properly on both inside and outside surfaces every month or two.
Refresh fabrics Fabric such as curtains or bedding absorbs smells from cooking throughout winter months same goes with rugs which need vacuumed & freshened regularly too.
You have taken the time to make an estate plan but often they are fraught with issues that can cause problems for your loved ones down the road if you are incapacitated or pass away. AARP is out with a list of 8 common estate planning mistakes below — important points to check against the estate plan you do have.
If you don’t have a plan, this is the time to make one. And if you do have a plan, it’s suggested that you continue to update it as things change in your life.
Here are AARPs 8 common estate planning mistakes.
Is it complete? Has it been executed or updated?
Do you completely understand your plan? Will it be used as intended?
If there are investments you plan to leave to someone, ensure you own them.
Ensure your plan complies with current laws.
Are you beneficiary designations consistent in all documents?
Will gifts you leave to loved ones cause issues?
Understand tax consequences of your estate plan.
Make sure your loved ones are informed about your plans. AARP suggests a digital accounts access guide.
It’s the time of year that we have to begin collecting information for our 2022 tax filings. It can be confusing, stressful, time-consuming — but it doesn’t have to be.
Kiplinger offers some tips for staying organized and ensuring that filing taxes isn’t an overly stressful process.
Gather information in one place as it is mailed to you.
Be organized and keep all tax info. in one place
Get tax info. electronically
Have a list of information you need for your filing
File early if you can
Use the IRS online tool “Where’s my refund?” for the status of your refund
If your tax filing is complicated, find assistance to ensure everything is accurate
If you find the process overwhelming, contact a local CPA or tap into some of the free tax preparation resource available in your community. In metro Atlanta, you can check into VITA — the Volunteer Income Tax Assistant coalition.
This year, taxes must be filed by Tuesday, April 18th.
Seniors toying with the idea of selling a home, downsizing or simply looking to move closer to family found themselves a bit confused with the crazy real estate activity of 2022. While it may have been a great time to sell a home, it was challenging to find another one — especially in the Atlanta area which has been named one of the hottest real estate markets in the country.
So, is 2023 going to be a better year to sell and move into another home? While buyers are returning to the market looking for more reasonable home prices without competing against a dozen other buyers, it really depends on interest rates and, most importantly, homes being priced appropriately.
A recent NBC News article said, “prices will have to be attractive for homebuyers to take on interest rates that remain elevated. Home sellers have already resorted to mortgage buydowns — a type of deal allowing buyers to secure lower rates, at least in the first few years of homeownership — or concessions like new appliances to persuade buyers to sign on the dotted line.”
To navigate this challenging time in real estate, contact a Senior Real Estate Specialist who has the resources available to guide you to a successful and less-stressful transaction. Contact Atlanta Seniors Real Estate to learn more.
(From AARP) AARP’s annual Movies for Grownups Awards are back, live from Los Angeles — and you’re invited! Alan Cumming hosts the star-studded special, which will be broadcast by Great Performances on PBS on Friday, Feb. 17, at 9 p.m. ET (check local listings), on pbs.org/moviesforgrownups and the PBS Video app.
Brian Tyree Henry will present the Movies for Grownups Career Achievement Award to Jamie Lee Curtis, whose work is bigger and better than ever at age 64.
The many people who scrutinize the Movies for Grownups Awards for clues to who might also get Oscar nominations — historically, not a bad bet — will notice the most-nominated films: The Fabelmans (6 noms), Everything Everywhere All at Once and The Woman King (5 each), and Tár and She Said (4 each).
But every honored title is significant. We spotlight films and shows that feature crucial issues, thoughtful story lines and the most talented grownup filmmakers and actors who speak directly to the 50-plus audience, the crucial demographic supporting the best work in film and TV. Without grownup audiences, art house films, indies and TV that qualifies as art would not survive — and when audiences flocked back to theaters this year, it was grownups who led the charge. Thanks to AARP and its viewers, there’s more to Hollywood than young stars in superhero spandex.
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