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.
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.
(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.
Real estate transactions for seniors are unique. There are factors to consider that don’t affect younger buyers and you may not have thought about.
Senior Real Estate Specialists (SRES) are trained to evaluate and help you understand implications for seniors including the points below (from RetirementLiving.com):
How using pensions and other retirement accounts in real estate transactions work.
The positive sides and the potential downsides of using reverse mortgages.
SRES agents are trained to spot mortgage and other loan schemes that are designed to trick and scam seniors out of their finances or even their homes.
SRES agents will help you understand estate planning and how Medicare, Medicaid, and Social Security affect your property and finances as you age.
There are unknown pitfalls of Medicaid, such as their right to recover costs spent on your care even after you die in some situations. An SRES can walk you through scenarios that include your rights and what can happen should you have liens or unpaid medical expenses, most notably through Medicaid Estate Recovery.”
RetirementLiving’s 3 primary benefits of using an SRES:
An SRES understands senior housing options and what they have to offer including Universal Design and other accommodations.
An SRES prepares you for the financial consequences of senior real estate transactions such as how pensions and retirement works in real estate transactions.
An SRES has a wealth of resources to assist you with your relocation including senior relocation companies, senior housing advisors, financial and legal organizations specializing in working with seniors etc.
It’s a concern that affects all of us – how can we keep our brains healthy as we grow older? We want to stay sharp and ward off memory loss when possible. Brain health has a profound effect our ability to enjoy life and keep ourselves healthy and safe.
While you can’t prevent certain medical conditions, there are some simple things you can do to help keep you brain healthy. SeniorLiving.com offers some great tips:
Exercise – get your blood flowing.
Get enough sleep – it helps your brain repair/regenerate.
Eat a healthy diet – health food supports brain health.
Participate in mentally stimulating activities – challenge your brain with puzzles and reading.
Stay social – social connections are key to brain health.
Manage stress – try meditation or yoga.
Avoid risky behavior – avoid smoking and excessive drinking.
Read up on brain health. Many physicians note small things that can make a huge difference such as laughter and ensuring you have a sense of purpose. Senior centers are returning to their pre-Covid schedules and are a great place to get started.
You planned for retirement, you had the party, everyone congratulated you, and now you want to make the most of this fantastic time of your life. After they retire, many seniors struggle when they don’t have work-purpose.
So, how do you find purpose in retirement? How do you stay engaged in the world around you? How do you avoid loneliness and feeling isolated?
Senior relocation company Caring Transitions is out with some great tips including:
Identify your goals and interests
Pursue a second career
Reactivate an old passion
Make new friends
Enjoy nature’s gifts
Give back to your community
Enjoy this time when you may have fewer responsibilities and more time to do the things you love such as spending time with family/friends and focusing on your hobbies. It’s a time to simplify your life and that’s why retirement triggers downsizing for so many people.
Atlanta Seniors Real Estate helps seniors do just that. Contact us for a free consultation and discussion about how to downsize and find your next home.
You’ve probably experienced it or heard of it – individuals developing allergies as they age. Perhaps it’s a sudden allergy to latex which is fairly common or even food or medications. In any case, it’s good to be aware that allergies can appear even if you’ve never had one before.
AARP is out with an article on how to recognize and treat five types of allergies that can appear with age. The article says, “Because allergy symptoms are so common, your first stop for diagnosis should be your primary care physician. If your symptoms are chronic or intolerable, make an appointment with an allergist, a medical specialist in the diagnosis, treatment and identification of what’s triggering your allergies. Skin and blood tests are the most common tests used for diagnosis.”
“As we age, our immune systems get weaker, putting older Americans at higher risk for disease, including allergic reactions,” says Tiffany Owens, M.D., an allergist at the Ohio State University Wexner Medical Center.
Click here to read the full article including a look at allergies which develop later in life including hay fever, insect allergies, skin allergies, food allergies and drug allergies.
According to the CDC’s Covid Tracker, the number of cases of Covid is on the rise. That has many asking where to get vaccinated or receive the vaccine booster. AARP’s Georgia chapter has a great guide to the vaccines available. It’s worth reading as you decide how to proceed.
AARP Georgia says, “The Centers for Disease Control and Prevention (CDC) recommends getting an omicron-specific (bivalent) booster, which targets the original strain of the coronavirus as well as more recently circulating variants (BA.4 and BA.5). The original vaccines, called monovalent vaccines, will no longer be available as booster doses.”
>>Click here to read the AARP article which explains the differences in the various vaccines and boosters, as well as where you can find them.
Senior housing is always evolving. We’re seeing more and more active adult communities and comprehensive communities that offer a full range of care from independent to assisted living.
A recent article in Senior Housing News had an interesting comment on what seniors are looking for and how it’s spurring senior living companies to take a second look at what they offer residents — especially when it comes to wellness.
(From Senior Housing News) “People want to benefit from a wellness program that’s of their own choosing. They feel like they can succeed and their efforts involve engagement with others.” – Mather CEO Mary Leary, June 2, 2022.
Another defining trend in 2022 has been the new importance of wellness in senior living operations. Once a perk, wellness is becoming a must-have for new residents as they move into senior living, especially the baby boomers.
Whereas previous residents may have been happy with the so-called “three hots and a cot” and bingo, residents of tomorrow are likely to desire a way of living that addresses not only their physical needs, but also their mental, social and spiritual needs.
Last year, Mather sought to address those needs with the launch of a person-centered wellness framework where residents decide what is most important to achieving wellbeing.
Others, including Juniper Communities CEO Lynne Katzmann, have explored similar ways to foster wellness. Katzmann in particular is focused on a concept called “wellspan,” which prioritizes quality over quantity in older adults’ later years.
Earlier this year in August, Juniper launched a new membership-based program called Cataylist with the goal of creating an ecosystem of programs and services where residents can receive lifestyle concierge services.
These and other efforts show the senior living “wellness era” is only gaining momentum into the new year.
I read an article recently and it sums up my entire feeling about the real estate market right now and actually the type of response I have given to customers who ask… Is now a good time to buy a home?
Yes, it is. In fact, winter and spring 2023 will likely be the best window homebuyers will have for the next several years.
Here is what’s really going on in the housing market – and why now is the time to buy if you’re qualified.
Interest rates are better than you think
The historically low interest rates seen in 2020 and 2021 were remarkable. Rates in the 2% range are almost unheard of for a mortgage. But the COVID-19 pandemic was a once-in-a-lifetime occurrence. It was inevitable that rates would increase again in time, which they have.
Some homebuyers may wonder whether they missed the boat or whether they should wait for rates to drop again. Rates aren’t going to go back down to the 2% and 3% range, so if you weren’t able to buy then, you have to take your lumps and move on. But 7% is actually a pretty good rate for a home. And if rates drop again, you can refinance your mortgage to take advantage of it. If they increase, however, you’ll be glad you locked in your loan at 7%.
Either way, the sooner you buy, the more time you have to build equity in the home. That’s significant because home equity is a cornerstone of wealth-building in the U.S.
Housing prices aren’t going to crash
Like interest rates, housing prices were unprecedented during the COVID-19 pandemic. They soared in many places across the country, leading some people to believe that prices would ultimately crash. That’s unlikely, however. Price increases have slowed, but home values increase over time …home sale prices in the U.S. have consistently trended upward since the 1960s.
Rather than waiting for a price crash, take advantage of the fact that this is a buyer’s market and that sellers are more likely than they have been in years to negotiate on price and other concessions.
Nothing would put more of a damper on you and your family than a fall that lands you in the ER. There are a number of things you can do to reduce your risk of falling. The National Council on Aging has a quick survey allowing you to evaluate your risk.
The Centers for Disease Control (CDC) also offers some great resources and tips on how to prevent falls so check out their website by clicking here. The CDC also has a terrific article that explores whether medications you’re taking are increasing your risk of a fall or accident. Click here to learn more about that.
Below is a sample of the wealth of information available on the CDC website.
Facts About Falls
Each year, millions of older people—those 65 and older—fall. In fact, more than one out of four older people falls each year, but less than half tell their doctor. Falling once doubles your chances of falling again.
Falls Are Serious and Costly
One out of five falls causes a serious injury such as broken bones or a head injury,4,5
Each year, 3 million older people are treated in emergency departments for fall injuries.6
Over 800,000 patients a year are hospitalized because of a fall injury, most often because of a head injury or hip fracture.6
Each year at least 300,000 older people are hospitalized for hip fractures.7
More than 95% of hip fractures are caused by falling,8 usually by falling sideways.9
Falls are the most common cause of traumatic brain injuries (TBI).10
In 2015, the total medical costs for falls totaled more than $50 billion.11 Medicare and Medicaid shouldered 75% of these costs.
What Can Happen After a Fall?
Many falls do not cause injuries. But one out of five falls does cause a serious injury such as a broken bone or a head injury. These injuries can make it hard for a person to get around, do everyday activities, or live on their own.
Falls can cause broken bones, like wrist, arm, ankle, and hip fractures.
Falls can cause head injuries. These can be very serious, especially if the person is taking certain medicines (like blood thinners). An older person who falls and hits their head should see their doctor right away to make sure they don’t have a brain injury.
Many people who fall, even if they’re not injured, become afraid of falling. This fear may cause a person to cut down on their everyday activities. When a person is less active, they become weaker and this increases their chances of falling.
What Conditions Make You More Likely to Fall?
Research has identified many conditions that contribute to falling. These are called risk factors. Many risk factors can be changed or modified to help prevent falls. They include:
Lower body weakness
Vitamin D deficiency (that is, not enough vitamin D in your system)
Difficulties with walking and balance
Use of medicines, such as tranquilizers, sedatives, or antidepressants. Even some over-the-counter medicines can affect balance and how steady you are on your feet.
Vision problems
Foot pain or poor footwear
Home hazards or dangers such as
broken or uneven steps, and
throw rugs or clutter that can be tripped over.
Most falls are caused by a combination of risk factors. The more risk factors a person has, the greater their chances of falling. Healthcare providers can help cut down a person’s risk by reducing the fall risk factors listed above.
What You Can Do to Prevent Falls
Falls can be prevented. These are some simple things you can do to keep yourself from falling.
TALK TO YOUR DOCTOR
Ask your doctor or healthcare provider to evaluate your risk for falling and talk with them about specific things you can do.
Ask your doctor or pharmacist to review your medicines to see if any might make you dizzy or sleepy. This should include prescription medicines and over-the-counter medicines.
Ask your doctor or healthcare provider about taking vitamin D supplements.
DO STRENGTH AND BALANCE EXERCISES
Do exercises that make your legs stronger and improve your balance. Tai Chi is a good example of this kind of exercise.
HAVE YOUR EYES CHECKED
Have your eyes checked by an eye doctor at least once a year, and be sure to update your eyeglasses if needed.
If you have bifocal or progressive lenses, you may want to get a pair of glasses with only your distance prescription for outdoor activities, such as walking. Sometimes these types of lenses can make things seem closer or farther away than they really are.
MAKE YOUR HOME SAFER
Get rid of things you could trip over.
Add grab bars inside and outside your tub or shower and next to the toilet.
Put railings on both sides of the stairs.
Make sure your home has lots of light by adding more or brighter light bulbs.
Keep items you use often in cabinets you can reach easily without using a step stool.
Use non-slip mats in the bathtub and on shower floors.
If your home is no longer conducive to your situation, it could be in your best interest to call a Seniors Real Estate Specialist to discuss what options might be available to you. Contact us for a casual chat!
It’s the holidays and you’re filled with goodwill, warmth, love and a desire to help others. The most wonderful characteristics but unfortunately, they make you a target for scammers. Although The Press & Dakotan (from Yankton, SD) isn’t exactly close to us here in Georgia, the newspaper offers some fantastic information about scammers and how seniors can avoid being scammed.
They also highlight some of the most popular scams that you need to be aware of so check it out and share it with your friends and family. Knowledge is the best protection.
(From The Press & Dakotan) For most of us, the holidays are full of giving, getting and goodwill. But some bad actors use the holidays to take advantage of people’s generous spirits and frequently target older members of our communities more vulnerable to scammers and con artists. Billions of dollars are estimated to be lost by senior adults each year to scammers, according to the National Council on Aging.
Federal, state and local officials across the country have alerted consumers, particularly older people, to be aware of several holiday fraud schemes. If purchasing gifts over a phone or laptop, make sure it’s on a secure network, use a credit card and keep receipts. If purchasing gift cards at a store, take one directly from the counter, not off the rack.
When expecting a lot of packages over the holidays, shippers will often provide updates on the status of an order. Knowing this, scammers send phishing emails pretending to be from companies like FedEx and UPS to lure a person to phony webpages in order to share personal information. Look closely at delivery notifications and email updates before clicking on links or input information. UPS and FedEx won’t ask for personal information via email.
Packages that stack up outside on the porch are also tempting. Consider tracking packages so you’ll know when they’ve arrived. Setting up a different delivery address with a neighbor who is home during the day or your workplace to ensure packages are delivered safely should be considered. If traveling for the holidays, have any mail held at the post office.
Senior citizens have trust in many federal government agencies and scammers know this. Various fraud watch networks are inundated with calls this time of year about scams involving someone impersonating an IRS agent, Medicare official, Social Security Administration officer, or other government worker.
It’s quickly becoming a buzz phrase — universal design. But what is it exactly and how might it affect you? It’s especially important for people who want to age in place. As well, it will give you an idea of features to look for if you’re interested in moving into a senior living community.
The National Association of Homebuilders says the most common features include:
No-step entry. No one needs to use stairs to get into a universal home or into the home’s main rooms.
One-story living. Places to eat, use the bathroom and sleep are all located on one level, which is barrier-free.
Wide doorways. Doorways that are 32-36 inches wide let wheelchairs pass through. They also make it easy to move big things in and out of the house.
Wide hallways. Hallways should be 36-42 inches wide. That way, everyone and everything moves more easily from room to room.
Extra floor space. Everyone feel less cramped. And people in wheelchairs have more space to turn.
Some universal design features just make good sense. Once you bring them into your home, you’ll wonder how you ever lived without them. For example:
Floors and bathtubs with non-slip surfaces help everyone stay on their feet. They’re not just for people who are frail. The same goes for handrails on steps and grab bars in bathrooms.
Thresholds that are flush with the floor make it easy for a wheelchair to get through a doorway. They also keep others from tripping.
Good lighting helps people with poor vision. And it helps everyone else see better, too.
Lever door handles and rocker light switches are great for people with poor hand strength. But others like them too. Try using these devices when your arms are full of packages. You’ll never go back to knobs or standard switches.
You’ve retired and are enjoying perhaps a slower lifestyle, more travel, less stress, easier financials. Obviously, not necessarily true on that last point. Retirement brings new challenges when it comes to savings, retirement funds, taxes, asset management and more. It’s always a good idea to find and use the services of a financial advisor who is knowledgeable about retirement and estate planning, but you can also do a little bit of the information gathering on your own.
I recently found a great article from Kiplinger that looks at some of the retirement financial challenges and how individuals have managed them. Specifically, the author, David McClellan, looks at retirement contributions and where to put your assets…. as well as how to go about making those decisions to benefit you for years to come.
If you’re over 50, it’s time to change up your diet. There are some foods from your younger years that you now need to avoid. AARP is out with the list of foods that should have you taking the hard pass.
Yes, they’re foods you probably loved at one point in your life but, after 50, at least cut back in the name of better health. Think foods like sugary drinks, fried foods, processed and packaged foods, those with high sodium and alcohol. AARP tells you how these foods affect your body and suggests some alternatives.
A CNN article reports on the research results looking at health risks associated with sleeping less than 5 hours a night. The article says, “The study, published in the journal PLOS Medicine, took a closer look at a group of nearly 8,000 civil servants in the United Kingdom who had no chronic disease at age 50. Scientists asked the participants to report on how much sleep they got during clinic examinations every four to five years for the next 25 years. For those whose sleep was tracked at age 50, people who slept five hours or less a night faced a 30% higher risk that they would develop multiple chronic diseases over time than those who slept at least seven hours a night. At 60, it was a 32% increased risk, and at 70, it was a 40% greater risk.”
When they referred to chronic diseases, they were talking about diabetes, arthritis, Parkinson’s, coronary heart disease, heart failure and more.
Adam Knowlden, an associate professor of health science at the University of Alabama, explains, “Often, people see the need to sleep as an inconvenience. They think to get the most out of life, they need to deprive themselves of sleep to get ahead or to be more social, but it’s really the other way around. Most of the research shows your quality of life actually improves if you get sufficient sleep.”
A survey of seniors finds that most plan to work, at least part time, after they retire. It could be that seniors today are healthier and more energetic than ever before, and it could also be that they’re concerned about their finances with the news squarely focused on stories about inflation and recession.
An article on NASDAQ.com says, “The results show that more than half (58%) of Americans plan to continue working in their retirement. With 66% of Americans worried they’ll run out of money, 50% concerned about unexpected health expenses and 47% preparing for social security to be cut or end completely, it makes sense that people want to keep the paychecks coming.”
Today, working in your senior years doesn’t mean going into an office or being on your feet all day. The article looks at some online options for an extra paycheck including virtual assistants, online tutoring, and customer support gigs — all work that can be done from the comfort of your own home.
One of the new trends for seniors is cohousing. So, what exactly is it?
If you Google it, you’ll see that it’s defined as “a type of living community that combines private homes with clustered living spaces. A senior cohousing community includes 20 to 40 single-family or attached homes arranged so that everyone shares the same lawn space and walkways.”
It’s a sort of communal living arrangement that allows for independence among people who also support one another. The elder cohousing concept came to the US from Denmark back in 1988 according to TheSeniorList.com. And its popularity is growing as active adults search for alternatives to traditional and extremely expensive senior living communities.
In many of these communities, residents share some responsibilities like cooking or cleaning and with that comes some financial savings. But, as with anything, cohousing comes with both benefits and costs to consider.
Kiplinger looks at a couple of these neighborhoods and how residents feel about this new approach to active adult communities.
Want to know more about cohousing in general? Visit cohousing.org. There are currently at least two cohousing communities in Georgia – East Lake Commons is intergenerational and Lake Claire Cohousing has residents up to the age of 50. You can learn more about both of these communities on the website.
Did you know there’s a certain strategic order to follow when withdrawing money from retirement accounts and other investments? Taking the right steps at the right time can make a significant different in your finances as you get older.
Kiplinger and SmartAsset.com offer some great suggestions for seniors who may be looking at tapping into their savings — in addition to encouraging seniors to find and use a qualified financial advisor.
Among the suggestions they have:
Look at investment income first
Hold off on claiming Social Security benefits
Delay withdrawing from 401K and IRA
Don’t tap into your Roth too soon
Check out their article which explains each of their suggestions above.
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