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Baggage comes with getting older, including the need to organize personal finances. Money concerns and financial considerations do not lessen as we age. Indeed, they tend to get more complicated. Why? As retirement nears, most seniors must navigate a pair of complex federal programs—Social Security and Medicare—that are meant to cushion our later years. However, the many rules, options and penalties associated with each require careful planning and decision-making.
For most seniors, the challenge is finding the right mix of benefits, liquid assets and income streams that allows them to live comfortably from day to day while still having enough reserves to meet major health and housing expenditures that arise.
Money worries vary widely among older folks depending on how many or little assets they accumulate and how wisely they choose to take their distributions. These tips may help you prioritize your steps.
Just as guidance from professional financial planners and advisers throughout one’s working life is important, it is vital in retirement as well. Studies show that many seniors possess low levels of financial literacy. It is essential for older adults to build their financial management skills, including knowing when and how to claim benefits and what asset portfolio makes sense for them. You can attain these skills and knowledge through your employer’s human resources department, workshops, seminars, online resources, family and friends.
Experts advise adults to start preparing for their golden years long before retirement age. Responding to life-changing circumstances, such as marital status or health, may require one to adjust their financials. While planning can help make sound decisions, some things require education and literacy in the moment they occur. Examples of these “just-in-time” decisions include when to claim Social Security, enroll in Medicare, or downsize a home.
Seniors are able to start claiming their Social Security benefits between ages 62 and 70. The difference between the expected benefit at each age is significant. Deciding the optimal time to collect it is imperative since it is a substantial source of retirement income for nearly 9 out of 10 people ages 65 and older.
For adults with shorter life expectancies or immediate needs, receiving Social Security before full retirement age could be beneficial. Yet, studies show many claimants could benefit by waiting to collect later. Because Social Security provides guaranteed, inflation-adjusted income for life, it provides unique protections against longevity risk, inflation, and poverty in later ages, according to an aging.senate.gov summary.
Surviving spouses receive either their own benefit or their spouse’s benefit, whichever is higher. For married couples, that is why it is vital to know when to claim benefits for the higher earner in the household. People can work and claim benefits, work and delay benefits, or stop working and delay benefits. Each path has its own considerations and effects in terms of benefit payout.
Other sources of income, such as savings, retirement accounts, and pensions, are other key assets that should be considered when deciding to collect Social Security.
Medicare’s guaranteed health coverage is more critical than ever due to the escalation of health care and health insurance costs. Seniors enroll in the program through the Social Security Administration. Once a senior starts receiving Social Security benefits, they are automatically enrolled in Medicare Parts A and B. Folks not receiving Social Security must apply for Part A and decide whether to apply for Part B. Seniors must also choose how to receive coverage through enrollment in a Medicare Advantage plan or other plans.
Those not automatically enrolled in Medicare must navigate enrollment periods to avoid penalties. Seniors need to be wary of scammers targeting them during their initial sign-up and open enrollment period.
Seniors with a 401(k) may have the option to purchase an annuity. An annuity is an investment option that can provide a guaranteed income for an individual or their spouse throughout their retirement. Annuities are purchased for a set period and pay out a specific amount in retirement based on the investment strategy and amount invested. The decision to annuitize is complex and carries budgeting considerations and transaction costs. Knowing longevity, inflation and market risks is important when deciding to annuitize a 401(k).
You can learn more about the risks and rewards of rolling your 401(k) into an annuity from Kiplinger Personal Finance.
These tips do not constitute financial advice or recommendations for your financial decisions. Consult a knowledgeable and experienced financial adviser suitable for your situation.
Millennium Physician Group Wellen Park Grand OpeningMillennium Physician Group is proud to announce its new flagship 13,000-square-foot location in Wellen Park with access to primary care, lab, and imaging services. The practice will open on Monday, May 20, 2024. They will host a ribbon cutting on Thursday, July 11, 2024, from 4:00 6:00 pm. Services to be offered include: Primary Care -- Patricia Daneshmand, D.O and James Pineno, M.D Same Day Appointments 7500 Square feet of imaging space 5800 square feet of medical space Full Service Advanced Imaging Imaging services -- CT, MRI, US, Mammo, X-ray, Dexa, and breast biopsy. 15 Exam rooms 5- 7 Providers Address: 8036 S. Tamiami Trail, Venice, FL 34293Primary Care Phone: (941) 244-4300 Radiology Phone: (855) 674-4624Web Address: https://millenniumphysician.com/wellen-park-office About Millennium Physician Group (MPG) Founded in Port Charlotte in 2008, and now headquartered in Fort Myers, Millennium Physician Group has grown into one of the largest comprehensive primary care practices with more than 800 healthcare providers across the Southeast. Services center on primary care complemented by multi-specialty care, walk-in centers, radiology and lab services, physical therapy, telehealth, wellness programs, home health, in-patient hospital care, and much more. Nationally recognized as a leader in value-based care with consistent high levels of physician engagement, Millennium aims to deliver a genuinely connected healthcare experience for patients by providing a comprehensive and coordinated approach to healthcare and be Your Connection to a Healthier Life.
Many seniors think exercise is just a distant memory due to obstacles like pain, decreased endurance and balance. There is also the fear of injury. The fact of the matter is that water exercises get aging adults moving and active. Its a safe, comfortable, and rewarding way to live an active lifestyle once more. Here are eight ways that swimming benefits seniors and conquers their exercise concerns. So, grab your swimsuit, and lets dive into the numerous and undeniable benefits of swimming and to being an active senior!The 8 Benefits of Swimming for Active SeniorsNo Weight on Your JointsAnything you do in the water is the ultimate low-impact exercise. This means youre not exerting a jarring force on your joints. The reason is that water supports about 90% of your body weight when youre in the pool. This means you float through your exercise session with no pressure on your joints. In this relatively weightless environment, active seniors overcome painful movement caused by arthritis and other health conditions.A Healthier BrainBefore you even move a muscle, immersing yourself in water increases blood flow to your brain. The benefits of this good blood flow include improved concentration, memory, mood, and cognitive function. Studies show that for active seniors, swimming may even help repair damage from stress. It can actually forge new neural connections in the brain.A Workout for Your HeartBy swimming regularly, active seniors reap cardiovascular benefits to their long-term health. If your heart is strong, it pumps blood more efficiently for improved circulation throughout your bodyincluding the brain. The bottom line is that regular aerobic exercise, like swimming, has been shown to reduce the risk of heart disease and stroke.A Lift for Your MoodAlmost all the senses are involved when you swim: sight, sound, touch, and smell, and if youre not careful, sometimes taste! The rhythmic strokes and breath create a focus that soothes. The feel of water moving over your body is a sensation much like a massage. Unless its a bustling pool, the calm and quiet surroundings alleviate stress, encourage relaxation, and even spark creativity. In actuality, swimming is a form of mindfulness.Better Flexibility and Range of MotionEven the most active senior loses some range of motion as they age. But thats not a problem in the water! The buoyancy of the water allows swimmers to move their arms and legs more easily through the full range of motion. Regular swimming helps keep joints supple and improves flexibilityan essential aspect of health and well-being for older adults. For those with a limited range of motion on land, stretching in the water can even improve flexibility.Improved Muscle Strength and ToneGoing for a dip in the pool is a full-body exercise that tones every major muscle group. The natural resistance of the water helps strengthen muscles faster than any land-based exercise. If youre doing laps, different strokes focus on different muscle groups. For that reason, using a combination of strokes will get you the all-over tone you want.Reduced Risk of FallWeve already established that swimming works for all the major muscle groups. With stronger muscles overall, especially the upper body, core muscles, and leg muscles, posture and stability are improved. All of this reduces the risk of falls.Stronger, Happier BackWith gravity out of the way, active seniors dont have to worry about posture or body weight on their spines when exercising. And you dont have to be a lap swimmer to reap real benefits. Water is ideal for gentle exercise as well. It can be as simple as walking in waist-deep water. The water takes the pressure off your joints and back all while youre moving.Swimming at Jacaranda TraceWe are so certain of the health benefits of swimming. Thats why were one of the few senior living communities offering our members a pool and aquatic exercise program. Its a jewel in our community. Our active senior residents benefit from year-round lap swimming, aqua classes, and recreational swimming. Our pool area is as relaxing and social as it is healthful. We even incorporate water exercises for our members receiving physical rehabilitation because of waters gentle resistance and help with balance.
When looking at senior living communities for yourself or a loved one, there are many great options and many things to consider. Whether youre looking for active independent living, assisted living, skilled nursing or memory care, a key consideration is whether the community operates as a for-profit or not-for-profit senior living organization. It can make a significant difference in the quality of the residences, services, amenities, and culture. For many seniors looking into different community options, the advantages of a not-for-profit senior living community tips the scales.While both types may look similar on the surface, there are some fundamental differences between for-profit and not-for-profit senior living communities.What is a For-Profit Senior Living Community?A for-profit senior living community, like any private business, is obligated to its shareholders to earn a profit. A good number of for-profit communities belong to large national chainssome owning hundreds of properties with thousands of residences. According to the Centers for Disease Control and Prevention, more than 80 percent of senior communities are for-profit. They are either privately owned or part of a much larger chain. While they might offer quality services and amenities, their core function is to earn a profit from rent and fees.What is a Not-For-Profit Senior Living Community?By definition, a not-for-profit senior living community must reinvest any profit back into its central mission. They are also allowed to raise money from individual and corporate donors, whose gifts are tax deductible, and to apply for certain government and private grants.What are the advantages of Not-For-Profit Retirement Communities?Many of the differences between not-for-profit retirement communities and for-profit senior communities are subtle. As a resident/member of a not-for-profit community, you may simply feel better knowing that the leadership is motivated by a mission, rather than by financially satisfying owners and investors. Youll also know that your wellbeing will always come before profit.Here are a few more ways that not-for-profit senior living communities, like Jacaranda Trace, in Venice, FL, benefit members. Greater Sources of FundingThe IRS grants tax-exempt status to not-for-profit organizations because they further a cause or benefit the publicallowing them to accept donations from a wide range of sources. This funding makes it possible for a not-for-profit senior living community to keep its fees lower than it could otherwise, and even extend financial support to residents/members with hardship situations. This means that long-time members who suffer an unforeseen financial change dont have to worry about having to leave their community.The Governance of a Board of TrusteesA not-for-profit is run by a board of trustees or board of directors. Those individuals have pledged to uphold sound, ethical, and legal governanceputting the organizations mission and members wellbeing first. The board members interact with community leadership and residents/members and listen to their input. The board also works to form fruitful relationships with the local governments, businesses and other organizations. These relationships help to solidly connect their community with the community at large. Reinvestment into the Community Emphasis on CommunityA not-for-profit senior living community can flourish into a genuine community with the boards leadership and focus on a mission. Members, staff and board members come together through their shared values. Additionally, not-for-profit organizations rarely change ownership. This is not always the case among for-profits. For-profits are often forced into exit strategies or recapitalizations to satisfy shareholders interests.Why Choose the Jacaranda Trace Not-For-Profit Senior Living Community?We are a not-for-profit community because we want to fully serve our members and our community. At Jacaranda Trace, our aim is to be the senior living community of choice for seniors who want to spend their lives in an intellectually, physically, and spiritually rich environment. To learn more about life at Jacaranda Trace, or to schedule a personal visit, call 941-841-0946 or Click Here.