Sunrises, Sunsets, and Rainbows

Acknowledging the Inevitable It is unrealistic to believe that "I'm not going to need long-term care; or, if I do, then my kids will take care of me." “No one plans for a loved one to experience a long-term care event or caregiving for an aging relative just as no one plans for a pandemic," said Marguerita Cheng, CEO of Blue Ocean Global Wealth Management.  It is unrealistic to believe that "I'm not going to need any care or, if I do, then my kids will take care of me." - it's not that simple, The Cost of Assisted Living is Rising The cost of assisted living is rising, making it increasingly difficult for seniors and their families to finance long-term care.  With the cost of assisted living averaging around $4,500 a month in some states, many seniors are turning to alternative options for financing.  In 2021, the national median cost of a home health aide was $5,148 per month, and the national median cost of a private room in a nursing home was $9,...

Navigating life alone can be difficult and lonely During retirement years, navigating life alone is a prospect that many of us will face.  This can be due to debilitating illness, death, divorce, and other factors that may be outside our control.  Life's unexpected events can take us down a path that we had not planned.  It can be hard to make decisions without the support and guidance of another person. It can be hard to:  take on unexpected challenges without a partner or friend to help you; stay motivated when there is no one to encourage you; take pride in your accomplishments when no one is there to celebrate them with you; find joy in the little things when you are alone; fight the feelings of loneliness and to assure self-care when you are isolated.  Navigating life alone can be empowering It can be an opportunity to grow and to become more independent and self-sufficient. It can be a chance to explore your passions and interests without another’s influen...

Technology is changing at an incredibly rapid pace.  As technology continues to advance, more and more things are becoming obsolete (or will become obsolete soon), replaced by new technology.  Companies must stay on top of the latest developments to remain competitive in an ever-evolving landscape.  Avoid becoming "obsolete"  Are you staying up to date on latest advancements? Embrace Technology The revolutions that will surface in years to come will continue to make profound changes.  Fortunately, new technology is designed to be helpful and easy to use.  Rather than being overwhelmed, embrace technology to discover how it can enhance and become an essential part of your daily life.  (Adapted from: "Technology in Our Life Today". My G-Grandmother, during her life had experienced travel by covered wagon and buck board, steam engine train, automobile, and airplane and the beginnings of the "space age".  Communication by letter, telegraph, ...

T ax deferred savings accounts are designed to help you save for the future.  The most common type is the Individual Retirement Account (IRA) which allows you to save pre-tax dollars and invest in various types of investments. When employers provide matching pre-tax dollars, the Individual Retirement Account can grow substantially.  "You postponed taxes on your contributions and earnings; you didn’t eliminate them."  (Source AARP)  Withdrawals from these accounts are taxed as income in the year you make the withdrawal.  Required Minimum Distribution (RMD) "You must start taking RMDs by April 1 of the year after you turn 73."  (Source: AARP). This RMD is calculated based on your age and the balance of your IRA at the end of the previous year.  The RMD amount must be withdrawn and included in your taxable income regardless of whether you need the money. Failure to take the RMD can result in a substantial tax penalty.  Tax Deferred Savings Accounts t...

Social Security provides a lifeline to retirees, widows, disabled, children, the blind.   Social Security is an invaluable resource for millions of Americans. It provides a lifeline to retirees who depend on the guaranteed income in retirement.  Widows Widows receive widowers benefits from Social Security, which can provide an extra source of income. Disability Assistance Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) programs provide assistance to people who meet requirements for disability.  Disability Benefits | SSA "Children" and "the Blind" Social Security also provides benefits to children and the blind. For children, these benefits may include survivor benefits for minors if a parent dies and disability benefits for those who become disabled before the age of 18.  Social Security also provides benefits for the blind who are unable to work due to their disability.  Medicare Part D - "Extra Help" Social Security ove...

  Social Security survivor benefits are a lifeline  ...for families who lose a loved one who worked and paid into the system. When a worker dies When a worker dies, their family members may be eligible for survivor benefits. These benefits can include a lump sum death benefit, as well as monthly survivor benefits for the family. The amount of the survivor benefits depends on the deceased worker’s Social Security earnings record. If the worker was covered by Social Security, the surviving spouse may be eligible for a one-time death benefit, as well as monthly survivor benefits. Surviving Spouse  If the surviving spouse is caring for the deceased worker’s child, they may also be eligible for additional benefits. For other family members, such as a parent or sibling, they may be eligible for a one-time death benefit, as well as monthly survivor benefits. The amount of the benefits depends on the deceased worker’s Social Security earnings record. In addition to the death bene...

R etiring can be exciting and daunting.   We never really know when end-of-life will occur.  Here are some essential documents that retirees must have:                                                                        Photo:  I. Styvar.  Homer, AK Critical  Documents W ill (Last Will & Testament) :  Preparing a Will is essential to ensure that your wishes are respected after you are gone. It should include details of how you would like your estate divided and who will be the Executor of your will. Your "Last Will & Testament" indicates how you’d like to divide your assets. Power of Attorney (POA): This document names an individual who will make financial and legal decisions on your behalf if you are unable to. Make sure you choo...