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Senior Advice

S

Str8shooter

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I mentioned in another thread that I was going to start a thread on advice for seniors. As I also mentioned, I am not an expert, but I am 67 years old. The reason for this is that I am constantly contacted by my friends about "what to do" now that they are retiring. The latest was this past weekend when a former teaching colleague asked me for help planning her retirement. As an FYI, in the State of Illinois, a retiring teacher has a couple of options when retiring. I would like for this thread to be one where others would chime in with their thoughts as well. Again, I am not an expert and am open to being corrected if I post something that is wrong. I would also ask that members refrain from politics here. Discussions on politics, while the nature of this site often builds walls, and my intent is to help others who are entering retirement and dealing with their senior years. I'll start with a few observations but will attempt to add more as this thread evolves. Well, I hope that this thread will evolve.

As a caveat to this thread, I think that I should mention that I live in a small town on the outskirts of a major metropolitan area. Our house was just appraised at $500,000, but it would be worth a lot more if we lived where most of you live. We are able to get a lot of "free stuff" because I am well known in my area, and the kindness of former students, players, and parents have demonstrated how blessed my wife and I are.

  • In 1983, the wife and I were off to a very humble start. We decided that we would buy this 1,000 sq. foot home and live there while building a family and saving money. We lived there for 28 years. At that time, we invested all of our "extra money." While our friends were "keeping up with the Jones," we were frugal. Our investment advisor has been with us for all of that time. Please make sure that you are scheduling time to sit down with your financial advisor if you have investments. We meet 3 to 4 times a year. Our most recent meeting was in January, where we decided to move monies and change some of our strategies. My wife's portfolio has always been "aggressive." Now, it will be changed to a more moderate approach to investing. BTW, your investment professional is supposed to ask you to meet with them at least once a year.
  • The same as the above can be said about our tax person. However, our tax person, who is also the God Mother of our daughter, just retired. We don't drop off our taxes. We sit down with our tax person to ask questions and strategies for our money. Have any of you considered how much you might be able to give to your children where they benefit but do not incur taxes for the "gift?" We gift our daughter and SIL each Christmas. It helps them out, and the wife and I know that they appreciate all of the financial help.
  • What are you doing for your health? It is important that you get out and do something. Believe it or not, 20 minutes of walking or doing something might improve your health and how you approach each day. I gave this advice to my dad after my Mom passed. He walked in the rain etc. and only skipped days that had weather warnings until age 90. He did fall at age 90, and that stopped him from leaving his block. So, he walked back and forth in front of his house on his block until he finally got to the point where he could not walk. He lived to be 92. My wife and I walk together. She is my best friend and I still don't know how she has stayed with me these 42 years. (42 years in April.) Finally, I have a buddy who is turning 80. He wanted to start walking but struggled some. I told him that I walk with trekking poles. Trekking poles are inexpensive and they can really improve the benefits of walking. He bought some last summer and is still getting at it. My trekking poles look something like this but with the rubber tips instead of the spiked tips. (Note, trekking poles come with all types of options in the package for tips.) The tips I use are lower right in this picture.
 
As someone only 22 years your senior I must say that I am most grateful for your advice. Much of i, however, i only relevant for those in the USA.
 
How much do you sing? Recent studies have shown that those who sing actually improve their health. I sing all of the time. I can not sing. I don't care. I once asked my daughter why I didn't become a singer. Her answer was, "Because we need to eat." LOL I sing Classic Rock songs, Country Music songs, and children's songs to my grandkids. I have even made up songs for them.
 
One more piece of advice in an attempt to jump-start this thread and get participation.

  • What services are you missing out on? The older lady who lives next to my daughter and SIL has to use a walker. She contacted our trash hauler to see if she could be helped getting her trash picked up. She was told that they have a policy that no workers can enter a client's garage, BUT if she can get her trash outside her garage, they will walk up the driveway, get her trash cans, dump her trash cans, and return them to where they picked them up. I had both knees replaced last summer. In picking up our trash, I was using a walker per doctor's orders. Our trash guy stopped and mentioned that if I called the carrier, they might use the same policy I mentioned for a month to help me out. It is worth a phone call to see if your trash hauler has similar policies.
 

My daughter says, "Just because I can't sing, doesn't mean that I won't."

I'm pretty much the same. I sing in the car. I sing to the grandkids around the house. I used to sing- especially in the car on longer trips- to my son and daughter as well. And yes, I made up songs, changing the words on old standards mostly. Throw a poop joke and a little slapstick into the lyrics here and there, and kids 10 and under will roll. Sometimes the older ones too, if they aren't trying to look too cool.
 
Get out and get sunshine! Vitamin D is important for seniors who often stay inside and limit access to vitamin D.

Drink vitamin D-fortified low-fat or fat-free milk and other milk products. There are other types of "milk products" as well. You need this and calcium to help keep your bones strong as you age.
 
Str8shooter said:
Get out and get sunshine! Vitamin D is important for seniors who often stay inside and limit access to vitamin D.
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This is sound advice. Beyond the monetary aspect of retirement, the simple act of being outside and enjoying yourself can be priceless to your health and mental well-being. Don't wait until you to retire to finally get out and smell the roses!

After all, the best financial planning strategies absent of keeping your body and mind healthy won't amount to all that much.
 
I mentioned the following in a different thread, but I will repeat the points here. Affordable strategies are simple to follow and can result in a healthy lifestyle.

  • My wife worked to develop her potato and beef vegetable soups for some time. She finally hit on what she and others believe to be winning recipes. NO, she won't share. LOL He is often asked to make both soups for rehearsal dinners and family events in our area. Typically, she makes one of these soups for the weekend. Her home recipe makes a batch that give both of us a full bowl of soup and then a decent second bowl. We then have enough leftovers for lunch and a sandwich the next day. The cost is minimal. I follow this up every once in a while with my family chili. The day after we eat my chili, we make baked potatoes and pour the left over chili over the baked potatoes and add sour creme, cheese and chopped green onions. You could add jalapeños if you wanted. All of this is cheap and tastes great. BTW, my chili recipe is similar to an online recipe called tailgate chili.
  • A national chain of pizza offers a large pizza with a maximum of five ingredients on Tuesdays for roughly $12. We have an acquaintance who goes there each week and buys four or five pizzas. They change the ingredients per their whim. From what they have said they eat a few pieces of pizza for dinner and save a piece of pizza for a snack the next day. If my math is correct, they eat 3 dinners each week for a total of $36. When looking at a grocery bill, this seems economical.
  • Look around for local salad bars. We have a local salad bar that gives seniors a great discount. My wife and I eat once a week at this place and with tax, we are just under $15.
  • We like to eat nuts. Nuts can be healthy when eaten as a part of a balanced diet. Nuts are a good source of unsaturated fats, fiber, vitamins, and minerals.
  • Finally, are you taking a senior supplement? If not, ask your doctor if you should. We do.
 
Senior Scams -- I guess you could say that these scams are geared for most people but seniors seem to fall for them the most.

  • That phone call from Social Security trying to reevaluate your information for an increase of benefits is a scam. Don't give your Social Security Number to anyone. The Social Security Administration WILL NEVER CALL YOU. NEVER! Recently, I had cause to call the Social Security Offices, and they state this as a part of their messages to anyone calling. If anyone wants that number, don't walk away. Run away fast.
  • There is a scam that says that you didn't pay a toll on a toll highway, and you are going to in some type of trouble if you don't call the provided number. Don't call it even if you know it is a scam to complain to them. Block that number. You don't owe a highway toll.
  • The dreaded phone call that tells you that your grandchildren are in some trouble and need money is most often a scam. They will start by asking you if you know who they are. They are fishing for a name. Hang up, report the call to law enforcement, and block that number.
  • There is a scam that states that your bank account has run into a technical problem and needs your banking information to clear things up. NOPE and follow the same advice as above. Let the bank know also.
  • One of the cruelest scams is the romantic lead. A person identifies seniors who look lonely and gains the favor of the senior. This might be romantic or social. Often, but not always, the person showing interest is younger than the target. Use your common sense here. Others, including family and friends, might recognize this type of scammer before you do.
 
If you are on Social Security and have worked nongovernmental jobs long enough to qualify for SS but were denied because you worked a government job and have a pension, be patient if you have not received your statement from SS for what you will receive due to the Fairness Act. I received my statement yesterday. It will double what I was receiving. I checked the SS website yesterday. SS has now processed approximately 73% of the accounts that will be affected by the Fairness Act. According to the website, all accounts will be up to date by March 25.

As I mentioned in a previous post in this thread, if you have investments, you need to meet with your investment agent several times each year. After our last meeting, and as I mentioned, we decided to switch from some more aggressive accounts to more conservative accounts. We received our latest stock printouts yesterday. In total, during this time of volatility, we have lost $2,000. Our actions saved up thousands of dollars. Something to think about.
 
My wife and I are both 65, she just retired in February and I'll be following in the fall. She retired from a University, I'm retired Navy and will be retiring from a school system. Well be OK money wise, not wealty but OK as we will have multiple small revenue streams.

People think retirement income, retirement income, retirement income.

My advice? Think about and have a "Care Insurnace" plan to complement the income plan. Because if you don't look at it ahead of time you are in for some serious sticker shock. We spent a year before retirement looking at our options. "Care Insurance" includes:
  • Medicare Part B
  • Either Medicare Supplement or Advantage
  • Employer program for Medical Insurance in retirement?
  • Pharmacy
  • Dental
  • Vision
  • Hearing (if needed)
  • Long Term Care (LTC)
If you are used to having employer insurance that covers medical, dental, vision. You will probably see a big jump. Our Medicare Part B coverage alone (combined) was about $100 more than what we paid through her employer and that doesn't include dental and vision we have seperately. My LTC insurance was fine, but we decided to up the amount on my wife since it was much lower than mine.

In the end we will have for both of us:
  • Medicare (Primary)
  • TRICARE (Secondary)
  • TRICARE Pharmacy (Prescription Drugs)
  • Dental and Vision for FEDVIP (TRICARE doesn't have dental/vision so military retirees can get dental/vision through BENEFEDS. Basically we can enroll in the federal system for those.)
  • LTC ($6000 per month maximum benefit. 36 Months for her. 48 Months for me.)
WW
 
In the UK, check that you have opened your NHS online account.

Remember that you get free medicines and prescriptions once you are over 60 - the proposed swap to 66 has not happened yet.

If you are too embarrassed to sing - dancing is a really good exercise for over 60's. Angela Rippon has just launched her "Let's Dance" initiative to get people of all ages dancing and exercising.

Free health checks
Don't ignore the free 5 yearly full body check-up letters from the age of 40. This will pick up any long term risks and give you action plans to stay healthy. Don't ignore the offer.
From 54 - you will get a letter every two years to check for bowel cancer - again, don't ignore the free bowel cancer screening offer and make sure you do the test and send it off for processing. You don't even pay postage.

Get out and walk! 10 minutes of brisk walking every day pays dividends. If you can walk to work instead - even better.

Cycle to Work schemes - if you are still working, see if your employer has signed up to the Cycle to Work scheme; these are open to most employees and you can get any bike you want at reduced rate - nag your employer to sign up. If you don't want to buy - you can rent or lease and swap to a newer bike every 2-3 years.
 
Thank you for this perspective from the UK.
 

Usually most mornings I pick songs for the mood I want. Fortunately for me my wife likes my musical choices. I sing and dance and get moving letting the music rock my soul and make my day.

I've done this for years. I agree with your method, Str8, it works. Once, years ago, a co-worker asked me why I was in a good mood every morning. I told her that I listen to music almost the minute I wake up. She replied, "I'd like to try that but I always forget." Say what? For me it is a priority.

I actually started a music thread on DP a while back with my first song for the day.

This morning as with many mornings the song was already rolling through my brain about the same time as I got out of bed. "The Mighty Quinn" by Manfred Man rocked the house first thing. Yesterday it was "Dim Lights, Thick Smoke and Loud, Loud Music" by Dwight Yoakam.
 
“……when Quinn the Eskimo gets here, everybody gonna run to him…….”
 



Don't count the years, count the days.

We are finite. Therefore each day is special. Use it wisely
 
*pigeons*

I was quoting from memory, “Quinn” was quite the departure from “Doo Wah Diddy”…..
 
Rexedgar said:
*pigeons*

I was quoting from memory, “Quinn” was quite the departure from “Doo Wah Diddy”…..
Click to expand...

lol Yeah, I woke up and before I got out of bed I was already thinking "Come on without, come on within..." Where the hell did that come from I have no idea.
 
Risky Thicket said:
lol Yeah, I woke up and before I got out of bed I was already thinking "Come on without, come on within..." Where the hell did that come from I have no idea.
Click to expand...
I first heard “Doo Wah Diddy” when I was being driven to school by one of my teachers that lived in the area, 1964 and he drove a ‘63 Chevy Nova convertible, (the only year the convertible was offered.) I bought a similar car in 1976 and restored it.
 

I had forgotten all about Chevy Novas and did not know that the convertible was only made in 1976. I'll bet you hated selling it after you finished restoring. God knows what the care would be worth now.
 
Vitamin D.
 
The other day, I had to run an errand and got behind a senior driver who we know. I knew who it was due to the license plate. She was driving 28 in a 45 mph zone. To make matters worse, she stopped at a side street and tried to wave a person at a stop sign to go in front of her. She did not have a stop sign. As you might guess, when she put her hand out waving that person to pull out, someone in our long line of cars behind her pulled out to pass in a no-passing zone. It almost got messy. She then continued into the town at 18 mph. The entire road in this area has a lot of curves so it is a no-passing zone for a few miles.

The point -- My dad was a great driver up until his 90th birthday. After that, he hit a post in his yard two times. I had to ask him to give up his keys and not renew his driver's license. It was a hard thing for me to do but it had to be done. As seniors, keep in mind that there will come a day when each of us is going to have to give up our keys. I intend to talk to this person's son and let him know what happened.
 

Totally agree.

Getting outside is important. Don't let the walls close in around you.
 
The wife and I ran into an old friend who we had not seen since my Dad's funeral. He commented on the eulogy I gave for my Dad. I reminded him that it was really my Dad's words. Dad knew he was headed downhill and asked me to start notes of things he wanted mentioned at his funeral. One example is that my Dad wanted me to mention "the women of his life" and say a word or two about each one and why they were so important to him in his life. That list included my Mom, sister, sister-in-law, one cousin, and my wife. IT got pretty emotional as I read his quotes about each one.

I have thought a lot about this since Dad's funeral. I intend to do the same. I have had a great life due to so many people in my life. I have been lucky enough to have accomplished a lot. I do want to have those things mentioned and let those who have helped me and those I love recognized for their influence in my life. This might be something some of you might consider.
 
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