Category Archives for Retirement

Tennis and Your Later Years

Published in Pawtucket Times, July 25, 2014

Like bacon and eggs, AARP Rhode Island hopes to make tennis synonymous with AARP’s Life Reimagined initiative.  On Friday, July 11, Rhode Island’s largest aging advocacy group firmly tied its national initiative to the International Tennis Hall of Fame & Museum, seeing an immediate opportunity to be associated with one of the world’s most high-profile tennis events, one that matched its age 50 plus membership demographic.  The new relationship provided a unique opportunity for the Providence-based group to get the word out about its legislative advocacy and grassroots community work.

This July, AARP Rhode Island unveiled its sponsorship with the Hall of Fame Tennis Championships which drew 22,500 tennis fans from across the country to the International Tennis Hall of Fame & Museum in Newport, Rhode Island.  A live telecast of the tennis matches and the tennis organization’s Hall of Fame enshrinement ceremony, which honors the best of  the tennis world, was beamed to millions around the tennis world on The Tennis Channel.  AARP’s sponsorship include center-court signage at 30-second spots on this channel.

“When we heard that tennis is promoted as ‘the sport of a lifetime’ we knew we were on the same wavelength,” noted AARP State Director Kathleen Connell, who stressed “AARP is all about providing resources for a lifetime.”

Anne Marie McLaughlin, Director of Marketing at the International Tennis Hall of Fame & Museum, agrees with Connell’s keen assessment.  “Tennis is very much in sync with AARP’s Life Reimagined program.   Perhaps people are seeking new ways to connect with friends once they’ve  become empty nesters, or a new hobby to keep them active and healthy.  Tennis can provide so many benefits in these areas, and it’s a great activity for people who are looking to reimagine and explore their life.”

“We’re proud to partner with AARP Rhode Island to showcase the game’s many physical, social, and mental benefits to their members,” says McLaughlin who agrees with Connell’s take that tennis is a sport of a lifetime.  “It can be played and enjoyed by a 5-year-old or a 95-year-old and we are very excited to  partner with AARP Rhode Island to engage, and inspire their members,” she says.

“But, Connell warns that “You cannot generalize about the athletic abilities of people over 50, noting that demanding sports such as marathons, and distance swimming attract athletes in their 60s, 70s. 80s. and even older.  Tennis is a great sport for people over 50 because you can play at your own level with players of similar skill.  To live longer and remain healthy we know that being and staying active is critical.  AARP encourages people to find a sport or activity that can provide life-enhancing benefits, both physical and mental,” added the Middletown resident.

Creating New Opportunities in Your Later Years

As a sport, tennis is a great fit for people looking to reimagine their life after 40.  “Whether it’s a job transition, career change, starting a dream business, adapting to being an empty nester or making the switch to a retirement lifestyle, AARP Life Reimagined provides online assessment tools, guidance and resources to help people explore new opportunities, identify adaptable skills and set new goals,” Connell explained.

Connell says Life Reimagined.org is the go-to web address for feeling good about aging. “It’s about you and what you want to accomplish,” she says, noting that it helps put AARP’s “Real Possibilities” into action.

According to Connell, AARP is no longer an organization for older people, but one for all people who want the best out of life, regardless of their age.  Many AARP members are still working and do not plan to retire, others leave their jobs seeking new challenges or even establishing new businesses, she explains.

Over a year ago, AARP launched Life Reimaged, a free program designed to help 76 million Boomers easily navigate into new life experiences or reboot their professional lives into different directions.  For the sixties generation, continuing to work a full-time job, or even coasting into retirement is no longer an acceptable option.  But, AARP stressed that reinventing oneself is the way to go in your later stages of life.

The Life Reimaged website provides tools to help you make key decisions for your next direction and detailed resources to guide you through that journey, says Connell.  “Whether your career has hit an unexpected bump in your 50s, or you are looking to start your own business or head down a new path into retirement, AARP can help,” she said.

At the Hall of Fame Tennis Championships

AARP staff and over 50 volunteers were on hand at the Hall of Fame Tennis Championships from Monday, July 7 through the tournament finals on Sunday, July 13.  Being stationed at an AARP Life Reimagined booth, these individuals answered questions and distributed copies of AARP Magazine and other materials.  On Friday, July 11, (at AARP Day) Connell announced a new AARP membership benefit — a year-round discounted AARP member rate of $8 (instead of the standard $13 rate) for admission into the International Tennis Hall of Fame & Museum.  The organization’s museum is open daily and also offers special events including film and music.  Year-round tennis programming, including lessons and group play on the historic green courts are available, too.

Activities for AARP Day included a free 50+ tennis clinic led by legendary tennis coach and newly inducted Hall of Famer, Nick Bollettieri, followed by a book signing and Q&A session (see Bollettieri in action on AARP Rhode Island’s YouTube Channel, http://www.youtube.com/aarpri).  That day, over 70 people attended an-hour long panel discussion in air-conditioned comfort of the Casino Theatre at the Hall of Fame, about AARP’s Life Reimagined initiative.

At the Friday panel, Connell noted that “It was a real treat for fans to get a chance to hear Hall of Famers Nick Bollettieri, 82, (Class of 2014) and Owen Davidson, 71 (Class of 2010) talk about their careers.  AARP volunteer, Charles Dress, 76, of Warwick, also shared his thoughts about how tennis has played an important role in his later years, after retiring from a full-time career,”
said Connell.  The panelist all agreed that tennis was “a natural outlet for the life-long learners who want to work hard at improving their skills and staying mentally sharp.”

Meanwhile, at Friday’s tennis clinic Bollettieri, stressed to those attending, “age is only a number.”  Connell noted that this is in line with the messaging of AARP.  “His enshrinement into the Hall of Fame is fitting not only because of his place as the coach of some many tennis champions, but also because he is a magnificent ambassador for the game.  He inspires people with his energy and enthusiasm.  We were thrilled that he made his way to our tent to join AARP,” she says.

McLaughlin added that Bollettieri is “an amazing example of what Life Reimagined can represent.  At 82 years of age, Nick is still on court 6 days a wee for 10 hours a day…and likely on the golf course the 7th day.  He’s living proof that it’s possible and very positive, for someone to stay physically active in older years.  With this physical activity come great social and mental benefits as well.”

Before the Hall of Fame Enshrinement Ceremony, Bollettieri gave this columnist a few pointers on living life in your later years.  “Stay active and never, never, never, use the word retire,” he says, warning that once the word enters your vocabulary, you begin to decline.

Buying into AARP’s Life Reimagined initiative, Bollettieri advices, “Don’t retire, just change professions.”

Check This Out…

On September 4 and 5, AARP Rhode Island will host two free Life Reimagined “Checkups” at its Providence headquarters.  A Life Reimagined leader will facilitate the three-hour workshop that familiarizes people with the available Life Reimagined tools and resources.  These sessions include small-group exercise for people looking to make changes in their career direction or hoping to reinvent themselves in retirement.  The first session will be in the evening, the second session in the morning.  Register online at aarp.org/ri or call 401-248-2671.

For more information about the International Tennis Hall of Fame & Museum go to http://www.tennisfame. com.

Herb Weiss, LRI ’12, is a Pawtucket-based writer who covers aging, health care and medical issues.  He can be reached at hweissri@aol.com.

 

 

 

Benefits of Preplanning and Prepaying Your Funeral

 Published October 19, 2012, Pawtucket Times          

            For the past six months, City registrar Kenneth McGill juggled his increased work load preparing for the September primary and upcoming Presidential elections while taking on the role of caregiver to his elder parents.  Dividing his time between his ailing father who was afflicted with lung cancer and a blood clot in his heart, and his frail mother who has COPD, this new role added up to countless hours per day,  taking care of both parents who were recently placed in nursing facilities.   

             With the passing of his 76-year-old father just a little over a week ago, McGill, age 51, who had never planned a funeral, was now forced into an uncomfortable role of making final arrangements.  “Dad had been seriously ill for the past 6 months, and we knew what he wanted but it was never put down in writing,” noted the aging baby boomer, who acknowledged the stress of attempting to balance the cost of the funeral while ensuring that his father’s wishes were being carried out.

             Like many, McGill and his 48-year-old wife Kristen, an employee of Memorial Hospital of Pawtucket, had never made pre-paid funeral plans for their parents.  While he had heard about pre-need funeral agreements, he just never thought about doing it “probably because of denial,” he said.  “You just never think your parents are going to die.”  

             As a result of his father’s recent death, McGill will go next week to Cheetham Funeral Home to now preplan his mother’s funeral.  “This makes a lot of sense because it will ultimately take the stress off my family,” he says.

 Preplanning a Parent’s Funeral

             While my background is in the field of aging, I will admit that I also found it stressful attempting to get my elderly parents to enter pre-need funeral arrangements.  After all, my three siblings and I were only trying to give our parents the opportunity to have a say in the minute details of their final arrangements.

             For years my elderly father took care of my mother with dementia – and after numerous conversations with him about the “what if’s…”, more importantly what if mother outlives him… the day finally came that my father was willing to visit the local Dallas funeral home.   With my confused mother at his side, my father, chose their caskets like he was purchasing a new car. He checked under the lid, thoroughly examined the lining and the wood, trying to make the best decision.    Ultimately, he would not buy the cheaper model, but chose the ‘nicer one’, a littler higher up on the price list.

            Of course, my father instructed the funeral director where their services should be held and who should be presiding over the ceremony. But what type of music, vocal, or instrumental did they want played?  Or would they like a visitation service or would they like to name their pallbearers?  All good questions asked by the director that all needed answers.   These decisions might have been made right then and there on the spot, without the added stress of a loved ones’ death setting the tone, but rather ‘pre-planned’ with careful thought.  But in the end, and unfortunately for us, my father backed out. 

            My father’s experience was not the norm because most aging baby boomers make it through the stressful process of pre-planning and prepaying in advance.

Transient Society Creates Need for Preplanning Funerals

            Ted Wynne, whose family has owned the Pawtucket-based Manning Heffern Funeral Home since 1868, sees a transient society where children are living in different states, fueling the demand for preplanning and prepayment.  “Parents want to take the pressure off their children who live thousands of miles away from making the burial arrangement,” Wynne says.  “Thus, they pay up front or set aside money for future funeral and burial payments”.

            With an aging population, one or both spouses will end up in a nursing or assisted living facility, noted Wynne, a fifth generation funeral director.  Initially, the social worker will educate the prospective residents to the importance of getting an “irrevocable trust contract”, to pay for the funeral in advance.  .

            “It is pretty black and white,” adds Wynne.  “You figure out what you want, the cost, and then determine what you want to put in the contract.” For others, it may take sitting down with the funeral director to help crystallize their funeral plans, he adds. 

Prepaying a Funeral at Today’s Prices

           Bradford Bellows, Funeral director of Bellows Chapel in Lincoln, agrees with Wynne that seniors in nursing facilities are also good candidates for prepaying a funeral.

         “The family watches their parents’ funds dwindle to a point where they are forced to go on Medicaid.”  Prior to being eligible for Medicaid, the older parent or their children should prepay the funeral costs.  Assets given to the funeral home are allowed to be given under Medicaid eligibility guidelines prior to going on Medicaid.

            “Consumers must understand that prearranging a funeral is not the same as prepaying for one,” Bellows adds, whose family has been in the funeral business in the BlackstoneValley for 191 years.

            “By pre-paying a funeral you are actually paying for a funeral at today’s prices, not tomorrow’s”, Bellow says.  “If the funeral occurs in the future, the funds will earn interest which will be used to pay for the cost of the funeral at the time of death.”

            Bellows, a funeral director for 40 years, offers these tips when pre-paying your funeral:

            First, make sure that your Social Security number is indicated on our savings account or insurance policy where the monies are placed to prepay your funeral.  If the funeral home ever goes out of business or goes bankrupt, the funds are still yours and are safe, and can easily be transferred to another funeral home.

            Second, when you enroll in the Medicaid program, all the funds in your prepayment account must be used. Any excess funds will be returned by the funeral home the State of Rhode Island, to defray health costs incurred by the OceanState’s Medicaid program.

            Finally, once the funeral home opens the account or insurance policy, don’t forget to get a copy of the Irrevocable Funeral Trust Agreement, showing the bank or credit union account number or the original insurance policy that was issued.  This will give you proof that your advance payment has been set up for your funeral needs..

Make an Educated Decision

            Life Insurance agent Christine Miller, a preplanning funding specialist at Pawtucket-based Lachapelle Funeral Home and a grief counselor at Beacon Hospice, notes that preplanning and prepayment for a funeral can reduce family stress. “Knowing your loved ones final wishes and not having the financial burden of a funeral can provide relief during a very difficult time, she added.

            According to Miller, it is not uncommon to have individuals to call weekly to preplan their funerals. “Many people are surprised that at Lachapelle Funeral Home they can make small monthly payments rather than one lump sum and still have their funeral guaranteed,” she noted.

            Miller stresses the importance of doing your home work in determining which prepayment option is best for you. “There use to be a loyalty to funeral homes but in these times people should shop around, talk to people with the goal of making an educated decision.”

            For consumer tips on planning and prepaying a funeral, go to http://www.ftc.gov/bcp/edu/pubs/consumer/products/pro19.shtm.

            Herb Weiss is a Pawtucket-based freelance writer who covers aging, health care and medical issues.  He can be reached at hweissri@aol.com.

Financially Surviving Your Retirement Years

            Published August 10, 2012, Pawtucket Times

             Moving into their mid-fifties and sixty’s a growing number of Baby boomers wonder if Social Security benefits in their retirement year’s will even pay the bills.  Will they be able to survive in their “golden years”? 

             Federal officials say that there may be cause for alarm. 

             At the end of April, the released 242 page Social Security Trustee’s report, picked up by the nation’s media, gave bleak but “advanced” warning to future retirees that the Social Security program can pay full benefits until 2033, however, warning that probably only three-quarters of promised benefits could be paid out beyond that time.

             So it is not so surprising that the Associated Press (AP), a media cooperative owned by its contributing newspapers, radio, and televisions in the United States, announced last week that the news agency will publish a four part series, to be released over four Sundays in August, examining the long-term financial viability of the nation’s Social Security program.  The series plans to also take a look at policy proposals that will be debated during the upcoming election by Presidential and Congressional candidates, that might strengthen, the nation’s primary retirement program.

             AP recognized that Social Security, a very politically-charged issue, is a topic that must be discussed meaningfully in the upcoming November election.  Because of this AP has chosen to bring substantive coverage of this important policy issue to the upcoming political debates that will take place in the upcoming months.

             “Few things affect more Americans than the future of Social Security, and yet it’s an issue most invisible during the current campaign, said AP Washington Bureau Chief Sally Buzbee, who is directing the series.  “This series of stories tires to lay out complex issues in the most accessible way possible.  This is part of the ongoing efforts by The Associated Press this fall to make sure issues [like Social Security] aren’t absent from the campaign, but front and center…”states Buzbee.

             The headline of AP’s first report, published story on the upper fold of the August 6 issue of the Pawtucket Times, warn’s that “Social Security not deal it once was.”  The AP wire story notes that today’s retirees will be the first to have paid more in Social Security taxes during their lifetime careers than they will ultimately receive in retirement benefits once they retire.  Previous retirees paid less payroll taxes but got more benefits.

   Planning Key to Adequate Retirement Funds

             If Social Security bennies are chopped taking personal responsibility in planning your retirement may well become your financial safety net in your later years.

             Economic woes fueled by the worst economic downturn since America’s Great Depression, have left many Baby boomers financially struggling to make ends meet and to save adequately for their retirement years, according to survey findings released in July 23, 2012 by the Consumer Federation of America (CFP) and the Financial Planner Board of Standards.

              According to a 60-page report, conducted by Princeton Survey Research Associates International (PSRAI), nearly two-fifths (38%) of the 1,508 household financial decision-makers surveyed said they live paycheck to paycheck, while less than one-third (30%) indicated they felt comfortable financially and only about one-third (34%) think they can afford to retire by age 65.

             Survey findings indicated that only 31 percent of respondents said they had a comprehensive financial plan, while about two-thirds (65%) indicated they follow a plan for at least one of their savings goals.  Those who have prepared a personal savings plan feel more confident and report more success managing money, savings and investments than those who don’t.

             By a margin of 50 percent to 32 percent, and for all but the lowest income bracket (under $25,000) where few have a comprehensive plan, those planning for retirement are more likely to feel they are on pace to meet all of their financial goals, such as saving for retirement or for emergencies, stated the survey findings.

             Additionally, an even larger margin of 52 percent to 30 percent, and across all income brackets, those planning for their retirement years are more likely to feel “very confident” about managing money, savings and investments;

             Kevin R. Keller, CEO of CFP Board: “Consumers understandably are more nervous about investing their money given recent revelations about financial fraud, manipulation and abuse of clients. This doesn’t mean that people shouldn’t create a financial plan and be prepared.

   Taking Personal Action NOW

             Unless strong political pressure is placed on Congress to act swiftly to enact needed policy changes to fix the nation’s ailing Social Security program, expect political gridlock to continue to block any efforts in both Chambers to come up with bipartisan solutions.   

             Don’t get caught up in the political spins and negative rhetoric as Presidential and Congressional candidates begin their debates on Social Security before the upcoming September primaries and November election.  Become an educated voter and tell the Congressional candidates who seek your vote to seek bipartisan solutions to making the  Social Security Trust fund solvent once and for all. 

             Watch out for AP’s upcoming reports on Social Security to learn more about this important policy issue.  That’s a good first step.  Second, learn more about AARP’s  “You’ve Earned a Say’ initiative (www.earnedasay.org), a web site that can provide aging baby boomers with both factual and straightforward information about retirement policies being debated inside the Beltway by Congress, ones that hopefully will financially strengthen the nation’s Social Security program. 

             But on a personal level, until federal lawmakers get serious about financially shoring up the nation’s retirement program, developing a personal financial plan may well become an effective short-term solution to managing your money, savings and investments that could well supplement a shrinking Social Security check.  One useful tool is the website LetsMakeaPlan.org, allows a person to learn more about preparing a financial plan, including working with a financial planning professionals.

             Herb Weiss is a Pawtucket-based freelance writer who covers aging, health care and medical issues.  He can be reached at hweissri@aol.com