FREEBIES MONTH #5

More Elderly Live Alone

Almost 52% of women (4 million) who are 75 years old or older live alone.  This compares with only 21% of men the same age (1 million)  according to the Bureau of the Census.

The numbers of Americans 75 years and older now tops 12 million, compared with 7.5 million in 1970.

 

Elderly Care For Older
More than 50,000 Americans who are 70 years old themselves have at least one surviving parent.  Many of these 70-year-olds are caregivers for the elderly parent.

 

Planning
People don’t plan for their financial future for a number of reasons and get short shrifted as a result.

 

Some of the reasons include:
Not being prepared for social and economic change in both society and personal life
Failure to define retirement objectives and needs
Ignorance of what dollars are needed to meet objectives and needs
Not understanding tax laws and how to use them beneficially
Just plain procrastination.
Not preparing for the unexpected

 

Waiting to the time just before retirement to sit down and plan is often too late!

 

Social Security:  When To Start
If you retire at age 62, your benefit will be reduced for every month before age 65 and the month your retire, to a maximum of 20%.

If you retire after 65, your benefit will increase for every month after 65 and the month you retire.  

If you wait until 70 to retire, your benefit will increase by as much as 20%.  On the other hand, if you start drawing benefits at 62, you will be receiving benefits over a longer period of time and will probably end up getting about the same in  total benefits.

In many instances, it  can take as much as 12 years of collecting, beginning at age 65, to break even  if you had started collecting at age 62.

 

Free Drugs
Most major drug companies provide free medication, especially lifesaving medications, to those who cannot afford the cost.  Generally, a doctor’s consent to provide the medication and proof of the patient’s financial hardship are required.

 

Drug Misuse Cost

Misuse of drugs and adverse interactions cost the healthcare system $76 billion a year, according to the National Consumers League.  Drug misuse also accounts for 25% of hospital admissions for those 65 and older.

Accidental drug overdoses, failure to follow directions, failure to use proper dosages and to complete a course of the drug all lead to complications and often hospitalization.

 

Dementia Tips
Relating to and communicating with a confused or person with Alzheimer's can be tricky.

 

TIPS from the Family Caregiver Alliance (CA):
Understand and accept the effects of the disease
Reassure/Reassure/Reassure the confused person with smiles (not frowns) and frequent hugs.
Try to remain calm.  Your tension is felt by your loved one.
Do not disagree with made-up stories or try to insist on “reality.”

 

Tomatoes Help Prevent Cancer
Harvard researchers have found that a high intake of tomatoes and tomato products substantially reduce the risk of prostate cancer in men.  This is attributed to bycopene-a carotenoid and antioxidant more powerful then beta-carotene.

 

Weight Loss Product Dangerous

Ma Huang, an herb found in some weight loss products, can cause severe adverse reactions, even death, if not used properly according to the Environmental Nutrition Newsletter.

Steer clear of this, especially if you have a heart condition, high blood pressure, diabetes or thyroid disease.

 

Avoid Joint Ownership
The American Bar Association recommends against using joint ownership (unless with a spouse) for bank accounts, the family house, and other assets.  Reason:  “Joint ownership does not protect you nearly as well as a durable power of attorney.”

Joint owners can use the assets as their own.  Power of Attorneys involve a fiduciary (accountability) element.

This material is copyrighted by Carol Abaya Associates and cannot be reproduced in any manner, print, or electronically.