10 Steps to Preparing to Retire

AARP offers a 10-step guide to prepare for retirement. “Ready for Retirement?”  helps you evaluate your health, build your social network, and find new ways to cut expenses.

See all ten “Ready for Retirement?” steps at www.aarp.org/readyforretirement.

10 steps to retirement AARP 2011

1. Define Your Retirement

2. Take Stock of Your "Assets"

3. Evaluate Your Health — Now

4. Determine When to Collect Social Security

5. Network Through Social Media and Other Methods

6. Decide How Much You Want (or Need) to Work

7. Create a Retirement Budget

8. Find New Ways to Cut Your Expenses (Start Saving More)

9. Prepare for the Unexpected

10. Stick to Your Plan (Our Community Can Help)

http://www.aarp.org/readyforretirement

The New Retirement Resorts

"Forget assisted-living facilities. Some intrepid folks are venturing out to foreign countries, spas and even cruise ships. Here's what you need to know." Read about luxury condos, "fully staffed homes in Costa Rica, backyard bungalows on their children's property, so-called cohousing arrangements, full-time spa living and even serial cruises." How about spending your golden years at a luxury spa? If you think you can't afford it, you haven't priced nursing homes lately. Read this Wall Street Journal article for motivation to boost your retirement investing. http://online.wsj.com/article/SB10001424052702303717304577277341462803340.html?mod=WSJ_hp_mostpop_read

How to Talk to Your Parents About Their Money

"Many adult children are taking a greater role in their aging parents' financial lives, a natural outgrowth of increased longevity as well as rising rates of dementia and Alzheimer's disease in the senior population. Yet getting involved in their parents' financial affairs isn't always easy or natural for children, and some miss the signs that their parents need a helping hand to help them navigate their money matters."

Luckily my parents made it easy for me in 2002 when I stepped in to take over their finances. My father lived to 91 and my mom will be 87 shortly. Because of my experience in teaching personal finance and their encouragement to help, It was easy or me to step up to the challenge. But most adult children need help with the task.

Enter Wall Street Journal writer Jeff Opdyke, Wall Street Journal reporter Jeff Opdyke. "His latest book, Protecting Your Parents' Money: The Essential Guide to Helping Mom and Dad Navigate the Finances of Retirement is essential reading for adult children who would like to make sure their parents have the highest quality of life they can possibly have during retirement without outliving their nest eggs. The book also includes tips for understanding Medicare, identifying and warding against financial fraud, and selecting nursing homes and retirement communities."

Besides being the right thing to do as mental abilities decline with age even for he most astute seniors, it's essential to protect your own future financial security. don't wait until Mom & Dad run out of money or are victims of financial fraud. More details at: http://news.morningstar.com/articlenet/article.aspx?id=532951&SR=COM807&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Morningstar-Articles+%28Investing+Articles+|+Morningstar.com%29

Taking Over a Loved One’s Financial Affairs

Join AARP and National Family Caregivers Association on Wednesday, November 30, 2011 at 7 pm ET (5 pm MST) to discuss “When it’s Time to Intervene—Taking Over a Loved One’s Financial Affairs.” This free Webinar will help caregivers and loved ones alike understand:

• What happens to our bodies as we age.
• What to assess when evaluating your situation.
• How to recognize signs that something is wrong.
• The need to create a plan for the future, and
• How to get help.

You can register for the Webinar at: http://event.on24.com/r.htm?e=372846&s=1&k=6023BF884380CC98EDCEC20CA68CFA09

Elder Rights Resource Booklet

The Utah Elder Rights Resource Booklet

http://www.hsdaas.utah.gov/pdf/utah-elder-rights-booklet.pdf

This 28 page resource was written by Jilenne Gunther and published by the Utah Division of Aging and Adult Services. Table of Contents:

1. Protecting Yourself against Scams and Sales
2. Knowing Your Consumer Rights
3. Preventing and Protecting Yourself from Abuse
4. Caring for Grandchildren
5. Learning about Benefits
6. Obtaining Medical Insurance
7. Finding Housing Options
8. Organizing Your Assets: Estate Planning
9. Keeping the Power: End-of-Life Planning
10. Making Arrangements: Death of a Loved One
11. Getting Legal Help: Where to Go from Here

The author is willing to speak to groups on any topic in this book. 

Contact:

Jilenne Gunther

Legal Enforcement Counsel

Utah Division of Aging and Adult Services

jgunther@utah.gov

801-538-3910

10 Steps to Prepare for Retirement

10 steps to retirement from AARP

1. Define Your Retirement

2. Take Stock of Your "Assets"

3. Evaluate Your Health — Now

4. Determine When to Collect Social Security

5. Network Through Social Media and Other Methods

6. Decide How Much You Want (or Need) to Work

7. Create a Retirement Budget

8. Find New Ways to Cut Your Expenses (Start Saving More)

9. Prepare for the Unexpected

10. Stick to Your Plan (Our Community Can Help)

Read the details at: http://www.aarp.org/readyforretirement

Dementia and Money Problems

The Vanishing Mind: Money Woes Can Be Early Clue to Alzheimer's
By GINA KOLATA

"New research shows that one of the first signs of impending dementia is an inability to understand money and credit, contracts and agreements."

This NY Times article, although geared to financial planners, has a clear message for family members-- the need to plan for possible mental deterioration due to aging. The message is clear: we need to watch out for signs of dementia with our parents and grandparents and have a plan in place to address the problem. For those of us without children-- who will watch out for our needs as we age?
http://www.nytimes.com/2010/10/31/health/healthspecial/31finances.html?pagewanted=1&_r=1&emc=eta1