Question:

Dear Savvy Senior,

My siblings and I don’t know much about our elderly parent’s financial situation or their wishes if and when something happens to them. They are both in their mid-eighties. What’s the best way to handle this and what all should we know?

Apprehensive Daughter

Answer:

Dear Apprehensive,

Many adult children don’t know much about their elderly parent’s financial situation or end-of-life plans, but they need to. Getting up to speed on their finances, insurance policies, long-term care plans and other information is important because some day you might have to help them handle their financial affairs or care, or execute their estate plan after they die. Without this information, your job becomes much more difficult. Here are some tips that can help.

Have the Conversation

If you’re uncomfortable talking to your parents about this, use this column as a prompt or see TheConversationProject.org, which offers free guides that can help you kick-start these discussions.

It’s also a good idea to get all your siblings involved too. This can help you head off any possible hard feelings, plus, with others involved, your parents will know everyone is concerned.

When you talk with your parents, you’ll need to collect some information, find out where they keep key documents and how they want certain things handled when they die or if they become incapacitated. Here’s a checklist of areas to focus on.

PERSONAL INFORMATION

• Contacts: Make a list of names and phone numbers of your parent’s doctors, lawyer, accountant, broker, tax preparer, insurance agent, etc.
• Medical information: Make a copy of their medical history and a list of medications they take.
• Personal documents: Find out where they keep their Social Security card, marriage license, military discharge papers, etc.
• Secured places: Make a list of places they keep under lock and key such as safe deposit boxes, safe combination, security alarms, etc.
• Digital assets: Make a list of their digital assets – everything from social media accounts to online banking. It should include usernames and passwords.
• Pets: If they have a pet, what are their instructions for the animal’s care?
• End of life: What are their wishes for organ or body donation, and their funeral instructions? If they’ve made pre-arrangements with a funeral home, get a copy of the agreement.

LEGAL DOCUMENTS

• Will: Do they have an updated will or trust, and where is it located?
• Power of attorney: Do they have a power of attorney document that names someone to handle their financial matters if they become incapacitated?
• Advance directives: Do they have a living will and a medical power of attorney that spells out their wishes regarding their end-of-life medical treatment? If they don’t have these documents prepared, now’s the time to make them.

FINANCIAL RECORDS

• Financial accounts: Make a list of their bank accounts, brokerage and mutual fund accounts, and any other financial assets they have.
• Debts and liabilities: Make a list of any loans, leases or debts they have – mortgages owed, car loans, student loans, medical bills, credit card debts. Also, make a list of all credit and charge cards, including the card numbers and contact information.
• Company benefits: Make a list of any retirement plans, pensions or benefits from their former employers including the contact information of the benefits administrator.
• Insurance: Make a list of the insurance policies they have (life, long-term care, home, auto, Medicare, etc.) including the policy numbers, agents and phone numbers.
• Property: Make a list of the real estate, vehicles or other properties they own, rent or lease and where they keep the deeds, titles and loan or lease agreements.
• Taxes: Find out where they keep copies of past year’s tax returns.

You’re probably not going to get all this figured out in one gathering, so it’s important to keep the conversation going to ensure your parent’s wishes will be accurately executed.

Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.

The post Essential topics adult children need to discuss with aging parents appeared first on East Idaho News.

QUESTION

Dear Savvy Senior,

How do I go about canceling a person’s social media accounts when they die? My wife passed away a few months ago and her social media accounts are still active.

Sad Spouse

ANSWER

Dear Sad,

I’m very sorry for your loss, but this is a smart move on your behalf and one that often gets overlooked. Social media is part of many people’s daily lives, but when a person passes away their dormant accounts can become vulnerable to scammers who can hack into them and even steal your deceased loved one’s identity.

Here’s a run-down of how you can cancel or change many different social media accounts after a loved one dies.

Facebook: If your wife used Facebook, you can either “memorialize” or “delete” her account.

A memorialized account serves as a place where family and friends can share memories to celebrate the deceased person’s life, with the word “Remembering” shown next to the deceased person’s name. Once an account is memorialized, content the person shared is still visible on Facebook to the audience it was originally shared with, however, the user’s profile will not show up in public spaces such as people you may know, ads or birthday reminders.

To memorialize your wife’s profile simply go to this page. Or, if you’d rather have her account removed, click here.

To memorialize her account requires proof of death (via death certificate, obituary or memorial card), but if you wish to delete the account, you’ll also need to verify that you’re an immediate family member, legal representative or executor, unless you’re the legacy contact on her account.

Instagram: The policy on a deceased users’ Instagram account is the similar to Facebook’s, which owns Instagram. You can either memorialize or remove the account here. But just like with Facebook, you’ll need to provide proof of death and relationship to the deceased.

X (formally Twitter): To deactivate an X account, go to Help.Twitter.com and type in “How to contact X about a deceased family member’s account” in the search bar and follow the prompts. After you submit your request, X will email you with instructions for providing more details, including information about the deceased, a copy of your ID, and a copy of the deceased’s death certificate.

YouTube and/or Google: To close these accounts, simply go to this page and fill out their form and upload scans of the death certificate and your ID.

Pinterest: To remove a Pinterest account, email Care@pinterest.com with the deceased user’s account username, proof of death and proof of relationship to the deceased.

LinkedIn: To remove a deceased person’s LinkedIn profile, submit a request at LinkedIn.com/help/linkedin/ask/ts-rdmlp. You’ll need to provide the name and URL to the profile; the relationship you have to the deceased; the email address; date of passing; and link to an obituary.

Snapchat: To delete this account, simply login to the account and click “Delete My Account” and follow the prompts.

Tumblr: Send an email to Support@tumblr.com requesting to remove the account of the
deceased person with their Tumblr username, proof of their death, and proof of your relationship to the deceased.

If your wife had social media through a company not listed here, go to that company’s website for information on how to delete the account.

Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.

The post How to close social media accounts after a loved one dies appeared first on East Idaho News.

QUESTION

Dear Savvy Senior,

Can you explain to me how the retirement saver’s tax credit works? My wife and I are in our fifties and are looking for creative ways to boost our retirement savings beyond our 401(k). Is this something we may be eligible for?

Struggling to Save

ANSWER

Dear Struggling,

If your income is low to moderate and you participate in your employer-sponsored retirement plan or an IRA, the Retirement Savings Contribution Credit (aka “Saver’s Credit”) is a frequently overlooked tool that can help boost your retirement savings even more. Here’s how it works.

If you contribute to a retirement-savings account like a traditional or Roth IRA, 401(k), 403(b), 457, Thrift Savings Plan, Simplified Employee Pension or SIMPLE plan, the Saver’s Credit will allow you to claim 10, 20 or 50 percent of your contribution of up to $4,000 per year for couples or $2,000 for singles.

Keep in mind that a credit is not the same as a tax deduction – it’s better: While a tax deduction just reduces the amount of your income that is subject to taxes, a tax credit reduces your actual tax bill dollar-for-dollar.

To qualify, you must also be at least 18 years old and not a full-time student and were not claimed as a dependent on someone else’s tax return. And your adjusted gross income (AGI) in 2023 must be below $73,000 or less as a married couple filing jointly, $54,750 or less if filing as head of household, or $36,500 or less if you’re a single filer. These income limits are adjusted annually to keep pace with inflation.

To get the 50 percent credit, you’ll need to have an income below $43,500 for married couples filing jointly; $32,625 if you’re filing as head of household; and $21,750 if you’re a single filer in 2023.

The 20 percent credit rate applies to couples earning between $43,501 to $47,500; for head of household filers it’s $32,626 to $35,625; and for individuals it’s $21,751 to $23,750.

And the 10 percent rate is for couples with an adjusted gross income between $47,501 and $73,000; for head of household filers $35,626 to $54,750; and individuals it’s between $23,751 and $36,500.

Here’s an example of how this works. Let’s say that you and your wife earned $75,000 in 2023. Over the course of the year, you contributed $4,000 to your employer’s 401(k) plan. After deducting your 401(k) contribution, your adjusted gross income (AGI) on your joint return is now $71,000. Since your AGI puts you in the 10 percent credit bracket, and you’ve contributed the $4,000 maximum that can be considered for the credit, you are entitled to a $400 Saver’s Credit on your tax return.

It’s also worth mentioning that the Saver’s Credit is in addition to any other tax benefits you get for your retirement contributions. So, in the previous example, not only would you be entitled to a $400 credit, but you would also be able to exclude the $4,000 401(k) contribution from your taxable income. So, if you’re in the 12 percent tax bracket, this translates to an additional $480 in savings, for a total of $880.

How to Claim

To claim the Saver’s Credit, you will need to fill out Form 8880 and attach it to your Form 1040 or 1040NR when you file your tax return.

For more information on the Saver’s Credit, see IRS Publication 590-A “Contributions to Individual Retirement Arrangements.”

The IRS also offers an online quiz you can take to help you determine if you qualify for the Saver’s Credit. To access it go to IRS.gov/Help/ITA – click on “Do I Qualify for the Retirement Savings Contributions Credit?” under the “Credits” tab.

Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.

The post What is the retirement saver’s credit and how does it work? appeared first on East Idaho News.

Question

Dear Savvy Senior,

What can you tell me about seasonal affective disorder? I’ve always disliked winter, but since I retired and am home a lot more, the gray, cold winter months make me feel really blue.

Sad Sam

Answer

Dear Sam,

If you get depressed in the winter but feel better in spring and summer, you may indeed have seasonal affective disorder, or SAD, a wintertime depression that affects roughly 5 percent of Americans.

In most cases, SAD is related to the loss of sunlight in the winter months. Reduced sunlight can upset natural sleep-wake cycles and other circadian rhythms that can affect the body. It can also cause a drop in the brain chemical serotonin, which affects mood, and can increase the levels of the hormone melatonin, which can make you feel more tired and lethargic.

If you think you may have SAD, a trip to your doctor’s office is the best way to diagnose it or you can take a SAD self-assessment test at the Center for Environmental Therapeutics website. If you find that you have SAD, here are several treatment options and remedies that can help.

Light therapy: The most effective treatment for SAD is sitting in front of a specialized light therapy box for 20 to 30 minutes a day, within the first hour of waking up in the morning. Light therapy mimics outdoor light to cause a change in brain chemicals linked to mood.

While you can buy a light box without a prescription, it’s best to use it under the guidance of a health care provider and follow the manufacturer’s guidelines. Most health insurance plans do not cover the cost.

The best light therapy lamps provide 10,000 lux of illumination, many times stronger than typical indoor light, and have a diffuser screen that filters out ultraviolet rays and projects downward toward the eyes.

Some top-rated light therapy products include the Carex Day-Light Classic Plus Bright Lamp ($145); Northern Light Technology Boxelite-OS ($205); and the budget-friendly Verilux HappyLight Luxe ($70), all of which are available at Amazon.com.

Cognitive behavioral therapy: Even though SAD is considered to be a biological problem, identifying and changing thought and behavior patterns can help alleviate symptoms too. To help you with this, choose a therapist who specializes in cognitive behavioral therapy and who has experience in treating SAD. To locate someone in your area, Psychology Today offers a search tool.

Antidepressants:Some people with SAD benefit from antidepressant treatments, too. Some proven medications to ask your doctor about are selective serotonin reuptake inhibitors (SSRIs) and the extended-release antidepressant bupropion.

Keep in mind, it may take several weeks to notice full benefits from an antidepressant. In addition, you may have to try different medications before you find one that works well for you and has the fewest side effects.

Lifestyle remedies: Some other things you can do to help alleviate your SAD symptoms include making your environment sunnier and brighter. So, open up your blinds, sit closer to bright windows and get outside as much as you can. Even on cold or cloudy days, outdoor light can help, especially if you spend some time outside within two hours of getting up in the morning.

Moderate exercise such as walking, swimming, yoga and even tai chi can also help alleviate SAD symptoms, as can social activities.

Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.

The post How to ease the winter blues appeared first on East Idaho News.

Question

Dear Savvy Senior,

I’ve been talking to my mobility challenged mother, who lives alone, about automating her house with some smart home products to make it more convenient. She’s very interested but we’d like to get your opinion as to which types of smart devices are most helpful for seniors aging in place.

Searching Daughter

Answer

Dear Searching,

If your mother is game, smart home products – such as smart lights, video doorbells and voice-activated speakers – can be very useful for aging in place. These devices can add safety and convenience to a home by providing voice and app-controlled operation, which is extremely helpful for seniors who have mobility issues or reduced vision.

Smart home technology can also provide family members peace-of-mind by giving them the ability to electronically keep tabs on their elder loved one when they can’t be there.

If you’re interested in adding some smart home products to your mom’s house, she’ll need home Wi-Fi installed, and she’ll need either a smartphone, tablet or smart speaker to operate them. To help you get started, here are some different types of devices to consider that are very helpful to older adults.

Smart speakers: A smart speaker – like the Amazon Echo, Google Nest or Apple HomePod – can serve as the brains of a smart home, controlling the devices with voice commands or automating them.

These devices can also play your mom’s favorite music, read audiobooks, make calls, set timers and alarms, provide reminders for medications, appointments and other things, check traffic and weather, answer questions, call for help in emergency situations and much more – all done by voice commands.

Smart light bulbs: To help prevent home falls – which are often caused by fumbling around a dark room looking for a light switch – smart light bulbs will let your mom turn on and off the lights by voice command, smartphone or tablet. These bulbs can also change brightness and color and be programmed to come on and off whenever she wants.

Smart plugs: These small units plug into a standard outlet and connect to the internet. That means your mom can control whatever she plugs into them – from a space heater to a coffee maker – using her voice or phone.

Video doorbell: Safety is also a concern for older adults, especially those who live alone. A video doorbell would let your mom see and speak to visitors at the door without having to walk over and open it.

Smart locks: For convenience and safety, smart locks would give your mom keyless entry to her home, provide customized access to family, friends and caregivers, and let you monitor who comes and goes from your mom’s house.

Smart thermostat: This lets your mom preprogram or manually control the temperature in her home with voice command or via phone, and let you monitor it too.

Smart smoke alarms: These will alert your mom when smoke or carbon monoxide is detected and will also send alerts to your phone if a problem is detected.

Stovetop shut-off: To prevent home cooking fires, smart stovetop shut-off devices, like the IGuardStove, will turn off electric and gas stovetops when left unattended, and will alert you via text.

Medical alert system: These devices provide wearable wrist and/or necklace emergency buttons that would allow your mom to call for help if she were to fall or need assistance. Many systems today also provide voice activated and fall detection features, and caregiver tracking apps that will let you keep tabs on her.

Cameras and smart sensors: If your mom needs more in-depth monitoring, there are indoor cameras you can install so you can see, hear and talk to her from your phone. Or, if that’s too intrusive, you can install smart contact sensors on her doors so you can know when she comes and goes, or on her refrigerator door so you can know if she’s eating.

Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.

The post Smart home devices that can help seniors age in place appeared first on East Idaho News.

Question

Dear Savvy Senior,

I’m interested in contributing to a health savings account to help boost my retirement savings but would like to better understand how they work. What can you tell me?

Almost 60

Answer

Dear Almost,

A health savings account, or HSA, is a fantastic financial tool that can help you build up a tax-free stash of money for medical expenses now and after you retire. But to qualify, you must be enrolled in a high-deductible health insurance plan. Here’s an overview of how they work and how you can open one.

HSA Rules

HSAs have become very popular over the past few years as the cost of health care continues to skyrocket, and because more and more Americans have high-deductible health plans.

The great benefit of a HSA is the triple tax advantage that it offers: Your HSA contributions can be deducted pretax from your paycheck, lowering your taxable income; the money in the account grows tax-free; and if you use the money for eligible medical expenses, withdrawals are tax-free.

And if you change jobs, the HSA moves with you.

To qualify, you must have a health insurance policy with a deductible of at least $1,500 for an individual or $3,000 for a family in 2023. In 2024, the deductible rises to $1,600/individual or $3,200/family.

This year, you can contribute up to $3,850 if you have single health insurance coverage, or up to $7,750 for family coverage. Next year (2024) you can contribute significantly more – up to $4,150 for single coverage or up to $8,300 for family coverage. And people age 55 and older can put away an extra $1,000 each year. But you cannot make contributions after you sign up for Medicare.

The money can be used for out-of-pocket medical expenses, including deductibles, co-payments, Medicare premiums, prescription drugs, vision and dental care and other expenses (see IRS.gov/pub/irs-pdf/p502.pdf, page 5, for a complete list) either now or when you retire for yourself and your spouse as well as your tax dependents.

Unlike a flexible spending account, an HSA doesn’t require you to use the money by the end of the year. Rather, HSA funds roll over year to year and continue to grow tax-free in your HSA account for later use.

In fact, you’ll get a bigger tax benefit if you use other cash for current medical expenses and keep the HSA money growing for the long term. Be sure to hold on to your receipts for medical expenses after you open your HSA, even if you pay those bills with cash, so you can claim the expenses later. There’s no time limit for withdrawing the money tax-free for eligible medical expenses you incurred any time after you opened the account.

But be aware that if you do use your HSA funds for non-medical expenses, you’ll be required to pay taxes on the withdrawal, plus a 20 percent penalty. The penalty, however, is waived for those 65 and older, but you’ll still pay ordinary income tax on withdraws not used for eligible expenses.

How to Open a HSA

You should first check with your employer to see if they offer a HSA, and if they will contribute to it. If not, you can open an HSA through many banks, brokerage firms and other financial institutions, as long as you have a qualified high-deductible health insurance policy.

If you plan to keep the money growing for the future, look for an HSA administrator that offers a portfolio of mutual funds for long-term investing and has low fees. Some of the top-rated HSA providers in 2023 are Lively, HealthEquity, OptumBank, Fidelity, HSA Bank and Bank of America.

After setting up your HSA plan, adding money is pretty straightforward. Most plans let you do online transfers from your bank, send checks directly, or set up a payroll deduction if offered by your employer. To access your HSA funds many plans provide a debit card and most allow for reimbursement.

Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.

The post A health savings account can boost your retirement savings. Here’s how appeared first on East Idaho News.

Question:

Dear Savvy Senior,

Can you recommend some medical escort services that help seniors get home after a medical procedure? I need to have a colonoscopy, but my doctor’s clinic won’t schedule my appointment unless I supply them with a name and phone number of the person taking me home afterward. I live alone with no family nearby, and my friend doesn’t drive anymore. Any suggestions?

Need a Lift

Answer:

Dear Need,

Good question! Finding “door-through-door” medical escort services for outpatient screenings and procedures that involve anesthesia can be challenging for older patients without nearby family or friends to rely on.

Door-through-door escorts that most clinics require is a safety measure. With a colonoscopy, for example, patients often receive an anesthetic, like propofol, or a narcotic such as Demerol or fentanyl, combined with anti-anxiety medication like Versed or Valium.

These drugs affect the brain, and they can stay in the system for four to six hours. So, what’s needed is someone to escort you out of the building, take you back home and see you into it.

While there’s no one simple solution to this medical escort problem, there are wide variety of local service providers, nonprofits and home-care companies that may be able to assist you. But what’s available to you will depend on where you live.

Finding Help

A good first step in making medical escort arrangements is to talk to your health care provider that’s doing the procedure to find out if their clinic offers transportation services or if they can refer you to a local medical escort service or person who can help you. If not, see if you can remain in the clinic for an extended period of time, until the drugs wear off, so you can safely drive yourself home or hail an Uber, Lyft or taxi to take you.

If these options aren’t available, here are some sources you should check into.

Area Agency on Aging (AAA): Your local AAA is one of your best resources for locating transportation services and should be able to refer you to medical escorts available in your community. To find your AAA call the Eldercare Locator (800) 677-1116 or visit Eldercare.acl.gov.

Local nonprofit groups: The National Volunteer Caregiving Network (NVCNetwork.org) connects about 700 community organizations nationwide, most of which provide door-through-door transportation without charge.

Shepherd’s Centers of America: There are 55 affiliates in 17 states that provide support services for older adults – see ShepherdCenters.org. Most offer escorts to and from medical appointments without charge.

Village to Village Network: There are around 250 local village networks across the country (see VTVNetwork.org) that often help with medical escorts, though there’s an annual fee – usually subsidized for lower-income seniors – to join a village.

Home-care companies: You may also be able to hire a medical escort through a home-care agency, or you can find someone on your own through websites like Care.com or CareLinx.com. Note that Medicare doesn’t cover medical escorts, but in many states Medicaid does. If you choose this option, be sure you give plenty of notice before your appointment.

Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.

The post Finding a medical escort after a procedure appeared first on East Idaho News.

Question:

Dear Savvy Senior,

What types of programs are available to help seniors struggling with their everyday bills, and how do I go about finding them? Since I lost my husband last year, my Social Security survivor benefit is barely enough to get by on.

Searching Senior

Answer:

Dear Searching,

I’m very sorry for your loss, but you’ll be happy to know that there are dozens of different financial assistance programs and government benefits that may be able to help you with your everyday costs.

To locate these types of programs, your best resource is BenefitsCheckUp.org. This is a free, confidential online screening tool designed for older adults and people with disabilities. It will help you find federal, state and local benefits programs that can assist with paying for food, utilities, health care, medications, housing and many other needs. This site – created by the National Council on Aging in 2001 – contains nearly 2,000 programs across the country.

To identify benefits, you’ll first need to type in your ZIP code and choose the types of benefits you’re interested in. Then you’ll need to answer a few questions regarding your personal and financial situation. Once completed, you’ll get a list of programs to choose from, followed by a personalized report that explains each program, and tells you where you can get help or how to apply.

If you need some assistance or you don’t have internet access, you can always speak with a benefits support specialist by calling (800) 794-6559. You can also get help in-person at any of the 85 Benefit Enrollment Centers located across 41 states. See NCOA.org to search for a center in your area.

Types of Benefits

Depending on your income level, location and circumstance, here are a few of the many different benefits you may be eligible for:

Nutrition assistance: Programs like the Supplemental Nutrition Assistance Program (SNAP) can help pay for food at the grocery store. The average SNAP benefit for 60-and-older households is around $105 per month. Some other nutrition programs that are available to seniors include the Senior Farmers Market Nutrition Program and the Commodity Supplemental Food Program.

Utility assistance: There’s the Low-Income Home Energy Assistance Program (LIHEAP) that provides assistance in lowering home heating and cooling costs. And for broadband assistance, the Affordable Connectivity Program provides a $30 monthly subsidy that can be applied toward your home internet costs.

Health care and medicine: Medicare Savings Programs and Medicaid can help or completely pay for seniors’ out-of-pocket health care costs. And for assistance with medications, there’s a low-income subsidy program called ‘Extra Help’ that helps pay premiums, deductibles and co-payments on Medicare (Part D) prescription drug coverage.

You can also search for prescription drug help through patient assistance programs or your state pharmaceutical assistance program at Medicare.gov.

Supplemental Security Income (SSI): Administered by the Social Security Administration, SSI (see ssa.gov/ssi) provides monthly payments to very low-income seniors, age 65 and older, as well as to those who are blind and disabled. In 2023, SSI pays up to $914 per month for a single person and up to $1,371 for couples.

In addition to these benefits, there are dozens of other programs BenefitsCheckUp can help you identify, like housing assistance, property tax reduction, home weatherization assistance, tax relief, veteran’s benefits, senior transportation, caregiving support, free legal assistance, disability services, job training and more.

Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.

The post Seniors can get help paying for everyday needs – here’s how appeared first on East Idaho News.

Question:

Dear Savvy Senior,

Do I still need life insurance after I retire? I’ve been thinking about dropping my policy to escape the premiums. Is this a good idea?

Approaching Retirement

Answer:

Dear Approaching,

It depends on your family and financial situation. While many retirees choose to stop paying their life insurance premiums when they no longer have young families to take care of, there are several reasons you may still want to keep your policy. Here are some different factors to help you decide.

Family situation: Life insurance is designed to help protect your spouse and children from poverty in the case of your untimely death. But if your children are grown and are on their own, and you have sufficient financial resources to cover you and your spouse’s retirement costs, then there is little need to continue to have life insurance.

On the other hand, if you had a child late in life or have a relative with special needs who is dependent on you for income, it makes sense to keep paying the premiums on your policy.

You also need to make sure your spouse’s retirement income will not take a significant hit when you die. Check out the conditions of your pension or annuity (if you have them) to see if they stop paying when you die, and factor in your lost Social Security income too. If you find that your spouse will lose a significant portion of income upon your death, you may want to keep the policy to help make up the difference.

Debts: If you are still paying off your mortgage or have other large debts, you should probably keep your policy to help your loved ones pay off these debts when you die. But if your debt payments are a small part of your net worth that poses no risk of financial difficulty, then you may not need it.

Work:Will you need to take another job in retirement to earn income? Since life insurance helps replace lost income to your family when you die, you may want to keep your policy if your spouse or other family members are relying on that income. However, if you have very little income from your retirement job, then there’s probably no need to continue with the policy.

Estate taxes: Life insurance can also be a handy estate-planning tool. If, for example, you own a business that you want to keep in the family and you don’t have enough liquid assets to take care of the estate taxes, you can sometimes use a life insurance policy to help your heirs pay off Uncle Sam when you die.

To help you with this decision, consider talking to an estate-planning expert or a fee-only financial advisor who can help you weigh out the pros and cons.

Sell or Swap Your Policy

If you decide that you don’t need your life insurance policy any longer, you may want to consider selling it in a “life settlement” transaction to a third-party company, which typically pays four to eight times more than the policy cash surrender value. The best candidates are people over age 65 who own a policy with a face value of $100,000 or more.

If you’re interested in this option, get quotes from several life settlement providers or brokers in your state. To find them, the Life Insurance Settlement Association provides a directory at LISA.org.

Another option is to use a tax-free 1035 exchange to swap your policy for a hybrid product that blends life insurance with long-term-care insurance coverage. These products come in various forms, but they often combine a whole or universal life policy with a long-term-care rider. If you don’t use the long-term-care coverage, your heirs get the death benefit.

Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.

The post Do you need life insurance after you retire? appeared first on East Idaho News.

Question:

Dear Savvy Senior,
Which vaccines are recommended for Medicare seniors this flu season?

Just Turned 65

Answer:

Dear Just Turned,

There are actually three different types of vaccines seniors should consider getting this fall to protect against a repeat of last winter’s ‘tripledemic’ of respiratory illnesses, which included flu, RSV and coronavirus. Here’s a rundown of the different vaccines the Centers for Disease Control and Prevention (CDC) is recommending and how they are covered by Medicare.

Senior-Specific Flu Shots

For people age 65 and older, there are three flu vaccines (you only need one) that the CDC recommends over traditional flu shots.

These FDA-approved vaccines provide extra protection beyond what a standard flu shot does, which is important for older adults who have weaker immune defenses and have a greater risk of developing dangerous flu complications compared with younger, healthy adults. The three senior-specific options include the:

• Fluzone High-Dose Quadrivalent vaccine, which contains four times the amount of antigen as a regular flu shot does, creating a stronger immune response for better protection.
• Fluad Quadrivalent vaccine, which contains an added ingredient called adjuvant MF59 that also helps create a stronger immune response.
• FluBlok Quadrivalent vaccine, is a recombinant protein (egg-free) flu vaccine that contains three times the amount of antigen as compared with a regular flu shot.

There isn’t enough evidence yet to indicate whether one of these three vaccines provides superior protection over the other two for seniors.

As for side effects, you should know that the Fluzone High-Dose and Fluad vaccines can cause more of the mild side effects that can occur with a standard-dose flu shot, like pain or tenderness where you got the shot, muscle aches, headache or fatigue. While the side effects of Flublok tend to be a little less frequent.

All flu vaccines are covered 100 percent by Medicare Part B as long as your doctor, health clinic or pharmacy agrees not to charge you more than Medicare pays.

New RSV Vaccines

Anyone age 60 and older, especially if you have any heart or lung conditions, diabetes, kidney or liver disorders that make you vulnerable to the respiratory syncytial virus (RSV) should consider getting one of the new FDA approved RSV vaccines (either Arexvy or Abrysvo).

These vaccines, recommended by the CDC, will help protect older and immunocompromised adults from respiratory illness, which is responsible for 6,000 to 10,000 deaths and at least 60,000 hospitalizations each year in seniors 65 and older.

The new RSV vaccines are covered by Medicare (Part D) prescription drug plans.

Updated Covid Booster

If you haven’t had a Covid-19 booster shot lately, you should consider getting one this fall. Even though the Covid public health emergency has ended and the number of cases has gone way down, it has been surging in recent months causing an increase in hospitalizations, especially among the elderly.

The updated Covid vaccine targets the XBB omicron subvariants that are some of the most dominate coronavirus variants circulating in the U.S. It will also provide protection against the EG.5 variant (Eris), which is closely related to the XBB.

Covid booster shots are covered 100 percent by Medicare Part B.

When and Where

Most health officials agree that it’s safe to receive the flu and Covid booster at the same time. But because the RSV vaccines are new this year, many doctors are recommending a two-week window between an RSV shot and the flu and/or the COVID shots.

You can find all three vaccines at most pharmacies, medical clinics and health departments, or you can do a search at Vaccines.gov.

Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of ‘The Savvy Senior’ book.

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