The International Banking Group has recently exemplified suspect business practice according to ConsumerAffairs.com. Amid the removal of their website and with several banks the company claimed association with denying even knowing IBG, the problem extends to seniors. With claims IBG was targeting the affluent elderly with investment schemes, seniors need to be even more aware of how a scam may be presented and where to report the broker or firm.

• If it sounds too good to be true it probably is— One of the best questions a senior can ask is simply about the investment itself, questioning if the broker or product is registered with the state or national regulatory authorities. Be cautious of broker claims that their certificates of deposit (CDs) earn above average interest rates. Many companies trying to scam seniors will say the pay will yield much higher rates of return than normal.

• Be extremely skeptical of salespeople—Scammers target seniors by going door-to-door or pestering them with phone calls.

• Research, research, research—Check the U.S. Securities & Exchange Commission’s list found at www.sec.gov/investor/oiepauselist.htm of unregistered entities with consumer complaints. Also, make sure you do not agree to an investment without consulting family and friends.

• If you have been scammed, all is not lost—Financial crimes against seniors often go under reported, with seniors feeling ashamed or they do not know where to report the company. To file a complaint against a broker or firm, visit www.finra.org/complaint. Read about a seller’s background, at www.SaveandInvest.org or call 888-295-7422. For more on brokers or firms, call 800-289-9999 or log onto www.finra.org/brokercheck.

Source: ConsumerAffairs.com

Image Source: sxc.hu

Home Care Bakersfield provides home care for the elderly, aging, and seniors in Bakersfield, Delano, Wasco, Lamont, Tehachapi, Lake Isabella, Ridgecrest, Taft, Shafter, Bodfish, Wofford Heights, Rosedale, Oildale, Kernville area. Call us today at 661-321-3235.

There’s a stigma about the financial services that the AARP provides, and while some of those issues were warranted in the past, now they’ve actually reintroduced services that make their investment programs like RRSP very appealing for older adults. Here are some of the features of the AARP RRSP’s that bring positive benefits to seniors looking to invest:

1. Costs are low – high investment costs are not something that seniors are looking for, particularly when living on fixed incomes. With that in mind, the AARP creates RRSPs that have low costs.

2. They are lower risk – all of the AARP’s mutual funds are index funds, which means that they are a lower risk, which is great for seniors!

3. Seniors can discuss needs with financial planners – like many financial institutions, the AARP provides financial planners to help seniors make investment decisions that are right for them. Though, it is important to keep in mind that they are paid staff of the AARP, so it’s never a bad idea to get a second opinion from an involved party!

4. Low minimums – some RRSPs require seniors to make large deposits and have a big lump sum of money to invest initially. All of the AARP’s RRSP plans require only $100 to open an account and deposits of at least $25 at a time

Via: MoneyWatch

Image source: sxc.hu

Home Care Bakersfield provides home care for the elderly, aging, and seniors in Bakersfield, Delano, Wasco, Lamont, Tehachapi, Lake Isabella, Ridgecrest, Taft, Shafter, Bodfish, Wofford Heights, Rosedale, Oildale, Kernville area. Call us today at 661-321-3235.

It’s a shame that money has to be the center of so many things, but that is the reality that we live with in our society. Money can make or break a relationship when it’s not handled or discussed appropriately, and it’s often a topic of conversation that’s taboo. But, despite all of these generalizations about money, when moving in an elderly parent to live with you, it’s crucial that you discuss the financial aspects of senior care. It’s important that you have the discussion before bringing an elder to live in your home, regardless of your relationship with them, and that you don’t expect financial matters to work themselves out! Here are some guidelines for discussing finances with a senior you intend to live with:

1. Bridge the topic gently – ensure that finances are discussed before the move happens, but don’t approach it like finances might change your motivations or your ability to care for your loved one

2. Set the standards – discuss what percentage of the household bills your senior will be responsible for. It might not be fair to ask an elderly parent to pay half of the mortgage and utility bills if there are 4 people in your immediate family, and they are just one; but you can ask them to pay one-fifth, or another number that is agreeable to everyone

3. Keep separate bank accounts, but create a common fund – don’t expect that a senior living with you is going to merge their bank account; having their own finances maintains their sense of independence and purpose. However, you can create a joint fund that all contributors can add to in order to make monthly bill payments easier

Via: Guide for Seniors and Boomers Who Live With Them

Home Care Bakersfield provides home care for the elderly, aging, and seniors in Bakersfield, Delano, Wasco, Lamont, Tehachapi, Lake Isabella, Ridgecrest, Taft, Shafter, Bodfish, Wofford Heights, Rosedale, Oildale, Kernville area. Call us today at 661-321-3235.

As the baby boomer generation approaches their senior years, it’s time to really start thinking about the financial future. Many boomer women find that financial planning is overwhelming, and there are some common mistakes that are made that can sacrifice their chances for a happy retirement:

1. Some boomer women expect they’ll receive an inheritance – women who are fortunate enough to still have parents alive, might expect that at the time of their passing, they will receive a large enough inheritance to carry them through retirement. There are no guarantees if boomers will receive an inheritance at all, and if they do, they may not know if it will be enough to finance their senior years

2. Reliance on a spouse – many women allow their spouse to control all aspects of finances and also assume that their loved one is effectively planning for their retirement. Both partners should be involved in financial management, or at least have an awareness

3. No planning for women on their own – boomer women might assume that their spouse will be with them forever. But death or divorce can change this, and women need to make sure they have their financial ducks in a row so they can survive on their own

4. Expecting a man to save the day – some women on their own have the “prince charming” attitude and are waiting for a man to sweep them off their feet and fill up their bank account

Via: Let Life In

Home Care Bakersfield provides home care for the elderly, aging, and seniors in Bakersfield, Delano, Wasco, Lamont, Tehachapi, Lake Isabella, Ridgecrest, Taft, Shafter, Bodfish, Wofford Heights, Rosedale, Oildale, Kernville area. Call us today at 661-321-3235.

Many seniors are finding that retirement doesn’t come around the age of 60; some are finding themselves working into their 60s, 70s, 80s or 90s before they have the opportunity to retire. Here’s why retirement is coming later for many Bakersfield seniors:

• While the average age to claim Social Security Benefits is 63.9, many need additional income on top of it to be able to afford basic aspects of daily living, like housing and food

• Many seniors would love to retire and just focus on their family and relaxing, but based on the numbers of seniors aged 65 and older which are rising higher than ever before, this isn’t a reality for everyone. The number of older works, aged 80+ has had the most substantial increase at 67% to 500,000 Americans

• With people living longer, money doesn’t go as far as it used to, and as time goes on this might increase even more, keeping more and more seniors in the workforce longer than planned

• Government benefits, which were initially defined in 1940 certainly weren’t designed to support 30 or more years of retirement, which means seniors need a fairly substantial nest egg to make it through

Via: AARP

Image: elements4health.com

Home Care Bakersfield provides home care for the elderly, aging, and seniors in Bakersfield, Delano, Wasco, Lamont, Tehachapi, Lake Isabella, Ridgecrest, Taft, Shafter, Bodfish, Wofford Heights, Rosedale, Oildale, Kernville area. Call us today at 661-321-3235.

Although Social Security premiums cannot legally be lowered, seniors will find themselves with shrinking social security checks over the next couple of years. For the first time in decades, there won’t be a cost of living adjustment on Social Security for the next 2 years, and since these payments won’t increase, seniors will find themselves with less money to survive on since premiums for Medicare Prescription Drug programs will increase marginally. With smaller social security checks, seniors will need to be more budget conscious than ever, and here are some money saving tips:

1. Set a budget: know how much money you have available to spend on a weekly basis, and keep a record of your spending so you ensure that you’re never overspending. Pay in cash, and then deposit any remaining money at the end of the week into a savings account

2. Smart shopping – create a shopping list and buy only what you need. Plan meals around items that are in season, and try out generic brand products over name brands for the savings

3. Think all unnecessary purchases over – instead of buying things you don’t need impulsively, wait 24 hours and think it over. More often than not, you will find that the temptation passes

4. Discounts – clip coupons or shop at stores that offer more discounts. Also be aware of places that offer discounts to senior citizens, like movie theaters, museums, and even grocery and retail stores

Sources:

1. MSNBC

2. Associated Content

Image: jupiterimages.com

Home Care Bakersfield provides home care for the elderly, aging, and seniors in Bakersfield, Delano, Wasco, Lamont, Tehachapi, Lake Isabella, Ridgecrest, Taft, Shafter, Bodfish, Wofford Heights, Rosedale, Oildale, Kernville area. Call us today at 661-321-3235.

Q – When should I start talking to my parents about their retirement plans? I don’t want to feel like I’m being intrusive into personal aspects of their lives, but I want to ensure that they are planning for retirement, learn how I can help and understand what role I will play during their senior years so I can make sure they have only the best, according to their needs and wants.

A – Here are some tips for talking to your parents about retirement planning. Good luck!

1. Start early – talk to your parents about their retirement plans by the time they are 50…earlier is okay too, but don’t wait too long! However, if your parents are already retired, it’s not too late to have this conversation
2. Know their retirement goals – where do your parents want to live when they retire? Do they want to remain in Bakersfield? Do they want to travel? Do they want to take on any new hobbies or continue with old ones? This will help determine their financial needs for retirement
3. How much? – you might not feel comfortable asking your parents about their finances, but it’s important to know if they have saved enough to get them through their retirement, while still meeting their goals. Ensure you let them know that they can’t live on their Social Security Benefits alone; according to studies, these only cover about 40% of retirement living expenses
4. Check Social Security Benefits – although seniors can’t live on their Social Security Benefit alone, requesting to know how much they will receive can help with financial planning for retirement
5. Let them know early retirement might be a possibility – whether or not they hope to retire early, with the economy today, many people are forced to retire at an earlier age. Take a look at the industry that your parents work in; if they are in an industry that’s really being effected, it might result in early retirement
6. Discuss health care – knowing what your parents would want with regards to their health care is perhaps the most important so you know what to do if they are not able to speak for themselves. You can also encourage them to draft a living will, but make sure you know what they’d want with regards to senior services as well as health care

Via: Senior.com

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Home Care Bakersfield provides home care for the elderly, aging, and seniors in Bakersfield, Delano, Wasco, Lamont, Tehachapi, Lake Isabella, Ridgecrest, Taft, Shafter, Bodfish, Wofford Heights, Rosedale, Oildale, Kernville area. Call us today at 661-321-3235.

Q – My dad  is from Bakersfield and would really like to join a gym or fitness center, because he’s really motivated to start improving his physical fitness after an accident that made him believe he’s no longer in good physical health. He is, however, on a very limited budget. I know he could try to do physical activities outside for free, but he’d really like to make use of traditional fitness equipment as a part of his workout. Are there any places that offer discounted rates for seniors or at more affordable costs?

A – You might find that many Bakersfield fitness centers do offer discount rates for seniors, but even these can be costly on a limited budget. Instead, try Silver Sneakers, it’s a fitness center specifically for seniors, so it can cater to his specific needs and he will workout in comfort with other people in his demographic. The best part about Silver Sneakers, is that provided he has Medicare or a supplement plan, he can actually get a membership to this senior’s fitness center for free! A membership with Silver Sneakers gives him access to all of the amenities at a Silver Sneakers fitness center, including fitness equipment, a pool and sauna. He’ll also receive advice from a Senior Fitness Advisor, and can attend classes for seniors and seminars on health education.

Sources:

1. Silver Sneakers
2. Suite101

Home Care Bakersfield provides home care for the elderly, aging, and seniors in Bakersfield, Delano, Wasco, Lamont, Tehachapi, Lake Isabella, Ridgecrest, Taft, Shafter, Bodfish, Wofford Heights, Rosedale, Oildale, Kernville area. Call us today at 661-321-3235.

As my mom in Bakersfield struggles with the loss of her financial stability, due to rising interest rates resulting from the financial crisis; she has also come face to face with another very scary reality. While she might find the strength and the resources to overcome the economic recession, we might not be able to say the same for her health. As the economy continues to go down the toilet, the weight on my mother’s shoulders is rapidly increasing and taking a direct toll on her health. My once vibrant and full of life mother has found that not only is this financial crisis costing her money; but it could also cost her, her life. With her weakened immune system and history of cardiovascular problems, my mother is at risk for more than just depression and anxiety; she could also face a heart attack, stroke, hypertension, or the onset of another potentially fatal disease.

But I don’t believe that it’s too late; I won’t let my mother just lay down and die as a result of this economic recession. Through diet, exercise, and encouragement in activities she once enjoyed, I’m trying to get my mother to take back her life in Walnut Creek and her health; even if she’s not able to take control over the affect the economy is having on her financial stability.

Sources:

1. The American Institute of Stress

2. The Mayo Clinic

Image: pro.corbis.com

Home Care Bakersfield provides home care for the elderly, aging, and seniors in Bakersfield, Delano, Wasco, Lamont, Tehachapi, Lake Isabella, Ridgecrest, Taft, Shafter, Bodfish, Wofford Heights, Rosedale, Oildale, Kernville area. Call us today at 661-321-3235.

Q – Does age have a bearing on the effects of stress?

A – While everyone faces stress in their lives, Bakersfield seniors worry too, and it hits them the hardest. For seniors, inadequately managing stress can mean more than just worry or anxiety, it can to a direct toll upon their overall health which has the potential to be fatal.

Worrying, is not an uncommon thing for Bakersfield seniors, with so much changing in their lives, seniors are forced to cope with uncertainty or a regular basis. For seniors, worrying about their health or that of someone close to them can be an everyday occurrence. For many seniors, another source of stress revolves around finances; they worry about how they’ll pay their bills, if they’ll be able to finance unexpected medical situations. Other seniors in Bakersfield worry about their health, which in turn results in even more health problems.

Effects of Senior Stress

• Anxiety and depression

• Cardiovascular problems such as hypertension, heart attack and stroke

• Gastrointestinal problems

• Loss of appetite

• Headaches

• Insomnia

Psychological Effects of Chronic Worrying

• Feelings of helpless

• Difficulties with decision making

• Difficulties concentrating on everyday tasks

• Panic attacks

Sources:

1. SeniorJournal.com

2. Associated Content

3. The American Institute of Stress

Home Care Bakersfield provides home care for the elderly, aging, and seniors in Bakersfield, Delano, Wasco, Lamont, Tehachapi, Lake Isabella, Ridgecrest, Taft, Shafter, Bodfish, Wofford Heights, Rosedale, Oildale, Kernville area. Call us today at 661-321-3235.