Wednesday, April 27, 2016

National Prescription Drug Take Back Day

Public Service Announcement:  It is not uncommon for many people to have unwanted, unused and expired prescription medications in their homes.  In order to avoid having people either throw these drugs in the trash, flush them down the toilet (and into our water supply), or risk having them stolen and sold on the street, communities across the country participate in National Prescription Drug Take Back Day.

In 2016, the time for returning drugs is April 30 from 10:00 to 2:00.

In following years, the date will normally be the last Saturday in April, although you will want to check annually to confirm the correct date and nearest location.

This event is sponsored by the Department of Justice Drug Enforcement Administration.  Drugs can be turned in anonymously, no questions asked, in a variety of locations.  In our county in California, the drugs can be returned to virtually any city hall, as well as some hospitals and other public facilities.

Call your local city hall or police department to see where you can turn in unused, unwanted and expired prescription medication or go online to find a location near you.

Below is the link to the DEA website where you can find the collection center that is nearest to you:

DEA Prescription Drug Collection Center Locator

If you missed out on the National Prescription Drug Take Back Day this year, you may still want to contact your city hall or police department and see if there is a place where you can turn them in at other times.  If no location is available in your area, lock your unwanted prescriptions up and turn them in next year. Most important, make sure you do everything you can to keep them out of the hands of children and other visitors to your home.  They could be dangerous!

Wednesday, April 20, 2016

Over-the-Counter Painkiller Dangers

If you are one of the millions of Americans who use over-the-counter painkillers to cope with chronic pain from arthritis, injuries, headaches or minor aches and pains, it is important that you know the risks and which painkillers are less dangerous than others.  While many people believe there is no harm in taking these medications on a daily basis, they may be shocked to discover just how dangerous they are.

Dangers of Taking Advil, Motrin and Aleve

The over-the-counter NSAIDs, or nonsteroidal anti-inflammatory drugs, known as Advil, Motrin and Aleve, appear to be particularly dangerous for large numbers of people.  This is also true for generic or store brand versions of these drugs.  Here are some of the risks people take when they use these drugs on a regular basis:

*  Increased risk of a heart attack
*  Increased risk of a stroke
*  Increased risk of heart failure
*  Increased risk of death during the first year after a heart attack, if you are treated with an NSAID during that time.

These risks even affect people who do NOT have heart disease!  In addition, the increased risk can occur as early as the first few weeks after you begin taking one of these drugs and goes up the longer you take it and the higher doses you use.

How Much Do NSAIDs Increase Your Risk of a Heart Attack?

Simply using over-the-counter, moderate dosage levels of these drugs will increase your risk of a heart attack or stroke by 10%.  If you take the prescription strength versions, your risk could be increased by 30% to 50%.   Dangerous levels of these drugs, which could increase your risk of a heart attack or stroke the most, are:

Motrin (ibuprofen) - 2,400 mg. a day
Aleve (naproxen) - 1,000 mg. a day
Voltaren (diclofenac) - 150 mg. a day
Celebrex (celecoxib) - 400 mg. a day

It is important to remember, however, that even a 10% increased risk from the over-the-counter dosages is significant for someone who already has heart disease.  If you do take one of these medications, it is important to take the lowest dosage for the shortest time possible. 

Which NSAID is the Least Risky?

The FDA statement on the NSAIDs indicated that Aleve (naproxen) appears to be the "least likely to increase the risk of stroke and heart problems."  However, Aleve is also the NSAID that is the most likely to cause stomach bleeding, so that is something for consumers to consider, as well.

What are the Best Alternatives to NSAIDs?

Instead of using Motrin, Advil, Aleve, Celebrex or Voltaren, most people can receive the relief they need by switching to aspirin or Tylenol (acetaminophen), or using alternative methods of pain relief, such as yoga, acupuncture, massage or physical therapy.   If using aspirin or acetaminophen, you still need to be cautious about the quantities used in order to minimize the risk of stomach bleeding.

Sources:

"New Warnings on OTC Painkillers," AARP Bulletin, September, 2015, pg. 10

http://www.fda.gov/Drugs/DrugSafety/ucm451800.htm

If you are interested in getting additional information on medical issues affecting Baby Boomers, where to retire, financial planning, family relationships and more, use the tabs or pull down menu at the top of the page to find links to hundreds of helpful articles.

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Wednesday, April 13, 2016

New Investment Rules for Retirement Savings

Do you believe that your broker or financial adviser puts your best interests ahead of his own?  Are you sure that your broker suggests the best investment products for your retirement accounts, including those with the lowest fees and commissions?

You might be surprised to know that, until now, your broker has not been required to put your needs above his own! The U.S. Labor Department announced new rules in April of 2016 which are designed to fix this problem. Although the new "customer first" fiduciary rules will not actually go into effect until the spring of 2017 and there will probably be court challenges, most of the larger brokerage firms have already begun to change their practices.

What are the New Rules Affecting Retirement Accounts?

The "bottom line" is that brokers and financial advisors now have to recommend suitable investments which are moderate or low in risk and have reasonable fees and commissions.  They have to offer their clients investment products with lower commissions and fees, when two products are otherwise similar.

In addition, brokerage and investment advisory firms are required to direct clients to websites which explain exactly how they will be paid ... and those fees and commissions must be "reasonable."  The brokers can still engage in revenue sharing with mutual fund companies, but that fact must be spelled out in detail on the website.

Brokers will also be required to act in the best interest of the clients when they roll over retirement funds from a 401(k) into an IRA.

Brokers will be discouraged from putting retirement savings accounts into investment products which are generally considered unsuitable, such as non-traded REITs or variable annuities.  Brokers will also be discouraged from "churning" or actively trading stocks and options in their clients' retirement accounts.

There Are Exceptions to the New Fiduciary Rules

Although the new rules only apply to tax advantaged retirement savings accounts, such as a 401(k) or IRA, it is expected that the rules will also affect the way brokers deal with clients, in general.  However, there are times when a broker or financial adviser may recommend an investment product to someone that will not necessarily follow the "lowest commission" philosophy.

For example, in some situations a variable annuity might be the right product for a person, even though the commissions tend to be higher than other products.

In addition, brokers and financial advisers who assist companies with a small 401(k) plan or assets that are less than $50 million, are exempt from some of the strictest rules.  However, they still need to be careful to put the needs of the clients above their own!

Why Will There Be Court Challenges to the New "Customer First" Rules?

The Labor Department expects some firms to challenge the new rules.  Some of those who object fear that these new rules will make it harder for people to build their savings, because they will be steered towards low-risk, slow-growth, low-commission "standard" investment products, with little creativity.

Other firms are worried that the new rules will result in constant lawsuits, whenever any retirement savings account loses money.  They feel that compliance with the rules will become burdensome.

What Should Consumers Do?

If you have any questions about whether or not you are being offered the best low-risk investments for your retirement accounts, with the most reasonable commissions or fee-sharing arrangements, you should interview more than one investment adviser.  

If you have any questions, make sure you read anything you sign thoroughly, and check the disclosures on the company website.  While most firms will comply with the new rules, there will always be some unscrupulous advisors who will still try to take advantage of consumers.  Ultimately, it is up to you to shop around, compare products and investigate every investment thoroughly.

The Bottom Line on the "Customer First" Labor Department Rules

In general, large investment firms seem to support the new rules; smaller firms are more nervous about them.  The following statement was released by Merrill Lynch:

"We support a consistent, higher standard for all professionals who advise American people on their investments." -John Thiel, Merrill Lynch

The goal of the new rule changes is to protect the "little guy" from having their retirement assets eaten up by large commissions or losses caused by inappropriately risky investments.  Because of this, many consumer advocates applaud the decision of the U.S. government to establish these regulations for brokers and investment advisers.

Suze Orman said the following about the new regulations on her Twitter account:  "Congrats to the Labor Department for its regulations requiring financial advisers to act in the best interests of their clients retirement $"


Are you looking for more information on financial planning, where to retire, common medical issues, and more?  Use the tabs or pull down menu at the top of the page to find links to hundreds of additional articles.

You are reading from the blog:  http://www.baby-boomer-retirement.com

Photo credit:  morguefile.com