Maximize Your Social Security Benefits for an Easier Retirement

If you are dreaming of a more financially secure retirement, there are actions that even the average person can take to dramatically increase their Social Security benefits and make their retirement years much easier.

Many Retirees Earn Low Benefits

As mentioned before in this blog, the average American receives less than $1300 a month in benefits, according to Social Security Administration records.  In addition, approximately $104 a month will be deducted from that amount for those retirees who are also on Medicare.  In 2016, the Medicare deduction could increase to about $123 a month or more for many people, despite the fact that they will not receive an increase in Social Security benefits. 

The result of this is that many individuals will receive less than $1177 a month in benefits after Medicare is deducted; and the average couple will only receive about $2354 a month.  If this is not enough to cover your expenses, there is no reason why you have to accept the average payout as inevitable.  There are definite actions you can take during your working years that can make a significant difference after retirement.

How Your Benefits are Calculated

Did you know that the Social Security Administration calculates your benefits based on your 35 highest earning working years?  If you worked less than 35 years, this means that you may have a number of years with zero income averaged into your work history.  The more years you report an income, the better off you will be in retirement.   If you have worked 35 years, but earned very little income for some of them, replacing those low earning years with more recent years of work at a higher income will also make a difference.

For the same reason, there is a definite Social Security disadvantage for self-employed people who have routinely reduced their reported income by using the maximum number of deductions.  Before you retire, you want to have reported income for as many years as possible and you want to report all your income.  In the long run, you will benefit from this decision, especially if you live a long life.

Advantages of Delaying the Age When You Collect Your Benefits

In addition, if at all possible you do not want to begin to collecting your Social Security benefits until you are at least your full retirement age of about 66 or 67, depending on your current age.  Although you are allowed to begin receiving benefits as early as age 62, you will be paid approximately 25 percent less in benefits for the remainder of your life!  If you become a widow, even your survivor's benefits will be decreased.  If you can postpone receiving your benefits until you are age 70, your benefits will increase by 8 percent for each year you postpone filing after your full retirement age.

Advantage of Continuing to Work After You Begin Collecting Your Benefits

There is another way to increase your Social Security benefits.  You may decide that you will continue to work for a few years, even after you have begun to collect your benefits.  Not only will you receive annual cost of living increases when everyone else does, you may also receive an additional increase in benefits each year because you will continue to pay into the system.  The Social Security Administration recalculates your benefits each year based on the SSI taxes you paid during the previous year. This recalculation increases what you will receive now and in the future.

There are other strategies that have helped many people maximize their benefits.  You may want to order one of the Social Security books from Amazon.com that will help you figure out if there are other strategies that will work for you.


Everyone should also make an appointment with their local Social Security Administration office to ask questions and get more information to help them decide which strategies make the most sense for them.  We have found most employees to be knowledgeable and helpful (although we have received a few incorrect answers on occasion).  In addition, you may want to use one of the online calculators, such as AARP's Social Security Benefits Calculator, in order to estimate what your earnings would be under different scenarios.

If you are interested in learning how to maximize your finances after retirement, you may also be interested in reading these articles:

Do You Need a Million Dollars to Retire?
Cheap Places to Retire
Women and Social Security
Financial Facts Affecting Baby Boomers in 2013

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

Photo of social security card courtesy of www.en.wikipedia.org/commons

This content of this blog is the property of Deborah Diane and may not be reprinted without her explicit permission.  All rights reserved.

Cheap but Risky Timber Pines Florida Retirement Homes

Timber Pines Retirement Community in Spring Hill, Florida, just north of Tampa Bay, has many appealing reasons to recommend it.  However, there are also some possible issues with this community that prospective homeowners will want to know about.

In fairness, I want to present both sides in this article.  I have also included a comment that was left by a current resident.

Reasons to Buy a Home in Timber Pines, Florida

This community has many wonderful amenities that have attracted people to this highly rated community for many years.  Among the amenities are:

24 hour gated community
Minutes from the Gulf Coast beaches and fishing areas
A choice of single-family homes and attached villas
Four golf courses
Nature areas
Walk and bike paths
Tennis, shuffle board and bocce ball courts
Pools and spas
Dance Hall Lodge
Fitness Center
Facilities for woodworking, ceramics, painting, bridge, theater, choir and other activities
Nearby shopping and medical facilities

In addition, the homes in this community are very reasonably priced.  Currently, there are a number of lovely single-family homes in the $75,000 to $150,000 price range.  It sounds like the perfect place to live.  Right?  Keep reading.

The Risk of Buying a Home in Timber Pines, Florida

The area around Tampa, Spring Hill, and within the gates of Timber Pines have reported a number of sink holes.  These are not the dramatic sink holes that you see on the news that have swallowed up entire homes are neighborhoods.  These sinkholes are deep underground.  However, they could still be a serious problem.

We have relatives who live in the community.  They have reported to me that there are weeks when dump trucks drive by their home all day.  The dump trucks contain a special filling material that is pumped into the ground underneath the homes in order to fill in the underground voids and provide underpinning to the homes.  Our relatives had 12 dump trucks of this filling material pumped into the ground underneath their home.  Other people they know have required many more truckloads of material.

The real estate information site, Zillow, also had a contributor point out that there is no true warranty on either this underpinning work or on the repairs that have been made to the home.  In addition, if you purchase a home that has been repaired, it now has a pre-existing condition that may not be covered by your insurance company.  Therefore, if your home begins to crack again from another sinkhole, your insurance company may not cover it.  If the house has not been repaired, many sellers are unwilling to spend the $5000 necessary to have the ground under their home tested, so you won't know if the home has a sinkhole under it until you already own it.  In addition, some insurance companies will no longer insure against damage from sinkholes, even if it has not occurred under that home in the past.

On the other hand, one resident of Timber Pines who commented on this article (you can see their comment below), pointed out that there have been no sink holes in the community beneath the golf courses, roads or common areas.  This could indicate that some homeowners have overreacted to the possibility of sinkholes.  Whatever your thoughts on the topic, it is important that you are aware of the issue before buying a home there.

Here is the comment by TB.  I wanted to make sure everyone had the opportunity to read a recent comment by a current resident of the community:

" I am a new resident in Timber Pines. (June 2015) and my property was a sink hole activity property that was repaired in 2011-2012. I truly believe that most of the claims of sink holes in this community were not true sink holes. During a certain period of time a lot of claims were being made that were not true sink holes and the insurance companies fell for it. Think about it….there have been no reported sink holes on the roads, golf courses (4 of them), club house, lodge, pool areas etc. There are thousands of acres developed and undeveloped in this community and it seems that only the houses have reported sink holes. This raises a big doubt in my mine if all the claims were true sink holes. Sink holes don't pick and choose a certain area to open up in. With all that said, the whole state of Florida is prone to sink holes not just Timber Pines. Timber Pines is a wonderful community that is very well maintained and affordable. The golf courses are some of the best in the state of Florida."

Should You Buy Property in Timber Pines, Florida?

All this does not necessarily mean you should not buy property in Timber Pines.  Some of the homes rent for as much as $2000 a month during the winter when the "snowbirds" come down from Canada and the Northern United States.  If you purchase one of these homes for an average price of about $90,000 and rent it out, you can receive a very high return on your investment.

Second home buyers may also enjoy owning one of these homes because they are so cheap to purchase.

Even if this is going to be your primary residence, you may decide that the affordability of properties in Timber Pines makes buying one worth the risk.  This is a perfectly reasonable decision, as long as you are aware of the potential problems.

To find more information about Timber Pines, you can contact their community association at (877) 862-7767 or go online at www.timberpines.com.  As you will see from their website, it is a beautiful community.

If you are interested in exploring some of the other places you might retire, use the tabs or pull down menu at the top of the page to find links to hundreds of additional articles.

You may also be interested in reading these additional blog posts:

Over 55 Retirement Communities by Four Seasons 
Over 55 Retirement Communities by Del Webb
The Best Sunny Places to Retire
Sun City Texas is a Premier Retirement Destination

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

Photo of entrance to Timber Pines courtesy of www.en.wikimedia.org

Baby Boomers and Pradaxa

If you, your aging parents, or anyone you know takes the blood thinner Pradaxa, you will want to pay careful attention to the information in today's post.  While Pradaxa and other blood thinners can be an important part of our medical care, there are also risks involved in taking these medications.  

From time to time, I allow guest posts on this blog when I believe the topic is something that will be of importance to my Baby Boomer readers.  The following guest post was written specifically for this blog by Alanna Ritchie from the website DrugWatch.com:

Baby Boomers and Pradaxa

"Doctors prescribe blood thinners to millions of people to prevent blood clots that can cause health problems like stroke, heart attack or pulmonary embolism. People also take blood thinners to inhibit clots from forming in the legs after knee or hip replacement surgery; and to manage atrial fibrillation (irregular heartbeat).

Pradaxa, which is a blood thinner, was approved by the Food and Drug Administration (FDA) in 2010 and quickly became a popular choice, used by more than 3.7 million patients so far.

Baby boomers taking Pradaxa or another blood thinner need to learn about their medication and take precautionary measures to avoid complications and bleeding emergencies.

Here are some guidelines to consider if your doctor prescribes Pradaxa.

1.      Evaluate Data on Pradaxa

Health safety organizations and university-sponsored studies have found evidence that Pradaxacan increase the risk of bleeding incidents and heart problems.

Because blood thinners stop the body's healing mechanism whereby clots form to slow bleeding, even minor injuries can turn into a bleeding emergency. There is no antidote for Pradaxa bleeding, which contributed to 542 deaths in 2011. 

Studies by the Cleveland Clinic and the American College of Cardiology compared Pradaxa with warfarin – an older blood thinner -- and discovered that there was an increased risk of heart problems with Pradaxa. These heart problems include heart attack and symptoms of heart disease such as dizziness, chest pain, shortness of breath, and loss of consciousness.

2.      Decrease Risk of Bleeding 

Blood thinner patients can reduce the risk of bleeding by taking precautionary measures inside and outside the house — all designed to guard against accidents that could escalate quickly.

Safety Indoors
 

·        Use knives and scissors slowly and in good lighting

·        Use electric razors, which do not have exposed blades

·        Wear shoes or non-skid slippers

·        Use care when trimming toenails

·        Use toothbrushes with soft bristles
 

Safety Outdoors
 

·        Wear close-toed shoes, instead of sandals

·        Use gloves when working with sharp tools

·        Wear protective gear when playing intense sports

·        Use handrails when walking down stairs

3.      Consider Alternatives

Patients who have been prescribed Pradaxa can ask their doctor about alternative blood thinner options, like warfarin, Xarelto and Eliquis. Warfarin is an effective and cheaper option for many patients. It does require that patients undergo regular blood tests and monitor their intake of select vegetables. Warfarin's greatest advantage is that it has an antidote -- vitamin K – that can stop bleeding in emergency situations.

Xarelto and Eliquis were both developed within the last two years and do not have antidotes. As they are new competitors in the blood thinner category, it remains to be seen whether they prove to be a better choice as far as safety and efficacy.  

 

Alanna Ritchie is a content writer for Drugwatch.com, which reports news about prescription drugs and medical devices."

You may also be interested in reading these other blog posts:

Tighter Restrictions on Vicodin and Hydrocodone Painkillers

FDA Advice about Statin Drug Dangers 

Alzheimers Symptoms, Risk Factors and Treatments 

Aging and Tips to Prevent Hip Injuries  (another helpful guest post from DrugWatch.com)

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

Article and photo provided courtesy of DrugWatch.com

Tighter Restrictions on Vicodin and Hydrocodone Painkillers

The Drug Enforcement Administration recently requested that the Food and Drug Administration exert tighter controls on Vicodin and other painkillers that contain hydrocodone.  Hydrocondone products are the most widely prescribed narcotic painkillers in the United States.  According to the DEA, they are also among the most frequently abused.

An FDA panel has voted to place greater restrictions on these painkillers, as a result of the DEA request, and the full FDA is likely to follow through with their recommendations.  This change is likely to affect many Baby Boomers and their families, since the older we are the more likely we are to use painkillers.  For example, they are commonly prescribed after major surgery, such as a knee or hip replacement.

Reasons for the Tighter Restrictions on Vicodin Prescriptions

Frankly, it is about time the government made this change.  At the California high school where I work, our police liaison officer has repeatedly reported that the source of most of the drugs our students abuse is not a scary drug dealer in a back alley.  Most of our students find their drugs in their parents' or grandparents' medicine cabinets!

There are only two ways to protect our young people from these dangerous drugs. The first way is for parents and grandparents to keep their prescription drugs locked up.  The second way is for the federal government to make it more difficult for people to obtain these drugs in the first place.

Unfortunately, adults (including senior citizens) who have legal prescriptions are also abusing these drugs, since they are highly addictive.  According to federal statistics, about three-quarters of all drug overdoses in the U.S. are the result of prescription drugs.  The number of deaths from prescription drug overdoses have tripled since 1999.  Since 2008, there have been more deaths from drug overdoses than from car accidents, making it one of the leading causes of accidental deaths in our country!  (See http://www.drugwarfacts.org/cms/Causes_of_Death for more detailed statistics.)

The New Restrictions on Vicodin and Hydrocodone Prescriptions

Once these new guidelines have been implemented, automatic refills of Vicodin and similar painkillers will no longer be allowed.

Only written prescriptions from a doctor will be permitted each time you get your prescription refilled.  Faxed and phoned in prescriptions will not be allowed.

In addition, pharmacies and distributors will be required to store these drugs in special vaults, which will make it harder for thieves to steal these drugs during a burglary.

While the above restrictions should go a long way towards making it more difficult for people to obtain and become addicted to Vicodin and other hydrocodone containing drugs, doctors will need to become more cautious about writing these prescriptions in the first place.  In addition, patients who have legal prescriptions for these medications will also need to be more careful about monitoring their medications.

If you or a family member has a prescription for Vicodin, count your pills and keep track of how many you use.  If some of your pills mysteriously disappear, lock up the remainder.  It would be heart-breaking for a beloved family member to die from an overdose of your prescription medication.

In addition, if you know someone who has been struggling with an addiction to these drugs, watch them for signs that they may be buying and using illegal heroin, instead.  Sadly, some people are switching one addiction for another.

If you are interested in learning more about other health issues that can affect you, or finding other retirement information, use the tabs or pull down menu at the top of the page to find links to hundreds of other useful articles.

You may also be interested in reading:

FDA Advice about Statin Drug Dangers   check

How to Avoid Phony Online Pharmacies

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

Photo of Vicodin tablets courtesy of www.en.wikimedia.org

Over 55 Retirement Communities by Four Seasons

Are you looking for a well-built, comfortable retirement home in an active adult community?  You may want to consider one of the many Four Seasons age restricted communities built by K. Hovnanian builders for residents who are over age 55.

Where are you interested in living?  You can find developments built by K. Hovnanian in Southern California, Northern Delaware, Southeast Florida, Maryland, Arizona, Georgia, Illinois, North and South Carolina, Ohio, West Virginia, Pennsylvania, Texas, New Jersey, Virginia and in Minnesota near Minneapolis/St. Paul. All of these locations have lovely developments and many of these developments have been specifically designed as Four Seasons age-restricted communities. Other developments are very appealing, but are open to residents of all ages.

The variety of locations makes it possible for people to live on either the East Coast or West Coast, in the Sun Belt or in the Upper Midwest.  Many people will find that they can experience an enjoyable retirement lifestyle while still living within driving distance of their adult children and grandchildren.

Amenities at Four Seasons Over-55 Communities


K. Hovanian Homes offers diverse home styles as well as a variety of locations.  Depending on the community you select, you can choose from a condominium, a townhome or a single family home.  Prices vary widely, as well.  For example, the Four Seasons at Beaumont in Southern California and the Four Seasons at Bakersfield in Central California both have single family homes with prices starting around $200,000.  Home prices may be higher or lower depending on the location that interests you.

I have visited the lovely community in Beaumont.  It is a gated community with a gorgeous lodge that contains a restaurant, pool, movie theater and space for club meetings and other activities.  The community also offers an exercise room, billiards room, ballroom, shuffleboard courts and nature trails where you can take an afternoon stroll.  Although there is no on-site golf course, there are a number of public golf courses in the surrounding area.  While Beaumont is not near the California coast, it is only a little over an hour drive away.


Whichever style of home you prefer, the goal of Four Seasons active adult communities is to provide you with a "resort-at-home" experience.  They offer a variety of recreational activities that are available the year around.  Living in a gated community with other retired adults offers you security, peace-of-mind and an endless variety of opportunities for friendship and socializing.  Many people have found this to be a more desirable lifestyle than living alone in their former neighborhoods.


You can learn more about the different  K. Hovanian communities, both those that are age restricted and those that are not, at http://www.khovfourseasons.com.

If you are looking for other wonderful places to retire in the United States and abroad, us the tabs at the top of the page to find links to hundreds of other articles.

If you are exploring your retirement home options, you may also be interested in reading some of these articles:

Over 55 Retirement Communities by Del Webb
Sun City Texas is a Premier Retirement Destinations 
Living in an RV after Retirement 
Tellico Village Retirement Community 
Best Places to Retire on $40,000 a Year

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

Photo of California nature trail courtesy of www.morguefile.com