Get Paid to Retire in these Locations

Did you know there are places where you can get money or property if you move there?  People often worry about the high cost of retirement, especially if they know their retirement income will not be large enough for them to survive in their current location.  Many people have spent their working years in expensive cities like New York, Seattle, Boston, Los Angeles or San Francisco.  When they approach retirement, they are distressed to realize there is no way they can afford to retire in their current location.  Where can they go?

One solution is to look for affordable places which will actually pay you to relocate!  Yes, there are places which desperately want more residents and they are willing to offer financial incentives to those who will move there. Kiplinger and a few other online sites provided the information for the list below.

The locations on the list offer a variety of rewards for people willing to relocate, including housing allowances, free lots or home building sites, tax rebates, help with student loan repayment and more. Depending on the incentives which are offered, your entire family may even be motivated to relocate somewhere new.  As a result, this list does not contain just those offers which would be appealing to senior citizens, but also those which might make life easier for other family members, as well.

Places Which Will Pay You to Live There

Rural Kansas - If you would like to move to rural Kansas, and you have not lived in the state for the past five years, 77 of the state's 105 counties offer state income tax waivers for up to five years.  Seventy of those counties also offer student-loan repayments of up to $15,000, if you have a young adult in your family who would like to relocate with you.  They must have received an associate's, bachelor's or post-graduate degree and meet other requirements. A few of the counties are also offering free lots or other incentives. This could be an opportunity for your entire family to get a fresh start.  Kansas also has an affordable cost-of-living and some couples will find they can live there on the average amount of Social Security alone.

The State of Alaska - When my husband and I traveled in Alaska about ten years ago, we were amazed by the number of people we met who had spent their working years in the "lower 48 states" and then retired to Alaska.  The incentive is that Alaska pays mineral royalties to all their residents each year.  The annual royalties have ranged from less than $500 to over $2,000 per person in the family.  You cannot be absent from the state for over 180 days a year and you cannot have been convicted or incarcerated for a felony or certain misdemeanors.  Residents must apply each year between January 1 and March 31.  The royalties are a terrific way to supplement your retirement income.  In addition, many of the retirees we met were working during the summer in the tourist industry as bus drivers, store clerks and tour guides.  In the dead of winter, residents of Alaska often take their vacations or visit relatives who live in more moderate climates, so you are not stuck living there all year long.  In fact, you can spend half the year living in a more temperate climate, while still receiving the annual royalties.

Harmony, Minnesota - This town of roughly 1,000 people will give you a $12,000 cash rebate if you build a new home in the community.  There are lots available in the town for about that price, so basically they are giving you the cost of a home building site.  There are several large companies in the area which create some job opportunities for people nearing retirement or other members of their family. If you enjoy outdoor life and an affordable, small town environment, this offer could make it possible for you to build your own retirement home.

The Province of  Saskatchewan, Canada - If you are willing to relocate to Canada, the Province of Saskatchewan wants to attract and keep more college graduates.  If you or other family members are recent college graduates, they will reimburse the tuition fees which were paid during college.  In turn, this money could be used to pay off college loans.  If the adult children in your family are looking for a way to pay off their student loans, and they want to live in an area with other highly educated people, this could be an exciting place for the entire family to relocate.

New Haven, Connecticut - Because of the low homeownership rate in the city, they are offering as much as $80,000 in incentives to help residents purchase homes or make energy-saving home upgrades.   Your children or grandchildren can even get free tuition to any Connecticut college if they graduate from public school in the state and are in good academic standing.  If you love the Northeast and are looking for a lovely state where you can enjoy your retirement, you may want to explore this offer.

Curtis, Nebraska - If you would like to build your own retirement home, but cannot afford to purchase a lot, another place you might consider is Curtis, Nebraska.  This small town of less than 900 people is offering free lots on which you can build a new home or set up a modular home.  This could be a very affordable opportunity for many retirees. You have to start construction within six months of being given the lot, and complete construction within 24 months.

Detroit, Michigan -  If you happen to work for certain companies which are located in the downtown or midtown parts of Detroit, they will give cash and loans to both renters and new homeowners who are willing to live in certain communities in the city. They are trying to attract new residents to the inner city so, if you are willing to be an urban pioneer and would like to work for one of the companies on their list during the years prior to retirement, this could be a good way to get yourself in a better position to retire.

Niagara Falls, New York -  This romantic mecca for honeymooners will help repay student loans for recent college graduates or those who have a two-year technical degree. Recipients can receive as much as $3,492 a year for two years.  In return, they must agree to live in certain parts of downtown Niagara Falls for the full two years.  Because the population of the city is shrinking, they are trying to attract young, educated adults.  If you have a young adult in your family who is struggling to repay their student loans, your entire family might find it beneficial to move to Niagara Falls.  Retirees may even be able to find work in the tourist trade in the area.

Important:  Be sure to thoroughly check out the offers which interest you.  Each one of them has special requirements which you may or may not be willing to accept.  For example, you may be required to build your home within a certain length of time or in a certain neighborhood; or you may be required to work for a particular company.  Make sure you fully understand the offer before making a major move.  

If you are looking for more ideas about where to retire in the United States or other countries, financial planning, common medical problems, Social Security, Medicare and more, use the tabs or pull down menu at the top of the page to find links to hundreds of additional articles.

Watch for my book, Retirement Awareness: 10 Steps to a Comfortable Retirement, which will be released by Griffin Publishing in 2018.

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

Photo credit:  Google images

Do You Have Alzheimers or Dementia?

As we grow older, every memory lapse can cause us to worry and wonder if we are getting some type of dementia, especially Alzheimers.  The slightest mistake or moment of confusion can strike fear in our hearts.  If we are married or have elderly parents, we may carefully observe everything they say and do, watching for signs of cognitive impairment.  When we do see the symptoms, it can be heart-breaking.

My own mother, pictured here, died of dementia in her mid-80s.  By the time she died, she was very confused about where she was living and who lived with her.  She could no longer drive or handle money. She recognized my father and sister, but was hostile towards most other people.  Her dementia was obvious, but that is not always the case.  How do we know if everything is operating normally with our brains, or when we should be worried?

Fortunately, the Cleveland Clinic has put together a list of behaviors which are normal, along with a list of memory problems which can indicate a serious problem.

Normal Cognitive Aging of the Brain

*  Trouble remembering a phone number
*  Forgetting where you left your car keys
*  Taking longer to perform basic math
*  Forgetting why you entered a room
*  Momentarily forgetting the next step in a process
*  Forgetting the name of a public figure or a person you have not seen in a while
*  Taking longer to come up with the right word

Abnormal Cognitive Impairment or Signs of Dementia

*  Difficulty managing your finances
*  Problems performing tasks which involve a sequence
*  Failing to recognize familiar people
*  Getting lost in familiar places; inability to follow directions
*  Problems following your medication prescriptions
*  Trouble remembering how to do things you have done many times before
*  Asking the same questions repeatedly
*  Difficulty following conversations
*  Easily losing your train of thought
*  Increasingly poor judgment

Relax if the Cognitive Impairment is Mild

If the majority of your memory lapses fall in the top category, it is time to relax.  Some memory and cognitive problems are normal for everyone, beginning in your 60s.  Feeling stress, or worrying and obsessing over your memory will only make things worse, so lighten up on yourself.

What to do if the Cognitive Impairment Seems Abnormal

If you or someone you care about is having memory lapses which fall in the second category, you need to become more proactive.  There are several actions you can take.  Most of these actions are a good idea, even if your memory seems normal:

*  Talk to your doctor about prescription medications which could help slow down the dementia symptoms
*  Ask your doctor to make sure you are not experiencing a B12 deficiency, thyroid problems, or side effects from your medications
*  If you are experiencing hearing or vision loss, sleep apnea, or depression, get those problems treated because they can lead to dementia
*  If you smoke or drink too much, give up these high-risk behaviors
*  Eat a heart healthy, Mediterranean-style diet that is plant based; anything which is good for the heart is also good for the brain
*  Get at least 30 minutes of exercise, such as brisk walking, a minimum of 5 times a week
*  Keep your blood pressure, cholesterol, blood sugar and other blood factors at optimal levels
*  Play online brain games, particularly those which involve speed of processing.  They have been shown to be the most effective games at slowing down your cognitive decline.  Check out Luminosity or any number of brain game apps on your smartphone or mobile device.
*  Stimulate your brain in other ways, such as reading books, solving crossword puzzles, learning a foreign language or how to play a musical instrument.
*  Stay socially engaged with other people.  Isolation increases your dementia risk.

Learn more about dementia from the Cleveland Clinic website.

If you are interested in learning more about common health problems as we age, financial planning, where to retire in the U.S. or overseas, Social Security, Medicare and more, use the tabs or pull down menu at the top of the page to find links to hundreds of other useful articles.

Watch for my book "Retirement Awareness: 10 Steps to a Comfortable Retirement" which will be published by Griffin Publishing in 2018.

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

Photo credit: Author's personal family photo

Annual Medicare Open Enrollment Period

We are fortunate to have another guest post from Medicare expert, Danielle Kunkle, who has provided us with a clear and detailed explanation of the annual Medicare Open Enrollment Period.  This is timely information, because we are currently in the middle of open enrollment.   It is important for seniors to understand they are not limited to the open enrollment period if they are signing up for Medicare for the first time.  You are also not affected if you have a Medicare Supplement (Medigap) plan.  However, if you are unhappy with your current Medicare Advantage or drug plan, the information below will be useful.

Medicare Open Enrollment

The Medicare Open Enrollment period each fall is a time when Medicare beneficiaries can make changes to their Medicare Advantage plans and Part D drug plans.  This annual enrollment period runs from October 15 to December 7.

Beneficiaries will receive an Annual Notice of Change letter from their current insurance company in September.  This letter will outline all the changes to the plan for the following year.   It is common for the plan's monthly premiums or co-pays to change.  Pay close attention, as well, to see if any of your medications are being added or dropped from the plan's formulary.

If you are unhappy with the changes which are being made to your current plan, the fall open enrollment period is the time to look for new coverage.  We recommend you visit Medicare.gov to use their Plan Finder Tool.  You will enter your zip code, your medications and your preferred pharmacies.  Then, this handy tool will crunch the numbers and tell you exactly which plans for next year will offer you the lowest possible out-of-pocket spending.

It's important to note that the Open Enrollment Period in the fall only applies to drug plans and Medicare Advantage plans.  It does not affect your Medicare Supplement (Medigap plan).  Unlike drug plans and Advantage plans, your Medigap plan does not change its benefits from year to year.

You can actually change your Medigap plan at any time of year, though in most states it will require you to answer health questions and go through medical underwriting to do so.

The graphic along the sidebar will help you understand the Medicare Open Enrollment period.

About the author:

Danielle Kunkle is the co-founder of Boomer Benefits, an insurance agency specializing in Medicare-related insurance products.  They help baby boomers new to Medicare learn about their benefits and coverage options across 47 states.

If you are interested in learning more about Medicare, Social Security, 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.

Watch for my book, Retirement Awareness: 10 Steps to a Comfortable Retirement, which is being published by Griffin Publishing in 2018.

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

Photo credit:  Google Images

Infographic credit:  Danielle Kunkle

Health Benefits of Helping Others

As the holidays approach, many of us have a strong desire to reach out and help others.  Often, we are overcome by feelings of gratitude for the good things in our own lives and we want to make life a little easier for others.  However, did you know there are actual health benefits you receive when you help someone else?  It really does appear to be more blessed to give than receive.

Health Benefits You Receive by Helping Others

You May Live Longer - No one is quite sure why this is true, but several studies indicate that helping others increases your longevity.  In one study, reported in the Huffington Post article "19 Healthy Reasons to Help Others," 423 married couples over age 65 in Detroit were asked if they helped anyone other than each other in the previous year with tasks such as transportation, errands, shopping, housework, or childcare. The people who helped others were approximately half as likely to die over the next five years than those who didn't.

Helping Others Reduces Your Stress - When you reach out to help others, your body releases oxytocin, which lowers stress and increases your sense of trust and tranquility.  Oxytocin is also known as the compassion hormone.  It helps in cell repair, in the storage of nutrients, and in growth.  No wonder helping others helps us live longer!

Caring About Others Improves Your Immune Function - In an 1988 experiment, Harvard researchers discovered that immunoglobulin A levels increased when subjects were shown a video about Mother Teresa.  They didn't even have to actually help someone else; they just had to watch someone else helping people.  

You Will Feel Great About What You are Doing - One of the best reasons for helping others is that you simply feel good.  There are chemical reasons why we feel better, including the fact that our body releases dopamine, which soothes us, and sometimes serotonin, which is a brain chemical often used to treat depression.

Volunteering Can Help Ward off Loneliness and Depression - In fact, just helping someone else could be therapeutic for someone with mild to moderate depression.  One group which has seen this first hand is Alcoholics Anonymous.  Members who help others stay sober are less likely to be depressed themselves.  The same principal holds true in other organizations where people who suffer from a medical condition, for example, help others who suffer from the same health problem.

Helping Others Can Improve Your Physical Health -  In an article from Harvard titled "Volunteering may be Good for Body and Mind,"  they discovered that helping others can lower your blood pressure and improve your longevity.

You Can Keep it in the Family -  According to the Huffington Post article, parents who teach their children to be caring and compassionate also receive the health benefits of volunteering.  While I have no research to prove it is also true for grandparents, as well, there have been studies which have shown that grandparents who spend a few hours a week taking care of their grandchildren tend to be happier.  In other words, anytime you reach out to help others, no matter who it is, it benefits you, as well.  There is something else you should feel good about.  If you help your grandchildren be more caring and compassionate, you may be improving their lifelong health, too.

Tips for Getting the Most Benefit from Helping Others

Just a Few Hours of Volunteering is all You Need -  According to the Huffington Post article, it doesn't take a lot of time to reap the health benefits.  Just two hours of volunteering a week is enough to reap the maximum benefit.  Of course, you can do more if you want, but two hours is all you need to benefit.

Find Something You Care About - It will not benefit you if you force yourself to commit to a volunteer opportunity which you do not care about.  In other words, make sure you actually want to help this particular person or group of people and you are not doing it because you think it will improve your health.  Help people who mean something to you, either because they are related to you, they share a common health problem with you, or they are someone whose welfare you truly care about.

Do Not Overdo It - If you put so much effort into volunteering that you burn yourself out, you will lose all the health benefits.  Do what you can, but do not let yourself be talked into doing so much that you hurt yourself financially, emotionally or physically.

Realize You Cannot Solve Someone Else's Problems - Although you may begin to truly care about the people you help, you need to realize that you cannot solve all their problems.  Keep some emotional distance.  You cannot fix everything that is broken.  It is enough that you occasionally make life a litter easier for someone else.  You do not have to try to carry all their burdens.


Sources:

"19 Healthy Reasons to Help Others"

"Volunteering May be Good for Body and Mind"

If you are interested in learning more about taking care of your health as you age, where to retire, financial planning, Medicare, Social Security and more, use the tabs or pull down menu at the top of the page to find links to hundreds of helpful articles.

Watch for my book, "Retirement Awareness: 10 Steps to a Comfortable Retirement," which is scheduled to be released by Griffin Publishing in 2018.

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

Photo credit:  Photo of volunteers fighting human trafficking taken by author

Should you Retire with a Mortgage?

While the majority of homeowners manage to pay off their mortgages before retirement, more people than ever before are retiring while they still owe money on a mortgage.  According to a 2013 survey done by the Federal Reserve, in 2001 approximately 74 percent of homeowners had managed to pay off their mortgages prior to retirement.  By 2013, that number had dropped to only 61 percent.  The median mortgage loan still had 17 years left before it would be paid off.  For some senior citizens, a large, lengthy mortgage could put their retirement at risk. Others, however, will be able to handle the expense.  What should people consider before beginning retirement with a mortgage?

Can Your Retirement Budget Handle a Mortgage?

People who retire with a large investment income in addition to Social Security and/or a pension will often be capable of handling a mortgage, especially if they are able to maintain an income which is nearly the same as their pre-retirement income.  They may even find that the mortgage deduction they get on their taxes benefits them enough to make it wise to have a mortgage.

Homeowners with a modest retirement income will need to look at the numbers more carefully.  If they have owned the home a long time and can afford the payments, it may be wise to continue to live in the home until it is paid off, especially if they only have a few years left on their mortgage.  By that time, it would feel as if they were getting a raise in their retirement income, since their expenses would drop.  On the other hand, they need to realize that they may not get a tax benefit, since they may only be using the standard deduction when they file their taxes.  They need to look at their long-term financial situation.

What If You Cannot Afford Your Mortgage?

If you decide your retirement budget will not be able to handle your current mortgage, you have a few options.

You could try to pay off the mortgage prior to retirement, while you are still employed.  You could make extra house payments or refinance your loan into a 15 year mortgage, as long as you do it ten or fifteen years prior to retiring.  However, you do not want to take money out of your retirement savings accounts or add to other debts in order to pay off your home faster.  Those moves would either reduce your future retirement income or increase your other expenses, which would not actually solve the problems caused by having a mortgage you cannot afford.

A popular choice is to sell your current home and use the equity to buy another one which is less expensive.  You might even be able to pay cash for the new home.  If not, you will at least end up with a much less expensive mortgage which will better fit into your retirement plans.  You could look for a smaller home in your current neighborhood or consider moving into an active adult retirement community.  Many retirement communities have homes which are modestly priced and well designed for people who are aging.  This could also save you from spending money to modify your current home so it is accessible for someone using a wheelchair or walker, which could be an issue for you or your spouse in your later years.

Should You Consider a Reverse Mortgage?

Reverse mortgages can be very helpful for retirees who want to remain in their home until they die.  However, it is not a good idea to get a reverse mortgage too early in your retirement, especially if you hope to retain some equity in your home so you can leave to your children, or if you hope to use your equity to cover the cost of a nursing home or memory care facility at the end of your life.  Before getting a reverse mortgage, you need to weigh the pros and cons very carefully.

You do not need to pay back a reverse mortgage as long as you remain in your home.  However, the debt and interest continue to accrue and, eventually, you may no longer have any equity left in your home.  When you die or move into a nursing home, the mortgage company can sell your house and pay themselves back the amount of the loan, plus the interest and selling costs.  You or your heirs will only receive whatever is left.  If you have had the loan a long time, there may be nothing left.  That is why it is best to wait as long as possible before you turn to a reverse mortgage.

Whether or not you decide to retire with a mortgage depends on your personal financial situation.  However, it is important for you to weigh your decision carefully.

If you are interested in learning more about retirement planning, where to retire, common medical problems, Social Security, Medicare and more, use the tabs or pull-down menu at the top of the page to find links to hundreds of additional articles.

Watch for my book, Retirement Awareness: 10 Steps to a Comfortable Retirement, which will be published by Griffin Publishing in 2018.

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

Photo credit:  morguefile.com
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