UCI Study on the Brains of the Very Elderly

The University of California at Irvine has been engaged for the past decade in a landmark study aimed at understanding why some of the very elderly are able to stay mentally and physically healthy well into their 90's and beyond.  The results of this research could benefit millions of Baby Boomers who are just beginning to reach retirement age.

The study is being conducted by UCI neurologist Claudia Kawas and epidemiologist Maria Corrada.  It is called the 90+ Study.  It began in 2003 when Kawas and Corrada went to UCI after leaving Johns Hopkins University.

However, the real beginning of this research was in 1981 when a University of Southern California research team mailed 14,000 questionnaires out to residents of the Leisure World retirement community in Orange County, California (now renamed Laguna Woods).  Kawas and Corrada are using the information gleaned on that questionnaire and have set about contacting as many of the people who originally completed it, as possible. Many of them, of course, died over the years.

However, when Kawas and Corrada found someone who was still alive and at least 90 years old, they invited them to join their 90+ Study.  Most were eager to do so.  Participants agree to have their blood tested twice a year, demonstrate their mental acuity by doing things like counting backwards from 100 by 3's, and donate their brains to the researchers when they die.

About one-third of the people in the study have dementia, but the other two-thirds do not.  Kawas and Corrada hope to learn why.  The National Institute on Aging recently awarded them a $9.5 million grant to continue their research.  The money will be used to pay for MRIs and positron emission tomography scans on the donated brains so they can compare those people who have dementia to those that do not.

This is the largest study of the 90+ population in the world, and it will be fascinating to find out what these researchers discover.

Although I am not old enough to be part of this study, I am delighted that it is taking place in the community where I live.  I look forward to watching for future reports on what is being learned and I promise to pass updates on to my readers as new data is revealed to the public.

If you are retired or planning to retire soon, use the tabs at the top of this page to search for more information on medical issues, retirement finances, family relationships or places to retire.  Using those tabs, you will find links to hundreds of helpful articles.

Source of information on the UCI study:

"UCI's 90-plus Study Tackles Age-Old Question" by Lori Basheda.  Laguna Woods Globe, October 17, 2013 (a subsidiary of the Orange County Register)

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

Public domain photo of an elderly couple is courtesy of www.morguefile.com

Best Cities for Military Retirement

If you are retiring from the military, your retirement needs are likely to be quite a bit different from those of civilian retirees.  The typical military retiree leaves their branch of service in their 40's with a pension that is approximately half of their military pay.  Since many of them still have children they are supporting, they often have to start a second career.  Even if they don't have children to support, they may want to continue working in a civilian job for other financial reasons after they retire from the military.  As a result, they have unique challenges that they need to consider when they decide where they want to retire.

U.S. News recently addressed some of these challenges when they put together their list of the best places for military retirees to live after they leave the service.  The research they used when they complied their list was conducted by USAA, an insurance company that covers military families, as well as by Military.com, a website geared towards active and retired military personnel.  They reviewed 380 metropolitan areas in the United States and looked at issues that are important to most military retirees such as low crime rates, good schools, nice climates, nearby military facilities, VA medical services, low unemployment (since many of them will be looking for jobs), local colleges (so they can get re-training), affordable housing, and tax policies that are favorable towards military pensions.  Shown below are the cities they chose.

Best Cities for Military Retirees

Waco, Texas
Oklahoma City, Oklahoma
Austin, Texas
College Station, Texas
Harrisburg, Pennsylvania
San Angelo, Texas
Madison, Wisconsin
Pittsburgh, Pennsylvania
New Orleans, Louisiana
Syracuse, New York

More Considerations for Military Retirees

You'll notice that three of the ten cities are in Texas.  This may be because Texas is generally supportive of the military, has low unemployment, no state income tax and a low cost of living.  Therefore, if the three cities mentioned on the list don't appeal to you, or they are not near your family, you are likely to find many of the same advantages throughout the state.

This brings up the point that there are other factors that will affect your choice of the right city that may not have been considered by USAA and Military.com, such as job offers you might have received, where you grew up, and proximity to other members of your family.

You'll also notice that the above list does not include places that have traditionally been popular with retired military personnel, especially retired members of the Navy, such as San Diego and Honolulu.  Although these are wonderful cities with fabulous climates and nearby military bases, they also have the disadvantage that they are really expensive for people who are primarily dependent on a military pension.  While many members of the military have happily retired to those places over the years, it may be difficult for more recent retirees to find affordable housing in those cities.

The bottom line for military retirees is that the above list may give them some general ideas, but they also need to consider other issues that may be more important for them.  One thing you should consider is the fact that the government will pay for one final move when you retire from the military.  Therefore, you want to spend the last year of your service doing some careful research so you end up in the place where you really want to live.

If you have served in the military during war time, you may also want to read this article about VA long-term care insurance:

http://www.baby-boomer-retirement.com/2013/11/are-you-eligible-for-va-long-term-care.html

In addition, if you are planning to retire or you are already retired, use the tabs at the top of this article to find links to hundreds of other articles that contain ideas about where to retire in the United States or abroad, financial planning for retirement, medical issues, family relationships and more.


Source:

You can read their full list of criteria used at: http://money.usnews.com/money/blogs/the-best-life/2010/12/08/best-places-for-military-retirees?int=eb8ce7

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

Public domain photo of soldiers is courtesy of www.morguefile.com

Are You Eligible for VA Long Term Care Benefits?

A few months ago, I wrote an article on "Alternatives to Long Term Care Insurance."  Because many people do not think about purchasing this insurance until they are already in their 60's or they have a serious illness, they are frequently turned down or faced with unreasonably expensive premiums. That is why several readers requested that I write an article on some of the alternatives that may be available to them.

When I wrote that article, I was unaware of another possible alternative (although I have gone back and added a link to this article.)  Recently, I was watching a program on the in-house television station for our retirement community and discovered that one in three Americans are eligible to receive veterans long-term care benefits through the Veteran's Administration, but only about one in ten of the eligible people are aware of it!  I thought this was shocking and disappointing.

Qualifications for VA Long Term Care

The VA will provide financial assistance that can be used towards the cost of either a nursing home or an at-home caregiver for either a war veteran or their spouse.  While the money does not fully cover the cost of a nursing home, it can make a significant difference to a family that is struggling to afford necessary nursing care.  It can also go a long way towards covering the cost of a home healthcare aide.

In order to qualify, the former member of the military must be an honorably discharged war veteran or be the surviving spouse of one.  The veteran could have served during WWII, Vietnam, Korea or the Gulf War.  Here's the good part.  The veteran does not have to have actually served in the war zone!  It is also not necessary that the war was going on the entire time they served.

The veteran needs only to have served for one day during a war and had ninety days or more of total military service during the war era.

The veteran could even have served stateside during the war and never actually seen any military action at all.

In order for the spouse to qualify to receive long-term care benefits, they must have been married to the veteran at the time of the veteran's death.

Long Term Care Benefits

If you are eligible, the VA may provide up to $24,000 a year tax-free for a married couple towards their in-home care, personal care, assisted living care, or whatever assistance they need in order to live.  There is no cut-off.  The benefit can last the lifetime of the the veteran and the surviving spouse.

These benefits will not affect your Social Security or Medicare benefits.  In other words, your Social Security and Medicare benefits will not be decreased because you are receiving this VA benefit.

This supplemental $2000 a month can be life-changing for a family struggling to provide care for their elderly parents.

More Facts You Should Know

First, the eligible persons do not have to initiate the request for this program.  This is important because dementia or other health problems may make it difficult for them to apply.  A spouse or adult children can initiate the request for care.  

You do not need to be poor to get this benefit.  You can have assets and income and it will not matter in most cases, especially if you have high medical expenses that are offsetting your income.

Many people have been told, incorrectly, that they do not qualify for this benefit.  In fact, the man who was providing this information for my local television station said that his own mother was initially denied.  If this happens to you, you should appeal the initial decision.  You may wish to contact a specialist to get help.

The application forms are extremely complicated, which is another reason why you may want to get assistance from an accredited VA attorney.

In addition to long-term care, there are also other programs which could help you.  For example, you may be eligible for the VA disability benefits that are due to people who were injured during war time.  You may even be eligible if the injury does not appear until later ... such as in the case of Vietnam veterans who were exposed to Agent Orange.

For more information, you may also want to contact the U.S. Department of Veterans Affairs directly at:

http://benefits.va.gov/benefits/
http://www.va.gov/GERIATRICS/Guide/LongTermCare/index.asp

If you are retired or preparing to retire, use the tabs at the top of this page to access links to hundreds of other articles that may be of interest to you, including information about where to retire, your changing family relationships, medical issues, and handling your retirement assets.


Source:

William Jordan Associates in Orange County, California is a Southern California wealth management company that assists people in handling their assets.  This company also provides free assistance to people to help them apply for some government benefits, specifically their VA long-term care benefits.  (However, be aware that they also sell retirement and investment services.)

WilliamJordanAssociates.com
(949) 380-8600

"This Day" television program, Channel 6, Laguna Woods television station, 9/25/2013

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

(Public domain photo of a veteran is courtesy of www.morguefile.com

Retirement Communities in Maine

When many people think of over-55 retirement communities, they often believe that the vast majority of them are located in the Sun Belt states of Florida, Texas, Arizona or California.  However, as nice as many of these locations are, many people do not want to move far away from their families, friends, doctors, churches and social network.

Recently, one of my readers asked me about retirement communities in Maine and I promised to do some research to discover what is available.  I was pleasantly pleased to discover that people who want to retire in Maine will have all the same options that are available in Sun Belt locations.

Full Spectrum of Retirement Choices Available

Maine has any type of retirement housing you are likely to need, both when you first retire and when you begin to age and need more help, including active adult communities, assisted living homes, senior apartments, continuing care, and dementia facilities.

Readers can find a comprehensive list of the facilities that are available in Maine at this website:

https://www.retirementliving.com/maine

Gorgeous Highland Green Active Adult Community

In addition, I wanted to mention one specific award-winning, over-55 community that is specifically geared towards active Baby Boomers:

Highland Green
7 Evergreen Circle
Topsham, ME 04086

1-866-854-120

http://www.highlandgreenlifestyle.com/location.html

This charming community is located near the college town of Brunswick and also provides easy access to the cultural opportunities available in Portland.   Because Highland Green is located along the coast of Maine, there are abundant recreational opportunities available in the area, including fishing, sailing, boating, hiking and simply relaxing at the beach.

Golfers will love the beautiful nine-hole golf course; non-golfers will appreciate the fact that you only pay if you use it.  Golfers and non-golfers alike will love the natural beauty that the golf course brings to the community.

Highland Green has a strong neighborhood feeling.  Approximately half of the residents are from Maine and the other half are people who retired to Highland Green from another state.

The homes in Highland Green are modern and energy efficient, built in a classic New England style.  Residents can choose from lots that are next to the golf course, adjoining conservation land, or that back up to wooded forest land.  All the home designs have a main living area that is one-story with two bedrooms and two bathrooms, ranging in size from 1,400 to over 3,000 square feet. The homes also have nine foot ceilings and extra tall windows.

In addition, homes may contain options such as basements, lofts, fireplaces, crown molding, chair rails, studies, sunrooms and screened porches, depending on the desires of the buyers.

Visit their website (linked above) for more information.

For More Retirement Help

There are also hundreds of additional articles in this blog about places to retire, financial issues, medical concerns, family issues and more.  Use the tabs at the top of the page to find links to the articles that interest you most.

Please feel free to leave a comment, below.  All comments are emailed to me and I will respond in this blog, if possible.

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

Photo of Maine coast is courtesy of www.morguefile.com

Beware of Advance Pension Loans

As if there are not enough scams that target older Americans and retirees, now there are people who are trying to cheat them out of their retirement income by offering to lend them money against their pensions.  

You have probably seen ads for payday loans.  The loans that are targeted at retirees are essentially the same as payday loans, except they are called advance pension loans.  The annual interest rate on these loans can be as much as 100%, according to the Consumer Financial Protection Bureau. 

An interest rate of 100% is outrageous, especially since the loans are taken out against secure pensions which are generally guaranteed as long as the person is alive. 

Warnings Against Advance Pension Loans

The CFPB is warning retirees to avoid these types of loans.  They report that the loans are being offered in very deceptive ways.  This is an important enough issue that I wanted to pass on the Consumer Financial Protection Bureau warnings.

The companies making the loans are often secretive about the terms of the loan and may be very aggressive about getting people to sign up.  In addition, as mentioned before, the interest rates are usually outrageous!

How Advance Pension Loans Work

In particular, the lenders purposely target retired military personnel, police officers, firemen, state employees and others who are entitled to a government or private pension.  The lenders typically offer to loan the recipient a lump sum and, in return, they ask for access to the retiree's pension information until the loan is paid off.  Since the interest rate can be 100% (and sometimes more), it can be almost impossible for someone on a tight fixed budget to ever be able to repay the loan. 

These lenders are often operating illegally.  It is against federal law for pensions to be assigned to a third party; however, the lenders are getting around the law by opening special joint bank accounts with the retirees in order to hide what they are doing. The pension is deposited into the bank account and the lender removes it.

Since the lenders often do not reveal the exact terms of the loan, the pensioners frequently do not have any idea how much they will have to repay and many have no idea what they are getting themselves into.

The problem has become so serious that New York's Department of Financial Services has launched an investigation into these predatory lenders.  Several have already received subpoenas.  The governor of New York, Andrew Cuomo, released a statement saying that these deceptive practices will not be tolerated.

The national Consumer Financial Protection Bureau is also concerned and they have issued a nationwide alert.

How to Protect Yourself from Predatory Lenders

How can a consumer protect themselves from these predatory lenders?

1.  Do not give a lender access to the bank account where you receive your pensions.  Do not enter into an agreement with someone in which you pledge your pension in return for a loan.

2.  Do not borrow money from an unfamiliar organization or loan company.  Go to your bank or a trusted financial advisor if you need money in a hurry.  There are better options and you may be able to take out a personal loan or a loan against one of your assets, while getting much better terms such as a lower interest rate, particularly if you have a long-term relationship with your bank.

3.  For more ideas, check out the Consumer Financial Protection Bureau article below.  (It is the third link listed in the Resources section.)

Resources for this story: 

http://scambusters.org/a/cartips.html

http://www.scambusters.org/predatorylending.html

http://www.consumerfinance.gov/askcfpb/1583/i-need-money-now-should-i-get-payday-loan-what-other-options-should-i-consider.html

In addition, if you want more retirement planning information, check out more articles using the index tabs at the top of this page.  In particular, you will want to check out the Retirement Money tab.

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

Public domain photo of military personnel is courtesy of www.morguefile.com