Home Safety Modifications for Senior Citizens

The vast majority of Americans plan to continue to live in their pre-retirement homes as long as possible.  In order to make that possible, many of them will need to make a few modifications to their homes so they are more accessible and safer.  Some of the modifications may be minor and can be done by the homeowner.  Others may require hiring a contractor.

Whether you do it yourself or hire someone to make the changes for you, the safer you can make your home the less likely you are to have an accident and be injured.  This is important because, according to the Centers for Disease Control, every year one out of three adults age 65 and older will experience a fall. Below is a list of common modifications and suggestions for hiring a reliable contractor so you will be able to safely stay in your home as long as possible.

Common Home Safety Modifications

Power stair lifts - If you own a two-story home and do not have a bedroom and full bathroom on the main floor, a power stair lift may make it easier for you to stay in your home even if you have surgery or find it difficult to climb stairs for other reasons.  Stair lifts can be expensive, so talk to several companies before making a decision.  Despite the cost, installing one will probably be cheaper than moving.

Grab bars in the shower or tub - If you add bars to the shower wall and an inexpensive shower chair, you can more easily continue to enjoy showers with less fear of slipping and falling.  A professional may be required to secure the bars to the wall, so it is done without cracking your tiles.

Walk-in tub - For those who prefer a bath to a shower, a walk-in tub is much safer than a traditional tub which requires you to step over the edge to climb in and out.  Contact several companies and try sitting in the tubs in the showroom before making your final selection.

Hand rails in hallways and stairs - If you have stairs around your home, make sure you have handrails to hold onto as you age.  Be especially aware of short outdoor stairs which often do not have rails alongside them.   A simple rail installed next to the stairs can make it much safer for you to use the steps.

Wheelchair / walker ramps - If the only way to currently enter your home is by using stairs, you may want to add a ramp so it will be easier to enter if you ever need to use a wheelchair or walker, even temporarily.  You do not want to wait until you need a ramp before you consider adding one.

Lower counters in kitchen and bathrooms - For the same reason you do not want to wait until you need them before you lower your kitchen and bathroom counters, you may want to investigate the idea of lowering yours before you find yourself using a wheelchair.

Changing door and cabinet knobs to levers - Levers are easier to use if you develop severe arthritis in your hands.  They are also attractive and easy to install years before you need them.  If you are handy, you may be able to handle this improvement yourself.

Widen doorways to accommodate a walker or wheelchair - There are narrow wheelchairs which can go through nearly any normal doorway.  However, if you are a very large person or have an unusually narrow door or tight space, you may want to see if you could widen the openings.  You may even consider making changes to your floorplan to open up the living area of your home.

Electrical Alterations - If you bring a contractor into your home to do other work, you may also consider asking them to raise your outlets and lower your light switches so both are easier to reach if you loose some of your mobility.

Make Simple Changes to Prevent Tripping - If your floors are covered with an assortment of rugs, you may consider removing them or using rubber mats under them to prevent their movement.  In addition, look for any other dangerous situations in your home, such as electrical wires and extension cords which you have to step over.  Change anything that could be dangerous in order to reduce your fall risk.  For example, instead of wearing normal socks in the house, it may be safer to wear indoor shoes or special socks with knobby, rubberized bottoms, which are not as slippery.  Take a long, hard look at your home and lifestyle, then do everything you can to reduce or eliminate dangerous situations.

How to Find a Reliable Contractor

For those home improvements which you are not able do yourself, you will need to hire a contractor.  However, you want to make sure you choose someone who is familiar with the Americans with Disabilities Act and is a Certified Aging in Place Specialist.  You can get a list of these contractors in your area from the National Association of Home Builders at NAHB.org.  The person you hire should be able to evaluate the safety of your home and make a variety of suggestions in a range of prices.

In addition, call your State Contractor License Board to see if they have any additional information about the contractors in your areas.  Once you select a contractor, ask for their license number and verify its status with the board.  Do NOT use an unlicensed contractor.

Get at least three bids before making a final decision.  This could save you money.  At the same time, you do not necessarily want to use someone whose bid is dramatically lower than the other bids, unless you understand specifically why they are able to do the work so much more cheaply than their competitors.

Learn more about home modifications from the National Resource Center on Supportive Housing and Modifications at www.homemods.org.

If you are interested in learning more about how to safely retire in your own home, common medical problems, other places to retire, financial planning, 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 is due to be released by Griffin Publishing early in 2018.

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

Photo credit:  morguefile.com

Choose a Financial Planner or Advisor with Experience

While many people do not want to admit it, very few of us are experts at handling our own retirement investment accounts.  It is difficult for us to fully understand all the different choices in mutual funds, annuities, dividend paying stocks, growth stocks, life insurance and other investment options which are available.  In addition, even fewer people fully understand the tax and estate planning implications of the different investment choices.  As a result, it is very important to choose a financial planner or advisor who is qualified to give us the investment advice we need.

Investment Advisor Certifications

First of all, you will want to choose someone who is experienced, has completed a course of study, passed a challenging exam and is fully certified.  There is literally an alphabet soup of designations for financial advisors and you will want to confirm your advisor has at least one of them. This is by no means a complete list, but some of the common types of certifications are:

Certified Financial Planner (CFP) - They must complete a program which covers stocks, bonds, taxes, insurance, retirement planning and estate planning.

Chartered Financial Analyst  (CFA) - Their courses of study include accounting, economics, portfolio management and security analysis.

Investment Advisory Representative  (IAR) - Like the others, they must take classes and pass an exam.  They are also required to register with the SEC.  They give advice on investing in stocks, bonds, mutual funds and other types of investments.  They may also manage portfolios.

As mentioned above, there are also other types of certifications. Some advisors may have more than one designation.  It is important to make sure the advisor you use is properly registered, is in good standing with the government agency which regulates them, and adheres to a code of ethics as a fiduciary, which means the advisor will put your interests above their own.

Questions to Ask Your Investment Advisor

You will want to get recommendations from friends, your lawyer or your CPA when you choose your investment advisor.  Find out how much experience they have and if their clients have been satisfied with their service.

Once you have found an investment advisor whom you trust, you need to ask them an assortment of questions which will help you decide if they have your best interests at heart and if they can provide the services you need:

1.  How do they get paid?  What fees and commissions can you expect to pay?  How often?  Will you pay a quarterly management fee or will you pay a commission for each transaction?  Which will be the better value for your account?

2.  Will they manage your portfolio prudently?  Will they keep your costs to a minimum?  Will they diversify your investments and re-balance your portfolio periodically?  Do they avoid conflicts of interest such as steering you towards certain types of investments which would pay them higher commissions?

3.  Are they willing to work with your attorney to help with your estate planning?

4.  Are they willing to coordinate with your CPA to help you decide the type of IRA you should have, when you should take investment losses and when you should make charitable contributions?

5.  Can they help you set up a stream of income during retirement?  Will they help you decide the best time to take your Social Security?  Will they help you learn how much you are required to withdraw from your IRA each year and how to make your IRA last as long as possible?  Will they help you plan a realistic retirement budget?

What You Cannot Expect from a Financial Planner

No matter how experienced and careful they are, there are a couple of things you cannot expect from your financial planner.

Do NOT expect them to be able to time the stock market.  The best experts in the world can rarely guess when the stock market has peaked and when it has hit its bottom during a recession.  The best you can hope for is that they can help you survive recessions with most of your assets intact ... while maximizing your income when times are good.

Do NOT expect them to magically cut your taxes.  There are only so many legal and wise deductions you can take.  It does not make sense to cut your taxes by making foolish decisions such as intentionally taking out an excessively large mortgage, choosing a bad investment in order to get a tax loss, or giving more money to charities than you can afford.

What are Your Responsibilities in Working with a Financial Planner?

It is just as important for the client to be honest in their financial dealings as it is for the financial planner to be honest.  A planner does not want to be pulled into a shady investment scheme because, in the long run, it will not benefit either of you.

In addition, you should pay attention to your portfolio and consider the suggestions of your financial planner thoughtfully.  You should also carefully review your statements and transaction confirmations.  Sometimes, even when you and your planner do everything right, the traders or corporate offices for the company could make an error.  When this happens, you want to catch it as quickly as possible. It is your money, so you need to pay close attention to what is happening in your portfolio.

If you pick a planner carefully, have reasonable expectations, and do your part in following your money, you will get the most value out of having a professional financial advisor manage your assets.

If you are interested in additional information about retirement planning, where to retire, common medical problems, Social Security, Medicare, family relationships 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:   www.morguefile.com

2018 Social Security COLA and Medicare Premium Increases

Most retirees in the U.S. have been hoping they would finally get a meaningful increase in their Social Security checks in 2018.  Over the past few years, most retirees have seen such small cost-of-living increases in their Social Security that the benefit was eaten up by rising Medicare premiums and other expenses.  Unfortunately, for the vast majority of retirees, this year will be no different.

The Social Security Administration recently announced the COLA for 2018 will be 2 percent.  For someone receiving $2600 in Social Security benefits (near the top of the range), this will amount to $52 a month, bringing their total benefit to $2652.  However, as you will see in the details below, beneficiaries will not be able to keep all of that increase.

For someone currently receiving the average benefit of $1330 a month, their COLA will amount to approximately $26.60, raising their monthly benefit to $1356.60. Unfortunately, typical beneficiaries will only be able to keep a tiny portion of that increase.

While receiving any increase in income sounds positive, the truth is that most retirees should not expect to see a meaningful net increase in their Social Security benefits in 2018.  This is because the amount which will be deducted for Medicare premiums is expected to rise to $134 a month.  Many current Medicare beneficiaries only pay between $109 to $112 a month.

If your Social Security benefit is so low that deducting $134 a month would actually reduce the size of your current benefit check, then the Medicare premium will be adjusted so you will not pay the full amount until your Social Security benefit is high enough in the future to absorb the full $134, and that is assuming Medicare premiums do not rise more in future years.

You could also have a larger increase in your Medicare premiums for another reason, and that is if your income went up significantly last year.  Sudden increases in retirement income, because of an unusually large IRA withdrawal or windfall, can cause your Medicare premiums to increase dramatically and retirees should consult their tax attorney and take into consideration all of the financial consequences of a large IRA withdrawal or income increase. However, the Medicare premium increase should only apply to the year following the increase in income, unless it is permanent or continues for several years. This will only apply, however, to people who have a very large increase in their retirement income.

Below are details of what most people can expect regarding changes to the typical Medicare premium:

If your Current Social Security Benefit is $2600 a month:

Current Social Security: $2600.00
Current Medicare cost:     -112.00
    Current Income:          $2488.00

2018 Social Security:     $2652.00
2018 Medicare cost:          -134.00
    2018 Income:              $2518.00

Net extra income is $30 a month

If your Current Social Security is $1330 a month:

Current Social Security:  $1330.00
Current Medicare cost:       -109.00 
    Current Income:           $1221.00

2018 Social Security:      $1356.60
2018 Medicare cost:           -134.00
    2018 Income:               $1222.60

Net extra income is $1.60 a month

Obviously, the exact amount you will receive in your 2018 checks will depend on what you currently receive and whether or not you have your Medicare deducted from your Social Security benefits.  (About 30 percent of beneficiaries do not have Medicare deducted from Social Security, either because they participate in a public employees pension plan instead of Social Security or because they have delayed collecting their Social Security benefits).   However, it is important to note that no matter how much Social Security you currently receive, your 2 percent COLA is likely to be much less significant than what you probably hoped to receive in 2018.

If you have a high income, which is defined as $85,000 for an individual or $170,000 for a couple, your Medicare premium will be even higher than $134.

You can get more details about how things will change in 2018 at medicareresources.org.

Expect Additional Increases in Medicare Co-Pays and Drug Prices

In addition to higher Medicare premiums, beneficiaries may also pay higher Medicare co-pays and drug prices, depending on their plan.  Annual maximum out-of-pocket expenses could rise for some beneficiaries, as well.  Check your Evidence of Coverage schedule from your plan administrator to see how you will be affected.

If you have a Medigap plan, you could also pay higher premiums for your extra insurance, depending on your specific plan and insurance carrier.

The bottom line is that most Social Security recipients will continue to see their net income fall behind the rate of inflation, since any small amount they may receive is unlikely to be enough to offset the higher cost of food, utilities, automobile fuel and other necessities in 2018.

Once again, Social Security recipients should expect to do more belt tightening.

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

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

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

Photo credit:  Kaiser Family Foundation at KFF.org