How to Choose a Good Investment Adviser

In last week's blog post, I discussed "Should You Rollover Your 401(k) into an IRA?"  In making up your mind how to invest your 401(k) or IRA savings, many retirees will want to enlist the aid of a good investment adviser.  However,  with 300,000 financial advisers in the United States, how do you know if you are choosing someone reputable and who will give you the best advice?

In addition to getting the best investment advice, you also want to make sure you follow IRS tax guidelines so that you do not needlessly pay taxes on the proceeds.

Some advisers will push you to make decisions that are in their best interest, not necessarily yours.  For example, they may push you out of a 401(k) with a Fortune 500 company into an IRA, simply because they can charge you higher fees once your money is in an IRA.  While there are times when you may be better off in an IRA, you do not want to make the change simply because your adviser wants to earn higher fees.

How Can You Choose the Best Investment Adviser for You?

*  Ask the adviser you are interviewing a lot of questions.  For example, if they want to switch your plan so they can invest your savings in certain types of stocks or bonds, ask why that can't be done in your current plan.  Make sure you get satisfactory answers to all your questions.  Go home and think about what they said. You may want to interview another adviser, as well, to see if they give you similar advice.

*  Find out how the adviser is paid.  If he works for a brokerage firm, bank or insurance agency, it is likely that he is being paid primarily from commissions on the products that he sells you.  If he is a registered investment adviser, he is likely to be paid an annual percentage of the assets under management.  Some advisers charge a one-time up-front fee in the range of $800 to $1500 and, in return, they do not get commissions on products and they do not receive an annual fee on your assets that are under their management.  Some advisers are paid in several different ways.  You want to make sure you fully understand how the adviser you choose will be paid.

*  Try to determine the biases of the the investment manager you are considering.  Are they trying to steer you towards certain products because the commissions are larger for them?  Are they trying to switch you out of a perfectly good 401(k) into an IRA because they can then charge an annual fee for managing your assets?  Are they opposed to certain types of financial vehicles, like annuities or exchange traded funds, even though you are interested in including them in your portfolio?  Is their comfort level with risk similar to your own?

*  Make sure you understand what commissions you will be charged, up-front and in the future.  How do the fees and commissions compare to the return that you can expect on your money?  There is no point in paying a money manager so much that you barely get any return on your assets.

*  Ask the adviser about all the services they provide.  There could be a benefit to choosing an adviser who can help you with tax and estate planning, for example.  You also need to talk to them about the types of investments they prefer and make sure that their style is compatible with yours.  Are they more or less aggressive than you are?  You should also ask for their Form ADV Part II Brochure which will describe their services, fees and investment strategies.

*  Finally, but perhaps most importantly, DO A BACKGROUND CHECK. Countless people have been cheated by advisers who have a checkered past.  The first thing you should do is enter their name into FINRA Broker-Check at finra.org.  This will give you information on any "disclosure events" such as disputes with customers and, more seriously, felony convictions.  You may also want to do a Google search on their name to see if there are any other red-flags that you will want to know about.  If they are a principal in a small firm, do a Better Business Bureau check and a Google check on the name of the firm to make certain that people have been satisfied with the services they provide.  You literally cannot be too careful.

While following this advice will not guarantee that you are getting the best advice possible, it will help lesson the chances that you will run into problems.

Sources:

"The One Retirement Move You Must Get Right," Money Magazine, July 2014, page 44.

You may also want to read:

"Should You Rollover Your 401(k) into an IRA?

If you are planning to retire soon, you will also want to check out the tabs at the top of this article.  They contain links to hundreds of additional articles on financial planning, where to retire, medical concerns and family relationships.

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

Photo credit: www.morguefile.com   

Should You Rollover Your 40l(k) into an IRA?

In the July, 2014 issue of "Money" magazine, there was an article about "the one retirement move you must get right."  What they were talking about is how you should handle the money in your company 401(k) when you decide to retire and in the years prior to retirement.  If you make the right decisions, your money will ideally last the rest of your life; if you go wrong, you could run out of funds just at the point when you are the most vulnerable.

Can You Totally Rely on the Advice of Your Current 40l(k) Provider?

It may seem natural to simply follow the advice of your 401(k) provider and allow them to handle an IRA rollover for you.  In fact, that is what approximately half of all retires do.  This works out well for the providers because rollovers are very lucrative for financial advisers, brokers, insurance agents and fund companies.  Handling an IRA is twice as profitable as running a 401(k).  As a result, your 401(k) provider has a huge incentive to encourage you to let them transfer your funds into an IRA.  However, converting to an IRA is not always the best idea for the account holder.

This is a time when many people who have contributed faithfully to a 401(k) for decades are now uncertain about the best way to convert that savings into retirement income.  The amount of money involved can be significant.  Workers over the age of 60 who have been earning over $100,000 a year had an average 401(k) balance of $414,000 in 2013.

Common Misconceptions About Converting to an IRA

The Government Accountability Office had an undercover investigator call 30 plan administrators and ask them what he should do with an old 401(k) for a former employer.  Much of the advice he was given was misleading and, in some cases, completely untrue.

In several cases, the investigator was told that he would not be able to keep an old 401(k) and must convert the money into an IRA or accept a cash payout.  In general, the truth is that you can usually keep it, as long as it is worth at least $5,000.

About one-third of the plan administrators told the undercover investigator that the funds could not be rolled over into a new employer's retirement plan.  In truth, you can almost always roll the proceeds of one retirement plan into a new one. 

Personally, I found this misconception particularly interesting because it happened to me when I worked for a California public school.  The Human Resources Department at the district office told me that I could not roll my savings from one state retirement plan into another one.  However, when I contacted the two retirement plans directly, they both told me that it was simple and completely legal to move the money into my new retirement plan and they sent me the short forms necessary to complete the transfer. 

My own experience, combined with the research in the "Money" magazine article seems to indicate that there is a lot of confusion about the process, even among people who should be knowledgeable about handling retirement savings.

The Difference in 401(k) and IRA Fees

Many large 401(k) plans have very small fees.  Once you transfer you assets into an IRA, you can expect the fees to increase, especially if you add premium services such as individualized advice.  The employees and reps for these companies have large incentives to get you to sign up for these services, since they receive substantial commissions.  Therefore, it may be wise in many cases to keep your money in your 401(k) as long as possible.  However, there are exceptions.

What Should You Do With Your 401(k)?

According to the "Money" magazine article, here are your best choices for handling your 401(k):

*  If you work for a large Fortune 500 company, keep your money in their 401(k) as long as possible.  Some companies match your deposits, so it is especially advantageous to hold onto your 401(k).

*  If you change jobs from one major firm to another one, move your savings directly from your old 401(k) into the new one.

*  On the other hand, if you are with a small company, your 401(k) may have high fees.  In addition, if the money is invested in company stock, that could be a risky choice for your retirement funds. If this is the case, it is possible that you should switch to an IRA, pay lower fees and invest the principal in an index fund.

*  Listen to the advice of your 401(k) investment manager if you want to optimize the mix of stocks and bonds in your plan.  Periodically re-balancing your account is important for your financial security.  Their advice is often offered over the phone and can help you determine the right mixture of stocks and bonds for your age, health and situation. Later, your plan administrator can help you determine how much you can withdraw each year after you retire.  Expect to pay an annual fee of 0.6% a year, or more, in addition to your regular fund fees.

*  Another choice is to buy a target-date fund in your 401(k) plan.  It will automatically adjust your portfolio so that the investments become less risky as you age.

*  If you have at least $250,000 you may wish to consult with a local investment adviser.  This is a good idea for people who like to talk with someone face-to-face.  You can hire an adviser by the hour and pay a one-time, up-front fee in the range of $800 to $1500 for the advice you need rather than spend 1% to 2% a year for the remainder of your life.

More Information To Help You Make Wise Decisions

In the next three weeks, I will also post a series of articles that cover how to choose a good investment adviser, how to use an annuity as part of your retirement income and advice for people who manage their retirement funds themselves.

If you are planning your retirement, use the tabs at the top of this page to find links to hundreds of additional articles on financial planning, where to retire, medical concerns, family relationships and more.

Reference:

"The One Retirement Move You Must Get Right," Money Magazine, July 2014, page 44.

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The North Hollywood Senior Arts Colony

Are you a retiring Baby Boomer who has always dreamed of living in a vibrant artist's colony?  Now you have that option in one of the most exciting cities in the world.  The NoHo Senior Arts Colony is a rental apartment community in the heart of North Hollywood in Los Angeles, California.  It gives retirees ages 62 and older the opportunity to live in a modern, fully equipped one or two bedroom apartment with access to amenities that include a pool, exercise equipment, art studios, literary programs, a theatre and a wellness program.

This community first came to my attention when it won the Community of the Year award from the National Association of Home Builders - 2014 Best of 50+ Housing.  I thought that winning this award was especially remarkable for a senior apartment complex and wanted to learn more about it.

Apartments at NoHo Senior Arts Colony

The modern apartments in this complex have gourmet kitchens with granite counters and a full appliance package, including refrigerator and microwave.  Each unit has a private washer and dryer, as well as either a private balcony or patio.  Residents have a choice of using either cable or DIRECTV.

This community is pet friendly and there is an underground, gated parking garage.  Rentals are competitive with other apartment complexes in Los Angeles and are within the means of many couples who are both receiving Social Security.

One bedroom apartments start at $1620 a month.
Two bedroom apartments start at $2120 a month.

Community Amenities

*  Heated Swimming Pool
*  Fully equipped fitness center
*  Billiards Room
*  Visual Arts Studio
*  Digital Arts Studio
*  Literary Studio
*  Artist's Lounge and Terrace for socializing
*  A wellness program operated by EngAGE
*  A 78-seat performing arts theater operated by The Road Theatre Company

Neighborhood Amenities

In addition to the wonderful community amenities that are available to artists, writers, actors and art lovers, this community is also located in the heart of North Hollywood.  This means you are only a short distance away from restaurants, live theater and museums.  It is located near the Art Institute of California - Hollywood, the North Hollywood Regional Library, and the North Hollywood Recreation Center.

In addition, residents are just a short drive to the Bob Hope Airport, Providence/St. Joseph Hospital, Griffith Park, the Hollywood Bowl and Universal Studios.

Living in Southern California provides you with pleasant weather the year around, as well as access to beaches, shopping, sporting events and charming neighborhoods.  Being in North Hollywood means that you will be living in the heart of all that Los Angeles has to offer.

If you have ever wanted to live in a vibrant artist's/writer's/actor's community, it is hard to imagine one with more opportunities than this one has to offer.


Sources:


http://www.nohoseniorartscolony.com/

"The 50+ Housing Awards" Where To Retire Magazine, May/June 2014, page 14.

If you are retired or planning your retirement, use the tabs at the top of this page to find links to hundreds of articles about where to retire, financial planning, medical concerns, family issues and more.

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

Photo of Hollywood sign is courtesy of www.morguefile.com

Your Rights When Planning a Funeral

Sooner or later, most of us will have to plan a funeral. It could be the funeral of your parents or your spouse; it could be that of a close friend or relative.  When that time comes, it is important that you know your rights.  In fact, this is one of those articles that you may want to print out and keep with your will or other important documents because, when the time comes, you do not want to be doing research on the computer.

What Kind of Funeral are You Planning?

Whether you are pre-planning your own funeral or making arrangements for someone else, you need to decide the type of funeral you want.  Will the body be buried, cremated, or donated to science?  What are you legally required to buy?  Can you have an environmentally friendly or green burial?  How much do you want to spend?  It is important to think about these things in advance, not at a time when you are under emotional stress.

The Funeral Rule

The Federal Trade Commission enforces The Funeral Rule.  According to this legislation, you are only required to buy the funeral goods and services that you want and need.  You do not have to buy a package deal if it includes items you don't want.

Your Rights Under the Funeral Rule

*  You have the right to buy only the services and items (such as caskets) that you want.

*  You have the right to get price information over the phone and you do not have to give them your name, address or phone number in order to get the prices.

*   You have the right to get a General Price List that you can keep.

*   You also are entitled to a written list of the casket prices ... including the price of cheaper caskets that may not be on display.

*   You have the right to know the price of the outer burial containers.  They are not required by state law, at least in California; however, some cemeteries require them.  You will want to know this before choosing a cemetery, expecially if cost is a concern.

*   Before you pay for anything, you are entitled to a written statement that itemizes exactly what you are buying and the cost of each individual item.   This statement should include an explanation of anything you are paying for that is required by the cemetery, crematory or law.

*  You are entitled to choose an alternative to an expensive casket if you are planning a cremation.  This alternative can be made of pressed wood, unfinished wood, cardboard or fiberboard.

*  You have the right to provide the funeral home with a casket or urn that you have purchased somewhere else ... at Costco, for example.  The funeral home cannot refuse to use it and they can't require that you be there to accept delivery.

*  You have the right to refuse embalming if there is not going to be a public viewing.  You can request that the body be refrigerated until it is buried or cremated, instead.

More Ways to Save Money on a Funeral

In addition to knowing your rights, there are other ways you can save money on the funeral expenses.

*  Compare prices on caskets and on the use of a funeral home.  These will probably be the most expensive items, and prices vary widely.

*  Use the least expensive casket options.  Those that have long warranties and other options are not necessary.  No casket can permanently prevent decomposition.

*  Avoid the expense of embalming and body preparation by doing without a public viewing.  Instead you can opt for an immediate burial or direct cremation, which are the two least expensive options.

*  You do not have to have a funeral service at a funeral home.  Instead, you can have a service in a church, home or other location.

*  If you are a veteran or an immediate family member, you may be eligible to be buried for free in a national cemetery.  However, the family still needs to pay for private services, transportation, etc.

Even though this is a very emotional time, it will only be made worse if you end up spending more money than you can afford on the funeral of a loved one.  Take the time to consider all the options, whether you are pre-planning your own funeral or planning one for someone you love.

If you are retired or planning to retire, you may also want to check out the tabs at the top of this article to find more information about Medical Concerns, Family Issues and Where to Retire in the United States and abroad.

Sources:

http://www.consumer.ftc.gov/articles/0303-choosing-funeral-provider

"Funerals: Points to Consider,"  2014 Answer Guide, the Orange County Council on Aging, page 126.


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Depression Is Not a Normal Part of Aging

As a resident of an over-55 active adult community, most of the people I encounter each day are active, involved, happy and enjoying their retirement years ... even people who are in their 80's or older.  However, I also recognize that there is a dark underside to our community.  I have far too many neighbors who are rarely seen outside of their homes.  They are not participating in any of the dozens of activities that go on in our community each day.  They are not getting exercise or socializing with others.

According to the Orange County Council on Aging in their article "When Is It More Than Just The Blues?" approximately 15% to 20% of adults over the age of 65 have experienced depression.  They based this estimate on a 2008 study done by the Geriatric Mental Health Foundation. 

Among my personal friends, I know of several women who have complained that their husbands seem to be depressed now that they have stopped working.  However, I also know of several women who seem depressed, as well.

Causes of Depression

According to the Council on Aging, depression is often triggered in a susceptible person when they experience a significant life change such as a major move, death of a spouse, or declining health.  I have also noticed that it can be triggered when some people give up their careers or when their children grow up and leave home, especially if they move far away.  Since there has also been a large increase in the number of divorces in couples over the age of 50 over the past decade, this could also be a trigger for many people.

While these are all legitimate reasons for people to feel depressed, it does NOT mean that we have to accept it as simply a normal part of aging.

Symptoms of Depression

What are some of the signs of depression in the elderly?  Like people of other ages, they may seem sad, moody, angry or bitter.  In the elderly, they may talk about having nothing left to live for or that they have lived too long.  Other symptoms could include alcohol or prescription drug abuse, withdrawing from activities, poor diet, difficulty sleeping or sleeping too much, and a host of medical conditions.

Treatment for Depression

There is no reason why depression in the elderly should be considered a normal part of the aging process.  There is no more reason why senior citizens should suffer from this debilitating condition than people of any other age.  There are effective treatments including medication, exercise, and therapy.

In addition, simply encouraging the elderly to get out of the house, socialize and get exercise can make a tremendous difference in their state of mind.  Volunteering is also an effective antidote to mild depression.  Owning a pet can be effective in helping some people.

It is important that family members and physicians pay attention to the state of mind of senior citizens.  The sooner a problem is identified, the easier it will be to treat.

Source:

"When Is It More Than Just The Blues?" Answers Guide, The Orange County Council on Aging, page 41.

If you are retired or planning to retire soon, you may want to check out more of the helpful articles in this website by using the tabs at the top of the page.  They have links to hundreds of other sources of information to assist you.

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

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How Hospice Care Works

As I've gotten older, one of the phrases that I have come to dread is when I hear that a friend or relative is now on hospice care.  What I learned over the past few years is that this means they are probably only going to live a few more months because of a serious health issue such as inoperable cancer or failing organs.  However, I never wanted to ask the patients I knew who were on hospice any detailed questions about their care, so I was never quite sure what it entailed.  As a result, I was pleased to read an article about it in the "Answers" book provided by the local Council on Aging.

Since this is something that many Baby Boomers will encounter at some point in their lives, either for themselves, their aging parents or a spouse, I thought many of you might want to know more about this service, too.

The Goal of Hospice

The reason for hospice care is simple.  It is there to prevent and relieve the suffering of a dying person, while providing them with a better quality of life during their final months of life.

A Team Approach

Hospice care involves a team of medical personnel who are there to provide emotional, social and spiritual support for both the patient and their loved ones.   Typically, the team will include a hospice doctor, a nurse, a social worker, a hospice aide and other staff members such as chaplains or volunteers.  The patient's personal doctor may also work with them to provide continuity of care.

When Does the Care Start?

Usually people are referred to hospice when they are only expected to live six months or less.  However, length of time can be extended if the person survives longer than expected.  In fact, it can go on as long as the patient continues to meet the criteria.

Where Does the Care Take Place?

Usually the care takes place in the patient's home, even if their home is an assisted living facility, a nursing home or some other type of long-term care facility. Of course, it can also take place in a private home where the patient is being cared for by family or home healthcare assistants.

What Types of Care are Provided?

There are different levels of care, depending on the patient's needs, and the type of care the patient receives can change as time goes by.  The care may include prescription drugs and over-the-counter medications to ease suffering, as well as medical equipment and supplies to treat their medical condition and make them more comfortable.

Does Insurance Cover Hospice?

Hospice care is covered under Medicare, MediCal and most private insurance companies. For people on Medicare and MediCal, there is no cost to the patient or family.  Coverage varies for people with private insurance, so you need to contact your insurance company for details.

What are the Benefits?

Many people with a terminal disease prefer to spend their last weeks or months of life at home, rather than in a hospital.  Hospice care makes this possible for the majority of patients.  They will provide whatever level of care is necessary to prevent the patient from needing to be hospitalized.  If a problem arises, the patient can call their hospice provider, rather than 911.

What If You Change Your Mind?

In some situations, a patient may change their mind about receiving hospice care and may decide they want to try to fight their medical condition longer.  This is particularly true if a new type of treatment becomes available.  If so, the patient can revoke their hospice placement and return to acute care services.

How Do You Find a Provider?

Most communities have a variety of hospice care providers.  If you or a loved one has reached this stage of life, your doctor, hospital, insurance company, or case worker can give you a list of  local companies that provide this service.  You may also want to talk to the families of people who have used the services of the various providers.

Before you select a company, be sure to do a little research on them and get your questions answered.  Find out if there are costs that may not be covered by insurance or Medicare, how many people will be on your team, how often they will visit, the services that will be provided, whether or not a doctor will visit and if there is a 24-hour care program, should that become necessary. 

In most cases you have a choice of providers so you want to be sure to select a hospice company that will provide the patient with the best quality of life possible.

You can get more information from:

http://www.hospicefoundation.org
800-854-3402

If you are interested in learning more about medical issues or other concerns that could affect you in retirement, use the tabs at the top of this page to find links to hundreds of additional informative articles.

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Heart Attacks - The Top Cause of Death in Women

As I write this post, it has been less than a week since my husband suffered a heart attack.  I took him to the emergency room six days ago with chest pains and indigestion.  They immediately began testing him for signs of a heart attack and, within 36 hours, surgeons had completed an angiogram and inserted a stint in one of his coronary arteries.

While heart disease has long been recognized as a common health issue for men as they age, many doctors are less likely to be concerned about it in women.  This is despite the fact that, according to the Centers for Disease Control, the number one cause of death in all women, regardless of race or ethnicity, is heart disease.  Even when broken down by groups, heart disease is the top cause of death in both black and white women, and is the number two cause of death (after cancer) in women who are Hispanic, American Indian or Asian/Pacific Islander.

I recently attended a heath fair that was sponsored by the Laguna Beach Community Clinic and they provided me with detailed information about heart disease in women.  This is an issue that every women should worry about, particularly since many women and their doctors still think of heart disease as a man's illness.

While a man having a heart attack is likely to experience extreme fatigue, feelings of indigestion, sweating and chest pain, a women will have symptoms that can be much more subtle.  For this reason, it is important that every woman be able to recognize when she should see her doctor or insist on being taken to the hospital.

Symptoms of Heart Disease or a Heart Attack in Women

Feeling extremely tired, even after a good night's sleep
Difficulty breathing
Difficulty sleeping
Indigestion or nausea
A pain in the belly, above the belly button
A nervous, scared feeling for no clear reason
New or worse headaches than you have ever had
An ache, heaviness, tightness or burning feeling in the chest
An unusual pain in the back, especially between the shoulder blades
A tightness or pain in the chest, especially if it spreads to the neck, jaw, shoulders, ears or inside the arms.

If you are experiencing the above feelings, and especially if you are suffering from several of them, seek medical attention right away.  Do NOT be too embarrassed to go to the emergency room.  Far too many people have died because they didn't want to be embarrassed by going to the hospital when all they had was a bad case of gas or indigestion.  It is much better to have it checked out than wait until it is too late.

How to Reduce Your Risk of Heart Disease

Fortunately, there are a few things that people can do to reduce their risk of developing heart disease.  While you may not be able to eliminate it completely, you will still want to postpone it as long as possible.

Be aware if heart disease runs in your family
Get preventative care by seeing your doctor regularly for check-ups
Do not smoke and avoid second-hand smoke, especially if you use birth control
Have your blood pressure checked and take medication, if necessary
If you have diabetes, keep it under control
Have your cholesterol levels checked regularly and take medication, if necessary
Get exercise; just taking a daily walk can make a big difference
Eat a healthy diet, including reducing the salt in what you eat
Control your stress by practicing yoga, meditation or other stress control measures

Follow your doctor's recommendations regarding any other steps you should be taking to maintain your health.  Some of these measure, such as not smoking, will also protect you from the second leading cause of death in women ... cancer.  Therefore, no matter which medical issue worries you the most, the lifestyle changes mentioned above are still a good idea.

If you are interested in learning more about medical concerns that could affect you as you age, use the tab at the top of this article.  You will want to check out the other tabs, too, for help with your retirement planning.

Sources:

http://www.cdc.gov/women/lcod/2010/WomenRace_2010.pdf

http://www.gov/womensheartheath


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Investigate Exchange Rates Before Moving Overseas

This blog has covered a number of wonderful places to retire overseas, including Thailand, Mexico, South America and Europe.  Some retirees choose to move overseas because they feel it will be less expensive than living in the United States.  Others have made the choice because they are attracted to the lifestyle in a certain region.

While I have covered international retirement destinations as diverse as San Miguel de Allende, Mexico, small towns in Panama, Hua Hin, Thailand, and the east coast of Italy, one of the subjects that I have not mentioned is the need to consider fluctuations in the exchange rates when you investigate where you can afford to live.

It recently came to my attention that many people from the United Kingdom who retired to France, Spain and Greece about a decade ago are moving back to their homeland because the pound has weakened dramatically against the Euro.

One of the articles I read about the British ex-pats who are wanting to return home said that 39% of Brits in Greece and 34% of those in Spain are trying to sell their properties, often at a large loss,  because property values have dropped in both of these countries, as well as in France.

Of course, lower property values are not a concern for ex-patriots who are extremely wealthy, which I discovered when I read a blog post on ExpatForum.com about the situation in Spain.  While ex-pats in some areas are suffering, those living in the more affluent areas of Europe seem to be doing just fine.

While the largest issues I found involved citizens of the United Kingdom who moved to the continent of Europe 10 to 12 years ago, Americans need to think about this risk as well if they decide to move to another country.  It is important for ex-patriots to leave some room in their budget for fluctuations in the currency.

For example, if you and your spouse have a combined income from Social Security of $2500 to $3000 a month (about average) and you plan a lifestyle that requires you to use all of it every month, what happens if the exchange rate fluctuates even a modest 10 percent? Would you be able to stay in your new country, or would you have to pack up and return to the United States?  Do you have enough savings to weather a temporary fluctuation?

Of course, fluctuations in the exchange rate can go the other way, too.  It is possible that there will be some years when the dollar will rise against foreign currencies and you will find that you can indulge yourself a little, eat out more frequently, and travel occasionally because the exchange rate is working in your favor.  The problem is that there is no way to predict the future.

Bottom line:  If you want to insure yourself of a comfortable retirement in another country, make sure you leave room in your budget for monetary fluctuations and put aside a little nest egg to get you through the tough times.  At the very least, you will retire overseas with a bit more peace of mind.

If you are looking for more information about retiring overseas, or other retirement topics, use the tabs at the top of this page for links to hundreds of other articles.

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

Sources:

Now They Want to Come Home! British Ex-pats Flee the Continent to Get Away from Eurozone Turmoil

Hello Fellow ex-Pats in Spain - How is the Recession Affecting Your Area?

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Financial Survival for Retirees

Many of the Baby Boomers I know are still working, even some of those who are well past the age of 65.  Among our friends, I know of several salesmen, a doctor, several business owners, some lawyers, an engineer, an insurance broker, a number of financial planners and many other people in a variety of occupations who are continuing to work as long as they can because they do not want to face the possible lifestyle change that could occur if they stop working.

As a result, I frequently expose my readers to a variety of approaches to retirement planning that will help people assure themselves that they will not outlive their retirement savings ... one of the biggest fears of the Baby Boomer generation.

On one hand, it is exciting to know that many of us will live 20 to 30 years after we retire, or even longer.  For some of us, however, it is also frightening, especially if we do not feel we have adequately prepared for retirement.

As a result, I recently reviewed the short book, "The Baby Boomers Retirement Survival Guide" by Certified Financial Planner Rich Paul, for the online magazine Squidoo.  You can read my full review here:

http://www.squidoo.com/book-review-the-baby-boomers-retirement-survival-guide

In his book, he discusses important investment strategies that Baby Boomers will want to understand, especially if they plan to invest and manage their own savings, while assuring themselves that their money will last the rest of their lives.  For example, he talks about the importance of asset reallocation and balancing your portfolio so that too much of it does not end up in one risky investment.

One of the things I like about this book is that it is written in easy-to-understand language that clearly explains things in a way that is helpful to both the novice and the experienced investor.

Since most Baby Boomers have only saved a modest amount towards their retirement, and they want to make sure their money lasts as long as possible, it is important that we all understand how to make wise investment decisions that limit our risk.

Rich Paul's book is one that is very useful for anyone who plans to manage their own retirement funds.  It is also a valuable resource for someone who is letting professionals manage their money, since they need to understand whether or not the experts are doing a good job.  Far too many people have turned all their assets over to someone else to handle, only to be disappointed at the results.

In addition to this book, if you are trying to learn how to handle your retirement savings, you will want to use the Retirement Money tab at the top of this blog to find links to dozens of other articles about investment strategies that are recommended by other well-known investors and investment advisers.

You will also find links to hundreds of other retirement articles by using the other tabs at the top of this blog.

There is no single approach to retirement that is right for everyone.  It is extremely important that you do your research, explore your options, and then follow the plan that seems right for you.

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

Photo credit:  Photo of book cover is courtesy of www.amazon.com

Gavilan for Retirees in Rancho Mission Viejo, California

With the incredible number of Baby Boomers who are reaching age 65 (approximately 10,000 a DAY), the need for retirement housing is immense and growing larger all the time.  Consequently, a number of home builders have stepped up to build senior housing in a wide variety of price ranges.  Here in Southern California, retirees frequently want to stay in the area and, fortunately, there are a plethora of options available to them ... from Palm Springs to the Pacific coast (shown in this photo).

Until recently, those residents who wanted to live in a senior community in Orange County were limited primarily to older communities.  Now, however, there is a new option for home buyers.

Gavilan in Rancho Mission Viejo

One of the newer communities that is gaining in popularity in Orange County, California is the gated senior community of Gavilan in Rancho Mission Viejo.  There are three builders who are developing Gavilan, each offering their own styles and price options:

Standard Pacific Bungalows - 2 bd/2 bath/2 car garages - $500,000 - $600,000

Standard Pacific Casitas - 2 bd/2 bath/2 car garages - $600,000 - $700,000

Shea Single Family Homes - 2 bd/ 2 1/2 bath/2 car garages - $750,000 - $850,000

Del Webb Single Family Homes - 2-3 bd/2 1/2 bath/2 car garages - $800,000 - $900,000+

This gives home buyers a variety of options whether they can afford to spend $500,000 or twice that amount.

Amenities at Gavilan

Most of the new, modern homes in Gavilan are one story, with the exception of a few styles for those retirees who prefer the two-story option.  Among the green amenities you can expect in your home are: tankless water heaters, Energy Star appliances, water-efficient fixtures, weather sensing sprinklers, extra insulation and high efficiency air-conditioning systems.

The homes in this community surround the beautiful adult rec center known as the Hacienda.  Built around a luxurious salt water pool and spa, the Hacienda has a large, open great-room with a giant flat screen TV and a staffed bar, which makes it an excellent spot to mingle with your neighbors.  The Hacienda also contains a yoga studio, a fitness center, a barbecue area and bocce ball courts.

The community is located just off the Ortega Highway, a short distance east of the coastal community of charming San Juan Capistrano.  

Learn More about Gavilan at Rancho Mission Viego:


http://ranchomissionviejo.com/homes/gavilan/

If you are looking for more ideas about great places to retire, check out the tabs at the top of this blog.  They contain links to hundreds of additional articles about where to retire in the United States and overseas, financial planning, medical issues, changing family relationships, and more.

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


(Photo credit:  Photo of the Southern California coast was taken by author, Deborah-Diane; all rights reserved.)

Should You Get a Medicare Advantage Plan with Your Medicare?

As you approach the age of 65, your first step in obtaining Medicare is to contact the Social Security Administration and sign up.  The ideal time to do this is within three months before you turn 65, during the month you turn 65, or during the three month period afterwards.  You can sign up at a later age, but you will pay more, in most circumstances.

You can read more about how to complete this process by reading my article "How to Sign Up for Medicare."

Once you have signed up for Medicare, your next step is to decide if you want to get a Medigap policy (Medicare Supplement Insurance) or a Medicare Advantage Plan.  In this post I will discuss Medicare Advantage plans, similar to the one I have selected.  You may also want to read my article  "Should You Get a Medigap Supplemental Policy with Your Medicare?"  

Medicare Advantage Plans

When you select a Medicare Advantage Plan you are still using Medicare.  You get your Part A and Part B services directly through your Medicare Advantage Plan.  Your healthcare providers are required to provide you with everything that original Medicare offers except hospice care and research studies.  You will still receive those services; Medicare just covers them directly.

The benefit of getting a Medicare Advantage Plan is that they usually offer extra services in addition to those you would get only from straight Medicare.  Depending on the insurer, these extra services could include vision, hearing, dental and wellness programs.  Some Medicare Advantage Plans charge no premium above what everyone must pay for basic Medicare; others charge a small additional premium.

For example, I have chosen to use Kaiser Permanente in California as my Medicare Advantage provider.  The only additional fee they have is an optional $20 a month for their Plus plan, which includes dental and extra vision benefits.  You need to understand your plan, however, because the fees and services vary from company to company.

All Medicare Advantage Plans must follow Medicare's rules and provide you with the basic services.  However, they can charge different out-of-pocket fees and they may have their own rules about their services, such as requiring you to get a referral from a primary care doctor in order to see a specialist.

Different Types of Medicare Advantage Plans 

There are a wide variety of Medicare Advantage Plans available and choices vary from state to state.  You can choose an HMO, a PPO, a Private Fee-for-Service plan, Special Needs Plans, HMO Point-of-Service plans and Medical Savings Account Plans.

A few months before your 65th birthday, most of the providers in your area will start mailing you brochures about their plans and some will have seminars to explain how their plans work.  Hospitals and senior centers in your community may also sponsor informational meetings.  Selecting the right program for you can be very confusing, so I highly suggest that you talk to your friends who are already on Medicare.  Ask them about the type of plan they are using, what they like about it and what they would change.  It is recommended that you discuss your choices with an agent who represents a variety of insurance companies and types of policies.

You may also need to take costs into consideration.  One of the factors which helped me make up my mind to use Kaiser was the fact that the optional premium was only $20 above the cost of basic Medicare and my out-of-pocket costs were very low ... for example, $10 to $15 for office visits.

On the other hand, the disadvantage was that, when I decided to switch from my prior insurance to Kaiser, I had to change all my doctors.  Some people are so attached to their current doctors that they don't want to make such a drastic change.  My husband was one of those, which is why he chose to use a Medigap Supplemental insurance policy rather than a Medicare Advantage Plan.  Since I am quite healthy and never saw my physician except for an annual medical exam, I did not mind making the change.
 
There is a lot more information that you need to know about Medicare Advantage plans.  In addition to reading brochures, attending seminars, and speaking with an agent, you can learn more by contacting Medicare directly.  I have included the contact information below. 

Contact Information for Medicare:

http://medicare.gov/

1-800-MEDICARE  (1-800-633-4227)
TTY 1-877-486-2048

Questions about Eligibility for Medicare:

Social Security Administration:  1-800-772-1213

To Get Personalized Insurance Counseling:

Call the State Health Insurance Assistance Program which is also called SHIP.  The number is different for each state. The one for California is listed below:

California SHIP:  1-800-434-0222

Regardless of your circumstances, nearly everyone should contact Social Security within three months before or after their 65th birthday and decide what they need to do.  This is the first step you should take in the process.

If you are interested in learning more about preparing for retirement, you may want to check out the tabs at the top of this page.  They contain links to hundreds of articles on family relationships after retirement, the best places to retire in the United States and overseas, financial planning and medical issues.

You may also be interested in reading:

How to Sign Up for Medicare
Should You Get Medigap Supplemental Insurance with Your Medicare?

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

Photo credit:  www.wikipedia.com/commons
 

Should You Get Medigap Supplemental Insurance with Your Medicare?

As I mentioned in a recent post, within three months before or after your 65th birthday, it is important that you contact the Social Security Administration to sign up for Medicare.  This is true even if you already have insurance through an employer or the military.

Once you have completed the paperwork for Medicare, the next thing you will need to decide is if you want to get a Medigap policy (Medicare Supplement Insurance) or a Medicare Advantage Plan.  In this post I will go over the Medigap Supplemental Insurance plans, like the one that my husband has selected.  You may also want to read "Should You Get a Medicare Advantage Plan with Your Medicare?" and "How to Sign Up for Medicare." These articles will help you consider all the options available to you.

Medigap Supplemental Insurance  

The reason why someone would want to have a Medigap policy is because Medicare doesn't pay for everything.  While regular Medicare will cover most of your medical expenses when you are over age 65, there are large deductibles and expenses that are not covered.  Medigap policies are designed to "fill the gap" by covering some of those expenses like copayments, coinsurance and deductibles, so that patients do not end up with a lot of large medical bills.   Some of the Medigap policies also cover things that Medicare does not include at all, such as emergencies during foreign travel, although each plan is different so you need to shop around to make sure you are getting the coverage that meets your needs the best.

You will have to pay a premium with a Medigap policy, in addition to the premiums you pay for Medicare.  You cannot have both a Medigap policy and a Medicare Advantage policy.  You have to choose one or the other.

One of the reasons that people sometimes choose a Medigap policy rather than a Medicare Advantage Plan is because they want to stay with their current doctors rather than be limited only to the doctors that are part of a Medicare Advantage HMO or PPO list of approved providers.   

For example, my husband has CKD (chronic kidney disease) and he was very happy with the doctors who were treating him prior to his 65th birthday.   He contacted all the physicians that he sees and discovered that all of them accepted both Medicare and Blue Shield.  As a result, he chose to buy a Blue Shield Medigap policy so he could stay with his favorite doctors. Conversely, I was not that attached to my physician so I chose a Kaiser Permanente Medicare Advantage plan.  My plan is substantially less expensive, but his plan allowed him to stay with his current physicians, which was important to him.

My husband also chose a Plan "F" Medigap insurance policy.  This is the most expensive Medigap plan.  He pays about $275 a month in addition to the $135 that Medicare currently takes out of his Social Security.  However, when he had a heart attack, we paid no deductible or co-pay.  On the other hand, as of 2019, when this article was updated, I only pay the standard $135 a month to Medicare, which is deducted from my Social Security, to cover the cost of my Kaiser Medicare Advantage plan.  However, spending the same amount of time in the hospital and having heart surgery would have cost me at least $1000 in deductibles and co-pays.  In other words, my husband pays an extra premium, but no co-pays and deductibles.  I do not pay an extra premium, but I do have co-pays and deductibles ... although they are quite reasonable.  

Whatever policy you choose, if you are unhappy with it, you should know that once a year in the fall  open enrollment period (between October 15 and December 7) you can select a different plan to use the following year.  However, if you have end stage renal failure (which means you are on dialysis), there are severe restrictions on switching plans.  This is one reason my husband wanted to keep his current doctors.  He did not want to change doctors, end up unhappy, and then be stuck with new doctors he did not like.

You can find a lot more information on the Medicare website.  In addition, as you approach age 65, you will be contacted by a number of Medigap and Medicare Advantage companies in your state.  You may want to attend their seminars and learn about the differences between what the various companies offer before you make a final decision.

Contact Information for Medicare:

http://medicare.gov/

1-800-MEDICARE  (1-800-633-4227)
TTY 1-877-486-2048

Questions about Eligibility for Medicare:

Social Security Administration:  1-800-772-1213

To Get Personalized Insurance Counseling:

Call the State Health Insurance Assistance Program which is also called SHIP.  The number is different for each state. The one for California is listed below:

California SHIP:  1-800-434-0222

Related Articles You May Want to Read:

Should You Get a Medicare Advantage Plan with Your Medicare? 
How to Sign Up for Medicare

Regardless of your circumstances, nearly everyone should contact Social Security within three months before or after their 65th birthday and decide what they need to do.  This is the first step you should take in the process.

If you are interested in learning more about preparing for retirement, you may want to check out the tabs at the top of this page.  They contain links to hundreds of articles on family relationships after retirement, where to retire in the United States or overseas, financial planning and medical issues.

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

Photo credit: www.wikipedia.org/commons

How to Sign Up for Medicare

If you are approaching the age of 65, you need to make sure that you sign up for Medicare and select the medical plan that you prefer as soon as possible.  I have just gone through the process and thought that it was somewhat complicated, so I decided to help others understand what is involved in the process.

Contact the Social Security Administration

The first thing you will want to do is sign up for basic Medicare.  You can do this at the Social Security office nearest you or by going to Medicare.com.  Their website does a good job of helping you understand which parts of Medicare are the correct choices for you.  You have a seven month window in which you can sign up without paying a penalty later.  You can sign up during the three months before the month you turn 65, during the month of your birthday, and during the three months after your birthday month.

If you are already collecting Social Security or Railroad Retirement Board benefits, in most cases you will automatically get Medicare Parts A and B on the first day of the month that you turn 65.  The same is true if you are disabled and already collecting benefits, even if you were under 65 when you began to receive payments.

If you are approximately 65 but not yet collecting Social Security, you still need to sign up for Medicare.  If you think that you have signed up, but you do not receive your Medicare card a month or two before your 65th birthday, you should contact Social Security.  Your card will look similar to the one in the attached photo.

Special Circumstances Involving Medicare:

There are specific situations that complicate things for certain people, as you see below:

For example, whether you are already collecting your Social Security benefits or not, you need to contact the Social Security Administration within three months of your 65th birthday if you have end stage renal disease (on dialysis).  This is the one illness that affects your Medicare insurance choices.

In addition, if you are still working and you are covered by medical insurance through an employer, you may initially choose to only get Part A and delay signing up for Part B, without penalty.

On the other hand, if you are on a COBRA plan from a former employer, you should not wait until COBRA ends before you get Part B coverage.  You should sign up at the same time you enroll in Part A.

If you are active duty military at the age of 65, you must sign up for both Part A and Part B of Medicare in order to keep your TRICARE coverage.

As you can see, signing up for Medicare is very complicated and different rules apply to different groups.  Not only that, if you make a mistake and delay signing up for Part A and/or Part B when you should have, you may be required to pay a penalty which will permanently make your premiums higher.

There are a number of variables that can affect different groups of people ... those who are already on a group insurance plan at work, those who have end stage renal failure, those who are on COBRA, and other groups.

Should You Get a Medigap Policy or a Medicare Advantage Plan?

Once you have signed up for basic Medicare, you need to decide if you will want to supplement it with a Medigap policy, to cover things that are not covered by basic Medicare, or whether you want to have your coverage assigned to a Medicare Advantage plan.

At the bottom of this article, see the links to the articles I also wrote about Medigap insurance and Medicare Advantage plans.  Most people will want to have one or the other.

Meanwhile, if you are getting close to your 65th birthday, you need to contact Medicare to make sure you are signed up for the basic Medicare plan that is right for you.  Below, I have given you some contact numbers, as well as some information about how you can get free personalized assistance in making the right decisions for you.

Contact Information for Medicare:

http://medicare.gov/

1-800-MEDICARE  (1-800-633-4227
 TTY 1-877-486-2048

Questions about Eligibility for Medicare:

Social Security Administration:  1-800-772-1213

To Get Personalized Insurance Counseling:

Call the State Health Insurance Assistance Program which is also called SHIP.  The number is different for each state. The one for California is listed below:

California SHIP:  1-800-434-0222

Regardless of your circumstances, nearly everyone should contact Social Security within three months before or after their 65th birthday and decide what they need to do.  This is the first step you should take in the process.

Other Articles You May Want to Read:

Should You Get Medigap Supplemental Insurance with Your Medicare?
Should You Get a Medicare Advantage Plan with Your Medicare?

If you are interested in learning more about preparing for retirement, you may want to check out the tabs at the top of this page.  They contain links to hundreds of articles on family relationships after retirement, where to retire in the United States or overseas, financial planning and medical issues.

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

Photo credit: www.wikipedia.org/commons
 

Retire to Robson Ranch near Dallas, TX

When I sold real estate in Dallas, Texas in the 1990's, there were a number of senior apartment complexes and assisted living facilities, but there were no age-restricted over-55 luxury retirement communities in the area.  Although there were many beautiful gated, golf communities where retirees often lived, they were not exclusively designed for seniors.  The nearest age-restricted development was Del Webb's Sun City Georgetown, Texas community near Austin.

Because of my knowledge of the area, I was delighted to hear that Robson Resort Communities, a premier builder of luxury retirement homes in Arizona, has now opened a lovely development just 35 miles north of the Dallas-Fort Worth area, near Denton.

Amenities at Robson Ranch, Texas

* Lovely gated community with a roving security patrol

* 17,500 sq. foot Wildhorse Clubhouse with a lovely ballroom, plus activity and meeting rooms

* Indoor and Outdoor Swimming Pools

* Sports center which, in addition to the pools, also has a fitness center, aerobics exercise room, massage and steam rooms, tennis courts, volleyball courts, pickleball courts, and a gymnasium.

* Creative Arts Center with studios and gallery

* Gorgeous outdoor areas including a dog park, walking trails, children's playground, and a fishing lake

* Championship 18-hole Golf Course


Activities at Robson Ranch

With so many high-quality amenities, no one could possibly participate in all the choices that are available to the residents of Robson Ranch, including the emeritus life-long learning classes sponsored by the nearby University of North Texas and held in the Wildhorse Clubhouse, as well as a number of club activities, charitable events, golf tournaments, art classes, dance classes, a choir, and a wide selection of fitness classes.  There are plenty of choices for anyone who wants to live a healthy, stimulating life after retirement.

Attractive, Modern Homes at Robson Ranch, Texas

The beautiful new, energy-efficient homes in this lovely community are luxurious, yet affordable.  Prices range from about $210,000 for a 1624 sq. foot two bedroom home, to approximately $335,000 for a 3228 square foot home, and $400,000 for a 3746 square foot home with three bedrooms and 4 1/2 bathrooms.  All of the homes have two-car garages.


More about Denton and the Dallas-Fort Worth Area

Nearby Denton, Texas is home to the University of North Texas and Texas Women's University.  Consequently, the residents at Robson Ranch have all the conveniences you would expect in a college town ... access to live performances as well as plenty of restaurants, bars, shopping centers and movie theaters.


If you wish to attend professional sporting events, enjoy the symphony, shop at Neiman-Marcus, or take the grandkids to Six Flags amusement park, all of those possibilities and more are easily available to you in the nearby cities of Dallas and Fort Worth.

If you are considering a move to Texas from another state, you will be interested to know that Texas does not have a state income tax, although property taxes are a bit higher than they are in other states.  You will have to weigh these two taxes against each other to decide whether or not you are better off.

Texas Weather 

As a former resident of Dallas for over 25 years, I did want to let people know about the infamous Texas weather.  Winters are typically mild and pleasant, with an occasional dusting of ice or snow.  Summers can be brutally hot, with temperatures shooting up to over 100 degrees during the afternoon.  Summer nights, however, are comfortably warm and perfect for an evening barbecue with the neighbors.  From spring through the fall, there will be periodic thunderstorms, which can spark an occasional tornado ... although it is relatively rare for anyone to be injured.


Source:

http://www.robson.com/communities/robson-ranch-texas

If you are looking for more places to retire, in the United States or overseas, or you are interested in learning more about other retirement related concerns, use the tabs at the top of this page to find links to hundreds of other articles.

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

Photo credit:  Photo of Dallas skyline is courtesy of www.morguefile.com

Surviving a Brain Aneurysm

Until recently, brain aneurysms were not something that I ever thought about.  They are not one of the medical conditions that we regularly see featured on the news, and no one I know had ever suffered from one.

Last week, however, one of our daughters collapsed when an aneurysm burst in her brain.  She is 47, in good health, and she has not smoked or used alcohol (two of the risk factors), in over 20 years.  She was fortunate because, when she passed out, a paramedic happened to be nearby.  He got her to the hospital within a few minutes.  Over the next 36 hours, she was transported by helicopter to another hospital and had brain surgery.  She was one of the lucky ones.  Approximately 40% of the people who have a burst brain aneurysm die before they reach the hospital.  Another 20% reach the hospital too late to be treated.

After doing research on this shocking disorder, I learned that they are much more common than I had ever realized, and there is a reasonable possibility that they could affect you or someone in your family.

According to the Brain Aneurysm Foundation:

About 1 in 50 people have an unruptured brain aneurysm
In the United States, an aneurysm ruptures about every 18 minutes
When an aneurysm ruptures, about 40% of the patients will die immediately
Approximately 2/3 of the survivors suffer some permanent damage
There are usually no warning signs

As a result of these numbers, I felt that this was a topic that Baby Boomers and their families might find life saving.  In fact, many of you may wish to be screened to make sure that you do not have one of these hidden time-bombs inside your head right now.

What is an Aneurysm?

An aneurysm occurs when an artery wall becomes weak and bulges out in the shape of a balloon.  If this bulge begins to leak, the blood can damage and even destroy nearby cells.

Brain Aneurysm Risk Factors

There are a number of risk factors that may cause the initial damage to the artery wall or cause an aneurysm to form and/or start leaking:

Hardening of the arteries
High blood pressure
Heredity
Smoking
Head Injury
Alcohol use
Drug use, particularly cocaine

Once the artery wall has been damaged, it usually will not repair itself.  However, nothing may happen for a long time. An aneurysm can start to form years or even decades after the initial damage to the artery wall.  For example, you may be born with a damaged spot on your artery; or drug use and other behaviors in the early twenties can weaken the artery.  Years later, during a time of stress that causes a spike in blood pressure, an aneurysm can begin to form and start leaking.

Symptoms of a Brain Aneurysm

There is no way to know that you have a brain aneurysm unless it is revealed in a brain scan.  However, once it starts to leak, you may only have minutes before you lose consciousness.  If you are alone, you may not survive unless you get help quickly.  Therefore, it is important to recognize the symptoms, whether you or someone you love is the victim.  The quicker the patient gets treatment, the more likely they are to survive.  Here are the most common symptoms:

The most severe headache you have ever experienced
Nausea and vomiting
Neck stiffness
A brief blackout
Vision or speech problems
Confusion or sluggishness
Jerky movements
Clumsiness
Paralysis or weakness on one side of the body (similar to a stroke)

What Happens Once You Reach the Hospital

As frightening as all this sounds, once the patient reaches the hospital their outlook increases substantially.  The medical staff will do a CT Scan, an MRI, an arteriogram and/or a spinal tap.  These are used to diagnose the aneurysm and locate the bleeding.

Surgery Options

In the past, the primary type of surgery for a brain aneurysm involved opening the skull and clipping the bulge in the artery.  This surgery was very invasive and risky.

In the past seven years, however, surgeons have developed a process called cerebral coiling.  A catheter is threaded from the groin, up through the body and into the brain where a stint is placed inside the damaged artery and a tiny platinum coil is inserted into the aneurysm.  This coil causes a blood clot to form and seals it off, stopping the bleeding.

Post Surgery

After surgery, the amount of damage done by the aneurysm can vary widely from person to person.  Nearly every patient will be extremely tired, experience headaches and will be sensitive to bright lights, although these problems will eventually diminish.   Either their long-term or short-term memory could be affected.  They may have trouble with double-vision or their speech, and there could be weakness on one side of their body.

They may need physical therapy and other types of rehabilitation.

While the healing process may seem slow and even discouraging to the patient, it is important to remember that they are the lucky ones ... they survived.

At the time I am writing this, our daughter has spent nearly two weeks in ICU.  She has retained her motor skills and memory.   She still had headaches and is light-sensitive.  She will have a few restrictions for the next few months ... no roller coasters or other intense activities.  She will not be allowed to drive alone for a couple of weeks after she returns home.  However, the good news is that the brain damage she suffered was minimal and she is expected to recover fully.

My hope is that others will recognize the symptoms of an aneurysm as quickly as the paramedic recognized what was happening to our daughter.  Once more people are aware of this danger, outcomes will hopefully improve and lives will be saved.

Sources:

http://www.brainaneurysm.com/
http://www.bafound.org/brain-aneurysm-basics
http://www.bafound.org/brain-aneurysm-basics
http://www.kramesstaywell.com (Booklet #11271 "Brain Aneurysm Understanding, Care and Recovery")

If you are interested in learning about more medical issues and other retirement concerns that could affect you, use the tabs at the top of this page for links to hundreds of additional articles.

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

Photo credit:  www.morguefile.com

Move to the Abruzzo Region of Italy

Baby-Boomer-Retirement.com has covered a variety of overseas retirement options, including locations in South and Central America, the U.S. territories, and Thailand.  Only rarely have I mentioned locations in Europe because so many of them are as expensive, and sometimes more expensive, than retiring in the United States.

Recently, however, I have learned about a few European locations that are charming, convenient and affordable!  The first one I wish to cover is the Abruzzo region of Italy.

Cost of Living in Abruzzo

According to some estimates, an American couple could live comfortably in Abruzzo for about $1500 to $1700 a month, including renting an apartment or house for about $450 to $700 a month.  (If you prefer to buy, homes can also be purchased in the $50,000 to $150,000 price range.)

In addition to rent, an estimated monthly budget would include $100 a month for local transportation, $50 for utilities, $125 for phone/internet/cable service, $125 a month for household help, $300 for groceries and $300 for entertainment and other expenses.

(Note:  I took the above figures from articles that were written in 2013 and 2014.  None-the-less, one person in the comments section suggested that the figures should be increased.  You may want to adjust these numbers substantially upward if you are planning to retire there in 2020 or later.  Even with a 20% increase, it would still be possible to live there for less than $2500 a month, an average amount for a retired couple living solely on Social Security.)

Senior citizens in Italy are frequently offered restaurant discounts and there are express lines for seniors in many public locations, including grocery stores.

Not only is the cost-of-living for Abruzzo well within the means of most American couples who are living solely on Social Security, but many couples will also be able to occasionally tour around Europe or visit the United States.  The region is only about an hour's drive away from Rome, and residents have easy access to both train and air travel.

Climate and Quality of Life in Abruzzo

Americans moving to this region of Italy will find a very appealing climate.  Summer temperatures are warm and can reach into the low 90's.  Temperatures in the spring and fall will typically range from the 60's to the 80's.  In the winter, the average daytime temperature is in the 40's or 50's, although temperatures can become colder and there is increased precipitation the further inland you are from the sea.  It is very rare for the temperatures to be freezing along the coast of the Adriatic Sea, while snow can fall in the nearby mountains.  Consequently, you can live in this area of Italy and still choose the climate you think your would prefer.

Like Southern California, in a typical Abruzzo winter it is possible to visit the mountain ski slopes in the morning and relax at the beach that afternoon.

This picturesque region is full of lovely vineyards, gorgeous castles and romantic stone villages.  There is a low crime rate and residents can expect to find friendly, caring neighbors.  The hillsides are gorgeous ... as you can tell from the above photo of fall foliage in Abruzzo.

Italian Healthcare System

Americans cannot utilize the Medicare system when they are living in another country.  It is also unlikely that you will qualify for the national health plan service in Italy.  However, you can pay privately for your medical care and it tends to be quite affordable ... about $30 for a doctor visit and $200 a night for a hospital stay.  The quality is quite high, as well.  Italy's healthcare system is ranked second in the world by the World Health Organization, far above the United State's 37th ranking.  If you have a serious, chronic condition which could require frequent treatments and doctor visits, however, it may be worth it to contact a hospital in the area to get a realistic idea of what you would need to spend per year to maintain your health.

Risks of Moving to Italy

It is important that people understand that there are risks when moving to another country and you have to take precautions to protect yourself.  In particular, you should know that you cannot buy some types of homeowner's insurance which are common in the United States.  Some types of natural disasters are not covered by insurance.  Since this could change over the years, it is important you speak with an attorney and insurance agent to learn more about specifically what would and would not be covered should your home be damaged or destroyed in a wild fire, earthquake or flood.

In addition, you should be careful about putting down what Americans call "earnest money" when purchasing a property.  According to an Italian woman who contacted me, "Tell buyers never to advance money to the realtor or to the owners. In case an advance of money is requested, go to the Notary for the "rogito" (passage of property), and always ask to send the money the the "clients account" of the Notary. Be careful in Italy. There are two forms of advance money.  One is called "accounto" and the other "caparra confirmatoria". The "acconto" goes back to the potential buyer , should he decide that he changed his mind; but if the Notary registered the advanced money as "caparra confirmatoria" the money is lost if the potential buyer steps back."

As you can see, it is very important that buyers understand the laws before entering into a real estate transaction.   The same can be true if you decide to start a business or engage in any business dealings in Italy or any other foreign country.  It is always wise to be well informed.

Sources:

http://money.usnews.com/money/blogs/on-retirement/2013/10/15/retire-to-italys-most-enticing-affordable-region

http://www.huffingtonpost.com/2013/06/18/best-places-to-retire-2013_n_3460170.html

http://www.expatfocus.com/expatriate-italy-abruzzo

If you are thinking about moving to another country, you may also be interested in using this Amazon link to the book:  "How to Retire Overseas: Everything You Need to Know to Live Well (For Less) Abroad."

If you are making your retirement plans, use the tabs at the top of this page to find links to hundreds of articles about places to retire in the United States and overseas, financial planning, medical concerns, family relationships, and more.

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Photo credit:  www.morguefile.com