Posts Tagged ‘ senior citizen finances ’

SENIORS FIND DISCOUNTS AND NEGOTIATE COSTS

Aug 28th, 2012 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

Seniors Negotiate Costs The Huffington Post recently published an article on the ten costs you should always negotiate.  Writer Alicia Ciccone outlines all ten, and they are summarized here.  Seniors will give a boost to their finances if they learn how to negotiate some costs they encounter. Vehicle Purchases: It’s a good idea to bargain [...]



INSURANCE COMPANY REBATES FOR SENIORS

Jun 30th, 2012 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

Rebates Coming to Consumers Thanks to the Affordable Health Care Act (ACA), insurance companies who spend more than 20% of premiums on administration and profits are required to refund insured customers. This is just one of many benefits afforded citizens as a result of passage of the ACA.  The refunds are estimated by ConsumerUnion.com (the [...]



WHEN MAKING DEALS: CONSIDER ALL OPTIONS

Jun 15th, 2012 | By Dr Jerry D Elrod | Category: Senior Moments Blog

Vulnerability, especially economic, is one of the Achilles Heels of the retired person. Because it is so easy to be drawn in, seniors should be especially cautious when it comes to financial offers, particularly unsolicited ones, that promise much and deliver little. Telephone and mail solicitations which come by way of robo calls or mass mailings should be especially suspect. No door to door solicitation should be given the time of day.

We received a phone call the other day about leasing mineral rights on our property. I did not indicate interest, but, sure enough, there came in the mail a full fledged offer, legal documents to be signed, and a check for the offered amount ready to be deposited. I did not take the bait. I did call the agent and made inquiry about some of



SENIORS CONSIDER INVESTING IN BONDS

May 22nd, 2012 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

Investment Issues for Senior Citizens Seniors who are fortunate enough to have money to invest must look at options for investments, and review those options with scheduled regularity. And financial advisers are a critical part of this process.  Most of us senior citizens need help deciding how to diversify our investments, just what bonds or [...]



SENIORS: THE NEW ANTIQUES

Apr 24th, 2012 | By Dr Jerry D Elrod | Category: Senior Moments Blog

For those seniors who have been chronic collectors, get ready for the new wave of “collectible” items. Many of the newer antiques, now making their way on the market, were all the rage just short years back. Now, they are eligible for the trash bin. Some may find charm in hanging on to them, but not likely for long. An example: The Walkman.

Among them, may be like struggling over whether to keep that favorite Royal Typewriter, electric by the way. But the PC is now at the top of the list of obsolete, undesirable things to have or keep or certainly not to purchase. I will likely be among the last to let my large screen, large print PC go. It will be one of the 21st century shifts I really didn’t expect. But, why not? Nothing lasts for long anymore.



SENIORS ALERT TO SCAMS

Apr 21st, 2012 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

Seniors Pinch Pennies Most of us senior citizens continually look for ways to pinch pennies when we can. Most of us are not in the wealthy ’1%’ bracket so well described in the news of late.  So we need to find options for making our money stretch as far as possible.  It occurred to SCJ [...]



SENIORS: ADDING UP ASSETS AND LIABILITIES

Mar 15th, 2012 | By Dr Jerry D Elrod | Category: Senior Moments Blog

Periodically, it is useful to add up one’s financials in order to determine where you are. Doing so with some regularity enables one to head off being surprised, ill prepared or down right shocked. Going along, assuming that all is well is a very dangerous strategy. A sudden wake up call can be debilitating to one’s frame of mind, particularly if the revelation includes a downturn you weren’t prepared for.

Just as one is ordinarily aware of how much cash he/she has on hand, knowing the value of assets and the predictable health of those assets makes for a healthier frame of mind. If you are partnered, you and your partner should stay in touch with the big picture, be aware of any unanticipated expenses or downturns that may affect your situation. While it is not essential to have a review down to the penny, it is helpful to keep in mind the trends, e.g. bank account balances, totals in portfolio investments, anticipated lay outs



HOW EXPENSIVE CAN ELDER CARE GET?

Feb 15th, 2012 | By Dr Jerry D Elrod | Category: Senior Moments Blog

Projecting ahead into the next year, it begins to appear that the costs of elder care, i.e. assisted living, nursing care and other such forms of suitable accommodation for the elderly who require attention will continue to escalate. Depending on the nature of the care, geographic location, the condition of the resident (client, patient, etc.) these costs seem to continue to climb, until it is possible to imagine that over a ten year period, one can be talking in terms of somewhere between $400k and $500k in costs for care. That begins to feel prohibitive and downright scary.

Those who are wise enough to have applied for and qualified to receive long term care insurance are surely on the right track. And, they are even wiser if they chose the inflation rider as a part of the policy.

We relish the thought of our elderly loved ones



Seniors Return to Retirement Jobs

Nov 18th, 2010 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

Increasingly, we senior citizens are returning to the work force in the form of a ‘retirement job’.  A decade ago, that was an oxymoron.  Not so today.  Retirement age in the United States is generally somewhere between 62 and 67.  Many seniors are finding that they may still have a third of their life left [...]



Senior Finances: Staying on a Budget

Aug 24th, 2010 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

A friend complained last year about being unable to stay on her fixed-income budget.  She said no matter what she did, she always had to dig in to her savings and investments.  And she is increasingly concerned about those resources eventually drying up.  I asked her if she just needed to whine, or did she really want [...]