Ageing Well

Recommendations for action: Ageing Well by Peggy Edwards, Consultant on Ageing at the Council for Senior Citizens Conference 2016

You can learn more at this website: http://grandmothersadvocacy.org/

1.    Combat stereotypes of seniors and aging in our culture and inform people about the diversity there is among seniors.

2.    Recognize the potential for isolation and loneliness for seniors who live alone and provide interventions that reduce isolation.

3.    Provide more support to informal caregivers (e.g. respite and day care) and consult with them about their needs. Pay attention to “sandwich generation” carers who are looking after multiple generations at the same time.

4.    Provide adequate and flexible in-home care services in the community (including some non-personal care supports such as house cleaning) so that seniors can “age in place” in their later years.

5.    Address issues in residential care, including staff shortages, lack privacy, and overmedication. Make the maintenance of “quality of life” the main goal of care and accommodation in the last few years of life.

6.    Address the problem of affordability and access to oral health, eye care and nutritious foods for low-income seniors.

7.    Recognize and support the (unpaid) care that grandparents provide to children.

8.    Communicate appropriately with seniors. Engage and listen to seniors of all ages. Provide information in-person and by phone in addition to electronic communication.

9.    Support intergenerational policies, programs, and practices based on “village” planning, not silos between age groups. Reach out and collaborate with younger generations, mentor and role model, and build advocacy and capacity together.

10. Support research and programs that use technology to enhance the health and well-being of older adults and enable them to continue to live independently.

11. Support story-telling with seniors (in all forms) that break down stereotypes, record lived history, demonstrate the resilience of seniors and share wisdom, and experience across generations.

12. Support a new more flexible life course paradigm that:

•       allows people to go in and out of learning, work, caregiving and leisure at different times throughout the life course

•       embrace a human rights approach that concentrates on reducing inequities, particularly among our most vulnerable seniors

•       creates an intergenerational community of caring that encourages boys and men to take on key roles and responsibilities, and that provides policies and programs that support parents and family caregivers.

13. Acknowledge and celebrate seniors’ contributions in informal caregiving, voluntarism, and activism.

Happy 150th Birthday Canada

Canada Day celebrates the birthday of Canada. 150 years ago, On July 1, 1867, Canada became a new federation with its own constitution by signing the Constitution Act - formerly known as the British North America Act.

Community-driven projects form the basis for the celebrations of Canada’s 150th anniversary of Confederation.

Communities all across the country are celebrating today and highlighting regional talent and expertise, as well as the various facets of Canada’s diversity. Projects include festivals, youth exchanges and forums, cultural projects and works of art.

Join the celebration, it’s happening in your community too! Here is a partial list of what is happening in BC today.

• Alberni Valley Chamber of Commerce - Tri-Conic Challenge
• Association des francophones des Kootenays Ouest - Théâtre bilingue de marionnettes de pionniers francophones de la C.B. (in french only)
• Centre for Indo Canadian Studies (University of Fraser Valley) – (Dis) Enfranchisement: 1907-1947 The Forty Year Struggle.
• City of Fort St. John - Canada 150 Mural Mosaic
• Corporation of the City of White Rock - The Journey: Celebrating 150 Years
• District of Port Hardy - Local First Nations History Murals
• Inclusion BC Foundation Society - BC Disability Pride Celebration and Parade
• Le Cercle des Canadiens Français de Prince George - Construction d'un canot d'écorce dans le cadre du 150ème du Canada (in french Only)
• Pacific Salmon Foundation - UNINTERRUPTED
• Peace-Liard Regional Arts Council - Alaska Highway Punk Art Project
• SCBC Stewardship Centre for BC Society - Celebrating Stewardship, Creating Stewardship Legacies
• The Corporation of the City of Duncan - Carving a Connection in Cowichan - A Commemorative Totem for Canada's 150th
• Vancouver Native Housing Society - The Kanata Project

Questions to ask in your 50's about Retirement Planning

Retirement planning is not just about finding the money to live. That is important, but as my mother told me, you really don’t need as much money in retirement as they tell you. I believed her. Before settling into a new life as a retiree, there are the practical realities, of course: money, location, health care. Once those are arranged, however, what comes next?

One of the most important areas to plan for when you are planning for retirement is the answer to this question: Do you have a reason to get up in the morning? In addition to this important question, here are some others that you should consider as you move toward a viable retirement plan. The questions are mostly short but hardly simple. There are many others and the hard part is that no one can answer for you. Here are a few:

Purpose Questions:

•               What do I want to do with my time now?

•               What will get me out of bed each morning?

•               Do you have special interests and hobbies? If so, have you included these costs in your monthly expenses?

•               What gives me pleasure?

•               What do I most care about?

•               Can I use my career experience in new ways now?

•               What's been missing from my life?

•               What have I always dreamed about doing?

•               What gives me a sense of purpose?

•               What and who are most important to me?

•               What does an ideal day look like?

Questions about where you will live

•               Do you know the date you plan to retire?

•               Where do you plan on living?

•               Are you staying in your home?

•               Will you be downsizing?

Money Questions

·       Do you have a handle on your monthly living expenses? Can you list them exactly?

·       Do you have an emergency fund?

o   If not what amount of money will you need to set aside to build your cash emergency fund?

·       What is the amount of Social Security benefit you will be receiving?

o   When will it start?

·       What is the total amount of all your retirement savings?

·       Do you know what required minimum distributions are?

·       Do you realise that your investment risk profile needs to be re-evaluated as a retiree?

·       Do you plan on earning income during your early retirement years? If so how will you do this by working part-time, or doing consulting or pursuing an income generating hobby?

Health Questions

•               Are you healthy?

•               Do you have a Chronic Illness or Do you currently have special health issues that need consideration? If so have you planned on how these will be looked after?

•               Do you have long-term disability insurance?

End of Life Planning

•               Do you have life insurance?

•               Do you have a will?

•               Do you know the importance of having a Power of Attorney for medical and financial matters?

If you start your retirement planning process early and take it step by step, making it a priority project, as if your future life depends on it — which it does — you just might be living your dream during your retirement years.

There are a couple of resources that may help you to feel more relaxed about financial planning. The first book by Ralph Warner (founder of Nolo Press): "Get a Life: You don't need a million to retire well."

http://www.powells.com/book/get-a-life-9781413300840/62-0

Money for retirement doesn't matter? Well, not exactly. Warner puts a different spin on how to prepare for retirement by recognising that a sensible savings plan is important, but the real keys to a successful retirement are good health, spiritual life, relationships with family and friends, and having interesting things to do.

Some of the author's main points are: (1) The difference between a happy, fulfilling retirement and "waiting for the undertaker" is not money but quality of life -- family, friends, good health, and meaningful activities that give you a reason to get up in the morning. (2) It's possible to estimate fairly accurately how much money you'll need to live on after you retire, and in most cases, it's nowhere near the "70% of your present income" that the doom-Sayers insist that you need to maintain your present lifestyle. The author tells readers how to access a free set of "retirement calculators" on the Nolo Press web site to assist them in financial planning, and that alone is worth the price of the book. I have linked to the calculators here, but you should still read or buy the book.

The second resource is a book by Harold Pollack and Helaine Olen called "The Index Card: Why personal finance doesn't have to be complicated."

http://www.powells.com/book/index-card-why-personal-finance-doesnt-have-to-be-complicated-9780143130529/62-0

This book will empower you. Personal Finance is marketed to us with wild and entertaining stock-picking shows on Television and by the Big Banks as something that is complicated. As shown in this book it is not complicated. As the title indicates, Olen's and Pollack's answer fits on an Index Card.

1.           Strive to save 10%-20% of your income.

2.           Pay your credit cards off every month (and minimise other debt).

3.          Maximise your 401(k) and other tax-advantaged savings accounts.

4.          Never buy or sell individual stocks.

5.          Buy inexpensive well-diversified indexed mutual funds and exchange-traded funds.

6.          Hire a fee-based fiduciary (avoid commission-based financial salespeople).

7.          Wait to buy only as much home as you can afford  (remember homes are usually highly-leveraged investments with high maintenance costs).

8.          Buy term life insurance, auto-insurance (especially liability), home insurance or renter's insurance, and disability insurance.

9.          Support the social safety net (government programs,  such as Social Security, Medicare, Medicaid, and student loans, because 96% of American depend on such programs for financial assistance, even though  40% deny obtaining help from the government.)

10.      Keep doing the first 9.

Retirement planning starts in your 50's

When I was in my early 50’s I start to be more serious about retirement and retirement planning.  A survey out of New Zealand shows that most people did the same and are doing the same today. 

Survey data released by the Financial Markets Authority on Wednesday revealed confidence of a decent retirement was highest among people who sought retirement savings advice and information ten or more years before retirement. The survey of people aged 60-74 showed these people made up just 37 percent of respondents, indicating much more were doing even shorter sprints.

New Zealand has a retirement web tool that can help its citizens do some concrete planning for retirement. Of the 27,000 users so far, 35 percent were within 10 years of turning 65, and almost every other user was aged over 45. Older workers were also the most likely to increase their contributions rate to their retirement plan after using this tool. The survey found 37 percent of all contributions increases were done by people aged 55-64.

The survey revealed that time was just one of four key "ingredients" to being able to afford a decent retirement.  The others were; putting in the effort to make a plan, seeking advice or information when making the plan, and choosing growth investments when young enough to take the risk.

An online poll of indicated overcoming your fear may be a hidden fifth ingredient. In all 7400-people answered the poll. A total of 46 percent saying they knew how much they would need in retirement and would get there.

An American poll mirrors the New Zealand concerns. Worries about health care costs and Social Security uncertainty have many Americans planning to make financial sacrifices in retirement, according to a survey conducted by the American Institute of CPAs (AICPA).

The survey found that only 46% of non-retired Americans are confident they will reach their retirement goals, compared with 49% who are not confident (29% not sure, 20% don’t think they ever will). Only 5% of non-retired Americans report they have already reached their retirement goals.

This lack of overall confidence tracks with anxiety about the financial aspects of retirement—with two-in-five non-retired Americans (42%) saying they are either very anxious (14%) or somewhat anxious (29%). When these Americans were asked the specific cause of their anxiety, health care cost (71%), health care uncertainty (68%), affording everyday expenses and bills (67%), Social Security uncertainty (62%) and uncertainty over tax rates (52%) were cited. In addition, figuring out how much money will be required in retirement (70%) and the overall difficulty of planning for retirement (54%) are causing anxiety for a substantial percentage of non-retired Americans.

Overall, non-retired Americans are more likely than those who are currently retired to plan on making at least one financial sacrifice in retirement (92% vs. 72%). Those sacrifices include working when retired. Working throughout your life was once a reliable route to a comfortable, financially secure retirement. Over the years, Americans have been asked to take on more responsibility and become more self-sufficient when it comes to their retirement planning. 

The traditional "three-legged stool" model of retirement planning involves Social Security, a pension and personal savings, including employer-sponsored defined contribution (DC) retirement plans and individual retirement accounts (IRAs). The survey found that, among those currently retired, the model holds up well, with these Americans citing Social Security (61%), pension plans (36%) or cash or savings accounts (25%) as their top sources of income in retirement.

However, for non-retired Americans, anxiety over Social Security and a sharp decrease in company pensions may have led to an increased emphasis on personal savings. Overall, for non-retired Americans, the percent who anticipate relying upon Social Security (48%) or a pension plan (17%) as one of their top two primary sources of income differs significantly, with a more likely dependence on cash or savings accounts (39%). And non-retired Americans are more than three times as likely as those who are retired to say they expect to rely upon a 401(k) (43% vs. 14%) as one of their two primary sources of income during retirement.

Harris Poll conducted the survey within the United States between March 24 and 27, 2017, among 1,018 adults (505 men and 513 women ages 18 and older) including 650 adults self-identified as “non-retired” and 322 as “retired.”

Working full-time longer than expected (45% non-retired vs. 11% retired);

Working a part-time job (43% vs. 17%); Moving to a less expensive city or town (40% vs. 22%); Forgoing medical care or treatment (28% vs. 14%).