Women, retirement and the Pandemic

 According to a story written by Kelly LaVigne, J.D. Vice President, Advanced Markets, Allianz Life the Pandemic has changed women’s views on retirement.

As some of the biggest impacts from the pandemic fade, women are indeed slowly returning to the workforce, but new data indicates that many are still taking a backseat when it comes to their finances.

According to the Allianz Life 2021 Women, Money and Power Study commissioned by Allianz Life Insurance Company of North America via an online survey in May 2021 with a nationally representative sample of 900 women, ages 18+, compared to two years ago, women are less likely to consider themselves to be the CFO of their household (41% in 2021 vs. 47% in 2019), and also less likely have primary or equally shared responsibility for managing finances and making financial decisions (84% vs. 90%), They are also less likely to say they have more earning power than ever before (36% vs. 42%). These are marked declines in a short time frame.

When it comes to retirement planning, the picture isn’t much better. Women say they are focused more on short-term finances, rather than longer-term priorities, such as saving for retirement, with 42% saying, “I can’t even think about saving for retirement right now, I’m just trying to take care of day-to-day expenses.” Additionally, since the pandemic began, over half (51%) say they are paying a lot more attention to what they are saving and spending, but only 35% have put more thought into their retirement plan.

For women who are feeling un-engaged in their finances, and even less so when it comes to retirement planning, it’s not too late to get back on track. Here are a few ideas to put women’s finances top of mind.

All the unknowns of the pandemic made planning for a retirement date (or planning for anything) a challenge. According to the study, 21% said that the pandemic pushed their retirement plans back, while 18% said it accelerated their plans. If you fall into either of these categories and your plans have changed, that’s OK. The next step would be to see how these changes might pose a risk to your financial plan

 

If you’ve decided to retire earlier than planned, you may need to temporarily boost the amount you’re putting toward your retirement savings to help close the gap. You’ll also want to check in to make sure that you have a plan to fund those extra years of retirement.

Retiring later than you originally planned, while it may not be the most fun thing to consider, can be an effective way to get your finances back on track because you have more time to save and to earn returns on retirement savings and investments. Of course, there are benefits for delaying Social Security payments as well.

While the benefits of working with a financial professional are many, one important factor to consider for women is that it can help them feel more confident and prepared for their financial future. The study showed us that 85% say they feel better able to handle life’s curveballs (hello, global pandemic) by working with a financial professional. Further, 77% of those who currently have a financial professional feel they were able to better adjust to the impacts of the pandemic.

Despite these benefits, almost a third (29%) of women indicate they have never used a financial professional, but would consider using one in the future, and only 26% say they are currently working with one.

If you don’t already have a financial professional, speak with friends and family (particularly other women) who can recommend a financial professional they like and trust. Sometimes word of mouth is the best referral.

For the 42% of women who say they aren’t even thinking about retirement or those who have hit pause on saving or may have quit or lost a job with a 401(k)-match program, it’s important to start saving again in any amount you can. Any contributions you can make will help you catch up, and when you look at the bigger picture with investments compounding, you’ll feel better about putting even the smallest amounts away.

You can also consider revisiting your risk tolerance with the help of a financial professional to help you explore the potential for higher returns and make up lost ground.

The pandemic upended so many aspects of everyone’s lives, and put years of financial progress for women at risk. Despite these challenges, remember that retirement planning can’t go to the wayside any longer. Now is the time for women to get engaged with their finances again, and play a proactive role in managing risks to their retirement security.

What is the Mind diet? Part Two

How easy is the MIND Diet to follow? The MIND Diet is ranked   #4 in Easiest Diets to Follow

With broad food group recommendations, and "permission" to stick to guidelines loosely, the MIND diet should be easy to follow.

Eating out on the MIND diet is doable. Also, alcohol is allowed in moderation.

Recipes for the MIND diet are increasingly available. “Diet for the MIND: The Latest Science on What to Eat to Prevent Alzheimer’s and Cognitive Decline” was written by Morris and includes recipes by her daughter, a chef. MIND diet cookbooks by Kristin Diversi, and registered dietitians Julie Andrews and Maggie Moon offer meal plans as well.

There aren’t any time-savers with the MIND diet unless you can enlist help planning, shopping for and preparing meals. Otherwise, you're on your own.

While not specific to the MIND diet, you could probably get and adapt tips from the Oldways website, which is geared toward the Mediterranean diet. Similarly, the National Heart, Lung, and Blood Institute gives advice on healthy eating and is geared toward lowering blood pressure and the DASH diet.

With MIND's emphasis on green leafy veggies, which are rich in fiber, and no calorie-cutting requirement, you can feel as full as you like. Nutrition experts stress the importance of satiety – that feeling you've had enough to eat.

If you're used to dishes like veggies cooked in butter, your taste buds will soon adapt to olive-oil flavor. The same goes for foods prepared by frying: You'll get used to baked or grilled versions instead.

How much should you exercise on MIND Diet?

Exercise is not addressed in the MIND diet to date. However, physical activity may help protect the brain in people at higher risk for Alzheimer’s, suggest previous studies, such as a 2014 study in Frontiers in Aging Neuroscience.

Government guidelines encourage adults to get at least two and a half hours of moderate-intensity activity like brisk walking each week, along with a couple days of muscle-strengthening activities.

What is the MIND Diet? Part One

I have lost some friends to Alzheimer's and am aware of what the disease does to a person, so any opportunity to stop or slow the disease down is important. The USA News and World Report ran a story on a diet that helps slow down this disease. It is below

The MIND diet takes two proven diets – DASH and Mediterranean – and zeroes in on the foods in each that specifically improve brain health, which may lower your risk of mental decline, according to initial research. And though there’s no sure-fire way to prevent Alzheimer’s disease, eating healthful mainstays such as leafy greens, nuts and berries may lower a person’s risk of developing the progressive brain disorder.

The MIND diet, which stands for Mediterranean-DASH Intervention for Neurodegenerative Delay, was developed by the late Martha Clare Morris, then a nutritional epidemiologist at Rush University Medical Center, through a study funded by the National Institute on Aging and published online February 2015. The study found the MIND diet lowered Alzheimer's risk by about 35% for people who followed it moderately well and up to 53% for those who adhered to it rigorously. The Rush team’s follow-up research found that MIND is superior to the DASH and Mediterranean diets for preventing cognitive decline. Since then, several studies have also found brain-health benefits from following MIND, including an April 2020 study from Iran, which concluded that the MIND diet may reverse the harmful effects of obesity on cognitive ability and brain structure.

The MIND diet may have protective effects against Parkinson’s disease. In comparison research on adults starting at about age 65, following MIND was associated with later Parkinson’s onset – up to about 17 years later for women and eight years for men, according to the study published in January 2021 in the journal Movement Disorders.

U.S. News Best Diet Rankings

MIND Diet ranked #5 in Best Diets Overall. 39 diets were evaluated with input from a panel of health experts. See how we rank diets here.

How does MIND Diet work?

Every day, you eat at least three servings of whole grains, a salad and another vegetable, along with drinking a glass of wine. While a little alcohol consumption seems to be better for the brain than none at all, you could skip the wine since it's not necessary to follow the guidelines to the letter to benefit.

On most days you snack on nuts, and every other day you eat half a cup of beans. At least twice a week you have poultry and a half-cup serving of berries (blueberries are best), and you dine on fish at least weekly. Olive oil is what you primarily use at home.

How much does MIND Diet cost?

Berries, fresh vegetables and higher-quality olive oil are often pricier than processed, fatty, sugary foods.

Will MIND Diet help you lose weight?

It’s possible you will lose weight by following the MIND diet. While the MIND study was not geared toward weight loss, the brain-unhealthy foods frowned upon in MIND – such as whole dairy products, pastries, sweets and fried foods – are also tied to weight gain. By avoiding these foods, you might take off pounds while staving off dementia.

As for the two diets on which MIND was based, some research has linked the Mediterranean diet to weight loss or being less likely to be overweight or obese. As with the DASH diet, you could lose weight on MIND, especially if you design your personal plan with a calorie deficit. However, a study of more than 6,500 obese participants found no effects on body weight or waistline size from following the MIND, according to findings published in February 2020 in the Nutrition Journal.

Older Adults Most Vulnerable During Disasters

My thanks to the Tri-Cities Seniors Action Society for this 

It’s critical that older people, and those who care for them, prepare for emergencies. Emergencies can occur suddenly and without warning so it is important that individuals and families (especially those with special needs) are prepared to be self-reliant for a period of 7 days immediately following a disaster.

Where you are when a disaster strikes will determine what your needs will be. Will you have to evacuate? Will you be able to reunite with your loved ones?

The best way for you to be able to cope is to plan ahead with your support network. If you do not have a support network you will need to create one, from friends and

Tri-Cities Seniors’ Action Society Staying Connected P a g e | 7

neighbours. You will also need to follow the three basic emergency preparedness steps that will you help you cope with a disaster.

Step 1 - Create an Emergency Plan • Have an emergency communications plan. Create a group text or a phone call chain (a plan in which you make an initial call to one person, who then calls the next person, and so on). This will make sure that all relatives and friends know what is happening in the event of an emergency. 

• Keep contact information complete and up-to-date. Have the current numbers of people you’ll need to contact in an emergency. Make sure those people have your phone number and the numbers of nearby friends or neighbors. Put an extra copy of these in a travel wallet, purse, or suitcase. 

• Choose a meeting place in case of evacuation. Pick two meeting places—one near your home, the other outside the neighborhood—where you can wait and relatives can find you. Make sure everyone has the address and phone number of the meeting location. If you are caring for an older adult who lives in a facility, find out where he or she will be taken in case of evacuation. 

• Get local emergency information in advance. Get a community disaster/emergency plan for your area. Learn where evacuees go for medical care or emergency supplies of medications. Get a map of evacuation routes to keep in your car. 

• Exercise mock-disaster scenarios. Go over your emergency plan and practice with family and friends to make sure it is ready to be executed if needed. 

• Consider getting a medical ID bracelet. Consider ordering a medical ID bracelet or pendant for people with chronic health problems. Information on medical conditions, allergies, medications, and emergency contacts can be engraved on the surface. For very elderly or disabled adults, put the identification information, list of diagnoses, and medications in a traveler’s wallet that can be worn in an emergency.

Step 2 - Stock an Emergency Medical Kit An emergency medical kit should include: 

• Medications. A 3-6 day supply of your medications along with an up-to-date medication list that includes the names (brand and generic) of any drugs you’re taking and the doses. An insulated bag big enough to hold a two-week supply of any medications that require refrigeration, such as insulin. Keep ice packs in the freezer for the emergency medical kit. 

• Medical equipment and necessities. Include items such as blood sugar monitoring equipment, a blood pressure cuff, hearing aids/hearing aid batteries, and an extra pair of eyeglasses and/or dentures. 

• Written information about treatment. Ask your healthcare provider for copies of your medical records and lists of all active medical problems you have and how they’re being treated. Carry extra copies of Medicare, Medicaid or other insurance information with you.

Step 3 - Make a Disaster Supplies Kit A disaster supplies kit should include your medical kit equipment and: 

• Water. Plan for at least 1 gallon per person per day, and at least a 3-day supply. 

• Food. At least a 3-day supply of canned and dried foods that won’t spoil. Juices, soups, and high-protein shakes may be particularly helpful. 

• Basic supplies. A manual can opener, flashlight, battery-powered or hand-cranked radio, batteries, waterproof matches, knife, resealable plastic bags, tin foil, disposable cups, plates, utensils, basic cooking utensils, emergency whistle, and cell phone with chargers, battery bank, or solar charger. 

• Maps. Local and regional maps in case roads are blocked and you need to take detours. 

• Change of clothing & blankets. A complete set of clothing per person: a long-sleeved shirt, long pants, shoes, and weather appropriate outerwear. Also include one blanket per person. 

• Contact info and key papers. Have the phone numbers and addresses of friends and relatives you might need to contact, your healthcare provider, and any specialists you see. Also include copies of your credit and identification cards.

 • Cash. It’s a good idea to have at least $50 on hand; if that’s not possible, include as much as you can. 

• First Aid kit. See the Red Cross's comprehensive list of what to pack in your first aid kit. The Red Cross also sells pre-packaged first aid kits. 

• Basic hygiene products. Include soap, toothpaste, toothbrushes, sunscreen, hand sanitizer, toilet paper, baby wipes, and a few trash bags for garbage.