Friday, August 14, 2015

Forced to retire early, what can you do?

I retired early, because I wanted to, but there are many out there who were or will be forced to retire, because of economic or personal reasons. Many do not have much control over most factors that cause them to retire earlier than planned. Nonetheless, they can take some steps while still employed to minimize the financial consequences of premature retirement.

Emergency funds: All workers should have an emergency fund equalling at least three and preferably six months of living expenses. Those who find themselves unexpectedly out of a job can draw from this fund to pay bills and emergency expenses while looking for new work. Having such a fund means premature retirees might not have to tap into Social Security or retirement funds right away and, if they do find work, perhaps not until their planned retirement.
Eliminate or reduce debt: Everyone should keep debt to a minimum. It is difficult to take care of day-to-day expenses and credit card or other debts when no money is coming in.
Update skills: Employers have reservations about older workers’ flexibility, adaptability and ability to learn new skills and approaches. Voluntarily engaging in training, retraining, lectures, and education programs can help older workers counter these reservations and enhance their value to the business. That could work to their advantage when the employer is determining whom to let go. It can also help workers acquire skills that will aid them in a future job search.
Network: While employed, workers should nurture their job contacts as these can prove useful in the event of a job search.
Hone job-seeking skills: Looking for a job today is very different from what it was many years ago. A good strategy for older workers is to keep job-seeking skills up to date by periodically applying and interviewing for jobs. This will put them a step ahead if faced with an unexpected job search. They might also stumble upon a great job opportunity they can’t resist.

Workplace modifications some sites for my American friends:

The Americans with Disabilities Act (ADA) requires employers to consider workplace accommodations or modifications under certain circumstances.

Such changes might make it possible for ill or disabled workers to shift to another job with the same employer or to scale back work hours rather than leave employment.

Action item: Before retiring, workers should discuss these possibilities with the employer.

Early Retirement Extras for my American Friends

• Understanding Waivers of Discrimination Claims in Employee Severance Agreements” provides information and a check list on what to do when an employer offers a waiver agreement. Find it at the Equal Employment Opportunity Commission (EEOC) at www. eeoc.gov.

• Health Plans& Benefits: Continuation of Health Coverage— COBRA provides helpful information on COBRA. Find it at U.S. Department of Labor website at www.dol.gov. This website also has a useful “Frequently Asked Questions” on COBRA.

• Resources to help older people search for work may be available at Forty Plus www.retirementjobs.com and AARP (www.aarp.org/work).

• The U.S. Department of Labor website provides a handy United States map that enables visitors to click on a state to learn about its unemployment benefits program. Find it at: www.servicelocator.org/OWSLinks.asp

• The Americans with Disabilities Act website offers a wealth of information about work and disability. Go to: www.ada.gov.

The Exchange

I am a member of a Credit Union, and I use ATM's a great deal for their convenience, but I don't like the fees, so I was delighted to hear about the exchange. So if you are a member of one the participating banks or credit unions, you will save money by using this service. Great idea.

The Exchange is a network of ATMs for about 184 small banks and credit unions across Canada — announced in June that it was growing its network by over 30 per cent. The move brings The Exchange’s number of ATMs to 3,300, second only to the Royal Bank of Canada. According to the press release, 2,607 postal code areas will now be serviced by Exchange machines, which don’t charge clients of its member banks and credit unions any surcharges.

Participating financial institutions include Alterna Bank, HSBC Bank Canada, ICICI Bank Canada and Manulife Bank, which is adding 800 of the 830 new ATMs. Those 800 machines will be branded with Manulife Bank logo and will be installed in various Mac’s, Couche-Tard and Circle K stores across the country. The rollout began this month and set to be completed in September

Wednesday, August 12, 2015

Help Us Keep Our Community Strong Remember The Food Bank

My friend Ed Yee, who is Chairperson of SHARE Family Services recently sent out an email, which I want to share with you. All communities have Food Banks or equivalent systems where those who do not have enough food can go for help. I urge you to support your local organization(s) that run the Food Banks. Our neighbours need our help at this time of the year. Those of you who have been reading this blog, know that I was a Director of SHARE Family Services for 6 years and I support their work.

I want to recognize and thank you for the donations you have consistently given to SHARE over the years. We consider you a part of the SHARE family. Your ongoing investment in SHARE helps to make sure that individuals and families in the Tri-Cities receive the services they want and need to participate actively as friends, neighbours and parents in our community.

You may know that the SHARE Food Bank operates entirely because of people like you who want to help those in our community who are hungry. There is no government funding for Food Banks and the stores of food that were donated at Christmas are now nearly gone. We are asking for a gift that will help us ensure there is food in the food bank through to the Fall when summer holidays are over and the normal patterns of giving to the food bank return. I am writing with urgency and hope that you will make another donation today to help provide food to families through the summer months.

The SHARE Food Bank is the registered Food Bank for the Tri-cities communities. In the last fiscal year (2014/15) we served 5284 people. Of those, almost 2000 were children aged 18 and under. That represents 35% of those lining up for food each week. Families arrive at the Food Bank with many different stories. Some have had to swallow their pride after they lose their employment and are just finding a way to feed their family. Others are fighting illness and cannot work. Their meager income can barely cover their medical expenses. Still others are new comers, struggling to find work and overcome the significant barriers of language and a new culture. The stories are as unique as the person who lines up.

I’d like to tell you one of these stories. Melissa is a young woman with 2 children and was pregnant with her third when she fled her abusive relationship. She and her children spent several months in hiding at a women’s shelter until she managed to get into BC Housing. Due to the abuse she suffered during her pregnancy, she was considered a high risk pregnancy and was under constant doctor’s care to monitor the health of her unborn child. She came to the SHARE Food Bank for help. Because she was pregnant, she was able to receive a weekly food hamper as well as the Tiny Bundles items. This fresh produce, milk, eggs and other dairy products helps to ensure that she delivers a healthy baby and that her other children are fed every day too. Melissa’s story is just one of hundreds of compelling and often tragic situations that bring our friends, neighbours and family members to SHARE. With your help, we will be there when we are needed.

Please Remember the Food Bank today and give a gift to help Tri-Cities families who are struggling. There are many ways to give. You can complete the form below or give online at sharesociety.ca. You could make your donation affordable by signing up as a monthly donor and giving a smaller donation each month. We purchase dairy, produce and eggs for these special hampers to make sure babies get the nutrition they need. However you decide to make a donation, it will help provide food to families in the Tri-Cities.

Thank you for your support. Thank you for considering another gift and for supporting individuals and families in the Tri-Cities community.
Sincerely,

Ed Yee, Chair
SHARE Board of Directors

PS: This past year, 196 families with children under one year of age or with a mother who was expecting relied on our Tiny Bundles program to provide a weekly hamper filled with milk or baby formula, fresh produce, cheese or eggs. This important program ensures that the pregnant or nursing moms and their children under one are provided with the nutrition that is critical for a good, healthy start. The Tiny Bundles program is possible because of donations like yours that keep infants healthy in their critical first year.

Is 60's the New 40"

The simple answer is no. However, the more important question is why do we make the statement. Is it a fear of ageing? Our culture is obsessed with youth, and the thought of being old (defined as over 62 in Europe and being over 65 in North America) is not comforting to many. Why do we fear about ageing? Here are five of the most common fears of women and men. Notice the differences and similarities.

Men

Impotence The prospect of impotence was scarier than cancer or death to readers of a men's magazine in a 2001 poll. Perhaps there is a good medical reason for this: Otherwise healthy men who have erectile problems have been shown to have abnormal coronary tissue, higher incidence of high blood pressure, high blood fat, and other markers of heart disease.

Weakness Feeling weaker was named one of the most dreaded parts of aging for nearly 9 in 10 people surveyed earlier this year by the American Geriatrics Society Foundation for Health in Aging along with Abbott Labs.

Retirement/irrelevance The prospect of retiring fires enormous anxiety because it, too, begs the question, "If I'm not my career, what am I?" In the U.S., reaching retirement age tends to coincide with having your opinion solicited less and becoming”invisible," she adds. Net result: a huge ego blow.

Losing wheels (and independence) The prospect of having to give all that up -- which many men first think about when they see their own fathers turning in the keys for safety's sake -- is scary indeed. Driving is also emblematic of another fear: Becoming dependent on others to meet basic needs.

Losing your mind (or your wife losing hers) Perhaps recent headlines are scaring more men into the fear of Alzheimer's: Men are more likely than women to have mild cognitive impairment (MCI) -- sometimes called "pre-Alzheimer's" -- and get it earlier, according to a Mayo Clinic study in the September 2010 journal Neurology. Nearly one in five men ages 70 to 85 have the condition, which falls between normal forgetfulness and early dementia Know that only about 15 percent of cases of mild cognitive impairment evolve into dementia each year. (If you are married, you may be protected; MCI is highest in men who were never wed.) No sure fire ways to prevent Alzheimer's have been found, but a heart-healthy lifestyle may lower the risk.

Women:

Losing Attractiveness/Becoming "Invisible" Fear about appearance persists right into the 70s and 80s

Being Left Alone A spouse's death figures high among women's fears, as does seeing their children dying first or losing old friends when they relocate for retirement, move to be closer to family, or become sick or die.

Becoming a Bag Lady Bernie Madoff, the real estate collapse, and the Great Recession 2.0 have only fueled a classic female fear of aging: financial destitution. Today's younger women may also carry mental images of their mothers' and grandmothers' financial illiteracy.

Cancer Maybe it's those ubiquitous pink ribbons. Cancer, particularly breast cancer, tops the health concerns women fear most, according to a 2005 study by the Society for Women's Health Research.

Being Dependent on Others both men and women alike dread "becoming a burden, and for many women, who have traditionally been the caregivers, the prospect of a role reversal is especially uncomfortable.

Source: https://www.caring.com/articles/5-things-men-fear-about-aging https://www.caring.com/articles/5-things-women-fear-about-aging