On the road of life, sometimes we make a wrong turn. Lessons from our GPS

Over the years we have had many adventures and traveled many roads. I love the idea of serendipity, which is the occurrence and development of events by chance in a happy or beneficial way. Most of my adventures and I hope your adventures as well, over the years have been for the most part happy ones.

My first adventure with GPS was interesting and gave my friends and I a wonderful story.  Think about life, here you are driving down the road of life. Things are going well.  You know where you're heading. Your GPS device is guiding you along the way and everything is going smoothly.  The GPS speaks up and says: "In 300 meters, turn right." But you know the area, and decide that you will turn left, as the GPS is taking a route that you know and at this point don’t want to travel. So you turn left.

Others driving on the road of life with you may think, why did you do that, you may have screwed up! You didn't stick to the plan.  You sabotaged the entire trip! You couldn't even follow simple instructions.

Is any of that what the GPS unit says?  No, of course not.  It simply says something like:  "Recalculating" or "Rerouting".

On the road of life, we all make turns that don’t give us the results we need or want. Sometimes because we're not paying attention, sometimes it's because the path looks too difficult, sometimes we just fall back into old patterns.

If you have made a wrong turn on the path of life, it is never too late, just take a lesson from the GPS.  Re-examine where you are now, reconfirm where you want to go and recalculate your route. No judgments - just get back on track!

Remember we are all doing the best we can. One wrong turn now and then isn't the end of the world - you can always recalculate.

How seniors approach health concerns after retirement

More information from the Merrill Lynch study of retirement. The other day I pointed out that the study found four different approaches to Health after retirement, and asked which group fits you. Here is some more information about the four groups to help you decide which best fits. I am in the Lucky but Lax group, but after reading the study I am inclined to move to the Healthy and Proactive.

Healthy and Proactive (29%) 55% female, 45% male

•      Actively engage in key health behaviors such as exercising and eating well (73%)

•      Few allow things to get in the way of taking care of their health (25%)

•      93% say that staying healthy is a source of pride

•      Few see themselves as limited by a chronic condition (20%)

•      Have proactively researched retirement-related health care costs and insurance options (49%)

•      If married, many have had discussions with their spouse about retirement health care topics

Lucky but Lax (10%) 41% female, 59% male

•      Only about a third engage in key health behaviors (35%), yet compared to others their age, fewer currently have a chronic condition

•      Rarely seek out information to improve their health (37%)

•      Feel some concern about the impact an illness could have on their financial situation (62%)

•      Few research retirement-related health care costs and insurance options (23%)

•      Among those who are married, fewer than a quarter have had discussions with their spouse about retirement health care topics

Course-Correcting and Motivated (29%) 53% female, 47% male

•      Four out of five say having a chronic condition was a wake-up call for them to take better care of their health (82%)

•      Many now engage in healthier behaviors (55%), actively seek out information about how to improve their health (80%), and are very interested in technology that can help them better manage their health

•      Are very concerned about the impact illness could have on their financial situation (68%)

•      Many have researched retirement-related health care costs and insurance (46%)

•      If married, about four in ten have discussed retirement health care topics with their spouse

Challenged and Concerned (32%) 57% female, 43% male

•      Many have chronic conditions, which keep them from doing the things that they enjoy (48%), and only about two out of five engage in key health behaviors (42%)

•      Many say other life worries and responsibilities get in the way of taking care of their health (58%)

•      Are seriously concerned about the impact illness could have on their financial situation (72%)

•      Only about a third have researched retirement-related health care costs and insurance options (36%)

•      Among those who are married, less than one-third have discussed retirement health care topics with their spouse

•      Feel very overwhelmed (58%) and confused (54%) by retirement health care cost and insurance information

What is important in retirement, men and women disagree

In a report called Health and Retirement, Planningfor the Great Unknown, done by Merrill Lynch,  81 percent of today's retirees, believe that the most important ingredient for a happy retirement is good health, outranking financial security, which rang in at 58 percent. Ranking much lower as sources of retirement happiness are:

• Having loving family and friends (36 percent)
• Having purpose (20 percent)
• Trying new things 5 percent)

In another study, by the Chosun Ilbo and matchmaking firm Sunwood polled 300 senior citizens between 60 and 75 and found that older men and women differ widely on what is the most important ingredient for a happy life after retirement.

For women, the most important factor is financial independence with 37%. They believe money ensures that they can stay attractive, travel and enjoy other leisure activities.

Next came health (33%), friends (10%), and hobbies (8%).

But for men, the most important factor is health with 38%, followed by money (32%), hobbies (12%) and friends (6%).

A Sunwood researcher said, “The findings reflect the view that money and hobbies are useless without health. Men tend to have shorter life spans than women, which may be why they care more about their health."

This is interesting compared to the Merrill Lynch survey which found that as they approach retirement, boomers (both men and women) say they are far more likely to take charge of their health and health care than their parents’ generation. In fact, boomers have adopted a more empowered, proactive approach to health during every stage of their lives.

Boomers believe their own lifestyle decisions will be crucial for a healthy retirement. Their top strategies for maintaining health in retirement include diet, exercise, staying connected and work.  Boomers are also highly optimistic about their health, with nearly 80 percent expecting their generation will be healthy and active at the age of 75.

The Merrill Lynch study uncovered four Boomer Health Styles and revealed how these different types of boomers approach their health, health care, and preparation for health care expenses in retirement: Healthy and Proactive (29%), Lucky but Lax (10%), Course-Correcting and Motivated (29%), and Challenged and Concerned (32%). Which fits style are you?

·       The Healthy and Proactive take charge of their health and health finances. They are the most actively engaged in healthy behaviors such as exercise and eating well, have the most positive attitude about their health, and also feel well prepared for health care costs in retirement.

·       The Lucky but Lax have been fortunate to be relatively healthy so far, but show little interest and effort in taking care of themselves or planning for their health finances, leaving them potentially vulnerable to future unexpected health disruptions.

·       The Course-Correcting and Motivated have experienced a health “wake-up call,” such as an illness or diagnosis, and are now trying to improve their health by seeking out information and tools as well as adopting healthier behaviors.

·       The Challenged and Concerned are struggling with health challenges, yet many are not actively taking good care of their health. They are the most worried about the impact of illness on their finances, and are the most likely to say health care costs and insurance information are overwhelming and confusing.

New tool to help seniors in BC

The Office of the Seniors Advocate is working with PovNet which offers online resources for poverty-related issues in BC, to develop an online training program aimed at training volunteers to assist seniors to access key subsidies and supports, including how to fill out government forms. 

The Senior Advocate said, "We were surprised to learn of the lack of awareness among seniors, particularly low-income seniors, of government programs and subsidies available to assist them,” This is a reminder that it is not sufficient to provide supports. The results of the survey clearly show we need to do a better job of connecting seniors, particularly low-income and older seniors, with subsidies available to them.” 

Premium Assistance, which subsidizes MSP premiums, is an example where seniors living on $22,000 or less could save up to $864 per year, yet 60% of seniors surveyed, living on $30,000/year or less, reported they don’t know about the program. The survey, conducted in late 2014, surveyed seniors’ knowledge and awareness of a range of programs and grants designed to support them, including the Shelter Aid for Elderly Renters (SAFER), Medical Service Plan Premium Assistance, Fair Pharmacare, Property Tax Deferment Program, Home Adaptations for Independence and the federal Guaranteed Income Supplement (GIS) programs. 

Across the board, the survey showed that awareness was lowest among the seniors over the age of 75 and those with incomes of less than $30,000/year. “Even those seniors who access subsidies are struggling, so I can only imagine how much greater the challenges are for those who aren’t accessing their entitlements,” said Mackenzie.

In BC, more than 50,000 seniors are helped each year to fill out their income tax returns. The OSA’s 2015 survey Bridging the Gaps found that many seniors are not aware of key subsidies and support available to them. Data highlighted:

• Only 40% of senior homeowners with household incomes below $30,000 are aware of the Property Tax Deferment Program
• Only 39% of seniors are aware of MSP Premium Assistance
• Less than 50% of senior renters over 75 are aware of the Shelter Aid for Elder Renters (SAFER) subsidy

We need to do more to get the word out about the help available to all seniors about the programs or more people will become homeless.