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Category Archives: Retirement

What’s the Difference Between Medicare vs Medicaid?

Medicare vs Medicaid

Medicare vs Medicaid.

They’re both government programs and they both have similar names. But they aren’t interchangeable.

Look closer at these federal health insurance coverage programs and you’ll find some key differences. Read on to learn everything you need to know about Medicare and Medicaid. Continue reading "What’s the Difference Between Medicare vs Medicaid?"

What is Medicare?

Medicare Card and X-Ray

Even if you’re not yet old enough to receive Medicare, you probably have some idea what it is: health insurance for senior citizens.

But that’s a simple explanation for a complicated system. In this blog post, we’ll look at the different parts of Medicare, what they do and how it differs from its sister program, Medicaid. Continue reading "What is Medicare?"

What is Senior Assisted Living?

Senior assisted Living caregiver combing senior mans hair

Earlier this month, we wrote about independent living. This is a type of housing which allows senior citizens to have access to dining, medical care and various activities, but still live independently.

This week, we’ll focus on senior assisted living, which offers more support for older people who might have trouble with daily tasks. Continue reading "What is Senior Assisted Living?"

What is Senior Independent Living?

Senior independent living

You’ve gotten past retirement age, and the house where you’ve spent the past 20 or 30 years suddenly seems like too much work.

You’re far too young and too healthy to think about moving to a nursing home, but you’re still looking for a change. That’s where senior independent living comes into play. Continue reading "What is Senior Independent Living?"

Paying for Long-Term Care: 6 Retirement Questions to Ask

Seniors reviewing retirement plans - long term care

Visit your cell phone’s app store, and you’ll find dozens upon dozens of apps that let you count down the years, months, days and hours until your retirement.

For some people, it’s a cause for celebration: You did it! You can finally take it easy.

But for other people, the countdown to retirement only leaves them feeling uneasy. With retirement comes the big Retirement Questions: What will I do? Where will I live? What if I get sick and need long term care? How am I going to be paying for long-term care in retirement? Continue reading "Paying for Long-Term Care: 6 Retirement Questions to Ask"

How Much Do I Need to Retire?

Multi ethnic group of reitred seniors - How much do I need to retire?

As we set out to write this blog post about retirement, we began thinking – of all things – about the movie Austin Powers.

Specifically the scene where Dr. Evil, the film’s villain – who had been cryogenically frozen for 30 years — unveils his plan to hold the world ransom for…”one MILLION dollars,” unaware that $1 million is no longer an impressive sum of money.

We have to say, we see the movie’s point. On one hand, $1 million can be a life-changing amount of money. On the other hand, it may not be enough to fund your retirement.

So, how much DO I need to retire?

Retirement planning - Outliving your retirement savingsFor years, $1 million was the target experts suggested most people try to hit when building a retirement nest egg.

We’ve also seen other sources – places like Forbes, Vanguard and The Motley Fool – suggest ensuring your post-retirement income is anywhere from 60 to 80 percent of your pre-tax income during your working years. The AARP says you should aim for $1 million to $1.5 million, or 10 to 12 times your income.

“For people approaching retirement, those figures might be a source of panic, denial and dread,” the AARP says on its website.

“But a true retirement number is different for everyone, says Dan Yu, managing principal at EisnerAmper Wealth Advisors. It depends on factors such as where you’ll live and how healthy you’ll be as you age. And most challenging of all — how long will you live?”

Here are four things they suggest asking to calculate the big question: How much do I need to retire?

1. What will my cost of living look like?

Retired seniors on vcationCreate a budget to track your expenses. Some financial planners say you’ll need 70 to 80 percent of pre-retirement income when you’ve finish working, while others say that figure is too conservative and go all the way to 100 percent.

That’s because our spending doesn’t really slow down in the first years of our retirement, according to Yu. For example, a lot of new retirees find themselves traveling – and thus spending – more.

2. What if you outlive your retirement funds?

People are living longer, healthier lives, but many of us still plan for a retirement that will only last 15-20 years. Statistically speaking, an upper middle class couple who are in their mid-60s today have a better than average chance of both living to 95.

3. Are my savings enough?

In order for you to generate $40,000 a year for 30 years once you stop working, you’ll need to have amassed a retirement savings of $1.18 million. The AARP says this figure was calculated using average returns of six percent and inflation of 2.5 percent.

4. What if I don’t have enough?

Retired seniors paying bills and planning retirementIf any of the numbers we’ve mentioned seem out of reach, don’t panic. Just start saving. Again, from the AARP website:

“Savers can double, on average, their nest eggs in the last decade or so of their working lives, thanks to the magic of compound interest, says Michael Kitces, director of planning research at Pinnacle Advisory Group. Think about going from two cars to one or cut back on travel to keep spending low.”

At Pennsylvania Stairlifts, we try to do our best to help seniors get the most out of their post-retirement life, whether it’s by offering information on retirement planning, or providing affordable, high-quality stair lifts and platform lifts that allow them to enjoy their homes for longer.

Contact us today to learn how we can make life after retirement easier for you and your loved ones.

Choosing the Right Senior Living Community

Seniors at senior living community

We’ve written numerous times about the concept of aging in place, often noting that most senior citizens want the option of aging in place.

But for many seniors, remaining at home may not be practical. They might need the care and services that only a nursing home or assisted living community can provide. Continue reading "Choosing the Right Senior Living Community"

Jobs for Retirees: Retirement Blogging

Kathy Merlino

Meet Kathy. She retired a few years ago, but it wasn’t an easy process. So to help other people in her shoes cope, she started a blog.

Now, you might think we’ve invented Kathy as a way to illustrate this week’s topic, but she’s a real person. You can follow her at Kathy’s Retirement Blog, where she offers tips on the emotional side of transitioning from working life to retirement.

“Retirement takes more than financial preparation,” she writes. “It is more of a journey than an arrival at a life destination. And, it is not an end but a beginning. People are living longer, are more productive than ever. That said, getting to my happy place in retirement was a challenge. But, I learned, as I meandered through this life transition, I am far from alone.”

Kathy is definitely not alone. In fact, she’s one of many seniors who have turned to blogging in retirement. There are a number of benefits to starting a blog, but first, let’s look at how you can begin retirement blogging.

Getting started

Portrait of smiling man using tablet computer while cooking food in kitchen at home

Begin by asking yourself “What do I want to write about?” Think about the classic advice for writers – “Write what you know!” – and go from there:

  • If you’ve always loved to cook, you could start a blog where you share recipes and tips for making healthy, delicious meals.
  • If you’re devoting your retirement years to travel, your blog can document your journey.
  • If you’re done with your old job but are still interested in your former career, you could write about trends in your industry and offer your perspective.
  • If you’ve lived an interesting life or had an unusual job, you can turn your blog into a memoir.

From there, find your platform. We use WordPress, which is simple and intuitive, but there are plenty of free – or at least low-cost – options for retirement blogging.

You may also want to read blogs by other people in your chosen field to help hone your writing skills. But don’t copy their style. Choose your own voice.

And then finally, head to social media to promote your blog. Platforms like Twitter and Facebook can help you share your words with the world…or at least with your family and friends.

The benefits of retirement blogging

Why should you start a blog after you retire? There are several good reasons blogging is becoming a popular choice among jobs for retirees.

Senior woman blogging while sitting in her garden1. It keeps you plugged in

After retirement, it’s easy to feel isolated. Studies show the value of senior citizens staying active and engaged. Blogging can help on both fronts. It’s like going back to work, but rather than going after any of the traditional jobs for retirees, you’re working on your own schedule and according to your own terms.

In addition, blogging can help you reach others. You can create a community based around whatever you’re writing about, whether it’s books, cooking, travel or finance.

2. You’ll keep your mind sharp

Blogging means researching the things you want to write about, organizing your thoughts and coming up with the right turns of phrase, all of which helps sharpen your mind.

Retired couple happy with their finances3. You might make some money

We’re not saying you should expect to get rich – or even earn a living – from your retirement blogging efforts, but some bloggers can make money through ads on their website or by contributing writing to other sites.

If you’re writing about products that people are selling, you might get paid to offer up reviews. And if you blog for long enough – and have enough interesting things to say – you might be able to someday turn your blog into a book.

Are you looking for other ways to make your retirement a more enjoyable experience? Turn to Pennsylvania Stairlifts.

We recognize how important it is for senior citizens to age in place, which is why we’re committed to providing only the best accessibility features like stair lifts and platform lifts.

Contact us today to learn how we can help make your home a safer, more comfortable place.