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Tag Archives: elderly parents

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.

Don’t Get Fooled Again: How to Avoid Scams that Target Seniors

Woman being scammed over phone

It’s a sad fact of life: senior citizens are among the most popular victims of the world’s scam artists.

According to the FBI, this is for a few different reasons.

  • Senior citizens are more likely to own their homes, have money tucked away and have an excellent credit score.
  • Seniors are more interested than younger people in products that can make them healthy. After a lifetime of seeing different diseases cured or eradicated, it doesn’t seem that far-fetched that a con man’s miracle drug can do what’s promised.
  • Older people don’t always make great witnesses. Their memories can be shaky, and they might be reluctant to report fraud because they worry their families will think they can’t be trusted to manage their finances.

If you have elderly parents, it’s important to keep an eye out for some of the most common scams that target seniors.

Continue reading "Don’t Get Fooled Again: How to Avoid Scams that Target Seniors"

Does Medicare Pay for Stair Lifts?

Two types of stairlifts both available at PA Stairlifts. Does Medicare pay for stir lifts, in some cases you can receive help.

Does Medicare pay for stair lifts?

The short answer is “No,” but that’s also not a very helpful answer. And we want to be helpful.

That’s why we want to use this blog post to explore some of the ways you can pay for a stair lift. Continue reading "Does Medicare Pay for Stair Lifts?"

Caring for an Elderly Parent in Your Home

elder care at home with PA stair liftsThere are a few million multi-generational households in America, according to the AARP. The combination of rising housing costs, a stagnant economy and an aging population have led to more and more homes where parents, children and grandparents live under one roof.

Having an aging parent move in with you comes with rewards. You can share costs, forge closer bonds and have someone to help with some level of child care.

At the same time, a multi-generation household can cause stresses for both you and your parents. You want them to feel like part of the family while also preserving your core family’s unity. And if they’re staying with you for health reasons, you may end up caring for them while also trying to raise children.

Continue reading "Caring for an Elderly Parent in Your Home"