SRES Consumer Newsletter - October 2020

 

Consumer Newsletter – October 2020 US Edition; By Elyse Umlauf-Garneau	www.sres.org

Best Cities for Retirement

The COVID-19 crisis has many carefully considering the when, where, and how of retirement.

In its “2020’s Best & Worst Places to Retire,” WalletHub analyzed more than 180 U.S. cities and ranked their retirement friendliness.

The variables it examined included safety, access to healthcare, affordability, tax friendliness, and quality of life.

The report can help you start thinking through decisions about finances, your next city, and what’s important to you in retirement.

Here are WalletHub’s top five retirement cities:

1.     Orlando, Fla.

2.     Tampa, Fla.

3.     Charleston, S.C.

4.     Miami, Fla.

5.     Fort Lauderdale, Fla.

Other spots in the top ten included Casper, Wyo., Minneapolis, Minn., and Jackson, Miss. See the complete list here: https://bit.ly/3moEMeO 

Beyond the rankings, there’s additional value in the insight provided by experts that WalletHub interviewed.

They all answered a set of questions on topics like financial considerations, mistakes people make when planning for retirement, and the effect the pandemic has had on people’s plans.

Joseph F. Coughlin, Director of the Massachusetts Institute of Technology AgeLab, Senior Lecturer, Department of Engineering Systems, Massachusetts Institute of Technology, pointed out that retirement is a long time — about one-third of your adult life or 8,000 days.

“Therefore, where you live should have all the elements you would want to live well, not just walking the beach, golf course, or even the occasional bike ride. Think about access to healthcare, friends, the likelihood of making new friends, activities that stimulate — not just entertain,” commented Coughlin.

He also warned against being wooed by trite brochures and ads showing retirement as an endless vacation, saying, “…it is crucial to living in a place that pushes and pulls you into participating in activities and social interactions that excite and delight. Retirement means stepping away from the routine of work that lasted 30-40 years, it is not about stepping out of life.”

Another interviewee, Cal J. Halvorsen, Assistant Professor, School of Social Work, Boston College, emphasized the importance of building social connections and finding a sense of purpose.

He spoke about the loss of a sense of self that people face during retirement and the importance of making it a priority to find new purpose through volunteering, philanthropic work, part-time jobs, and hobbies.

If you’re still uncertain about the states to consider for retirement, look at a January 2020 WalletHub presentation (https://bit.ly/3hwFwuv), “Best & Worst States to Retire.” It measured states on things like affordability, quality of life, and healthcare.

Here are WalletHub’s top 10 states:

1.     Florida

2.     Colorado

3.     New Hampshire

4.     Utah

5.     Wyoming

6.     Delaware

7.     Virginia

8.     Wisconsin

9.     Idaho

10.  Iowa

Medicare Open Enrollment — October 15-December 7

Medicare Open Enrollment for 2021 starts on October 15 and ends on December 7, 2020. 

It’s your chance to sign up for coverage for the first time or, for those already enrolled, to review coverage and make changes.

It’s best to get an early start and not wait until the last minute to review your options. Particularly for first-timers, the system is complex and it can be challenging to figure out what policies fit your needs.

Resources:

 

·        “Different types of Medicare health plans” (https://bit.ly/3iuv1sR) to understand what a Medicare health plan is.

·        For complete Medicare information, including costs, what it covers, and to sign up, see: https://bit.ly/2Fyo2AD.

·        AARP (https://bit.ly/3ivillH) explains the ins and outs of Medicare, mistakes to avoid, and how to figure out what all the letters — Plans A, B, C, and D — actually mean. 

	Real Estate Matters: News & Issues for the Mature Market Palmer House Properties 10 Strecker Road, Suite 1650  Ellisville, MO 63011 Matt Wroughton - SRES, PSA

 

 

 

 

 

 

 

 

 

 

 

 

SRES Consumer Newsletter - July 2020

Consumer Newsletter – July 2020 US Edition; By Elyse Umlauf-Garneau	www.sres.org

Get Serious about Post-Pandemic Retirement Living

The Covid-19 crisis most certainly has caused people to reconsider all sorts of things in their lives – how and where they live, what’s no longer a priority, and the lifestyle changes they’ll make in a post-pandemic world.

And for many of those over the age of 55, the crisis has solidified their pledge to avoid any kind of group living setting – assisted living or continuing care – in retirement.

After all, Covid-19 deaths were rampant in many such facilities. According to the New York Times, more than 40 percent of U.S. deaths from Covid-19 were linked to nursing homes and other long-term care facilities.

Moreover, residents who paid handsomely to buy a certain kind of lifestyle were all but held prisoner in such facilities and with no in-person contact with family members.

Consider what’s happened as a wake-up call and give some serious thought to your retirement housing – envisioning your future, weighing your options, looking at what’s available, examining your finances, and making a plan.

Though thinking about such topics is easy to put off, making such big decisions is best done in a calm, thoughtful way well before you’re forced to do so because of a health crisis.

If you know an institutional setting isn’t right for you, consider some of the non-traditional living options that have emerged.

Roommates – Who in your circle of friends would make good future roommates? Could you invest in a property together and hire shared care to help you as you age?

Tenants – Would you consider renting part of your house to college students or recent graduates, who could do tasks around the house in exchange for lower rent?

Village movement – Would you like to join an existing Village or start a Village Movement (a grassroots program in which neighbors volunteer to help neighbors age in place) in your community?

Communal living – Would co-housing, featuring a mix of ages, people, and communal spaces be your speed?

Campus retirement – Is lifelong education central to your life? If so, a university-based retirement is another option. Housing is located on or near a college or university campus, and residents are allowed to take classes and participate in campus life.

Still, the vast majority – 75%, according to AARP – of people prefer to age in place. If you’re among them, take a hard look at your home’s flaws and start exploring ways to make upgrades using universal design principles. Universal design addresses the needs of everyone and allows a property to be accessed and used by all people, regardless of their age or disability.

Some basic questions to address include:

·        Where are the home’s potential dangers?

• How can you best adapt your house in a way that will keep you safe and active?
• How can you eliminate stairs?
• Is it possible to widen doorways to accommodate a walker or a wheelchair?
• How much can you afford to spend on upgrades?
• What are your financing options?

Consult with professionals – universal design experts, architects, and contractors -- who can help you develop and execute an appropriate plan.

Resources:

• Co-Housing – Foundation for Intentional Communities (https://bit.ly/3hybPdF); The Cohousing Association of the United States (https://bit.ly/2YzoiVS)
• Universal Design Living Laboratory https://bit.ly/3fuh24G
• University-based retirement -- https://on.wsj.com/3e4UEOF; https://bit.ly/3e5ZDyC
• Village Movement – Village to Village Network (https://bit.ly/3hunf2b); Beacon Hill Village (https://bit.ly/2N0KUsZ)

Resuming nursing home visits

Leave it to the design community to respond quickly and creatively to a crisis.

Scott Brownrigg, a London-based architecture firm, came up with an idea to allow visits to nursing facilities to resume.

Its Social Contact Pod (https://bit.ly/2ULBNRs) lets people see and hear one another, but a clear protective barrier separates the parties and protects against transmission of Covid-19. Other innovative solutions likely will emerge too.

In addition, the Centers for Medicare and Medicaid Services (CMS) has issued guidelines  about easing nursing home restrictions and making visits possible.

If your loved one is living in an assisted living or continuing care facility, familiarize yourself with the CMS guidance (https://go.cms.gov/30LI03A) and ask the facility management the timetable for restarting visits, how they’ll keep residents and visitors safe, and what protocols you’ll be required to follow.

 

	Real Estate Matters: News & Issues for the Mature Market Coldwell Banker Premier Group 2203 S. Big Bend Blvd. St. Louis, MO 63117 Matt Wroughton  -  SRES, PSA

 

 

 

SRES Consumer Newsletter - June 2020

Consumer Newsletter – June 2020 US Edition; By Elyse Umlauf-Garneau	www.sres.org

Rethinking Home

After spending so much time at home during this pandemic, you’re probably seeing all the flaws in your house. Sure, there’s the normal stuff, including that dripping faucet, the cracked bathroom tiles, and that carpet that needed replacement years ago.

But there are often bigger issues. Maybe the house no longer fits your needs, especially if you anticipate spending vast amounts of time at home even after the stay-at-home orders expire.

Others also have noticed their homes’ shortcomings, according to a REALTOR.com survey (https://bit.ly/2WulKIN). It looked at consumer preferences and how the Covid-19 lockdowns have changed their perception about their wants in a home.

Though survey participants were based in the United States, the feelings likely are shared by people well beyond the U.S. borders, given that so many also have been hunkered down for weeks or months.

It’s no surprise that with parks, restaurants, and other gathering places shut down, people are treasuring outdoor space. That’s reflected in the survey. When respondents were asked about the features that have gotten more important to them during the pandemic, a wish for a patio or yard took the number two spot, accounting for 13.2 percent of responses. A quiet neighborhood topped the list (13.4% of responses).

One in five respondents said that more space is the most desired change in their current living situation. Updated kitchens (13%) and home gyms (11.3%) ranked second and third.

Wished-for amenities vary by age, gender, parenting status, and whether respondents were renters or owners.

For instance, renters would like a quiet neighborhood, storage, and a spare bedroom.

Parents with young kids value flexible space like craft areas, game rooms, a home office, and workout space. They’re also interested in either an in-law suite or an accessory dwelling unit (ADU).  

Kitchen updates, house style, and more space ranked higher with those over the age of 55.

With so many working from home, consumers also say they’d appreciate better technology like faster WiFi and smart home features.

Respondents in the 55-plus age group were the most likely to be content with their current home, yet in a future property, they’d value a bigger house, an updated kitchen, and better technology.

 

Getting connected

One of the most challenging aspects of the stay-at-home orders during this pandemic has been the isolation and separation from family and friends.

Perhaps no group has experienced these feelings of isolation more acutely than seniors.

It’s made worse when seniors’ access to and ability to operate technology is limited.

Though jumping on a Zoom (the free video conferencing platform) meeting is a cinch for younger people, it can be an enormous challenge for some seniors.

There’s help for seniors who want to learn to better understand and use Zoom.

Planet Seniors offers a written step-by-step guide in English, Spanish, and Chinese,  (https://bit.ly/2LvclKE) that you can use to walk the senior in your life through the set-up.

This video (https://bit.ly/3burNkR) provides simple, easy-to-understand directions

Visit the Zoom help center (https://bit.ly/3dIOxz9) for details about getting started with and navigating Zoom.

Smart ways to invest $1,200 stimulus check

If you’re lucky enough to not need the Economic Impact Payments authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) – more commonly known as the  $1,200 stimulus check -- for immediate expenses, treat It like a windfall and use it wisely.

Here are three ideas.

1.     High-interest debt. Pay off all or some of your credit card debt.

2.     Emergency fund. Stoke your emergency fund. It’s smart to have three to six months’ worth of living expenses in savings.

3.     Fund your IRA.  Now that the tax filing deadline has been extended to July 15^th, you have until then to add money to your Roth or Traditional IRA. For those over the age of 50, the maximum contribution is $7,000 for 2019.

 

 

 

 

	Real Estate Matters: News & Issues for the Mature Market Coldwell Banker Premier Group 2203 S. Big Bend Blvd St. Louis, MO 63117 Matt Wroughton - SRES, PSA

SRES Consumer Newsletter - May 2020

Consumer Newsletter – May 2020 US Edition; By Elyse Umlauf-Garneau	www.sres.org

Caremongering Spreads Goodness, Not Fear

As news of Covid-19 started gearing up, Allison Bradley felt heartbroken when she spotted seniors running errands and grocery shopping around her town, Kelowna, B.C.

“My goodness, you are risking so much by being out here. It’s so unnecessary.” she recalls thinking. She then stopped by a senior service center and volunteered to help out during the pandemic.

“But I was still frustrated and upset. I kept seeing more of these seniors and felt I wasn’t doing enough,” she says.

Surrender to kindness

She and her partner, John Scott, responded by launching Caremongering  Kelowna (https://bit.ly/2RyJyZf) on Facebook.

Caremongering is a phenomenon that has swept across Canada to respond to community needs as the Covid-19 pandemic took hold. Rather than surrendering to hopelessness and embracing anguish and spreading fear, caremongering gives people a way to act on their good natures and help their communities and neighbors.

It’s dead simple. Local residents post their needs – groceries, protective masks, and medicine pick-ups -- and local volunteers step in to fulfill those needs.

Facebook Caremongering sites have emerged across Canada, including those in Oakville (https://bit.ly/2Vn91py), Toronto, Wellington (https://bit.ly/3a30mOf), and Yellowknife (https://bit.ly/2xtN4x0). 

The idea also has taken hold in the United States. Caremongering sites have emerged in Joplin, Missouri (https://bit.ly/2RysdPU), in Tampa, Fla. (https://bit.ly/3emigPv), and in Chicago (https://bit.ly/3eiaPZO), for  instance. In addition, hyper-local groups have popped up, including those in Chicago’s Edgewater (https://bit.ly/3el44Gi) and Logan Square (https://bit.ly/3egBfuM) neighborhoods.

Ensuring community well-being

“When we created Caremongering Kelowna, it was, ‘Oh, this will be good for the community, and we’ll be picking groceries and stuff like that.’ But it's blossomed into so much more,” says Scott.

In addition to helping neighbors with the basics, people in Kelowna also have stepped up to deliver good cheer and maintain their community members’ physical and emotional well-being.

Groups have decorated their cars with balloons and streamers to do drive-by birthday parties.

Kevin Negoro, a local chef, cooked an entire meal (https://bit.ly/2yON8Yz) and dropped it off to help a family celebrate a birthday.  

A property owner with an empty Airbnb near the local hospital is letting nurses stay for free.

Someone else wanted to learn how to play the guitar and a guitarist offered to sanitize one of his instruments and drop it off.

On other caremongering  sites, the stories are much the same. People have been dropping off cake mixes, answering questions about making homemade yeast, delivering Easter meals to seniors, offering advice on starting gardens, and giving others a heads-up about where to get supplies and find doctors and home repair experts.

Still, it’s been challenging to find and serve the needs of seniors because many aren’t on Facebook, and Bradley and Scott still are looking for ways to get the word out more widely to seniors and their families.

From the heart 

The two also encourage others to create their own caremongering sites.

Set-up is a cinch, and there’s minimal management, other than establishing a few ground rules and moderating the site.

Scott created a basic Facebook page and made it public. Beyond inviting some friends to join, there was no marketing involved.

Word got out through friends sharing the page with friends. In addition, the media picked up on it and did a couple stories, and within a few weeks of its March 17^th launch, the site had over 1,700 members.

“We've got no organization over us, and we don't take direct control of anything, other than encouraging people and saying, ‘Hey, you've got abilities and talents that nobody else has that you can contribute,’” says Scott. “Everyone has a neighbor and every neighbor has something that they can offer to one another.”

It starts with you

The main thing they monitor on the site is businesses trying to promote themselves or others looking for financial gain.

“It's got to be, ‘How can I help?’ It has to be from the heart,” says Bradley.

For those who feel paralyzed and overwhelmed by stay-at-home orders, fears for the future, and dismay about the global political scene, Scott’s message is: “This doesn’t start at the top, but at the grassroots with you. You're in charge of your household, you're a part of a community, and you really are your own leader who can set an example.”

Visit the SRES blog to find tips on setting up your own Caremongering site.

	Real Estate Matters: News & Issues for the Mature Market Coldwell Banker Premier Group 2203 S. Big Bend Blvd St. Louis, MO 63117 Matt Wroughton - SRES, PSA