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 - April 2020

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

IRS Extends Tax Payment Deadline

The Coronavirus is changing almost everything about daily life in America. That   includes federal income tax too.

Tax day is now July 15, 2020.

That means all taxpayers can defer federal income tax payments that normally are due on April 15, 2020, to July 15, 2020, without penalties and interest, no matter how much is owned.

You also don’t have to file an extension or fill out any forms to qualify for the automatic extension. 

However, if you’re expecting to receive a refund, file on time because those payments are still being processed.

For complete information, see: https://bit.ly/2wmoZYL

Keep in mind that the change applies to federal tax payments, not to state tax payments.

That said, some states, including California and Oregon, have extended the deadlines too. Check with your state to see if the deadline has changed.

Additional information on state taxes:

·        American Institute of CPAs -- https://bit.ly/2J5kBjv

·        Federation of Tax Administrators: -- https://bit.ly/33zkA0w

5 ways to use your social isolation time

With most dining and entertainment options shut down because of the Coronavirus,  Americans are spending oodles of time at home these days. Use your period of social isolation wisely. Here are five ideas.

1.     Finish up the undone home maintenance projects that you haven’t had time to get to.

2.     If you’ve been planning a Marie Kondo-style purge, now’s the time to do it.

3.     Pull out the programmable thermostat, LED bulbs, and low-flow showerheads and faucets that you stashed away. Install them now to start saving money on your utility bills.

4.     Think about your current estate plan and any modifications you may want to make. And if you don’t have one, start planning one and get a future appointment with your lawyer on the calendar. See: https://on.wsj.com/3a7Wmgj  

5.     Plan and design your spring garden. For tips, see: https://bit.ly/2Uj1SWQ 

How much time does $1 million nest egg buy in major cities?

Even for those who have been diligent savers, there are always nagging questions.  Can I afford to keep living in my house and will I be priced out of my city? How long will my money last?

GoBanking has answers.

It looked at 50 cities, examining things like average annual expenditures in each city for those 65 and older. It also factored in the average annual Social Security benefits and other data to estimate how long a $1 million nest egg would last in each place.

San Francisco provides the least mileage, and that $1 million nest egg would be used up in 8 years, 3 months, and 19 days. In San Jose, Calif., you’d get a little longer -- 10 years, 9 months, and 20 days.

Other California cities, including Los Angeles, Oakland, Long Beach, and San Diego, also are pricey, especially when compared to places where your dollars can stretch for a really long time.

Memphis, Tenn., is one such place, and $1 million can last 45 years, 4 months, and one day. Similarly, in El Paso, Tex., those dollars will carry you 40 years, 3 months, 22 days.

In Tucson, you can buy 33 years, 4 months, 1 day in the sunshine; and in Jacksonville, Fla., you get 32 years, 3 months, 16 days.

See exactly how the figures were calculated and check all 50 of the cities in GoBanking’s study: https://bit.ly/2U48yt0

Aging checklist

While you’re planning your downsizing strategies, it’s also worth taking a look at Forbes magazine’s aging checklist, http://bit.ly/37F8h3k. 

It offers some crucial to-dos six crucial categories. The categories and some of the advice are:

1.     Estate planning documents. Include up-to-date wills, durable power of attorney for finances and healthcare, and a healthcare directive.

2.     Finances. Provide contact information for financial advisors, lists of all accounts, and up-to-date beneficiary designations.

3.     Insurance. List insurance policies, review health insurance coverage, and other policies – homeowners, auto, umbrella liability – to be sure they’re still appropriate, and provide the contact information for your insurance advisors.

4.     Housing. Consider whether your house is suitable for aging and what modifications need to be made. Think about whether you should downsize and when such a move would be appropriate.

5.     Health. Keep an updated list of your doctors and medications.

6.     Technology. Keep a list of all your online logins for banks, investment accounts, social media sites, and so forth.

7.     Business. Create succession plans, if you own a business.

8.     Personal.  Specify in writing who will manage your financial, legal, and personal tasks.

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 Comsumer Newsletter - February 2020

Consumer Newsletter – February 2020

US Edition; By Elyse Umlauf-Garneau

www.sres.org

Seniors on the Move

Moving across the country is challenging, but when it includes frail, elderly parents, it becomes exponentially harder.

It’s why those who have gone through the process with a loved one suggest getting an early start, having a handle on the to-dos, and planning ahead.

But most families wait until a crisis before considering housing options and purging a house, according to Judith Kahn of Judith Moves You, a New York City senior move manager. “It’s not unusual for people to call me just weeks before a move,” she says.

She says it’s best to start sorting, cleaning, and figuring out the next steps a year prior to downsizing. “Frail seniors have physical and emotional limitations and can only work two or three hours at a time,” she says. When a move manager swoops in with just weeks to do their work, it increases seniors’ stress, particularly if they have dementia.

You’re fired

Still, parents and children resist. “Part of it is coming to terms with the idea that hiring me is staring mortality in the face,” Kahn says.

Sisters Rachel Wineberg-Kaufman of Hastings-on-Hudson, N.Y.,  and Johanna Kellman of Naples, Fla., came face-to-face with such resistance when trying to get their 90-something parents, Bernice and Julius, to downsize several years prior to their eventual 2018 relocation from Chicago to Naples. 

The two had raised the topic several times, but their parents refused to consider moving or even having help in their house. “My mom kept firing the aides we hired,” recalls Wineberg-Kaufman.

Recognizing the signs

But the signs that it was time for a change were there.

When the daughters visited, friends pulled them aside and told them that their parents really could use more help. They noticed piles of unopened mail and disorganization in their parents’ normally tidy condo.

But getting their parents to accept that it was time to downsize wasn’t easy, and the sisters wanted to respect their parents’ wishes.

Then, when Wineberg-Kaufman’s husband talked with his in-laws and suggested moving, they jumped on it (See more of the story in the SRES blog ___), opting to live near Kellman in Naples. A semi-neutral person, someone other than the children,  making such requests sometimes can be persuasive and effective.

Tip: When talking with parents about medical directives, ask about their wishes for long-term living arrangements, should aging at home become impossible. Wineberg-Kaufman says, “I wish I had asked, ‘How will I know that you’re ready to move? What signs should I watch out for?’”

Preview options in advance

After getting a thumbs-up from their parents, Kellman scrambled and started visiting and researching the independent housing options.

Kellman suggests doing some scouting years before a move. The choices are vast, confusing, and expensive.

In addition, it’s important to pick a place where your parents will feel comfortable.

When the building’s vibe? Do residents seem engaged and happy? Do the activities match your parents’ interests? Could you picture your parents living there?

“You really just have to find the personality that's right for them,” says Kellman.

Subhead) Editing a life

Once Kellman, an interior designer, chose an apartment in an independent living building, she took measurements and planned a layout.

House-sized coffee tables, couches, and so forth, typically are too big for the limited space in independent living apartments. But moving some furniture makes the space feel homier and less institutional.

That advance planning and measuring guided the sisters’ decisions about to bring.

They opted for a few pieces of furniture that were important to their parents, some quilts her mom had made, photos, and some books and mementos.

Managing the nitty-gritty

“If you don't have a sister who's an interior designer, hire somebody experienced in senior moves,” advises Wineberg-Kaufman.  

Such managers are expert in dealing with the big issues of a move and the nitty-gritty details, including packing and shipping, turning utilities on and off, and transferring insurance.

Their unique skills also entail scanning a room and knowing what can be donated, what’s saleable, and what need to be tossed.

Moreover, notes Kahn, they have pre-vetted connections with every type of service provider – movers, geriatric care managers, auctioneers, estate sale managers, and so forth – needed to execute a move seamlessly.

When their dad moved from independent to assisted living in the same facility after their mom’s death in 2019, the sisters marveled at senior move managers’ tricks of the trade.

For example, they photographed the medicine cabinet and drawers before packing so that everything was put in the exact same spot in the new apartment. Their dad didn’t have to hunt around for things, which minimized his stress.

Orchestrating farewells

A few weeks before the move, the sisters got in touch with their parents’ friends and asked that someone go out with them for a meal each day.

It was one way for their parents to enjoy their last weeks in Chicago, celebrate with friends, and bid farewell to their hometown.

And to diminish their parents’ angst, the sisters purged and packed after the actual move.

They left the apartment intact so that their parents’ last view of it was one of beauty, not chaos.

Finding new friends

In retrospect, Wineberg-Kaufman realized that another reason for parents to move to a senior building sooner rather than later is how challenging it is to make new friends, something her parents found difficult.

Wineberg-Kaufman notes that people in that age group may have hearing and memory problems and sometimes they’re too frail now to fully engage socially.

She also observed that sometimes interactions among residents can mirror those of young children who play next to one another but not together.

Had their parents moved they were younger, Wineberg-Kaufman thinks they would’ve been able to build a stronger social network.

Now that Bernice has passed away, Julius is isolated at his assisted living facility.

But when he was back in Chicago for his wife’s memorial service, he reconnected with old, lifelong friends and was sharp and engaged. “Because of that depth of friendship, they all just fell into conversation,” recalls Wineberg-Kaufman.  

The entire experience has caused her to consider a new model for aging. “Set up your own assisted living with friends,” she says. “Buy two condos: one for the friends and one for the caretaker.”

Resources:

If you’re planning a cross-country move with a senior, here’s a list of resources and checklists to get you started.

·        AARP: https://bit.ly/2Ryjn4b 

·        Caring.com: https://bit.ly/2RxTfGy

·        Family Caregiver Alliance: https://bit.ly/3aoM5gh

·        National Association of Senior Move Managers: https://bit.ly/2NKUH7c

	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