Social Security Benefits: Why retirement looks better after age 66

Social Security is a complicated program, yet you can’t afford to NOT know about your benefits. Many thanks to the Motley Fool’s Financial Planning Team who were kind enough to offer their five essential, but little known facts, about the Social Security Program to keep you and I in the know. 

#5: Social Security is Massive
In 2014, over 59 million Americans will receive Social Security. Among them are:

·       38 million retired workers

·       9 million survivors and dependents

·       11 million disabled workers and dependents

#4: This Program Helps Support Many Retirees
Many retired Americans heavily rely on Social Security as their major source of income. In fact, 9 out of 10 people age 65 and older receive Social Security benefits. Even more shocking, half of married couples and three quarters of singles receive at least half their retirement income from Social Security.

#3: The Workforce is Shrinking
The numbers are not in our favor as fewer workers support more retirees. In 1950 there were 16 workers per Social Security recipient. In 1960 there were 5 workers per recipient. By the year 2033, only 2.1 workers will support one retiree’s Social Security.

#2: The Numbers Just Don’t Add Up
Social Security relies on its trust fund paid for by working citizens in order to cover shortfalls between taxes paid and benefits paid. The rumors you have have already heart are true: the trust fund is projected to run out of money in 2033. Once that happens, there are plans for retirees to receive about 75% of the benefits they would have received.

#1: The Number One Way to Increase Your Benefits
The most little known fact about Social Security: every year you wait to claim your benefits until age 70, you will boost your annual payouts by 8%. In other words, waiting until you're 70 will give you 32% more in benefits than if you took them at age 66 and you can receive 76% more than taking them at age 62. If you can afford to delay benefits until age 70 and if you live past age 82, you will receive more in lifetime income from Social Security than if you had waited until full retirement age.

Volunteering in Retirement

In the last two years, I have seen several of my work colleagues enter retirement. Most of them were healthy, active and in good health. The most common question asked of them was what they intended to do next? Well, many began to volunteer. One delivers meals to the elderly; another makes quilts to for hospitalized veterans; and a third traveled to Africa on a medical mission.

The number of volunteers over the age of 65 has steadily increased over the past three decades. In 2008, approximately 23% of this age group engaged in volunteer activities. Retirees today are in good health, living longer and staying active. Many have found volunteering to be the perfect next step. Studies have found that volunteering can help to increase physical function, maintain cognitive function and decrease depressive symptoms of retirees. Many who volunteer report an improved sense of well-being and enhanced life satisfaction.

Senior volunteers are motivated by a desire to help others and create or maintain social relationships, whereas younger volunteers are more likely to volunteer for professional and personal development opportunities. Volunteer organizations, for their part, benefit from the professional expertise, life experience and enthusiasm of these retirees.

But how do you decide which volunteer activity is right for you? The options are endless but can be narrowed down by asking the right questions. What are your passions and interests? Illiteracy, homelessness or the environment? Is there a specific population that interests you? Young children, elderly, or animals? Is there an activity or past-time you have always wanted to do but work and everyday life prevented you from pursuing? Visiting museums, traveling, or gardening. How often and how much time do you want to commit? Weekly, monthly or periodically? Where would you like to volunteer? Local, regional or internationally? When I retire, for instance, I would like to travel to Thailand to work at an elephant sanctuary. The answers to all of these questions will help guide and narrow your search.

If you are still having trouble deciding, there are several organizations that match people with volunteer opportunities. Here is a short list of the several resources:


1) Senior Corps at http://www.nationalservice.gov/programs/senior-corps was created during John F. Kennedy’s presidential term, connects seniors with a variety of service opportunities;

2) Volunteer Match at www.volunteermatch.org/ will determine your volunteer preferences then produce a list of possible organizations that might interest you.

3) AARP at http://www.aarp.org/giving-back/ offers a site to assist in choosing volunteer opportunities.


Of course, if there is an organization you already have in mind, feel free contact them directly.

Volunteering can be personally fulfilling and fun. Committing your precious time to others is also a responsibility. The St. Vincent Pallotti Center and Catholic Volunteer Network created a “Questions to Ask Yourself” pamphlet which will help guide you in choosing the perfect volunteer opportunity click here to access the questionnaire.

Deciding to volunteer can be rewarding and, improve health and well-being. It requires some research and commitment to determine the option that is right for you but the best advice I can offer about volunteering is to enjoy yourself!



References
Barron, J. S., Tan, E. J., Yu, Q., Song, M., McGill, S., & Fried, L. P. (2009). Potential for intensive volunteering to promote health of older adults in fair health. The Journal of Urban Health, 86(4), 641-653. doi: 10.007/s11524-009-9353-8

Greenfield, E.A., Marks, N. F. (2004). Formal volunteering as a protective factor for older adults' psychological well-being. The Journals of Gerontology, 59(5), 258-264. Retrieved from http://www.midus.wisc.edu/findings/pdfs/147.pdf

Konrath, S., Fuhrel-Forbis, A., Lou, A., Brown, S. (2012). Motivs for volunteering are associated with mortality risk in older adults. Health Psychology, 31(1), 97-96. doi: 10.1037/a0025226

Martinson, M., Minkler, M. (2006). Civic engagement and older adults: A critical perspective. The Gerontologist, 46(3), 318-324. doi:10.1093/geront/46.3.318

Tang, F., Choi, E., Morrow-Howell, N. (2010). Organizational support and volunteering benefits for older adults. The Gerontologist, 50(5), 603-612. doi: 10.1093/geront/gnq020

Author: Susan Polka RN, BSN, CCRN, is a registered nurse with over twenty years experience in health care. She has worked in long term care, community health, and acute care settings. She currently works as a clinical educator and assistant director of an inpatient nursing unit.

God Grant Me...A Hole in my Bucket

It was a cold, gray, Friday morning and I was in that fuzzy space between asleep and alert. When my mind at last came into focus, I was staring at the same perfect perfume bottles on my dresser top that greeted me each morning, poised and ready to spritz. For some reason this morning, I was arrived at the glaring realization, that time was a-wasting' and it had been a long time since I had checked anything off from that ongoing “Bucket List” that so many of us have rolling around in our heads.

Now, I know I've been blessed to have been able to do many things that others may still have on their list, such as living in Hawaii, climbing to the top of the Tower of Pisa as well as to the top of the Statue of Liberty, 6 months pregnant even, (later part of that one, not on my list!). I've attended a concert at The Prince's Palace in Monte Carlo, and even got to shake hands with Rosa Parks long enough to express my heartfelt appreciation for her courage on behalf of the whole human race, but what had I really done lately? The sad answer that frigid Friday hit me like a cold shower, nada, zero, nothing.

Where had my plans derailed? When did I fall off the track? All I was doing was living my life and skating through each stage as it came along, daughter, sister, friend, wife, mother, teacher, etc., but what happened to that list I put together all those years, -back in the day, ago? When will I ever be able to walk down that runway to “Here She Comes, Miss. America” if things keep going in this direction?! Which of course they must, or my name is Benjamin Buttons!!! It was then that the answer came to me in the words of a song that I loved & sang as a child, what if there was “a hole in my bucket, Dear Liza?”

Just imagine, Miss America falls out and is replaced by the joy of taking an out-of-work friend shopping at a resale shop, and paying for her interview outfit. Scaling Mount Olympus (as my globetrotter son has done) along with being on T.V. show aired around the world, (like my famous daughter) both fall out, and in goes giving a child the gift of music by patiently running flashcards of notes with her at lesson every week until she knows them cold, so she can now play her favorite song, The Can-Can. Now that's a real good one! At this realization, I feel true exhilaration, I haven't been slacking off after all! With the new hole in my bucket, I have the freedom to let go of some the things from my list that I no longer desire and replace them with those that I do, and can realistically accomplish at this stage in my life. A funny thing is, when I was younger, most things on my list had to do with what I wanted for myself or what others could do for me. Now, it seems it's more about what I want for others and what I can do for them.

One last thought, about those same perfect perfume bottles, it's now on my list to use them daily. My new mantra; Making the world a sweeter place for everyone I meet, one spritz at a time.

By: Carol Hengel 

Carol is the proud mother of Leah Korkis. Carol received her undergraduate from Western Michigan University in Music Therapy and Music Education and later her Masters Degree in Special Education. Carol continues to enjoy her teaching career as a Private Music and Special Education Teacher. In her free time, she loves playing her cello in a variety of groups including local theater productions, as well as traveling, book club, cooking, playing tennis hiking and biking. 

What Does "Retirement" Mean to You: 8 Unique Retirement Communities

"Aspiring Hemingways, die-hard recreational-vehicle fans, Harley-obsessed boomers: If you’re feeling a little uninspired about your retirement options (another community based around a golf course? Really?), you’re in luck. A new breed of retirement community is catering to those whose interests lie a little outside the mainstream.

The number of retirement communities that serve a specific niche, a group of people that share a common background or interest, is on the rise." - Catey Hill of The Wall Street Journal 

That's right! The Wall Street Journal officially announced an increase popularity of niche communities. Neil Schuster, founder of niche community Lake Weir Living commented, “The typical cookie-cutter gated community is over-saturated…a lot of people just don’t want that.”

Whether you are a theatre buff, crazy for cats, a technology buff, or a retired postal worker. There is now a perfect place just for you. Here are links to a few of these oases: 

• Lassell Village: Requires residents to attend 450 hours of class a year. Setup is similar to college.
• Lake Weir Living: For retirees who enjoy their big toys. Homes and surroundings are accommodating of RVs, motorcycles, boat, multiple cars, etc. 
• Aegis Gardens: With a design focused on Feng Shui, residents may participate in activities including tai-chi, calligraphy, and mahjong.  
• NoHo Senior Arts Colony: Exclusive to artists, actors/actresses, or those of the creative arts, residents have full access to numerous art rooms and theaters.   

I want to hear from you! 

What would your ideal retirement community have? 

 

To be young again: The 5 ways you can start looking how you feel

Aging can be very stressful if you don’t have the right information on how to age well. Here are 5 steps that you need to know about aging so you can stop stressing about life and start living life. 

1. Act the Age You Feel 

Gone are the days when you are told to, "Act your age". Act the age that you feel. This will not only boost your mood, but also give off a natural youthfulness. 

2. Keep Mentally Active 

Keeping mentally active will help keep your mind sharp. Mental activities take longer as we grow older, but just like a muscle, the brain can be kept fit with activity. Some suggestions: suduko, crossword puzzles, riddles, word-find, jigsaw puzzles, ect. Other activities things like reading a book or taking on opportunities to do mental math can help. As they say, "Doing a puzzle a day can keep brain fog away". For online puzzles, visit BrainBashers or ProProfs.

3. Explore Uncharted Territory. 

Ask yourself; "What have I already wanted to do?" Or, "What have I always wanted to see?" Write these answer down and then make a plan to pursue them. Retirement isn't about giving out the life you always knew, it's about re-prioritizing to do what you've always wanted. If you've always wanted a pet; get on. If you've always wanted to learn how to pain; sign up for lessons. If you've always wanted to run a marathon; start running. 

4. Eat Right 

"You are what you eat", "An apple a day keeps the doctor away", "A healthy outside starts fro the inside". The sayings go on and on about the importance of eating right. 

5. Prevention is key

Go to your doctors appointment to make sure your numbers are in order. Exercise. Keep up with your vitamins. Health is easy to keep, but can be hard to get back if someone goes on for too long or is missed. Prevention goes a very long way. 

Tell me, how old do you feel? Which from this list of 5 do you feel that you especially want to work towards? I'd love to hear your stories.