Is travel in your future?

senior travel discounts
kiplinger.com

The Best Travel Discounts for Seniors, 2016

by Jane Bennett Clark for Kiplinger’s Personal Finance Magazine

December 2016

“Starting at age 62, you can get a lifetime parks pass from the U.S. National Park Service for as little as $10; the card gives you access to more than 2,000 national parks and federal recreation areas. At some sites, you can also use the pass to get discounts on parking, tours, boat launching, camping—even an ice cream cone at the concession stand.

If you’re 65 or older, you can get discounted fares on Southwest, United and American airlines. Discounts are off the standard fare and don’t necessarily deliver the lowest price for the seat. Still, senior fares have their privileges. For instance, unlike Southwest’s ‘Wanna Get Away’ fare, the senior fare is fully refundable and doesn’t require booking well in advance.

Travelers age 62 and older can get a couple of compelling discounts. Amtrak offers 15% off some fares and, better yet, at Washington, D.C.’s Union Station, you can go to the front of the line (along with business-class passengers), assuring you a seat in the often chaotic boarding process. At 62 you also qualify for a 15% discount or more at one of 4,000 Marriott hotels worldwide without having to book well in advance or forgoing full cancellation privileges.”

These picks are part of Kiplinger’s Personal Finance’s annual Best List, a roundup of the best values in all the areas we cover – from funds, stocks and ETFs to credit cards and bank accounts to cars, college, kid stuff, phone plans, travel and health. Discover all our Best List picks here.

Funeral costs can “take a bite out of your estate”

funeral costs
money.usnews.com

Seven ways to cut the cost of a funeral

by Bob Niedt for Kiplinger.com

July 5, 2016

“In addition to the emotional toll, dying can take a heavy financial toll on the living. The median cost of a funeral runs about $8,500, according to the latest figures from the National Funeral Directors Association, including embalming, viewing, a hearse, a metal casket, a vault and some other related services. The price tag, 29.3% higher than it was a decade earlier, could come as a shock to grieving heirs and take a bite out of your estate.

There are two important points to keep in mind about the $8,500 figure. First, it doesn’t take into account some common cemetery expenses such as a burial site, marker, paid obituary and flowers. Second, it’s the median, or middle, price; some funerals can cost upward of $25,000.

Prepaying for your own funeral is one way to spare your survivors the hassle and expense, but generally speaking Kiplinger recommends thinking twice about prepayment because there are better ways to set aside cash for a funeral. A smarter approach might be to focus on reducing funeral costs. Here are seven ways to save.”  Read more

A second opinion may give you peace of mind

second opinion
texasmedicalconcierge.com

When to Get a Second Opinion

by Nellie S. Huang for Kiplinger’s Personal Finance Magazine

December 2016

“Your doctor has just diagnosed you with a serious disease, or recommended a costly procedure, or advised you to have major surgery. Before panicking or following a drastic course of treatment, get a second opinion. Not only can a medical evaluation from a different doctor help you learn more about your illness, the options available to you, and the risks and benefits of each path, but it can also ‘give you the confidence and peace of mind that you’re making a good decision,’ says Robert Nielsen, medical director of PinnacleHealth System in central Pennsylvania.

Most insurance policies will cover the fee for a second opinion as they would cover a regular office visit, but it’s always wise to check with your insurer before you schedule the appointment, especially if you plan to go out of network. ‘In some cases, such as certain elective surgical procedures, a second opinion is mandatory,’ says John Ulatowski, vice president and executive medical director of Johns Hopkins Medicine International, in Baltimore.

Ask for referrals from people you trust—your primary care physician, the doctor who delivered your first opinion, your family and friends. Avoid seeing a colleague at the same practice or medical center as the doctor who gave you the first opinion—the approach to care can vary from place to place. For example, ‘some cancer centers are more aggressive about treatment; others are more concerned about side effects,’ says Jerome Groopman, Recanati Professor of Medicine at Harvard Medical School.

For cases that involve a specific procedure—for example, heart-valve replacement surgery—consult a doctor who frequently performs those surgeries.”   Read more

What’s in your medicine cabinet?

drug disposal
khn.org

How to Dispose of Drugs Safely

by Emily Bazar for Kaiser Health News

December 2016

Take them to a collection site or even your local pharmacy

“Vicodin, percocet and other opioid painkillers often languish in medicine cabinets for years, providing easy pickings for someone with an addiction.

The consequences can be deadly.  More than 165,000 people in the U.S. died from overdoses related to prescription opioids between 1999 and 2014, according to the Centers for Disease Control and Prevention.  Pop singer Prince’s death from a fentanyl overdose earlier this year put a celebrity face on the epidemic.

But flushing unwanted drugs down the toilet can taint water supplies.  Drugs tossed into the trash may also harm the environment, and they can be found by children or pets–or adults looking for a high.

The safest and most environmentally responsible option is to take unwanted medications to a drug take-back site.  twice a year, the federal government partners with state and local law enforcement to operate temporary collection sites.  The next National Prescription Drug Take-Back Day will likely take place in spring 2017.  Check www.deadiversion.usdoj.gov for details.”

Read more

The “Rule of 100” investment strategy

Rule of 100
business.financialpost.com

When I was in my late 20’s I started planning for my retirement.  I was not afraid of risk and so I purchased several mutual fund accounts focused mostly on foreign and domestic stocks.  When I retired from teaching at the age of 55 my investments were in a bit more conservative portfolio which included bonds.  I had followed the “Rule of 100,” which is a measure whereby you subtract your age from 100 to determine the approximate percentage your assets could be invested in stocks (more risk). The rest should be invested conservatively (less risk). For example, I am now 57 years old; 100 minus 57 is 43. So the Rule of 100 would suggest I have 57 percent invested in lower risk accounts (cash and bonds) and 43 percent could be placed in higher risk accounts (stocks). Therefore, the older you are the more conservative your portfolio should be since you don’t have time to make up any losses due to a downturn in the stock market.

This is my current asset allocation in my retirement investment portfolio at age 57:

  • 13%     Cash
  • 37%     Bonds
  • 28%     Large Cap Stock
  • 15%     Mid/Small Stock
  • 7%       International Stock

So, you can see I have 50% of my portfolio in cash and bonds (low risk) and 50% in stocks.  Pretty close to the Rule of 100 suggestion.  However, my online financial advisors at VOYA Financial suggest I put less in bonds (24%) and more in international stock (23%) since I have time to recoup any losses and current interest rates are low.  Their investment strategy does not follow the Rule of 100.  That Rule is no longer suggested due to low interest rates.  Read more about this and other common investment rules which no longer apply.

I may consider adding more international stock to my portfolio in the near future, making it a bit more risky, as our economy appears to be changing.  What is your current asset allocation?  Do you still follow the Rule of 100?

 

Do I really need an annual physical?

Make the Most of Your Annual Checkup

by Nellie S. Huang for Kiplinger’s Personal Finance

October, 2016

“You feel fine.  You rarely get sick.  So do you really need an annual physical?

If you’re completely healthy, a ‘well’ visit once a year won’t improve on perfection. But feeling healthy and staying healthy are two different things, says David Meyers, chief medical officer for the Agency for Healthcare Research and Quality. That’s where a regular visit, if not a head-to-toe annual physical, comes in. Nowadays, these appointments are preventive and goal-oriented. You and your doctor will make key decisions to keep you healthy, such as whether you should take a cholesterol-lowering drug or whether you need a colonoscopy.

annual physical
reference.com

The focus is on ongoing care, and the actual exam “is the least important thing that happens,” says Jack Der-Sarkissian, a Kaiser Permanente family physician in Hollywood, Calif. Your doctor will still read your vital signs, scan for skin cancer and perform other tests you’d expect. But it’s the resulting game plan that counts most. Der-Sarkissian equates a preventive visit with a meeting with your investment adviser. You should leave your doctor’s office with a goal of where you want to be, healthwise, in 10 years and an action plan to achieve it.”

To get the most from your doctor’s visit

Advance Directives–Do you have yours?

advance directives

What are Advance Directives?

“A living will allows you to document your wishes concerning medical treatments at the end of life.

Before your living will can guide medical decision-making two physicians must certify:

  • You are unable to make medical decisions,
  • You are in the medical condition specified in the state’s living will law (such as ‘terminal illness’ or ‘permanent unconsciousness’),
  • Other requirements also may apply, depending upon the state.

A medical power of attorney (or healthcare proxy) allows you to appoint a person you trust as your healthcare agent (or surrogate decision maker), who is authorized to make medical decisions on your behalf.

Before a medical power of attorney goes into effect a person’s physician must conclude that they are unable to make their own medical decisions. In addition:

  • If a person regains the ability to make decisions, the agent cannot continue to act on the person’s behalf.
  • Many states have additional requirements that apply only to decisions about life-sustaining medical treatments.
  • For example, before your agent can refuse a life-sustaining treatment on your behalf, a second physician may have to confirm your doctor’s assessment that you are incapable of making treatment decisions.

What Else Do I Need to Know?
Advance directives are legally valid throughout the United States. While you do not need a lawyer to fill out an advance directive, your advance directive becomes legally valid as soon as you sign them in front of the required witnesses. The laws governing advance directives vary from state to state, so it is important to complete and sign advance directives that comply with your state’s law.”

Click here to receive a free copy of your state’s advance directives form