Cantissimo Senior Living Blog

Cantissimo Senior Living blog - an educational resource for older adults in lifestyle, wellness, and more.

Posts about Finances:

Talking to Your Aging Parents About Money: Part 2

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Pete Keers Mar 2, 2021 10:11:07 AM
Talking to Your Aging Parents About Money: Part 2

In our last blog, Talking to Your Aging Parents About Money – Part 1, we explored ways adult children could start the conversation about money with their parents. Once the ice is broken, an opportunity to deepen the conversation presents itself.

UNDER THE SURFACE

The "money" subject is the first of several layers of important issues aging adults need to address. The following are major ones adult children need to discuss with their parents.

Talking to Your Aging Parents About Money: Part 1

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Pete Keers Mar 1, 2021 10:53:55 AM
Talking to Your Aging Parents About Money: Part 1

Most adults with aging parents rarely look forward to raising the subject of their elders' money. It's a scary topic because it involves a role reversal. Parents are supposed to teach their young children about money, not the other way around. Years later, adult children and their parents sometimes find it challenging to break out of this family dynamic. Yet, there comes a time when children need to talk to aging parents about plans for their money and other end-of-life planning topics.

PLAN OR WAIT FOR A CRISIS

Ideally, the time to talk to parents should happen before any crisis. Injury or illness can happen fast. If plans are not in place, decisions may be made quickly without sufficient information. This risk of causing irreversible mistakes is high. Even if plans have been made, failure to share them with adult children may put an effective plan at risk. Talking when parents can physically and mentally hold their own in the conversation provides a better foundation for good planning. In other words, the sooner, the better.

Do You Need Long-Term Care Insurance?

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Pete Keers Feb 24, 2021 10:19:10 AM
Do You Need Long-Term Care Insurance?

Nearly half of Americans 65 or older will eventually require some form of long-term care, according to a 2016 study by the U.S. Department of Health and Human Services (HHS).

Length of Time in Long-Term Care Age 65 or Older
  Men Women
None 58.0% 52.1%
<1 Year 22.2% 23.1%
1.00-1.99 Years 8.5% 9.5%
2.00-4.99 Years 8.0% 11.2%
>5 Years 3.4% 8.3%

Of those needing long-term care, roughly half need it for less than a year. However, women are more likely to stay longer one year or longer.

Talking to Your Adult Children About Money: Yours and Theirs

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Pete Keers Feb 1, 2021 12:05:02 PM
Talking to Your Adult Children About Money: Yours and Theirs

Benjamin Franklin famously said, "…in this world nothing can be said to be certain, except death and taxes." A corollary to this could be, "It's a certainty that families hate to talk about death and money."

Discussing money seems to be a challenging subject for even the most talkative families. A study showed that 44% of respondents found money the most challenging topic to talk about, more than religion or politics or even death. Yet, talking about money with others, especially family members, could help avoid significant financial problems.

Parents of adult children face two crucial money conversations – your money and their money.

The Big Move: A Checklist for Moving Into Assisted Living

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Pete Keers Jan 13, 2021 9:51:43 AM
The Big Move: A Checklist for Moving Into Assisted Living

Moving out of a family home after many decades seems akin to moving a mountain. If the move is to Assisted Living, the mountain can feel even bigger.

First, consider the situation. Often, such a move does not have a long planning runway. A sudden trigger event can start the process. Incidents like an accident (e.g., a fall in the home) or illness can put an abrupt stop to independent living and kickstart a frantic effort to move a loved one into an Assisted Living or Skilled Nursing setting. 

10 Tricky Internet & Phone Scams and How to Avoid Them

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Olivia Trout Nov 25, 2020 10:29:36 AM
10 Tricky Internet & Phone Scams and How to Avoid Them

Cellular phones and access to the internet has drastically changed the lives of people across the world. For the first time in history, humans can communicate with each other and access answers to questions instantly, from pretty much anywhere. The benefits are vast and incredible. At the same time, while older adults are using the internet and smartphones more frequently, there are risks.

Internet and phone scams have become a growing issue as technology has evolved and become more advanced. Scammers use internet software to take advantage of people by using fraud schemes that trick people into giving them money. In 2018, the FBI Internet Crime Complaint Center received 351,936 complaints of internet and phone crimes, accounting for more than 2.7 billion dollars in losses. Of all scam victims, seniors are targeted more than any other age group because they tend to have more time and willingness to listen. They are also often more sympathetic and trusting than younger generations.

Scammers use various tactics, such as acting friendly, helpful, or sympathetic, to get people to fall for their schemes. In some cases, scammers inflict fear on their victims to scare them into paying them. Scammers are aware that many older adults have a lot of money in their savings accounts after retirement. They are also considered low-risk targets because these scams often go unnoticed and unreported due to the lack of technical knowledge.

The best way to avoid internet and phone scams is to be aware of common scams, including the top ten scams targeting seniors, found by the National Council on Aging (NCOA). It is then easier to identify and avoid falling for these scams:

7 Tips to Find the Best Online Holiday Shopping Deals

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Cantissimo Senior Living Nov 20, 2020 9:54:57 AM
7 Tips to Find the Best Online Holiday Shopping Deals

The holidays are coming up! For many of us, that means it's time to shop and get everyone the perfect gifts. With the presence of the COVID-19 pandemic and social distancing restrictions, this year, shopping online is the way to go! Don't worry; you can still save money! In fact, shopping online provides many unique opportunities to ensure you are getting the best possible price. Read on to learn about seven different ways you can squeeze every penny out of your online shopping experience.

     7. Use Coupon-Finding Browser Extensions

Coupons exist online in the form of promo codes that you can use at checkout. Sites often have dozens of active discount codes, but it can take some digging to find them. Many discount codes can be found if you search around online, but these code-collecting websites are not always up-to-date. It can be frustrating when you have to spend time testing your luck with a lot of expired codes.

The solution? Browser extensions like Honey find all of the relevant coupon codes for you and apply them with just a click of the mouse. It will attempt a collection of codes and automatically apply the best discount. To install Honey (for free), make an account on their website (https://www.joinhoney.com/), and download the browser extension.

Participating in the Gig Economy: Part 2 - Freelance Work

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Olivia Trout Nov 16, 2020 12:53:25 PM
Participating in the Gig Economy: Part 2 - Freelance Work

In our recent blog (Participating in the Gig Economy: Part 1 - Driver and Delivery Jobs), we reviewed the gig economy and job opportunities involving driving and delivery. In this blog, we will outline gig economy jobs related to corporate and freelance work. While driving jobs can be a great way to get out of the house and make your own work schedule, there are many work opportunities within the gig economy.

Within the past five years, the number of freelance workers in the United States increased from 53 to 57 million. 61% of those freelancers went into this work by choice for the many benefits. Twenty-five percent of freelancers say their ideal work environment is at home. Twenty-five percent also say they can find work within 24 hours. More than half of freelancers say they will never go back to traditional work because of the vast opportunities and flexibility.

Participating in the Gig Economy: Part 1 - Driver and Delivery Jobs

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Olivia Trout Nov 12, 2020 12:09:05 PM
Participating in the Gig Economy: Part 1 - Driver and Delivery Jobs

Many people choose to work after retirement, whether to stay busy, be social, stay active, or to make some extra money. The gig economy has many opportunities for older adults looking for post-retirement work.

The gig economy consists of part-time workers, independent contractors, freelance workers, and seasonal employees. Having a job in the gig economy provides flexibility for those who don't want to be held down by a strict or busy work schedule.

The gig economy began in the 1940s with part-time work during World War II but has expanded substantially due to the rise of technology. As of 2017, freelance workers accounted for more than one-third of the U.S. workforce. By 2027, the proportion is estimated to be over 50%.

Today, older adults alone make up 37 percent of all gig economy workers. Although many workers participate in the gig economy to fill their time, there is also an economic advantage. For workers ages 65 and older, independent contractors had the highest median weekly earnings in 2017, sometimes earning, on average, thirty percent of their pre-retirement income.

If the benefits of working in the gig economy sound attractive, there are many different opportunities to investigate to find the right fit. In this blog, the focus is on driver and delivery jobs. In an upcoming blog, other types of freelance work will be covered.

Aging in Place: The Assisted Living Option

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Pete Keers Nov 9, 2020 12:15:11 PM
Aging in Place: The Assisted Living Option

As lifespans have increased, the idea of "aging in place" has gained popularity. Defined as "…remaining living in the community, with some level of independence, rather than in residential care.", this typically means living in one's private residence for as long as possible. These days, a combination of family help, home health aides, and adaptions to living quarters have allowed older adults to stay in their homes longer.

For many, however, health or other problems crop up and lead to a senior living arrangement outside the home. Very often, this is assisted living.

Assisted living emerged as a concept in the early 1980s in response to the hospital-like, institutional nature of nursing homes. At the outset, assisted living focused on providing mostly non-medical support for older adults in a more home-like setting structured to preserve their independence, dignity, privacy, and choice.

Within a few years, it became apparent there was an issue for residents whose health declined beyond the facility's ability to support them. While it was clear that their increased needs weren't being met, residents were reluctant to move for two reasons. First, the move from their original home was a difficult, significant life change. Second, the move from assisted living often was to a nursing home; the very place most hoped to avoid by moving to assisted living. Residents desired an opportunity to age in place in an assisted living setting.