Retirement Living News

October 2008

HEADLINES  (Click on headline to read story)

• New Tax Foundation Report Ranks Counties Based on Property Taxes Paid by Homeowners
• AARP's Financial Unit Offers Ten Tips to Survive Today's Market
• GE Healthcare and Living Independently Group Collaborate On
  Development and Distribution of Passive Monitoring System
• Civic Engagement Linked to a Healthy and Successful Retirement
• MetLife Survey finds Cost of Adult Day Services
  Increased 5 Percent Over Last Year
• New Book: Retirement Readiness: Creating Your Vision, Knowing
  Your Position & Preparing for Your Future

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NEWS STORIES

New Tax Foundation Report Ranks Counties Based on
Property Taxes Paid by Homeowners 

Using newly updated Census Bureau data from the 2007 American Community Survey to rank high-population counties across the country, the Tax Foundation has put together a report that ranks property taxes paid by state and county. The data shows New York and New Jersey counties rank highest in terms of property taxes paid based on data covering 788 high population counties (65,000 or greater). 

The top five states (in order) based on median real estate taxes paid are: New Jersey ($6,082), New Hampshire ($4,390), Connecticut ($4,332), New York ($3,486), and Rhode Island ($3,362). The bottom five states are: Arkansas ($498), Mississippi ($459), West Virginia ($446), Alabama ($352), and Louisiana ($183).

The top five most expensive counties to live in, based on median property taxes paid on homes, are: Westchester County NY ($8,412), Hunterdon County NJ ($8,224), Nassau County NY ( $8,153), Bergen County NJ ($7,797), and Somerset County NJ ($7,597) The five least expensive counties are: Lafourche Parish LA ($148), Rapides Parish LA ($146), Iberia Parish LA ($144), St. Landry LA ($139), and Apache County AZ ($133). To view the report, visit: http://www.taxfoundation.org/files/ff147.pdf           
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AARP's Financial Unit Offers Ten Tips to Survive Today's Market

AARP Financial is providing proactive steps that people can take to help protect their nest egg amidst a financial market that is in turmoil. 

"We are hearing from AARP members and it is a rough time for people who are planning for retirement. The natural instinct is to pull all your money out of the market and put it under your mattress. This not a time to abandon your retirement plans or take drastic measures," said Mac Hisey, President of AARP Financial.

The financial advisors at AARP Financial can provide investment guidance and help you make the most of your retirement investments. They can be reached at 888-778-6187. 

To guide Americans through challenging economic times AARP Financial has prepared the following tips: 

• Don't Make Rash Decisions - Recent events highlight the need to have a financial plan that you are able to follow regardless of market swings. As difficult as it may be, don't let your emotions drive your investment decisions. Reacting to every up and down in the market is not good for your health - or for your financial portfolio. 
• Revisit Your Reasons For Investing - In volatile markets keeping a long-term time horizon can be very challenging. However, if your investment goals, time horizon, and financial situation have not changed, your best course of action may be not to take action. Now is a good time to reassess your financial situation, but only make changes if needed.
•  Establish an emergency fund - Keep at least 6 months of living expenses easily accessible in savings or money market fund accounts. This enables you meet unexpected financial obligations.
• Make saving automatic - The best way to get past volatile markets or tough economic times is to make investing automatic. Establish an automatic investing plan* that makes investing a seamless process by regularly deducting a set amount from your paycheck or checking account and transferring it to a retirement savings account. 
• Review fees and expenses - Take another look at the fees and expenses you are paying on your financial products and services. For mutual funds; review expense ratios, credit cards; scrutinize interest rates, and banking products; transaction charges. Switching to a lower cost product may save you money. 
• Resist impulse purchases - Think twice before making a discretionary spend. Avoid incurring debt on any impulse purchases regardless of the "deal" and instead put that money in a savings or investing account. 
• Have a plan - It is never too late to put a retirement plan in place. Having a plan helps you determine whether you are on the right path to the financial future that you want. And in times like these a plan, not your emotions, should drive your investment decisions. So, if you do not have a retirement plan, now is a great opportunity to create one. 
• Consult with an expert - Financial advisors are specially trained to help people manage their finances. If you work with a financial advisor, schedule an appointment to review your portfolio. Discuss your concerns and request an assessment of the performance of your holdings. If you do not receive the guidance and information you need, or do not have a Financial Advisor, the Financial Advisors at AARP Financial are a great resource. 
• Get Informed - Research shows that many people struggle with fundamental financial terms and concepts. Take steps to get the information you need by visiting www.aarpfinancial.com to learn more about investing for the future. 
• Don't be Afraid to Ask for Help - AARP Financial's salaried financial advisors provide personalized investment advice to help you make the most of your retirement investments. They caution that an Automatic Investment Plan does not assure a profit and does not protect against a loss in a declining market 

While AARP endorses the services provided by AARP Financial Inc., a registered investment adviser, the organization does not offer financial products or services itself. Furthermore, it cannot recommend that you should purchase any particular product or service. AARP Financial is a registered investment adviser and a subsidiary of AARP.
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GE Healthcare and Living Independently Group Collaborate on
Development and Distribution of Passive Monitoring System

GE Healthcare, a unit of the General Electric Company, has entered into a distribution and technology collaboration agreement with Living Independently Group, Inc., a leading provider of telecare and passive monitoring systems used to assist in the care of seniors. GE will distribute and co-market Independent Living's Quite Care remote monitoring system that uses wireless sensors to non-intrusively track the daily patterns of seniors' activities. 

The patented, advanced passive monitoring technology learns normal patterns for key activities such as wakeup, sleep, night time bathroom activity, overall activity level and hydration, then alerting caregivers when there is a meaningful deviation from the individual's norm, indicating possible health, safety and/or wellness issues without the person having to do or wear anything, thereby preserving privacy The system utilizes small wireless motion sensors strategically placed throughout the apartment or home to capture and isolate key activity patterns. It can also be set up for wander and night motion alerts. 

QuietCare is used in leading assisted living centers, senior communities, and private homes nationwide. Additional information is available at www.quietcare.com or 877-822-2468.
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Civic Engagement Linked to a Healthy and Successful Retirement

The rise of retired people seeking active participation in their communities has led researchers to define this new aspect of American life. As a result, civic engagement can now be considered a distinct retirement role, according to an article in the latest issue of The Gerontologist (Volume 48, Number 3). 

The authors identify civic engagement as volunteerism and paid work - done for at least one day per week - that directly impacts the local community. They also argue that a more precise meaning of civic engagement is important to policy makers and program administrators. This study found that engaged retires differ significantly from those who volunteer less, work in non-civic roles, or do neither.

Additionally, a concrete definition of civic engagement allows researchers to effectively and consistently study its effects. The article identifies the need for persuasive media campaigns, opportunities for engaged older adults to earn non-cash benefits, and stronger initiatives to allow all retirees to access this role, regardless of level of education, health status, socioeconomic status, and other characteristics. 

Their research encompassed a survey of nearly 700 retirees. The findings showed that 18 percent of respondents volunteered for more than five hours per week and that 6.3 percent held paid positions that were classified as civically engaged. The results also indicated that the non-engaged older adults tended to be less educated, less financially secure, and less healthy than their engaged counterparts. 

Public attention directed toward the civic engagement of aging Americans has increased considerably over the past five years. Several researchers have linked civic engagement with healthy, successful aging and have suggested that persons who continue to work, find a second career, volunteer, or become involved in local affairs maintain better physical and mental health as they grow older.
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MetLife Survey Finds Cost of Adult Day Services
Increased 5 Percent Over Last Year

The MetLife Mature Market Institute has released the results of its national survey of adult day services and home care costs which found that the average daily rate for adult day services is $64, up $3 per day or 5 percent from 2007. The national average hourly rate for home health aides is $20, a $1 or 5 percent increase. For 2008, the average hourly homemaker/companion rate is $18 - unchanged from last year. 

Vermont has the highest daily rate for adult day services -- $141/day, while the lowest is $27/day in the Montgomery, Ala., area. For both home care categories, rates are lowest in the Shreveport, La., area -- $12, and highest in two areas of Minnesota, the Minneapolis/St. Paul area ($28) for home health aides and Rochester ($26) for homemaker/companions. The rate variances reflect regional cost differences, local demand and pricing practices, services included, and differences in state-level reporting requirements.

"The trend toward older persons desiring to stay in their homes or 'age in place' has increased the demand for in-home care and other programs and services available during the day," said Sandra Timmermann, Ed.D, director of the MetLife Mature Market Institute. "We are closely watching this data and the trends in this industry as new adult day centers are opening in virtually all parts of the country," she added. 

The National Adult Day Services Association reports that there are more than 3,500 centers now operating nationwide providing services to more than 150,000 people each day. These centers have gained prominence as caregivers realize that these facilities provide a less costly alternative to nursing homes and in-home care. 

To read the study results and find out about costs in your area of interest, go to: http://www.metlife.com/FileAssets/MMI/MMIStudies2008ADSHC.pdf
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New Book: Retirement Readiness: Creating Your Vision, Knowing Your
Position & Preparing for Your Future

In his book, Retirement Readiness: Creating Your Vision, Knowing Your Position & Preparing for Your Future, Mike Bonacorsi provides a look at many of the basics that need to go into planning for your retirement. He draws on his 20 years in the investment industry, including five years as a Certified Financial Planner. 

He believes many people base their choices about retirement on what they've seen other people do. For example, taking your Social Security benefit at age 62, because it's available rather than thinking about what might be best for them. 

This interactive guide uses anecdotes and end of chapter questions to jumpstart the process of retirement visioning and create focus for the dreams/goals of retirement. It's a precursor to, and tool for, successful retirement financial planning. He uses a humorous style to bring general interest readers in touch with this sensitive subject, helping them make progress in retirement planning.

Retirement Readiness is being published this month. It is a softcover, 94-page book that retails for $14.95. You can get more information about it and order a copy through the author's Web site -- http://www.mikebonacorsi.com/
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