Life After 50 Expo

Protect Yourself from Financial Abuse !

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While we may become wiser in many ways as we age, research shows that our financial capability decreases after age 60. It may not be as easy to balance the checkbook, add figures in your head or decide on the best car deal. Poorer financial reasoning may be one of the reasons that financial abuse of the elderly has become so prevalent.

In a survey by the National Association of Professional Geriatric Care Managers, 71 percent of care managers surveyed said financial abuse and/or exploitation of the elderly is a growing problem in their communities. Roughly 1 in 5 Americans age 65 or older (about 7.3 million) have been victimized by financial fraud, according to the Investor Protection Trust. Perhaps even more worrisome is that many older adults who score low on financial literacy tests thought they did well (“Financial Literacy and Financial Decision-Making in Older Adults,” American Society on Aging).

Family Members Not Always Trustworthy

You may have read the articles about New York socialite Anthony D. Marshall’s conviction of defrauding and stealing from his elderly mother, philanthropist Brooke Astor. With help from his lawyer, Marshall changed her will to favor him, took millions of dollars without her consent and stole paintings from her home on Park Avenue.

There are many lesser-known stories about trusted family members swindling older adults. A social worker tells the story of an elderly woman who loaned her grandson most of her savings, after which he used the title to her mobile home to get a bank loan. She now needs the money to live on and faces the possibility of losing her mobile home if her grandson defaults on the loan. Yet she refuses to report her grandson to the authorities because she doesn’t want him to go to jail.

The sad truth is that over 90 percent of reported elder abuse is committed by the older person’s own family members, most often their adult children, followed by grandchildren, nieces and nephews, according to the National Council on Aging . Common tactics include depleting a joint checking account, promising but not delivering care in exchange for money or property, outright theft, physical abuse, threats, intimidation and neglect of basic care.

A relative can convince an older family member to transfer assets to them, get them to change their will or lift jewelry or other valuable items from the home when the elder is not looking. If the family member is caretaking in exchange for access to the elder’s Social Security funds, they may be spending as little as possible on the elder and more on themselves.

What You Can Do

Most of us want to believe that our own kin would never betray us. But to keep temptation out of harm’s way, you can take proactive measures to protect your assets, especially at a time of life when your financial abilities may be waning and you’re not always sure about making the right financial decision:

 

  • Have your income (e.g., retirement, disability) directly deposited into your checking account.
  • If managing your daily finances becomes difficult, consider hiring a daily money manager. This professional can help you with bills, insurance claims, phone calls to financial institutions and troubleshooting.
  • Engage a CPA or certified financial planner to handle issues such as how much money you can withdraw safely from retirement funds.
  • Put together an estate plan. Talk with an attorney about helping you create your powers of attorney, will and advanced directives.
  • When you choose a power of attorney, don’t assume the person closest to you will do the best job; you might be better off giving it to someone more detached and financially secure.
  • Put limits on your powers of attorney, such as assigning a different person to monitor your power of attorney or assigning joint powers of attorney, which would require two signatures on every check.
  • Build a network of family, friends, neighbors and groups that you can interact with often. They will notice if something is amiss.
  • Create a buddy system with other elders, call each other daily for reassurance and friendship and visit each other if possible. Older adults with a social network are less likely to be preyed upon.
  • Get your financial affairs in order. Good financial housekeeping will make you less vulnerable.
  • Keep valuables in a safe place. If there’s nothing worth stealing in your home, you’re less likely to become a victim.
  • Consult with a financial advisor or attorney before signing any document you don’t understand.
  • Get to know officers and tellers at your local bank or credit union. They can look out for any suspicious activity related to your account.
  • If you think you’ve been taken advantage of, don’t be afraid or embarrassed to contact authorities, starting with your local Adult Protective Services (see sidebar for other resources).

 

Efforts to Fight Financial Abuse

Governments and businesses are aware of the growing problem of financial elder abuse and are starting to take steps to counteract it. The Department of Justice has created an Elder Justice website, “a resource for victims of elder abuse and financial exploitation and their families, practitioners who serve them, law enforcement agencies and prosecutors, and researchers.” You can report elder abuse or find support in your area by entering your zip code on the site, which will provide the names of agencies and places to go in a 5-, 10- or 20-mile radius of your home. The Justice Department has also created training programs to help attorneys recognize and address financial exploitation of older Americans.

Growing concern in the financial industry about elder abuse has resulted in a new regulation. Brokers can delay or refuse transactions if they believe a caregiver is defrauding or exploiting a client who may be suffering from dementia. In the medical field, the nonprofit Investor Protection Trust trains doctors, medical professionals and lawyers to spot and report elder financial abuse.

Twenty-five states have laws requiring financial institutions to report suspicious withdrawals from seniors’ accounts and other uncharacteristic activity, according to the American Bankers Association. The state of Maine has a program, Senior$afe, that trains bank tellers and managers to identify and report suspected cases of financial exploitation. The program is expanding nationwide.

Businesses are seeing opportunities in this field also. EverSafe can monitor your financial activity, such as credit card statements and bank and investment accounts, on a daily basis. The company scans transactions for suspicious activity, such as financial behavior patterns that don’t fit your regular habits, and then sends a notice to you and someone that you have chosen to oversee your spending.

Another company, True Link , has a prepaid Visa debit card that lets you determine daily spending limits and the types of purchases or withdrawals that are and are not allowed on the card. If a purchase is outside of your parameters, it is rejected. The card also sends alerts of any suspicious charges.

Sources

“Why Elder Financial Abuse Is Such a Slippery Crime,” Feb 13, 2015, Forbes

“Protecting Mom & Dad’s money,” January 2013, Consumer Reports

“Financial Abuse,” National Committee for the Prevention of Elder Abuse

“Protect Yourself,” University of California Irvine’s Center of Excellence on Elder Abuse and Neglect

“Protect Yourself,” Elder Financial Protection Network

“How Seniors Can Protect Themselves from Scams,” National Council on Aging

“How to Stop Mom or Dad From Stupid Spending,” Next Avenue

“How Aging Impacts Our Financial Decisions,” Next Avenue

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Reprinted by Always Best Care Senior Services with permission from the Society of Certified Senior Advisors. 

How Distracted Driving Can Affect You !

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Driving distractions are an increasing occurrence in America due to the growing use of hand-held devices.  Driving is a skill that requires your full attention to safely control your vehicle and respond to events happening on the roads around you. Driving involves constant and complex coordination between your mind and body. Any event or thing that prevents you from operating your car safely is considered a distraction. For example, driving while using a hand-held device increases the likelihood you will be in a car accident by 400%. This has been a factor that has influenced recent restrictive legislation in our state banning hand-held devices while operating a vehicle.

While using cell phones behind the wheel is one of the most talked about driving distractions, it’s not the only one out there. There are many other things that we do behind the wheel that you may be surprised to find are considered driving distractions!

While the list could be endless, the main types of driving distractions include:

  • Texting
  • Reading a book
  • Using a cell phone
  • Eating or drinking
  • Smoking and dealing with lighting up
  • Personal grooming
  • Reading maps
  • Using a navigation system
  • Talking to passengers
  • Watching a video
  • Adjusting a radio

Driver distractions are the leading cause of most vehicle crashes and near-crashes. According to a study released by the National Highway Traffic Safety Administration (NHTSA) and the Virginia Tech Transportation Institute (VTTI), 80% of crashes, and 65% of near-crashes, involve some form of driver distraction. The distraction occurred within three seconds prior to the vehicle crash!

Thanks to our friends at Tom Jones Insurance in Orange Park for this infomation

 

Don’t Let Age Keep You from Bicycling !

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When Martha was 80, she wanted to ride a bicycle again but wasn’t sure her balance was good enough. Because she was otherwise strong and fit, her children bought her a “three-wheeler,” and Martha was able to cruise the local pedestrian/bicycle creek path in her town, enjoying the freedom of riding outdoors.

 

And then there’s “oldsters” like Howard Dietzman, 81, who last year did a solo bicycle trip across Canada, his second, which was preceded by three rides across the United States. That doesn’t count the bike tour he did from New York to Alaska (Biking Bis).

 

More Seniors Getting on Bikes

Bicycle riding is proving popular with older adults. Biking rates among people between the ages of 60 and 79 are soaring, an analysis of federal data shows. New trips by seniors account for 22 percent of the nation’s growth in adult biking (People for Bikes).

 

One likely reason for the increased popularity in bicycle riding is that you can ride many other places besides in traffic. Many cities and towns have added separate bike lanes on streets, or bike paths that keep you out of the way of cars. Bike-friendly towns, such as Seattle, provide a map of bike routes through and around the city, labeling them as far as difficulty. In fact, Seattle and other cities have bike share programs, which provide bikes for locals and tourists to rent and use.

 

Crossing through the countryside are scenic trails. The Rails-to-Trails Conservancy transforms unused rail corridors into multi-use trails that transverse open prairies, mountain passes, canyons and along rivers.

 

You can join a bicycle club aimed specifically at seniors, such as California’s Claremont Senior Bicycle Group (which has its own website). Its list of planned bike rides shows these are not just spins around the block. Luckily, most rides have a destination that serves food. One week, riders on Monday took a moderate 20-mile cruise with some climbing, which ended with a breakfast stop. Tuesday, an easy/moderate 30-mile ride finished at the Euro Cafe for brunch, while Thursday, riders huffed and puffed up a difficult 35-mile climb to the Corner Bakery.

 

Health Benefits

Cycling has many health benefits. Because it’s not weight-bearing, bicycling has little impact on your joints. That’s why people are able to comfortably cycle in their 70s and 80s. Your legs and backside-the largest muscles in your body-drive the power, which means cycling tones the lower body. For those who want to lose weight, it’s great at burning calories. Even moderate cycling-riding 12-14 mph-burns more than 500 calories in only 60 minutes. And biking’s easy to fit into your daily routine. You don’t have to drive somewhere to do it and can use it as transportation.

 

A Wealth of Bike Types

Bicycles have come a long way from the three speeds, with coaster brakes, that we rode as youngsters. Now you have your choice of 21 speeds. Not only is there a huge variety, but many bikes offer just what older adults might want: cushioned seats, upright handlebars or a power boost on uphill climbs. (See sidebar for help in deciding what kind of bike you need.)

 

Prices can vary from hybrids and cruisers at $300 to $705, to a recumbent for about $700-$5,000, to electric bikes priced from $600 to $1,500.

 

Hybrid bicycle. This combines some of the best features of a road bike with some attributes of a mountain bike, making it extremely versatile. Many older adults can’t physically stay in the crouched position that a road bike demands, nor tolerate its narrow, hard seats. Meanwhile, mountain biking can be physically demanding and more suited to young bodies. Hybrid bike tires are cushier and less rugged than those on mountain bikes, but wider than the hard, skinny tires on road bikes. Handlebars are higher, providing a more upright riding position than a road bike, and the seats are padded.

Cruiser bike. The handlebars for these bikes are totally upright, letting riders “cruise” and enjoy the surroundings. With only a single speed, these are not meant for long and difficult rides, but for an occasional leisurely spin around the neighborhood or down to the grocery store. Cruisers are most like the three-speed bicycles of our youth.

Step-through bikes. With no cross-bar to lift legs over, step-through bikes are easier to mount and dismount, especially if you have balance issues or are not as flexible as you once were. The EZ boarding bike has an even lower “threshold” to step over when getting on your bike.

 

Recumbent bike. Sitting in a reclining position takes stress off the lower back, hands, neck and pelvis. Because you use different muscles than on a conventional bike, you’ll need to adjust to a slightly different style. Although the recumbent bike rider looks relaxed, these bikes are actually faster than a traditional bicycle because the “laid-back” position means less wind resistance. They come in a variety of configurations, including no-hands steering, rear- or front-wheel drive and a three-wheel arrangement.

 

Electric bike. This is a good bike for older adults who love bike riding but have physical issues that make hills or other types of terrain challenging. You can pedal until you get tired and then use the motor to climb a steep hill. On a single charge, the bike can go up to 20 miles at 15 mph.

 

Adult tricycle. These are becoming so popular that adult tricycles come in many different designs, including a semi-recumbent and electric version. With its step-through design, it’s easy to get on and off, and the adult tricycle offers a stable ride. Because you sit upright, this bike is easier on the back, buttocks and hands. The only difficulty you might have to contend with is a few sneers from the younger set on their sleek road bikes.

 

Other bike types to consider have automatic transmissions; are tandem or “built for two,” which provide two human power sources and are great for couples; and are “foldable,” perfect for those who don’t have a lot of space to store a bike, either at home or in your RV.

 

Sources

“Learn The Secrets Of Choosing A Bicycle That Is Perfect For You,” Bicycle-Riding-for-Boomers

“Benefits of cycling,” NHS

“Bike use is rising among the young, but it is skyrocketing among the old,” June 19, 2014, People for Bikes

“Age no barrier on solo trans-Canada bicycle tour,” November 11, 2014, Biking Bis

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Reprinted by Always Best Care Senior Services with permission from the Society of Certified Senior Advisors. 

Water Aerobics for Your Health !

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Following Fishes for Losing the Pounds: Water Aerobics

There are many different ways that you can get healthy – doing water aerobics is something you might never have thought of. However, not only can it help you be really healthy and get the most out of your aerobic work out, it can do a lot more, as well.

When it comes to using the water to work out, there are many ways that water aerobics can work for you. You can either do some of these exercises on your own, or you can join a club or a group that will teach you how to do them. No matter what you decide to do, you’ll be able to find that water aerobics fit right in to your regular work out routine.

Basically, doing water aerobics means that you are going to be providing your body with actual exercise. You are going to be doing aerobic work outs in much the same manner that you would if you weren’t in the water – for instance you are going to be able to run, walk, and do other movements during your work out. The difference is that you’ll be doing them in the water, which adds to the work out.

By doing your workout in the water, you are getting more resistance than if you were doing it in the air. Everyone knows that when you try to move through water you have to exert more force in order to make the movements that you want to make. This means that as you do your water aerobics, you are forced to use more of your muscle groups and you are forced to get stronger.

Most of the time you can be with a water aerobics class, which will help you figure out how best to do your water aerobics. This is a great way to make sure that you know what you are doing, and to make sure that you are actually getting as much out of your exercise as you can. The instructor will guide the class through a series of movements, where you’ll be able to do the same repetitive motions over and over again. Hopefully, you’ll find that this will increase your heart rate and allow you to be able to start to work your body in a great and aerobic way. By doing water aerobics, you can get exercise and strengthen every part of your body – plus, water aerobics can be the most fun you’ve had in a pool since you were a little kid!

Control Cholesterol !

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Lipid Altering Medication should you be taking them ?

You are aware that high cholesterol can be very dangerous to your heart disease and you will find that other serious health problems like a stroke. You will find that the doctor will suggest that you change your diet and lifestyle, but then there are some people who just need a little more. Lipids are drugs that are prescribed to those who have high cholesterol and need to  keep it under control . When it comes to the LDL cholesterol and triglycerides you will find just what undesirable lipid levels are all about.

Undesirable lipid levels can cause you to have a serious medical issue. If you are at risk, you may want to talk to your doctor, because there is no way for you to judge your cholesterol without getting tested. If you are at risk, you may be able to get what’s best for you and  correct the situation .

Some of the prescriptions that you can get for high lipids include meds like statins and fibrates, not to mention cholesterol adsorption inhibitors. Statins lower cholesterol and assist in the prevention of cholesterol being produced within the body. Fibrates are commonly prescribed with them and you’ll be able to use the lipid-lowering meds to help you eliminate triglycerides from your body. There are a few different types of fibrates, but gemfibrozil is most commonly prescribed because it is the most effective one that has the fewest possible side effects. If you use cholesterol absorption inhibitors, you will find that you can have a good start to a long fight against high cholesterol. They are safer for people who have had trouble with side effects of statins and are looking for an alternative. It lowers triglycerides and significantly reduces levels of bad cholesterol.

There are some people who simply prefer to have a more natural way of treating their high lipids. You will want to take some vitamins so that you can reduce your bad lipids, but also increase your good cholesterol. Niacin is a B vitamin that is taken in large doses in order to lower the total cholesterol amount, triglycerides, and bad cholesterol, as well as increasing the amount of good cholesterol. This is something that you can take without prescription, but you will want to just with your doctor about using these vitamins and you will not want to take large amounts of them either.

Your doctor should monitor you so that they can see if your body is responding favorably and no additional problems arise. You may also want to think about things like fiber and soy so that you are able to find something natural for you to consume and help you with the bad lipids that are in your body and blood.

Natural lipid medications and also prescriptions will help reduce a lot of your bad cholesterol or lipids and it may save you from developing other diseases or issues. You will want to check everything out with your doctor before you begin taking them. Vitamins should not be mixed with certain meds and that is why you will even want to ask your doctor if you are able to take such vitamins.