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Recommendations from the Elder Economic Index Report

It’s no surprise that the older adult population in Massachusetts is increasing rapidly. In 2010, those aged 65 and older accounted for 14 percent of the state’s population. However, by 2030, that figure will grow to 21 percent. To be economically secure at any age, one’s income must cover basic living expenses. If housing, health care, food, transportation and other incremental expenses are not sufficiently covered by household income, we must support effective strategies to fill the gap or the household will suffer severe economic hardship in retirement.

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Planting the seed

“The best time to plant a tree was 20 years ago. The second best time is now.” – Proverb

When people think of planning for their later years, they think about saving for retirement. This is great, but it is not enough. Planting a tree requires thinking about water, soil and sun. People have more diverse needs. They need food, clothing, shelter, and health care. But they also need to fill their psychological needs. Some need something to do, a purpose in being, a goal. This may be harder to plan for, but it is important none the less.

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Reverse Mortgages: What’s the buzz?

Reverse mortgages are a unique, government insured loan program that allows eligible homeowners 62 years old or older to access their home equity for immediate cash, a line of credit, a monthly check, or a combination of the three. In all cases, the homeowner has the right to never again make a monthly mortgage payment, as long as the real estate taxes and insurance are paid and other requirements are met.

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Reverse mortgages: It’s about time

By Alain Valles, CRMP Reverse mortgages often conjure dire outcomes. But the facts are just the opposite. With changes to the government-insured loan program, formally called a Home Equity Conversion Mortgage (HECMs), the risks to the senior homeowner has diminished, and, under many circumstances, results in a drastic cut in costs. Financial and estate planners, […]

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Fighting fraud

On the heels of a new report showing the top scam in Massachusetts involves debt collection, the AARP Fraud Watch Network offers tips so you can learn how to protect yourself from the five top scams reported by Massachusetts residents in 2015.

According to the FTC’s Consumer Sentinel Network Data Book, of the 46,414 Massachusetts complaints recorded last year, 37,884 were fraud-related, ranking the Bay State at number 22 of 50 states.

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Those who humble themselves will be exalted

A large part of our success in aging well has to do with how we cope with changes in our bodies. All bodies change over time. There are amazing people who are able to continue using the same skills well into older adulthood. There are also some incredible people who develop or hone new skills as they age. For most people, however, we need to be mindful that our changing abilities can affect our self-esteem. Those who pride themselves on their intellect may face an easier time with sore knees than memory loss, and those that were very skilled with their hands might have an easier time with cataracts than arthritis. But none of us are immune to the frustrations of changing bodies. Very often, we have to remind ourselves, if not society in general, of our own worth, even as we lose some of our functioning.

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