Business & Finance   

At no time in life does personal finance get more confusing than the final third of a person's life. There are many new challenges and decisions (e.g., when to claim Social Security and required minimum distributions).

This presentation will be taught by a financial educator who holds the certified financial planner designation but does not sell consumer financial products or services. It will discuss financial planning tips for older adults on a wide variety of topics including investing, insurance, income taxes, estate planning, fraud and scams, and creating a retirement "paycheck." Ample time will be allowed for questions and answers.

Fraud schemes have increased significantly over the years and the impact it has on our senior community is at times devastating. Scammers are clever but we can out smart them with just a little knowledge on what to look out for. New schemes are being developed all the time but knowing what to do is key to protecting yourself and your hard earned money.

This class was requested by a MTP student at the May 2024 Curriculum Kick-off. She noted that many older adults have both paper and electronic documents and are looking for better ways to manage their finances, organize their financial records, and not leave a mess for their heirs.

This class will discuss topics including debit vs. credit card use, online bill payment, creating an automatic payment inventory, automatic vs. one-time online bill payments, digital assets, two-factor authentication, e-filing taxes, and record-keeping recommendations for important papers. It will also discuss strategies to have a "good financial ending” to your life.

Many older adults own tax-deferred retirement savings accounts such as traditional IRAs and employer retirement savings plans (e.g., 401(k)s, 403(b)s, 457 plans, and the Thrift Savings Plan). Many of these accounts were started with the assumption that income in later life would be lower than during working years. This may or may not be the case. Some older adults with multiple streams of income are surprised that their income actually increases. This class will discuss tax-deferred accounts from the viewpoint of older adults including income withdrawal strategies, RMD requirements, portfolio rebalancing, tax minimization, beneficiary designations, tax withholding, and more.

This class was requested by a MTP student at the May 2024 Curriculum Kick-off. He noted that his wife and other older women are too dependent on their husbands to make investment decisions and need a basic investing class. While many people start investing during their working years, some “newbie” investors are older adults, often widowed and divorced people who deferred investment decisions to others for decades.

This class will provide a basic introduction to investing for late starters. Topics to be covered include investment terminology, investment risks, stocks, bonds, mutual funds, exchange-traded funds, investment fraud, and investor resources.

This presentation will be taught by a financial educator who holds the certified financial planner® designation but does not sell consumer financial products or services. The session will discuss current income tax laws, basic income tax concepts, tax issues of particular concern to older adults (e.g., standard deductions, required minimum distributions, Social Security taxation, IRMAA, and qualified charitable deductions), tax preparation methods, and income tax resources.

Spring is a time when many people do a thorough "deep cleaning" of their homes via tasks that are performed infrequently (e.g., washing windows, dusting light fixtures and fan blades, and washing curtains or drapes). The phrase "spring cleaning" can also apply to personal finance as people tidy up their finances following income tax season and make plans for the second half of the year. This class will discuss 25 occasional financial planning activities to "spring clean" personal finances. Examples of topics that will be discussed include asset allocation analysis and portfolio rebalancing, automated payments inventory, charitable gifting budget, credit card inventory, debt repayment acceleration plan, decluttering, income tax analysis, and “Rule of Three” price comparisons.

Many older adults are choosing to work in their late 60s, 70s, and even 80s because they want to or have to. Specifically, about 1 in 5 adults age 65+ are employed (double 35 years ago) and workers age 75 and older are the fastest-growing age group in the U.S. labor force, more than quadrupling in size since 1964.

Some older workers simply don’t retire until a later age than normal while others leave the labor force, retire, and then return (i.e., unretirement). When older adults work longer, different financial planning implications arise. This class will describe positive impacts on Social Security benefits, retirement plan and other savings, and the amount of money needed for retirement spending. It will also address potential pitfalls related to income taxes, Medicare, and Medicare premium surcharges called IRMAA.

Many Master the Possibilities students are in their 70s (or will be soon), so this class will come at a “teachable moment” for spending decisions, income taxes, and philanthropy. New issues and challenges arise when people reach their 70s. Examples include a higher risk of widowhood, illness, disability, and need for long-term care assistance and increased concern about outliving assets. There are also financial planning issues such as required minimum distributions (RMDs) and opportunities such as qualified charitable contributions (QCDs). Financial topics that septuagenarians need to know are the focus of this class.

The SHINE (Serving Health Insurance Needs of Elders) Program provides free and unbiased health insurance counseling to elders and individuals with disabilities, their families, and caregivers. SHINE wants to remind you about the importance of planning for long-term care. Researching your options, choosing the type of care desired, preparing financially and informing/involving your loved ones will make your transition much more smoothly. Long-term care services involves skilled nursing, custodial and hospice or palliative care. Did you know that long-term care activities of daily living in a home, community, or facility will not be covered by Medicare?

Having a great checklist is helpful; and understanding all of the resources available will be key to the planning process. Did you know there are Federal or State programs such as: VA, Federal & Uniformed Services; the CARES, Ombudsman, and partnership programs; along with other resources that can guide a beneficiary and loved ones through the process. There is a self-assessment guide, a consumer guide; steps on choosing a nursing home or other long-term care providers, a shoppers guide for choosing long term care insurance and ideas on how to use your home to stay at home. It is also important to share your wishes with family members about future medical care, therefore, having advance directives, living wills, health care proxies, Five Wishes, and POA's in place are key to preparing for future health care needs.

Resources are available at your fingertips, all you need to know is where to find it. Let us be your resource connection!

Without a guaranteed stream of income, older adults are exposed to the risk of outliving their assets. Pensions no longer exist for most workers and Social Security is often inadequate to maintain a comfortable lifestyle. That leaves annuities as a guaranteed income source. Annuities are a contract between an investor and an insurance company that offer tax benefits and the promise of a lifetime stream of income.

Unfortunately, many annuities have high expenses, which erode investment growth, and some are sold in high-pressure situations such as “free meal” seminars. Studies have found that annuities can extend the life of retirement savings, but many people do not fully understand or trust them. This class will cover key elements of annuities, types of annuities, advantages and disadvantages, common features, qualified vs. non-qualified annuities, government entities that regulate annuities, withdrawal and exchange options, qualified longevity annuity contracts (QLACs) to fund living expenses in later years, annuity research results, and annuity resources.

During the past four years, as a result of supply chain issues, labor shortages, interest rate increases, and increased consumer demand, prices have risen significantly for many items that consumers buy. Examples include food, utilities, a nd insurance. Inflation has pinched the budgets of many older adults, especially those living on a fixed income. A hack is a work-around strategy to overcome an obstacle or challenge. This webinar will describe dozens of hacks to cope with inflation.

This course will explore the many types of spending habits we use everyday. The role that advertising, self-esteem and others have on our spending habits. We have a self evaluation tool to help understand what your spending habits are and how it effects your financial situation. We will provide tools to help your spending habits. 

The last third of a person’s life is often the most complex time financially with many decisions to make about retirement savings withdrawals, Social Security benefits, investment asset allocation, and required minimum distributions. Many people who have been “do-it-yourselfers” for decades may wonder if they need professional advice or assistance.

The class will address the value that advisors can provide and alternatives to hiring one. It will describe questions to ask about a potential advisor, what to expect when hiring a financial advisor or using a robo-advisor, and criteria to consider for human advisors including credentials, education, and fee structures.

Continuing Care Retirement Communities (CCRCs), a.k.a., lifecare communities, are a housing option for older adults where a continuum of lifetime care is provided in exchange for a hefty entrance fee and monthly expense fee, thereby providing peace of mind about end-of-life care. Typically, older adults enter a CCRC in an independent living unit and progress to assisted living, memory care, and skilled nursing services, if needed.

People typically enter CCRCs in their mid- to late 70s but can also become CCRC residents in their 60s or 80s (if able-bodied and high functioning). This class will discuss reasons to consider a CCRC, advantages and disadvantages, types of CCRC contracts, waiting list procedures and deposits, health and financial qualification criteria, meal expense requirements, CCRC financial statements, CCRC resources, and more. The instructor will also share personal experiences in vetting and selecting a CCRC for the next decade of her life.