Business & Finance   

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.