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Getting Healthier in Your Retirement

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Retirement is an important milestone…a time to focus on you. You may already have a wealth of ideas for how you’d like to spend that time, but don’t forget that list should include taking charge of your physical and mental health so you can maximize your quality of life and maintain your independence in your golden years.

Here are 3 key things you can do:

Be Informed and Actively Involved in Your Healthcare
You are your own best advocate when it comes to your healthcare. Obtaining up-to-date information can help you make the right decisions for living a healthy lifestyle. A physician with special training in gerontology is particularly well equipped to understand the unique needs of the aging body and mind and can help advise you on what to pay attention to.

It’s more important than ever to get regular checkups and undergo preventive health screenings as recommended (e.g., colonoscopy, glaucoma, blood sugar, cholesterol, mammography and bone density for women) because the risks for certain diseases increase as we get older. Screenings can prevent some problems and catch others at the earliest stages when they are most treatable.

Flu vaccinations are recommended for all adults over 50 because complications from the flu can be life-threatening in seniors. Vaccines for other serious diseases such as shingles and tetanus are also available. Talk to your doctor about what might be appropriate for you.

Adopt or Maintain Healthy Lifestyle Habits

Eat Right. Increasing consumption of certain types of food and limiting your intake of others can help prevent and control diseases that become more prevalent as people age.

Exercise Your Body Physical activity is vital for healthy aging. An inactive lifestyle can cause older adults to lose ground in areas that are important for staying healthy and independent: strength, balance, flexibility, and endurance. It can give your mental health a boost as well. A lot of problems we used to consider an inevitable part of aging—loss of strength, bone thinning, bad balance, even memory loss—may actually be related, at least in part, to disuse of the body.

Exercise Your Brain. Keeping your brain active and maintaining creativity actually may help to prevent cognitive decline and memory problems. The more you use and sharpen your brain, the more benefits you will get.

Relax. Too much stress can make you irritable and depressed and raise your heart rate and blood pressure. There is scientific evidence that negative emotions such as stress, anxiety, and anger contribute to sickness such as cardiovascular disease and diabetes. Relaxation eases your body’s response to negative emotions. Physical activity and healthy eating can help prevent or ease stress as well.

Find Purpose & Meaning/Stay Involved
Keeping your brain active and staying involved with friends and family can do a world of good for your mental and emotional health. The National Institute on Aging says that participating in activities you enjoy and keeping busy are just as important to your well being as physical exercise and proper nutrition.

What to Know About Early Retirement Incentive Programs

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by Kristen Miller

In a business climate full of budget cuts and layoffs, many companies are putting together early retirement incentive packages to avoid making involuntary layoffs. Getting money and benefits for retiring early seems like a good deal, but there’s a lot to consider before accepting it. Ask several questions to gather information and assess whether the package is right for you.

How Will I Get Health Insurance?
For many people near retirement age, this is one of the most important questions to ask because you won’t qualify for Medicare until you reach age 65. One option if you are close to age 65 is to purchase COBRA benefits for up to 18 months to fill that gap. However, these benefits are quite expensive. Many companies offer health insurance as part of the early retirement incentive package. If this is the case, learn how long the coverage will last, how it will compare to your coverage while you were working, and whether it covers your spouse and dependents as well.

Will I Draw Social Security Benefits Yet?
You can start drawing Social Security benefits at age 62, but you don’t get your full benefits until you reach age 66 and you can get extra benefits if you wait until you’re 70. Therefore, it’s important to consider whether you’ll need to start drawing Social Security if you accept the offer, and if so, how starting benefits now will affect your monthly check.

How Will This Affect my Pension?
Early retirement can affect your pension, so it’s important to understand the impact. Your highest-earning years are usually late in your career, so giving up these years could lower your potential monthly pension payments. Also determine whether cutting short the number of total years you’ve worked with the company will negatively affect your pension.

Can I Get Another Job?
If you’re on the young side and weren’t planning to retire for several more years, you may want to consider accepting the early retirement package and getting another job until you want to actually retire. Consider how marketable your skills are and whether you think you could get a position in your area. Also learn whether getting another job will affect your early retirement benefits.

If I Don’t Accept, What Is my Chance of Getting Laid Off?
The last component to consider is how likely a layoff is if you choose to not take the early retirement offer. If your company is on the brink of going under, it may be smart to take the sure thing in the early retirement package. On the other hand, if you feel secure in your position and don’t anticipate getting laid off, keeping your job may be better.

Armed with all of this information, crunch the numbers and see if you can afford to retire now. Add up the benefits from Social Security, your pension, the early retirement bonus, and other sources to calculate whether they will cover your expenses. If they will, the incentive package may be one that’s worth taking.

Kristen Miller is not affiliated with or endorsed by LPL Financial or Mike Bonacorsi LLC

Best Places to Retire in the U.S.

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by Leigia Rosales, J.D.

When retirement looms around the corner, one of the most important decisions people need to make is whether to stay where they are or choose a new location to call home for their golden years. When selecting the perfect retirement location, many factors go into the selection process. The cost of living, climate, and the quality of life are typically among the most important considerations. If you are planning to retire in the United States, you may wish to consider the following cities:

Boone, North Carolina: If you like the idea of warm Summers, but don’t want to give up the four seasons entirely, Boone may be your ideal retirement location. Set among the splendor of the Blue Ridge Mountains, Boone offers low cost living in a small town atmosphere. The nearby college even offers classes for seniors at no charge.

Memphis, Tennessee: Homes in Memphis are considerably lower per square foot than most other major cities throughout the United States, yet Memphis boasts all the conveniences of a large city and the charm of a southern town. In addition, Tennessee has no state income tax, making Memphis an even more attractive option.

Tucson, Arizona: If you are determined to retire where snow will never be part of the forecast, Tucson is your spot. A perennial favorite of retirees, Tucson still manages to maintain a relatively low cost of living compared to other well-known retirement locations.

Jacksonville, Florida: People typically think of Miami, Key West or Fort Meyers when they think of retiring to Florida. By moving just a few hours north to Jacksonville, you can get a lot more bang for your buck. You also get a more temperate climate and the benefit of Florida’s largest city while still enjoying the benefit of not having to pay state income taxes.

Salt Lake City, Utah: If a perpetually warm climate is not your ideal retirement location, then consider Salt Lake City. No need to give up scenery with breathtaking mountain views right out your window in order to retire in a metropolitan area. The low cost of living and low taxes make Salt Lake City a hidden gem for retirees.

Albuquerque, New Mexico: Albuquerque offers year around sunshine but still provides cool nights and temperate Winters. If you are really missing the snow, you can take a drive up into the surrounding mountains for a quick visit. Albuquerque is a city that caters to seniors with a moderate cost of living and an over abundance of medical care and activities geared toward seniors.

Cheyenne, Wyoming: If your idea of the perfect place to retire is amid the wide open spaces of the west, then Cheyenne is your best bet. One of the few places left in the United States where you can drive for hours without seeing urban sprawl, Cheyenne also offers a low cost of living and hosts the AARP National Spelling Bee every year!

Charleston, South Carolina: Although the cost of living is a little higher than others on the list, Charleston offers a temperate climate, a wide variety of activities geared toward seniors, and the ability to live in a city steeped in history that retains both its southern charm and hospitality.

Leigia Rosales, J.D. is not affiliated with or endorsed by LPL Financial or Mike Bonacorsi LLC.

Today’s Best Experiential Travel Adventures

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Transform yourself by hiking to the base camp of Mt. Everest, helping with fair trade development in the Amazon rainforest, touring the underwater wreckage of the Titanic, or maybe taking a leisurely walk in space

One of the fastest-growing types of travel is experiential travel. Also called “transformational travel,” experiential travel adventures are offered by everyone from National Geographic, the brand synonymous with adventure, to leading traveling companies, such as Abercrombie & Kent and Butterfield and Robinson. Major outfitters, like REI and EMS, also offer experiential travel adventures.

Through National Geographic Expeditions, you can experience an 11-day “Moroccan Odyssey” from Casablanca, Marrakech, and Fez to the Sahara; a 9-day dog-sledding (yes, driving your own team of Huskies) journey across Sweden’s Lapland region to the famous ICEHOTEL, which is rebuilt anew every November by artisans and artists; or, a 14-day Mongolian horseback trek, an experience through which you can be moved by Mongolia’s nomadic way of life.

No one mixes adventure with luxury better than Abercrombie & Kent. This year, the company is featuring their 50th anniversary African safari in Kenya, where the company was founded. Some of their other travel experiences include “Classic Antarctica, where, over 14 days, you can discover the world’s last frontier, and, “Splendors of the Nile,” a 14-day trip along the Nile, where, for four days, you can cruise the Nile on their Sun Boat IV, offering “true pharaonic style.”

Butterfield and Robinson, famous for their bike tours, offers several bike and walking trips, including “Provence Biking,” a 6-day biking adventure that begins in the pastoral Lure Mountains and concludes in sunny Avignon.

For the service-seeking traveler, the St. Bernard Project offers a “volunteer vacation” rebuilding houses in New Orleans, and Kaya Responsible Travel has a myriad of volunteer travel opportunities, from working with disabled orphans in Peru, to contributing your efforts to fair trade development and agroforestry in the Amazon rainforest.

REI and EMS, two outdoor lifestyle leaders, also offer experiential travel programs. With REI Adventures, you can kayak and snorkel in the Galapagos Islands, or, with their “Everest Base Camp Trek,” hike with a Sherpa staff to the base camp of Mt. Everest, at an elevation of 18,190′. Closer to home, EMS offers a 7-day backpacking trip in Alaska’s magnificent Denali National Park and Preserve, home of 20,230 ft. Mt. McKinley, the tallest mountain in North America.

New Zealand boasts the highest boat ownership rate in the world, and no wonder, as it’s one of the most desirable sailing places in the world. Bay of Islands, a company in New Zealand, offers crewed yachts from 35-80′, enabling you to completely relax and get the most out of your sailing adventure.

And, no world-class sailing itinerary is complete without an excursion in the Greek Isles, which many believe to be the world’s most beautiful islands. G Adventures offers “Greek Isles Sailing Adventure: Athens to Kos,” a coveted 22-day sailing excursion aboard a 50-foot yacht that includes the Aegean Sea, Athens, Cyclades Islands, Mykonos, Santorini, Dodecanese Islands, and Kos.

The Romance of Rail Travel
If you’re in Paris and wish for an extended adventure, one would be hard pressed to exceed the wonderment offered in “Paris-Budapest-Bucharest-Istanbul,” the 6-day signature journey aboard the famed Venice Simplon Orient-Express, which Vanity Fair calls “the train against which all other luxury trains are measured.”

The Trans-Siberian Railway, the world’s longest, is the venue for Trans-Siberian Experience’s “Dr. Zhivago” offering, a 16-day excursion from St. Petersburg to Beijing. The trip includes some special Zhivago-related visits in and around Perm, the real city fictionalized as “Yuriatin,” and the city where Pasternak lived and drafted the novel. Departs from St. Petersburg, the birthplace of the Russian Revolution.

Extreme Travel Experiences
Shark Cage Diving KZN, located on the coast of shark-teaming South Africa, provides experiential travelers with an opportunity to swim with sharks using a “soft cage.” Or, if you’d like to go a bit deeper, say 12,500 feet, Titanic Expeditions offers a 16-day adventure to explore the wreak of the RMS Titanic inside a MIR submersible vessel.

The Mario Andretti Racing Experience provides you with an opportunity to drive an actual Indy racing car over a 1½-day period, and reach an amazing speed of 175+ mph. This experience includes a driver’s meeting, training & instruction, and graduate certificate.

For those seeking an extreme experience, there is Extreme Seal Experience, which is run by former Navy Seals who provide you with an authentic 14-day Navy Seal training experience, which includes intensive weapons and close quarters combat training, as well as rappel, fastrope, helo sniping, and different climbing techniques.

Finally, if you don’t mind heights, Space Adventures can provide you with an unmatched, 16-day experiential travel opportunity in the International Space Station. In preparing for this journey, which includes an opportunity to perform a spacewalk, you’ll receive full astronaut training at the Yuri Gagarin Cosmonaut Training Center in Star City, Russia.

Preparing for your trip
With Butterfield and Robinson’s experiential trips, activities are divided into three different activity levels (easygoing, moderate and challenging). For trips involving easygoing and moderate activity, you may want to start walking and biking a few weeks before your trip. If your trip involves challenging activity levels, you may want to start a pre-trip exercise program a few months before your embark.

However, for strenuous trips, like REI’s “Everest Base Camp Trek,” you’ll need to consult with the company to see what the specific physical requirements are for each trip. For extreme experiences, such as Extreme Seal Training, for example, your physical training goals (not requirements) are indicated on their web site, which include: Body weight bench press — you should strive to get around 20 reps; body weight dead lift, 20 reps; body weight squat, 20 reps;
 and, pull-ups, 20 reps. Whew!

As a final note, whatever your preferred experience may be, it’s always recommended that you see your doctor before embarking on any extended adventure, particularly if you’re taking an international — or even an outer space — one.

Gearing Up:
Need some gear for your transformative journey? Check out Real Altitude and Patagonia.

The Importance of Financial Planning After a Divorce

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by Kristen Miller

After having intertwined finances during a marriage, splitting things up again can be a lengthy and complicated process. Few people think of all of the details that need to be addressed after a divorce, but it’s critical to handle these right away to ensure that money and other assets are managed correctly. There are several major categories of financial concerns to attend to after a divorce.

Wills and Beneficiaries
Many people will their assets to their spouse, but a divorce changes the plan. It’s critical to write a new will as soon as possible after a divorce to ensure that your assets don’t go to your ex if you pass away. In addition to removing your ex-spouse from your will, you should also consider removing children your ex brought into the marriage if you no longer have relationships with them. Beyond the assets that pass through your will, you should also have your family law attorney change the beneficiary of other accounts, like your life insurance policy and your retirement accounts or pension.

Retirement Accounts
You and your ex likely planned on using each other’s assets in retirement, but when you get divorced, those assets are split between you. Now is the time to evaluate what assets you got for retirement and consider whether they will be enough for you. For example, if you haven’t worked much during your lifetime and weren’t married long enough to qualify for spouse benefits, you won’t be able to depend on Social Security for any substantial income. Therefore, you’ll need to save more in private retirement accounts than your ex-spouse will. In many cases, you’ll want to put much of the money you got from your divorce settlement into a retirement account so you have more to draw on when it’s time to retire.

Household Cash Flow
The last part of financial planning to address after a divorce is how your household cash flow will work on just one income. In many cases, you’ll either be paying or receiving child support or alimony, which you’ll have to factor into your cash flow plans. Sit down with a CERTIFIED FINANCIAL PLANNER™ practitioner to look at what money comes in and out and how you can allocate funds to continue meeting your financial goals after the divorce. You may need to consider adjusting your career plans so you can earn more money to support your expenses. Otherwise, downsizing and cutting back is the other way to manage your household cash flow on a balanced budget.

There’s a lot to consider when sorting out your finances after a divorce, and it’s not wise to tackle the project on your own. Professional assistance can help you consider every angle and understand the intricacies of your financial situation. Mistakes in financial planning can have serious repercussions when you’re financially independent, so you want to learn all you can after a divorce and ensure that you have a solid plan to take you into your retirement.

Kristen Miller is not endorsed by or affiliated with LPL Financial or Mike Bonacorsi LLC

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