Retirement Redefined 2014

Retirement Redefined 2014 features: n Don Hill, Inspiring a Community, pages 4-5 n Susan Kirtley, Serving Others, pages 12-13 n Virgil Lampton, Using His Talent, pages 18-19

The basics of estate planning

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ith regards to finances, the future is a big part of many people’s financial planning efforts. Be it the kids’ college tuition or the day when retirement finally arrives, financial planning is all about the future.

Though college and retirement funds garner the most attention, men and women must also make time for estate planning. Estate planning is the process of arranging for the disposal of an estate and is done to help minimize uncertainty upon an individual’s death. This planning also reduce taxes and additional expenses that might arise if a person passes away without having left a will or another means of disposing of his or her estate. Regardless of the size of an individual’s estate, there’s no reason not to have an estate plan in place. The following are some of the basics of estate planning, which should be a priority for men and women, young and old.

More than just a will An estate plan is more than just a will. Though an up-todate and specific will is an important element of a good estate plan, there are other elements as well. In addition to a will, an estate plan should assign power of attorney, which gives a person of an individual’s choosing the right to manage that individual’s financial affairs if they are unable to do so themselves. Power of attorney should be assigned in the case of a person’s death, but also if an unforeseen medical issue arises and a person is no longer capable of managing their affairs.

There are two types of

conditions on the distribution of their assets upon their death, including when and how these assets will be distributed. In addition, a trust might just protect these assets from creditors or lawsuits and help any heirs avoid probate court, which can be a costly and tedious process. Though trusts aren’t necessarily for everyone, they also aren’t exclusive to the very wealthy.

power of attorney that are essential to know when estate planning. Springing power of attorney goes into effect when circumstances that the individual specified, such as incapacitation, occur. In order for this to go into effect, the agent designated must typically produce proof of an individual’s incapacitation.

Durable power of attorney goes into effect immediately and the agent does not need to prove incapacitation. When choosing an agent to assume power of attorney, individuals need to make this decision wisely, choosing someone they trust who can competently manage their affairs.

Assessing your assets Assets include a host of

things, from investment accounts to real estate to retirement savings. Individuals must take careful inventory of all of their assets and determine to whom these assets should go if they die or who should gain control of them if individuals become incapacitated. This means leaving no stone unturned. If there are any questions about specific assets, then legal wrangling or even government taxation upon these assets is likely to take place.

Understanding trusts Many people hear the word trust associated with financial dealings and immediately assume it only applies to the wealthy. Nothing could be further from the truth. A trust enables men and women to put

Allocation of assets Many people make the mistake of leaving all of their assets to their spouses upon their deaths. While this is wellintentioned, it doesn’t always work out best for men and women with children.

Individuals can leave an unlimited amount of money to their spouse upon their death, and that money cannot be taxed. However, when the surviving spouse dies, if he or she leaves that money to their surviving children, then they are likely going to pay significantly more in estate tax.

In addition, when deciding to simply leave all assets to a surviving spouse, this is, in a sense, leaving the difficult decision of asset allocation to the surviving spouse. What’s more, should both husband and wife pass away in an accident at the same time and all assets were left to a spouse, this can make it very difficult, contentious and costly for surviving family members to divide up any assets left behind.

As morbid as estate planning might seem, it’s a necessary step for adults who want to secure their own futures should they become incapacitated or the futures of their loved ones when individuals pass away.

Retirement Redefined 2014 • 3

Inspiring a Community

By Kristy sturgill

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on Hill and his sidekick, Henry Hill, greet their hundreds of Facebook followers every morning with a thought of the day.

“Good morning Sunshine, and hello Tennessee, don’t get me wrong, I love Oklahoma, I’m Okie born and bred. We visited Kansas yesterday evening, and it just got me to wondering why Oklahoma wastes money putting up signs telling folks you’re in Oklahoma. When you go from a rough bumpy ride to a smooth easy ride, you know you’ve left the State. If you go from a smooth comfortable ride to a rough bumpy ride, welcome to Oklahoma,” Don Hill wrote on June 28.

It is common to hear Don Hill say “well Henry says.”

However, Henry Hill is a Yorkie, but according to Don Hill, he does not like to be called a “d-o-g.”

Henry Hill makes posts to Facebook, and Don Hill said that sometimes he thinks he is a reincarnation of the Bard Henry Hill and writes poetry.

Henry Hill also claims to be an ex-French Foreign legionnaire, among many other things. Of course, it is all a fun joke, but his family, friends and followers love playing along.

Don Hill’s fame comes not from his unique sidekick, but from his humble attitude and his willingness to serve those around him wholeheartedly.

Most recently, he is active with the J.M. Davis Arms and Historical Museum, Oklahoma Military Academy, and the Claremore community as a whole. He is quick to remind the community of upcoming elections, and he is a strong advocate

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for voting in each one.

“He is a pillar of the community. He believes in the community of Claremore and has spent years volunteering to help make Claremore stronger,” said one of his daughters, Jamie Hill-Smith.

He has also helped some of Oklahoma’s leaders campaign for office, including Sean Burrage and Scott Walton.

“Don Hill is one of my best friends and he was a valuable asset in my 2006 campaign. He usually put in 12 or 14 hours to help,” said Burrage. “I came to realize how loved he is by the whole community. They do not make any better than Don Hill.”

After helping Burrage, he worked with Scott Walton on his campaign for Rogers County Sheriff.

“It is the Don Hills that make Claremore what it is,” said Walton.

“There are not a lot of individuals in the world that always look for the best in other people and do not criticize.”

Hill spent his career selling cars to the community, and he was the best salesman in the area. However, Hill will not credit himself for the success.

“I only sold so many cars because I had such great customers,” he said.

Although his days of selling cars have long since passed, Hill is more active now years after his retirement.

Every day he walks for 40 minutes and then lifts weights. He participates in community events. He spends time with his five children and several of his grandchildren. He even has plans of traveling to the East Coast and touring down the shoreline all the way to Florida, visiting sites and, most importantly, family along the way.

He is making a strong impact with his daily Facebook posts, and followers all over Rogers County start their morning reading a post from “D&H.” “He unites the community with his morning posts, poetry and random stories about his and Claremore’s history on Facebook. Hundreds of people in the community look forward to “D&H’s” post each morning. At 80 years old, he is using technology to unknowingly

bring a community together,” said Jami Hill-Smith.

Recently, his 80th birthday party was held at the Rogers State University, and the attendance demonstrated his impact.

All ages, demographics, and personalities came to celebrate. From community leaders to teenagers, everyone was there to honor Hill on his birthday. In fact, about 200 attended the special event, and yet several who attended remembers that Don Hill said he felt humbled by the attendance.

“My dad wasn’t one to go around talking about how to act, but rather lead by example. As his daughter, he taught me the importance of a positive attitude and how to find the silver lining in negative situations. Even when you lose, there is always a positive lesson to learn from the loss so you can work harder next time and achieve your goal,” said Jami Hill-Smith.

Another one of his daughters said she was also humbled by the attendance.

“As his child, it was extremely humbling to see the number of people that came out to celebrate and to witness firsthand how loved and respected he is throughout our community,” said Dani Freeman.

Don Hill will continue to post and will continue to have a great impact on a small part of the world.

“Good morning Sunshine and hello Tennessee, it’s hard to believe that 80 years ago today I came into this world.

It was in the middle of the Great Depression, and my folks were so poor I was born buck naked. My financial situation hasn’t changed much, but all and all I’ve had a wonderful and blessed life, always had work, lots of good friends. Too many of them have passed on but many are still among us, and a wonderful ever expanding family,” wrote Don on his birthday.

Sheriff Scott Walton and Sen. Sean Burrage celebrate Don Hill's 80th birthday at Rogers State University.

About 200 people attended the event.

“He unites the community with his morning posts, poetry and random stories about his and Claremore’s history on Facebook....

At 80 years old, he is using technology to unknowingly bring a community together.”

JAmi HiLL-SmiTH

PHOTO AT LEFT — Don Hill takes his sidekick Henry Hill with him everywhere he goes.

Retirement Redefined 2014 • 5

Investment and retirement glossary

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inancial jargon can make the process of getting one’s finances in order and making smart economic decisions a bit of a challenge. To the average person, figuring out terminology can be a stumbling block and a hassle some want to avoid.

However, it’s important to know some of the lingo associated with financial planning to ensure money is being saved and spent in a responsible way.

401(k): In the United States, a retirement plan where money is diverted into an account and then invested.

Current income tax is deferred until the money is withdrawn upon maturity.

Amortization schedule: A comprehensive schedule of payments determining the breakdown of the mortgage amount, interest, principle received, and balance due through each period of the loan until the loan balance reaches zero.

Annuity: A stream of fixed payments that is generally paid as part of a life

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insurance policy or retirement fund.

Appraisal: An estimated value of property used most often in real estate transactions.

Bankruptcy: A legally declared inability of an individual or organization to pay their creditors.

Dividend: A portion of a company’s profit paid to common and preferred shareholders. The dividend is paid in a fixed amount for each share of stock held, whether in cash or more stock.

Hedge fund: An aggressive investment fund generally open to a limited number of investors.

Interest: Fees paid on borrowed assets.

IRA: Individual Retirement Accounts were initially set up in 1974 to provide a retirement option for individuals who were not covered by an employersponsored plan. Eventually it was opened up so anyone under the age of 70 could donate up to a certain amount of income a year.

Liquidity: The ability to turn assets

into cash without losing a lot of value.

Longevity risk: The risk a pension fund or life insurance company takes on when offering its plans, due to the increasing life expectancy rate.

Pension: A deferred compensation scenario by where an employer pays an employee a portion of income based upon length of service and employee age. Some pensions can be contributed to by the employee himself, with the employer matching the contribution.

Portfolio: Collection of stocks, bonds and money market instruments owned by an individual or company.

Prime Rate: A term applied in many countries to a reference interest rate used by banks.

Principal: The original amount of debt on which interest is calculated.

Rollover: This term is used for moving a retirement plan into a different one, generally when leaving a job. Usually there is a set time period in which the rollover must occur so that a penalty isn’t issued.

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Finding a financial planner you can trust

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as a financial planner. Financial planner is a rather broad term applied to a group of people who provide a varying degree of service. Some planners can assess every aspect of your finances — be it savings, investments, taxes, retirement, etc. — and help devise an effective plan to meet your financial goals. Other financial planners can only recommend their clients invest in a narrow range of products.

When interviewing prospective planners, always ask what they can and cannot do. Investors often prefer a financial planner who can help with all aspects of their finances and not those whose scope is rather limited.

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he up-and-down nature of the economy over the last several years has forced many people to re-examine their finances. Uncertainty reigns with regards to the market, and investors have begun to rely more heavily on financial planners to help them make sense of an unpredictable financial landscape.

For those who have never worked with a financial planner before, finding the right fit can be difficult if not intimidating. Few have forgotten the likes of Bernie Madoff or the handful of socalled “mini Madoffs.” These people appeared to be trustworthy financial advisors or investment gurus only to be revealed as Ponzi schemers and white collar criminals when the world’s

financial markets started to collapse.

With such schemers still fresh on the minds of prospective investors, it’s understandable to approach hiring a financial advisor with uncertainty. But for every Bernie Madoff or R. Allen Stanford, there are many more trustworthy financial planners who truly want to help their clients grow their wealth and meet their financial goals.

When beginning the process of finding a financial planner, investors must take their time and exercise due diligence when vetting prospective planners.

There are also a few things men and women must know about the business before the process begins.

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8 • Retirement Redefined 2014

agencies in their respective countries to verify that certification. This might not be easy and will likely take some time, but it’s well worth it before just handing money over to a stranger.

Once you have done your homework and investigated prospective financial planners, verifying their backgrounds and that their certifications are current and they are in good standing with professional organizations and regulatory bodies, there are additional things to consider before making a final decision.

•References. Ask friends or family members if they can recommend any financial planners. Granted, this isn’t foolproof (many of Madoff’s victims knew each other), but it might help quell some of the fear associated with hiring a financial planner. Another way to get references is to simply ask the planner for two or more of his clients and contact them with any questions.

•Fees. Ask the planner how he or she gets paid. Fee-only planners don’t work on commission, but earn their money for the advice they provide. Fee-based planners might get some commissions for certain products, but the bulk of their earnings will come from the fee their clients pay. A planner whose earnings are commission-based is paid by the companies whose products he or she sells. Fees can vary from very cheap to expensive, but this also depends on the services the client needs.

Don’t base the decision on a preconceived dislike of commissions or what planner charges the lowest fees. The goal is to get the best service possible, and if that costs a little extra, it may be worth it. But don’t automatically associate high fees with better performance or competent advice, either.

Finding the right retirement fit

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hen searching for a retirement community, retirees often place an emphasis on fun. And that’s perfectly understandable, as retirees have worked their entire lives and earned the right to relax and enjoy themselves however they may choose. GadsdenEtowah County, Alabama could be the hidden gem retirees are searching for.

But the right retirement fit isn’t entirely about fun. In fact, retirees typically look for a place that combines fun with a number of other factors. The GadsdenEtowah County area excels in these important factors.

•Health services. While those about to retire might enjoy excellent health, it is important to find a community that can cater to existing and future health care needs. This means finding a place that offers a variety of competent physicians from primary care to

specialists. Typically, when adequate doctors are present, local hospitals or medical centers have located and expanded in the city/county. Etowah County has two regional medical centers: Gadsden Regional Medical Center, a 346 bed facility, and Riverview Regional Medical Center with 280 beds. These two centers and their associated physicians and medical services not only serve the 104,000 plus residents of Etowah County but draw patients from the six less populated counties adjacent to or nearby. Both medical centers provide cardiovascular/thoracic surgery, cancer diagnosis and treatment, orthopedics, neurology, gastroenterology, ophthalmology and extensive and intensive care for basically all types of disorders or injuries.

Over 200 physicians, including most specialties and subspecialties, are actively practicing

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medicine in the county.

•Accessibility. When choosing a retirement community, most retirees are interested in whether the chosen city/county is accessible to family and friends.

Oftentimes, this means within close proximity to a major city and an airport. When searching for your ideal location, look for one that offers the peace and quiet of a small to medium town but the accoutrements of city life as well. The closer a retirement community is to a major city and airport, the more frequent the visits from children and grandchildren are likely to be.

The Gadsden/Etowah County community is located 55 miles from Birmingham, 120 miles from Atlanta and 92 miles from Chattanooga. I-59 runs through the county, I-20 is less than 35 miles from the southeastern part of the county, I-75 is only 50 miles away and I-24 is less than 90 miles away.

•Culture/Entertainment.

Most retirees find that retirement life takes an adjustment. In fact, after a lifetime spent working, retirees might find retirement a bit boring. But retirement doesn’t have to be boring and retirement communities don’t have to be sleepy. The Gadsden/Etowah County area combines the different charms of its 12 incorporated municipalities, all different sizes and with their own uniqueness, and with cultural facilities and programs of many larger cities. With over one hundred thousand residents, Etowah County is the ideal location for retirees looking to leave the hustle and bustle but still have access to the positives of big city life.

Thanks to the Gadsden Museum of Art & History,

citizens and visitors can enjoy an extensive and permanent collection of paintings, sculptures and prints, spanning the history of Southern art and artists. And with rotating exhibitions of local and regional artists, the museum ensures retirees can enjoy all of the art, both historical and contemporary, the region has to offer.

For those looking for live entertainment, Downtown Gadsden Inc. hosts entertainers, special events, sales, and First Friday of each month (a large multi-block party). At the Mary Hardin Center for Cultural Arts, retirees can enjoy courtyard concerts, exhibitions tied to art, athletics, dance, and more.

Imagination Place located in the Center for Cultural Arts touches the lives of thousands of children each year with programs, exhibitions and educational outreach.

•The Great Outdoors. After a life spent working, indoors or outdoors, many retirees look for a community that allows them to “play outdoors.” There are four public golf courses in the Etowah County area, all within a 25-mile radius. Each allows membership for the serious golfer or reasonable green fees for those who play less frequently.

The Coosa River winds through Gadsden, Southside, Rainbow City, Hokes Bluff and Glencoe, all Etowah County municipalities. On spring, summer or fall weekends, the river and its adjoining lakes are alive with all types of watercraft including fishing, ski and pontoon boats plus jet skis. The winters are typically mild and last no longer than three months, rarely experiencing an extended cold snap (two weeks or more).

Making friends after retirement

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hen you’re younger, it seems you can’t wait until retirement.

After all, who wants to deal with going to work every day and coping with coworkers and a boss? However, many people overlook the opportunities for socialization that working provides.

You get out of the house and see people — apart from your family — with whom you can converse. Many retirees find that life can be a bit boring after the job ends, primarily because they don’t have access to the same level of socialization as they once did.

Making friends can keep you active and healthy. If you’re a bit rusty in the friend-making department, it’s pretty much how it was when you were younger. You simply must find individuals who have similar interests and goals.

•Volunteer in your community and you’re bound to find potential friends who are like-minded.

•Take classes at a college or university.

Many offer free or discounted rates for seniors. This is a great way to meet people of all ages and walks of life.

•Attend clubs at senior centers or houses of worship. It’s likely that there are plenty of other people looking for relationships.

•Think about your interests. If you like fishing, sewing or boating, join a club that caters to those interests. Others who share your hobbies will be there.

•If you’re new to an area, host an open-house party and invite neighbors in for introductions and some socialization.

•Join a social networking site online.

You can connect with people, potentially individuals who live close by.

•Ask existing friends if they have other friends to whom they can introduce you.

Making friends could involve tapping into hobbies that you enjoy.

Retirement Redefined 2014 • 11

Serving Others

By DIANA DICKINSON

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ne of the most difficult decisions to make while heading towards retirement is to determine at what age one should retire.

The earliest age to begin receiving Social Security retirement benefits is 62. It is financially ideal to delay receiving retirement benefits until the full retirement age. The full retirement age depends on the year of birth.

Receiving the benefits at age 62 will reduce the monthly benefit amount by close to 30 percent.

Delaying retirement benefits until age 66 means a 6.7 percent reduction in the monthly benefit amount and eligibility for a delayed retirement credit that will put more money under the mattress. It is important to sign up for Medicare at age 65 or medical insurance costs could be higher just for putting it off.

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“Retiring should be the period of time when you get to do exactly what you want.

No more pressures of working or parenting.

For example, I never had time for a long road trip. Now I can come and go as I please,” said Susan Kirtley of Claremore who retired two years ago.

“Saving for retirement wasn’t a focus for me until I was hired as a sales representative for American Fidelity Assurance Company in Oklahoma City at age 40. Looking back, I’m not sure that I fully understood the importance of saving for myself. My manager encouraged me to start with a small percentage in the 401(k) plan to get the company match and increase that percentage as raises came. I’m so thankful that I took his advice! My job at the time was to counsel with teachers on insurance and retirement plans. I really couldn’t recommend that one begin a 403(b) retirement plan for educators unless I participated in my own tax deferred plan,” said Kirtley.

During her career, she worked long and stressful hours with little free time.

“In 1995, the owner of American Fidelity Assurance bought a group of companies in Houston, First Financial Group of America, and asked that I move down there as president of the administration company,” said Kirtley.

“First Financial provides insurance and retirement plans to school employees and has about 700 districts in five states under contract. I traveled most of the time to present our story to school boards, insurance committees and employee groups.

Because of the travel, I didn’t believe that I could give my full attention to a volunteer organization. When I was promoted to CEO over all the companies a few years later, there was even less time to give back to the community. Now I have all the time in the world to get involved.”

For anyone, retiring it is life-changing.

It could mean a lot of idle time, or it could mean staying active and involved while living life at your own pace.

“In my opinion, there are two big challenges one can face in retirement: money and time. Is there enough money to do the things one wants to do? What will one do with all the free time?,” said Kirtley.

“I simply cannot sit at home day after day

and knew that volunteering would help others and save my sanity, since I really don’t have hobbies, except for bridge.”

Her sister, Dee Dee Clark, teaches at Claremont Elementary and suggested volunteering in the school library since Kirtley’s degree is in Library Science Education.

“My first ‘job’ was helping out every Wednesday morning. Later, during the (Rogers County United Way) Holiday Boutique, I met the director of the Manger, Carlene Mitchell, and became very interested in ‘working’ there. They have enough volunteers so I only work once a month, but get to fill in during a pinch,” said Kirtley. “My niece’s husband, Ed Crum, recently got me involved in the Rogers County Free Medical Clinic, and I now serve as secretary of the board. Last year I read an article in the Claremore Progress asking for volunteers to ‘work’ the Bluegrass and Chili Festival. I volunteered two nights last year and have signed up for three nights this year selling coupons for food and drinks.”

She said her greatest joy is her “job” at the Will Rogers Memorial Museum.

Visitors locally and internationally travel to see the attractions.

“The Memorial staff is excellent and strives to maintain their incredible collection,” she added.

Kirtley was recently appointed as a new member to the Claremore City Council as Ward I. “I was gone for a while and now I am back. I was a member of the Chamber of Commerce back in the 70s and it was my greatest job ever. I have family here and have always loved this place. I want to be a big part of it. I’m looking forward to learning as much as possible and assisting in some small way to the future growth of this great city.”

Quotes on retirement: The trouble with retirement is that you never get a day off. ~Abe Lemons When a man retires and time is no longer a matter of urgent importance, his colleagues generally present him with a watch. ~R.C. Sherriff Retirement: It’s nice to get out of the rat race, but you have to learn to get along with less cheese. ~Gene Perret Don’t simply retire from something; have something to retire to. ~Harry Emerson Fosdick

PHOTO AT LEFT — In her newest endeavor, Susan Kirtley was appointed to serve on the Claremore City Council.

Retirement Redefined 2014 • 13

Giving makes the body feel good

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he warm and fuzzy feeling that arises when helping others is what drives many to donate money or do good for others. Studies show that altruism may actually have profound physiological effects.

Scientists have determined that the feelings of happiness associated with doing good can be traced to a particular pleasure center of the brain that can be viewed and measured with brain scans. There are physical components to doing thoughtful or charitable things, according to a 2008 report in The New York Times.

This bodes well for donations as the recession continues to hit the country in a big way. Individuals who are facing layoffs or pay cuts may still dig deep into their pockets for charitable donations because they seek the high that donating provides.

And it isn’t just financial donations that make a person happy. Any type of goodwill toward others is a way to generate the endorphins and mood-boosting properties of altruism.

That means there are plenty of opportunities that can boost feelings of happiness.

•During the holiday season, write a “Letter from Santa” to a less fortunate child and include a gift card to a toy store so that he or she can get a treat.

•Visit seniors in a retirement community or assisted living facility and sit and chat for a while.

•Knock on an elderly neighbor’s door and find out if you can help out with any chores around the house.

•Bring a friend breakfast or lunch simply because you were thinking of them and wanted to surprise them.

•Take in the trash cans for your entire street, especially if the weather is nasty.

•Tell a fast-food employee or another hard worker that they’re doing a good job.

Complaints come easy in the service industry, but praise is often hard to get.

•Volunteer to watch neighborhood children so other mothers and fathers can get a much-needed break.

•Don’t ignore a phone solicitation from a charity organization. Get more information and do your best to donate.

•If you practice a religion, go to your house of worship and participate in community togetherness.

•Hold a door, smile at someone or offer to

Doing good for others can bring more than just a smile to your own face. It actually causes measured changes to brain activity.

get something down from a tall shelf in a store. It’s the little things that can bring pleasure.

•Share something you have with another person who doesn’t.

That may mean generatorsupplied electric power during a power outage, a special snack at school lunch, a tool, a piece of clothing or whatever you can think of.

There are so many ways to give to others, and one of the biggest benefits is the smiles and positive feelings giving provides.

Retirement Redefined 2014 • 15

Don’t succumb to stress after retirement

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erhaps no medical issue flys under the radar more than stress. A recent survey by the American Psychological Association found that one-third of Americans are living with extreme stress, while close to half of all survey respondents felt their stress levels are on the rise.

While stress is a problem many feel stems from work, stress is not solely a byproduct of work, and those without work-related stress can still be overwhelmed by feelings of stress. Simply put, stress can affect everyone, even the nation’s retirees.

While retirement is often seen as a chance to relax and enjoy the fruits of a life’s worth of labors, retirement can also be a stressful time for many people.

Getting by on less income can be stressful, as can health issues that might arise as we age. In fact, a person’s ability to relax after a stressful event actually becomes more difficult the older we get. Such a reality only underlines the importance of stress prevention for retirees, who can decrease their risk of stress or stress-related illness with some common preventive measures.

•Diet and exercise. While seniors might not be able to do all that they used to when it comes to exercise and athletics, daily exercise combined with a healthy diet can go a long way to preventing stress. When exercising, be careful not to over-exert yourself but be sure to include exercise as part of your daily routine. Exercise can include a daily walk out in the fresh air, or a trip to the gym for some light weightlifting and cardiovascular work.

Seniors should always consult a physician before beginning an exercise regimen.

With respect to diet, avoid sugar, fried foods and overconsumption of alcohol, as each of things can aggravate an existing condition, increasing the health-related stress many seniors feel as their immune system weakens and they become more susceptible to disease or additional ailments.

•Be sure to socialize. Stress doesn’t just come from work or a physical ailment, it can also be the result of a mental ailment, such as depression resulting from loneliness. Just like everyone else, seniors

16 • Retirement Redefined 2014

need to share their problems and concerns as well as their good times with others. Just because you’re retired from work does not mean you’re retired from life. Stay actively involved in your community, and be sure to maintain regular contact with friends and family members. Socialization comes in many different forms, and seniors should take advantage of community-based programs to connect with other seniors or even share their experience with younger

generations whenever possible.

•Develop a daily routine. Part of the joy of retirement is having the freedom to do whatever you want whenever you want to do it. However, many retirees find that a daily routine helps them instill a sense of order in their lives and avoid stress. The daily routine can include a morning round of golf, a weekly lunch or dinner with the kids, or anything else that promotes a sense of purpose.

Working after retirement

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here’s no longer a magic number for retirement. Some people find that they want to work past the traditional retirement age, while others discover they need to. In addition, some retirees discover that they actually liked working and want to return to work rather than settle into retirement.

Sixty-five is no longer the required age to stop working. In fact, many people are foregoing retirement and staying with the workforce. Why? No single reason applies to everyone, but finances often come into play.

Thanks to a troubled economy that has carried over into the workplace, pensions and severance packages are no longer the norm for retiring workers. When faced with the prospect of reduced funds and dwindling Social Security benefits, many choose to simply keep on working.

Furthermore, individuals who retire before 65 are often faced with finding their own health insurance plans because Medicare doesn’t start until age 65. Even still, high prescription costs for chronic conditions can exceed the allowance of Medicare. Employee insurance plans tend to have better options, and that often factors into an employee’s retirement decision.

There are many people who continue working because they actually enjoy it, and not because of some financial necessity.

Working tends to keep the mind sharp and helps seniors feel like contributing members of society.

According to a study conducted by the American Psychiatric Association, retirees who continued to work in a bridge job (meaning part time or temporary employment) experienced fewer major diseases and fewer functional limitations than those who fully retired. Researchers considered only physician-diagnosed health problems, such as high blood pressure, diabetes, cancer, lung disease, heart disease, stroke and psychiatric problems.

Those thinking of remaining in the work force can check with employers to see if retirement is mandatory or voluntary.

Seniors re-entering the workforce may want to brush up on some skills and reconnect with former employers or colleagues to make the transition easier. Here are some other strategies to consider.

•Refurbish your resume. Focus on what things you can do rather than what you did in the past. You may be up against younger applicants and will have to make a case for your hire.

•Be flexible. You may need health benefits more so than a high salary. You can work with an employer to develop a compensation package that is mutually beneficial.

•Develop computer skills. Today’s work environment relies heavily on computer skills. It is unwise for you to think you’ll get by on experience alone. Obtain a rudimentary education in computer usage and common office programs, which can set you apart from other older applicants.

•Know there’s nothing to prove. Retirees have the benefit of taking their time and finding the right fit in a post-retirement job. Unless money is an issue, shop around until you find the job that appeals to you, even if it’s part-time or for a lower salary.

Brushing up on computer skills and drafting a new resume can help older adults successfully re-enter the work force after retirement.

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Retirement Redefined 2014 • 17

Virgil Lampton and his wife Janice stand in front of the “Nevada’s Valley of Fire” painting, which is the sister painting to the one he holds that is in the Tulsa Jewish Retirement and Health Center.

Using His Talent

By DIANA DICKINSON

D

allas Cowboys Stadium, Upjohn Company in Tokyo, McMillan Publishing Company, Rockefeller Center, Phillips Petroleum Corporation and the Tulsa Jewish Retirement and Health Center — among many more — share a commonality.

They each have one or more paintings by local artist Virgil Lampton.

Lampton retired at age 70 in June 2006 from the University of Tulsa as Professor Emeritus of Art. “I have taught a number of students who were very talented. While at TU, I had Drew Pearson, Dennis Byrd and Ray Rhodes in my art class,” Lampton said.

Pearson played football for TU and later played for the Dallas Cowboys. Byrd later

18 • Retirement Redefined 2014

played for the New York Jets. Rhodes transferred to TU as a wide receiver and was selected during the 1974 NFL draft to play for the New York Giants. He was traded to the San Francisco 49ers where he retired after one season.

Retirement, although defined as “ceasing to work,” is reconceptualized by Lampton as “saving up for it — plus, having a hobby, participate in different activities and maintain a full schedule.”

He and his wife, Janice, enjoy their retired life together by constantly staying busy. There are always ongoing projects. They have a greenhouse, garden, art studio, hobby shop, kiln for firing pottery and sheep.

Lampton continues to use his artistic talent, teaching art classes at First Presbyterian

Church for 10 weeks in the spring and 10 weeks in the fall.

“A couple of years ago, two students won (Scholastic Art and Writing Awards) Gold Keys, which is rare. It is the highest you can achieve. This year, Luke Jackson entered and won a Gold Key. His work got to go to New York and won a Silver Key out of 255,000 students. He is from Claremore and was homeschooled. I had two more students win big scholarships when I was hosting it at TU.” The Scholastic Art and Writing Awards is a national program which recognizes creativity and provides scholarships for graduating high school students. Andy Warhol, Robert Redford, Truman Capote and Philip Pearlstein are just a few names of those receiving recognition while they were in high school.

In 2006, Lampton attended the National Scholastic Art and Writing Awards ceremony in New York at Carnegie Hall and was honored at a dinner benefit at the Time-Warner building.

“My wife knew I was going to be honored but I did not know. To have been honored along with Glenn Close, Kathy Bates and Kitty Carlyle — you could say that I was in good company,” Lampton said.

Wolf Productions A Gallery of the Arts in Claremore has a collection of pottery made by Lampton.

“We used to carry his paintings which focused on Oklahoma landscapes but he is represented by several entities and now we only carry his pottery. We sell a lot of his pieces,” said gallery owner John David Wolf. “Some that come in here are tourists or locals who know him and look for his stuff. Some come in specifically to see what else he has made.”

Lampton’s art is also represented by Joseph Gierek Fine Art in Tulsa, Laura Moore Fine Arts Studio in McKinney, Texas, Joy Horwich Gallery in Chicago, The Eye International Group, Inc. in New York City and Art 4 Business.com in Philadelphia.

David Bernstein, Community Relations Director at the Jewish Federation in Tulsa, was very pleased to learn that the Tulsa Jewish Retirement and Health Center has the sister painting, “Nevada’s Valley of Fire,” by the artist.

“I find Mr. Lampton very interesting and now more interesting that we have the sister painting to the one he still owns,” Bernstein said.

Author Ernest Goldstein wrote that Lampton “combines the tradition of American western landscape with abstract expressionism, while his technical father could be considered Willem de Kooning. Lampton’s work derives its theme from the stormy seascapes of Turner.”

Willem de Kooning was a Dutch American abstract expressionist artist. Goldstein is known for “Let’s Get Lost in a Painting” series of books analyzing paintings. “American Gothic,” one of the most famous paintings he analyzed of an Iowa farm couple, also became the most controversial masterpiece of art.

Lampton has 30 paintings on display at the Oklahoma State Capitol until the end of September.

Virgil Lampton’s pottery is available for purchase at Wolf Productions A Gallery of the Arts in downtown Claremore.

Retirement Redefined 2014 • 19

Use reverse mortgages to access equity for retirement

R

everse mortgages, also known as FHA Home Equity Conversion Mortgages (HECM) in the United States, are growing in popularity among the senior set. With this type of plan, homeowners who own their home outright or have a very small mortgage payment can actually receive cash from the home that doesn’t require immediate payback. This money can be used for improvements, medical expenses or to supplement social security.

Over time your home is worth money thanks to increased value gained over the years. This is called equity.

With a reverse mortgage, a homeowner age 62 or older qualifies to receive a percentage of the equity as cash payments.

Unlike a home equity loan or second mortgage, however, the loan does not have to be paid back as long as the you or another borrower is living in the residence as a primary home. You are still required to pay property tax, home insurance and other monthly utility payments, etc.

There is no worry about foreclosure or being evicted from the house if you outlive the loan, because payments are being made to you from the lender. You can never owe more than the value of the home, so there is little worry about being in financial peril. What’s more, should you sell the house or if it is left to relatives as an estate, the lender is repaid the amount of money you received in the reverse mortgage. The rest is available to you or your heirs.

publishes a list available at ReverseMortgage.org. The Department of Housing and Urban Development (HUD) also publishes a list of approved lenders. Be sure they are part of the HECM program.

Reverse mortgage amounts are based on a few factors, namely your age and the value of your home. The older you are, the higher the amount you can potentially receive on average. Also, reverse mortgages are available regardless of your current income, unlike home equity loans, etc. These loans are generally available from traditional lenders. There may be fees associated with application and loan closing, which vary from lender to lender. You can shop around for the best lender. It is not recommended to use an estate

planning service to recommend a reverse mortgage lender.

In terms of receiving the cash value of the loan, there are a number of ways to receive the money. You can select equal monthly payments for as long as you’re living in the home; equal monthly payments for a specified term; a line of credit, where you can withdraw funds of various amounts as needed until the line of credit runs out; or a combination of methods.

To learn about available lenders for reverse mortgages, The National Reverse Mortgage Lenders Association (NRMLA)

Avoid These Reverse Mortgage Pitfalls While reverse mortgages can be a boon to seniors looking to receive cash now, there are some dangers to be aware of that can prove costly to unsuspecting homeowners.

1. The money for taxes, insurance and various fees is subtracted from the amount the mortgage holder receives for their monthly payment, thereby reducing the net amount of the money you will get each month.

2. Be aware that if you move into a nursing home or other assisted care facility, which is likely for many seniors, your home is no longer your primary residence. The lender can then come for the loan. The same is said if you move to another residence for half of the year, which is common in a “snow bird” situation.

3. You could be asked to pay higher fees and closing costs for a reverse mortgage than a traditional mortgage.

4. Many unsuspecting homeowners are sucked into adjustable rate mortgages for their reverse mortgage. ARMs, as many know, have a fluctuating interest rate that can go quite high. Consider fixedrate loans if you’re concerned about adjustable rates.

Retirement Redefined 2014 • 21

Avoiding financial woes from a health condition

T

hose who are not self-made billionaires or beneficiaries of another’s vast fortune rely on their paychecks to stay afloat. Should that steady source of income be removed due to an illness or injury, it may not be long before a financial crisis ensues.

For many workers, a salary and health insurance come hand in hand. Although companies vary in their policies for disabled workers, in certain instances a salary will no longer be paid or it will be reduced significantly should a medical condition inhibit a person’s ability to work.

Health insurance may continue or be terminated, depending on the policy of the company. Although no one foresees getting sick or hurt, having a plan in place can mean the difference between

depleting bank accounts or riding out the disability until you’re able to return to work.

One-third of all Americans between the ages 35 and 65 will become disabled for more than 90 days, according to the American Council of Life Insurers. On average, one in three Canadians will become disabled for more than three consecutive months before retirement, says CanEquity. Consider these ideas to fend off a financial ruin during a period of disability.

•Emergency fund: The benefits of an emergency fund have been touted time and time again. An emergency savings account can be tapped should a person face extended unemployment due to a disability.

Experts vary with their advice regarding an amount to have in

22 • Retirement Redefined 2014

an emergency fund. Some advise around 4 to 6 months of living expenses, while others say 8 months to a year’s worth of expenses. If you’re already struggling to save, it may be adviseable to keep as much as you can manage in an emergency account that can be accessed at a moment’s notice. That means not having it locked in a certificate of deposit (CD) or another account that may impose a penalty for early withdrawal.

•Supplemental insurance: There are many programs available that offer disability insurance payments in addition to what may be provided by a federal program or through your own medical insurance. Many companies offer supplemental disability insurance. Plans may cover between 60 to 80 percent of your salary, and benefits may extend for a certain period of time depending on the policy.

Many offer options for longterm disability, short-term disability, and even plans that cover specific illnesses, such as cancer. Insurance plans are available for a group rate through an employer or can be purchased as individual plans.

Keep in mind that some insurance companies require a grace period, meaning that the plan must be in effect for 6 months to a year before payout due to an injury or illness will take effect.

•Workers Compensation/Social Security Disability Insurance: Americans with disabilities may be eligible for Social Security Disability Insurance (SSDI) or Workers Compensation (WC). In general, WC is for individuals who have a short-term disability and need supplemental income while recovering and being unable to

perform work. SSDI is a program that workers, employers and the self-employed pay for with their Social Security taxes. An individual qualifies for these benefits based on their work history, and the amount of each individual’s benefit is based on that person’s earnings. Some people are eligible for both. Find more information at www.ssa.gov and www.cms.gov.

•Life insurance: Individuals who are the breadwinners in the family may want to take out a life insurance policy. In the event that an injury or illness leads to a premature death, a life insurance policy can support surviving members of the family.

Oftentimes, life insurance can be used to pay for funeral costs and help a surviving spouse handle bills and mortgage payments. Life insurance is a use-or-lose product, and there’s no guarantee policy holders will ever use the insurance. But many policy holders find the peace of mind it provides is worth the cost of the policy.

•Legal avenues: Serious injuries sustained on the job or elsewhere might require the pursuit of legal action. A winning settlement can be used to pay for medical living expenses that were not covered by other means.

Before pursuing this tactic, it is adviseable to consult with an attorney to see if the case is warranted. These cases can stretch out for a long time.

No one wants to experience a financial hardship due to lack of work from an illness or injury.

Having a plan in place and saving or purchasing the right insurance can help soften the financial blow should a disability occur.

Delaying retirement has benefits

T

he need to save for retirement is something professionals start hearing about from the moment they begin their careers. Whether it’s parents extolling the virtues of retirement plans or employers who encourage their employees to take advantage of their retirement programs, saving for retirement is never far from the minds of professionals.

As important as such savings can be, many workers are deciding to delay their retirements. As much as men and women envision retiring to a faraway seaside villa for their golden years, such retirements are not terribly common, and many older workers have begun to recognize the economic and social benefits of delaying retirement.

Those undecided about when they want to say goodbye to the office should consider the following benefits to delaying

retirement.

•Fewer years to worry about financing your lifestyle. Thanks to advancements in medicine and more and more people living healthier lifestyles, men and women are now living longer than in years past. While living longer, healthier lives is a plus, it does have an effect on retirement.

Because people can now expect to live longer, they must ensure their money lasts long enough. By delaying retirement, men and women will have fewer retirement years to finance.

•More chances to save money.

It might be your dream to retire early, but you could be doing yourself a great disservice by ending your career prematurely.

Men and women at or near the end of their careers are often making more money than they ever have, which enables them to save more than they have in the past, especially if children are full

grown and supporting themselves.

Take advantage of these highsalary years, even if it means working an extra few years. If you do, when you retire you could have substantially more in savings than you would have had you retired early.

•Stay socially active. In addition to economic benefits, delaying retirement has social benefits as well. Many people get the bulk of their social interaction with colleagues and coworkers.

When men and women retire, these opportunities for social interaction can dwindle rather quickly, and it’s not uncommon for retirees to battle feelings of isolation. Delaying retirement allows you to easily maintain contact with friends and colleagues, and can lead to a better quality of life.

•The chance to give back.

Many older professionals view retirement as being put out to

pasture, where their years or experience aren’t utilized.

However, individuals who delay retirement can use their extra years around the office as an opportunity to leave a legacy for the next generation. This is something professionals find especially valuable as their retirement draws nearer and they want to leave a lasting mark, be it on their company, within their industry or in the community in which their company operates.

Delaying retirement provides more time to build this legacy, and can create a greater sense of fulfillment when men and women do decide to retire.

Delaying retirement is growing increasingly popular.

Men and women often see it as a chance to build a bigger nest egg and leave a more lasting legacy within their company and community.

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