Life Planning Guide 2022

2022

Life Planning GUIDE

Presented by

Financial Strategies for Every Age

Money serves different purposes during one’s life. Spending, saving habits and career choice factor into these different stages of life.

As individuals progress through life, their financial strategies often change. Monetary needs of a 20-yearold are different than that of a 50-year-old.

This Q&A will help individuals achieve financial independence regardless of his or her age.

Q: How do you track your spending?

A: Inventory your expenses. Write down what you spend and where. This can be recorded in a notebook or on a phone or tablet. Once you see an overview of your finances, you can reduce costs if necessary. This will also give you the opportunity to set financial goals.

Q: How do you establish – and maintain -- a financial foundation?

A: The quickest way to do this is to open checking and savings accounts. These accounts are your core tools to manage your money. You can use your checking account to track your spending to help with your budget. Tracking your money can be done online using a smart phone or computer. This process will help you map your income to match your expenses so you aren’t living beyond your means.

Q: How do I establish credit?

A: Learning how to use credit cards and manage debt is crucial to being financially independent.

Q: Where do you start with planning your financial future?

A: Create a budget. You’re never too young to start saving your money, but in order to do this effectively you have to understand your income and expenses.

If you’re saving 10-20% of your income, this creates a foundation of financial security. Saving money should become a habit so you don’t live from paycheck to paycheck.

Applying for and being approved for a credit card helps you to establish a credit history, which is needed to borrow money. Be careful with how you manage your credit card debt. These tools are great for emergencies and some purchases, but don’t accumulate more debt than you can pay off each month.

Q: As I get older, should I adjust my financial goals?

A: Priorities change, so you’ll need to adjust your financial goals. From buying a house to planning for your children’s college tuition, these long-term plans factor into your financial goals. You’ll also want to eliminate as much debt as possible, such as student loans or credit cards, before you take on other debt, like a home mortgage or loan to start a business.

Q: How do I expand my savings?

A: Making contributions to 401(k) plans, individual retirement accounts (IRAs) and certificates of deposit (CDs) are tax-advantaged retirement options. Investing in stocks and bonds is another option to increase savings for retirement.

Q: When is the right time to retire?

A: Most people retire when they’re in their 60s. You’ll need to make the decision to retire after assessing your funds to see if you have achieved your retirement savings goal. Consider when – or if – you want to stop working and start collecting social security. You’ll also need to calculate when to start spending your retirement savings, including the tax consequences and other factors. You’ll need to revise your household budget to accommodate your life in retirement, including adjustments for cost of

living and expenses such as travel.

Q: Is an emergency fund really that important?

A: Yes! As part of your financial strategy, you should establish an emergency fund with enough money to pay two to three months of living expenses.

Regardless of your answers to any of these questions, you’ll gain firsthand knowledge to help you make informed decisions when you visit First State Community Bank (Member FDIC). They’ll assist you with opening a checking or savings account, retirement accounts, and so much more to maximize your savings to achieve your goals.

First State Community Bank 1-877-955-3722

24-hour telephone banking 1-888-443-3722

Managing Medical Costs

Once you hit 65, you run the real risk of managing your medical costs becoming, well, a full-time job.

Just the thing you wanted to avoid in your golden years. Juggling all the Medicare parts, along with any job-related insurance and the health problems older Americans tend to have can be daunting. Here are some tips for managing medical costs as you age, no matter where your insurance coverage comes from.

USE AN HSA

Health savings accounts help you put pretax money away to cover medical expenses later. You can

invest the money or you can use them tax-free for eligible medical costs. HSAs cover expenses with a high-deductible plan, however, so talk with your financial adviser to consider if that kind of plan makes sense for you. If it does, you can save up to $3,600 as a single per-son or up to $7,200 if you have family coverage.

MAKE SENSE OF MEDICARE

Finding the right Medicare plan can help you dodge out-of-network and out-of-pocket costs.

You also need to weigh if you want access to all doctors who accept Medicare — as with an original Medicare plan — of if you’re willing to have a limited network and enjoy more benefits as part of a Medicare

Advantage plan. It may be worth the fee to find a professional agent or financial planner who can help you parse all the Medicare parts and their benefits.

MANAGE LONG-TERM CARE

Someone turning 65 today has about a 70% chance of needing longterm care, the federal government says, so it’s something you need to plan for.

Look at buying a traditional long-term care plan or consider a hybrid insurance product that can combine life insurance with a long-term care rider. You can also set aside money the old-fashioned way, just make sure you don’t touch it. And no matter what you do, let

your family know what you’ve done. It’s uncomfortable, but thorough planning can save you in the long run.

BE AN ACTIVE PATIENT

Follow your doctor’s advice and ask plenty of questions to make sure you have a good understanding of what’s being done.

If your provider orders tests, ask them what they hope to learn from it and how it may affect treatment, Carolyn McClanahan, a physician turned CFP in Florida.

“A lot of times, doctors order things rotely,” she told the Associated Press. “It’s part of their protocol and they don’t stop and think, ‘Is it really need-ed in this case?’”

Estate planning is a key component in making sure that your wishes are followed, and that your remaining family isn’t caught off guard by final expenses. It can also help ensure that entitlement issues don’t arise in your absence. So, how do I get started?

Find an attorney. You’ll need to consider what will be given to individual beneficiaries first. Once you’ve mapped out a general

plan, then it’s time to choose an attorney to guide you through what can be a complicated, emotional process. When you choose Kimber Monroe, you are getting a reputable, accredited lawyer who specializes in this field. In the end, this becomes an issue of trust, as you’ll be sharing highly personal information in order to structure the estate plan properly.

Discuss financials. The first step to building an estate plan is to discuss all current assets and liabilities. This helps your attorney

calculate net worth, which in turn dictates estate taxes. Frank discussions about debt will reveal whether — or how much — family members will have to deal with after you pass away.

Choose an executor. An executor is someone you implicitly trust to act in your best interest at the time of your death — or, even before, should you become incapacitated. Some of the pressure of this decision can be alleviated when you have a trusted advisor

like Kimber Monroe to assist you in choosing the right person as they’ll have to make a series of major decisions on your behalf.

Rest easier. Developing a detailed estate plan might be one of the most important elements of endof-life planning, and in some cases it’s a very difficult journey. At Kimber Monroe Law, she will guide you through the planning process which in turn provides peace of mind that your final wishes are being followed and your loved ones provided for.

Staying Mentally Sharp

One of the biggest challenges as we age is keeping our minds sharp.

We’ve learned a lot of things over the years, but the joy of living is that there’s always something more. Our body ages, but your brain doesn’t necessarily have to. Here are a few key ways to stay sharp as you age.

STIMULATE YOUR BRAIN

The brain is similar to a muscle in that it needs to be regularly exercised and given proper nutrition in order to stay strong. Turn off the television, and try something a little more strenuous: Games, puzzles and word and math problems are like trips to the local gym for your mind. Hobbies can be very effective, too, as they challenge us in different ways. If you’re more into the arts, try painting, drawing or a favorite craft. Time spent listening to music can stimulate your brain as well, sparking memories while creating new ones.

EXERCISE HELPS, TOO

Exercising your body actually has a positive impact on your mind, as a number of studies have linked physical exercise with healthy brains. These activities serve as natural stress reducers, but they also help get more oxygen-rich blood to your brain — and that gets your cognitive gears turning. Exercise can even help spark new growth in the brain, including synapses and nerve cells. While you

working out, you’re also addressing other common issues associated with aging like diabetes and heart health. Talk to your doc-tor before starting any new exercise routine.

WATCH WHAT YOU EAT

Diet is linked to better mental health at any age, but it’s particularly important as we grow older. You’re probably already watching

your caloric intake in order to deal with wellness and weight issues, but consider the brain benefits of eating healthier, too: Foods that are high in saturated fats and cholesterol have been linked to mental decline for seniors. Health experts also recommend a regimen of B12, folic acid and B6. They reduce homocysteine levels, and your risk of dementia.

BE SOCIAL

Strong ties to a group of friends has long been linked with health benefits like lower blood pressure, and that leads to longer lives. Local clubs, volunteer opportunities and church events also spark mental activity — and best of all, these kind of nonprofits and charity organization are always in desper-ate need of volunteers, in particular seasoned helpers like you.

© ADOBE STOCK

Cozean Memorial Chapel and Crematory

Planning your own funeral may be a difficult task for you, but imagine your loved ones’ relief when they find out it’s already done. You’ll give them peace of mind and lessen their burden of having to make difficult decisions during their time of grief.

Here are helpful answers to common questions regarding funeral preplanning:

Q: Why is it important to plan funeral arrangements ahead of time?

A: The main reason to prepare your own funeral is to take the burden of the decision-making from your loved ones at the time of need. Another reason is to lock in the price of services at the time of planning.

Q: How can individuals make this process easier for their loved ones?

A: When you complete your preplanning at Cozean Memorial Chapel & Crematory, you’ll receive a preplanning guide to complete. This details your vital information which is used when filling out a death certificate or writing an obituary. This also outlines the type of service you’d like, whether it’s a traditional one with a viewing and funeral or a direct cremation. Final details such as song selections, officiant’s name, clothing choice and cemetery for burial are also included. These answers help your family make the final decisions when they are experiencing grief. The major perk of preplanning is taking the financial burden away from your family.

Q: What are the first steps to complete in this process of preplanning?

A: You should begin the preplanning process by deciding which type of service best suits you. Do you prefer a traditional service with viewing and funeral, cremation with memorial service, or simply a direct cremation?

Q: What are important areas to consider when planning one’s own funeral arrangements?

A: The most important aspect to consider when planning your own funeral is what you want for your final disposition – cremation or burial? Be sure to keep in mind what your family may need for closure.

Q: How does an individual pay for funeral costs?

A: When you preplan, the money you put toward your service either goes into a trust or into an insurance policy. There are benefits for both avenues. There are payment plans up to 20 years, if needed. But whatever plan you select, the price of services will be locked in at that point so your loved ones will be able to give you the service you deserve.

Q: What is the best way to share preplanning arrangements with one’s family?

A: It is always encouraged to share your preplanning decision with your family as it gives them a sense of relief from the financial and emotional burdens later. The Cozean Memorial Chapel staff will advise you to file this paperwork with other important documents. You’ll also be provided with a card for your wallet which states you

have prearrangements with Cozean Memorial Chapel.

Q: What happens to an individual’s money if the funeral establishment goes out of business?

A: Prearrangements are perpetual and are purchased and consumed by any purchaser of the funeral establishment.

Q: What happens to funds if the funeral home relocates to another state?

A: Most pre-arrangement plans can be transferred or claimed by another funeral home if a beneficiary of the plan moves to another area. But it’s a good idea to check on your pre-arrangement with a funeral establishment in the place where you are relocating.

Q: What happens if the cost of the funeral goes up after it has been prepaid?

A: If you have a pre-paid funeral plan, the cost of the funeral goods and services are frozen, or locked in. Third-party items such as cost of death

certificates, grave opening and closing charges, cemetery charges, etc. that are known as “cash advances” are subject to increases. Because these services are paid to third parties, the law does not allow funeral homes to freeze thirdparty items.

When you decide to complete your funeral preplanning, you’ll want to see one of the professional staff members at Cozean Memorial Chapel & Crematory. They’ve been in business since 1864 and have always been family-owned. Their reputation proves their staff is committed to providing the absolute best for you and your family.

Cozean Memorial Chapel & Crematory

217 W. Columbia Street, Farmington 573-756-4541

Business hours: Monday through Friday, 7:30 a.m. to 5 p.m. Saturday 7:30 a.m. to 3:30 p.m.

Keep Nutrition in Mind

We all know we need to eat a healthy and balanced diet, but you may be surprised to learn that our nutritional needs change as we get older.

Older adults need fewer calories but generally need more protein and other vitamins and minerals. Keep reading to learn how to eat well even as you get older.

EATING HEALTHIER

As you get older, you may not need as many calories as you did even in middle age. What you do still need are nutrients. So choose foods that are nutrient-dense and avoid empty calories such as those you get from chips, candy, soda and alcohol.

Instead, the U.S. National Library of Medicine says seniors should reach for fruits and vegetables in a variety of types and colors, whole grains, fat-free or low-fat dairy products, seafood, lean meats, eggs, beans, nuts and seeds.

Your diet should also be low in cholesterol and fat, especially saturated fats and trans fats from processed foods. Make sure you also drink enough liquids. Some people can lose their sense of thirst as they get older and some medications can affect your hydration. So make sure to drink enough to keep you adequately hydrated.

TROUBLESHOOTING

As your life changes, you may find it more difficult to eat at all, much less to eat healthfully. Try jazzing up your diet and your routine by organizing potluck meals or cooking with friends. See your health care professionals regularly to stay ahead of medical issues that can make it more difficult for you to eat well, such as dental problems or

issues with swallowing. Add color and texture to your food to make it more interesting if you’re having trouble smelling and tasting your food and plan healthy snacks through the day to make sure you’re getting enough nutrients and calories.

If an illness or disability is making it more difficult for you to eat well, your health care professional

may be able to recommend an occupational therapist to work through ways to make it easier for you to eat healthfully.

You may lose your sense of hunger as you age as well; regular exercise can make you hungry and give you an overall sense of wellbeing that can lead to making better health decisions.

Q:When is the right time for Hospice?

When treatment focus shifts to comfort care and you determine that the patient’s life expectancy is six months or less, it is time for a hospice referral. Hospice care is not just for those patients who are close to death. In fact, the more time a patient can receive hospice care, the more benefit they and their family will receive.

There are key indicators for when the choice of hospice is appropriate or close. Some of these may include:

• Multiple and frequent falls

• Excessive loss of weight

• Multiple infections

• Non healing wounds

• Limited or no treatment options

Heart and Soul

• Medications are no longer of assistance

• Utilization of concentrated oxygen is no longer helping

• Life limiting or chronic illness has run its course

Studies have shown that some people on hospice services actually live longer than projected. In these cases, the patient may remain on hospice with recertification by the hospice medical director.

Q: How does hospice care benefit your loved one at the end of life?

Often families are upset to hear this recommendation because, to them, it means that we are “giving up on Mom.” But what it really can mean is a shift of perspective, from

curing Mom’s illness to providing comfort and quality of life.

• The hospice team will collaborate with other healthcare professionals to coordinate treatment and care.

• Hospice will help build a support

system to meet the needs of you, your family, and your loved one.

• The hospice team will visit your loved one anywhere they call home.

•Medications related to your loved one’s terminal illness will be covered.

• Medical equipment will be provided if it’s related to your loved one’s terminal illness.

• Hospice provides different levels of care to help manage your loved one’s symptoms.

• Your loved one will have access to a comprehensive team that addresses his or her physical, mental, emotional, and spiritual needs.

• Hospice will provide bereavement follow-up for you and your family.

Traery Noubarian, RN

Washington County Memorial Hospital

Q. Who is Cognitive Stimulation Therapy for?

Anyone who is having cognitive issues such as memory deficits, dementia, COVID brain, etc.

Q. What is Cognitive Stimulation Therapy?

CST is a program of combined cognitive, social, balance, and exercise activities.

The program is 14 sessions long with the first 7 sessions being one-on-one and the last 7 sessions being group.

The group sessions allow for social interaction with stimulating group conversations.

There will be an optional

Maintenance program if the patient would like to continue participating in group therapy.

Q. What results are expected?

Cognitive stimulation has been around for a long time and the results have been proven but cannot be guaranteed.

Results typically are improved memory, decreased depression, feelings of overall improved quality of life.

Studies show that exercise helps with brain function and cognition.

Q. How does someone enroll in the Cognitive Stimulation Therapy program?

A physician referral for

Q. Does insurance cover CST?

Insurance does cover the service; however, the amount of coverage depends on what type of insurance and the patient’s individual plan.

Our office staff will contact the patient’s insurance company and inform the patient/caregiver of the coverage benefits prior to the evaluation.

occupational therapy and physical therapy is required Contact Potosi Sports &

Physical Therapy at 573-438-1800 for an appt

Cognitive StimulationTherapy(CST)- anevidence-based,grouporindividualinterventionprogram for people with mild to moderatedementiaorAlzheimer’sdisease. Sessionsconsistof approximately 1 hourtreatmentstwice aweekfor a total of 14sessions.

Thisnewprogram willhelp through themedactivitiesdesignedtohelppatients continueto learnand staysocially engaged.

Expected Outcomes: Improvedcognition,decreaseddepression, balance, and overallqualityoflife. Ask your physicianorprimarycareproviderifthismayberightforyou.

Be Wary of Scams

Seniors lost almost $1 billion to scammers in 2020, the FBI says, with an average loss of $9,175 per targeted person. Almost 2,000 older Americans lost more than $100,000.

“Each year, millions of elderly Americans fall victim to some type of financial fraud or internet scheme, such as romance scams, tech support fraud, and lottery or sweepstakes scams,” Calvin Shivers, assistant director of the FBI’s criminal division told ABC News. “Criminals gain their targets’ trust or use tactics of intimidation and threats to take advantage of their victims. Once successful, scammers are likely to keep a scheme going because of the prospect of sig-nificant financial gain.”

Here are some common types of scams and how to pro-tect yourself from them.

IMPOSTER SCAMS

In these scams, criminals pose as officials from govern-ment agencies, banks, or even friends or family members to trick people into revealing bank account numbers, pass-words and other personal information.

In California alone, more than $10 million has been lost to scams where fraudsters pretend to be from the IRS. The Department of Treasury says to hang up immediately if someone calls you claiming to be from the IRS. If there really is a problem with your taxes, Treasury says you’ll get a notice in the mail first. And their agents will never ask for personal

financial information.

ROMANCE SCAMS

Reported losses from these scams, in which someone creates a fake profile on dating sites or social media and reach out to vulnerable people, topped $300 million in 2020, making them the leading cause of fraudulent financial loss across all age groups. Older people are the least vulnerable age group — most of them being wary of online

dating or already partnered — but they did have the highest median loss from this type of fraud. Never send money to someone you haven’t met in person. You can also do a reverse image search — or have a friend or family member do one for you — to see if a profile is using real pictures or not.

ONLINE SHOPPING SCAMS

People over the age of 60 lost at least $14 million from online

scams in 2020 as the internet became many peo-ple’s primary means of shop-ping during the pandemic. Online, scammers can set up websites that appear legiti-mate and lure consumers in with low prices, then swipe your information. Be wary of deals that are too good to be true and watch out if an online merchant asks you to pay in an unconventional way, such as with a money order.

Presbyterian Manor

Q: Why would I want to move to a retirement community now?

Research on aging tells us that people who live in a community of friends live happier, healthier lives. Socialization, exercise, good nutrition and having the peace of mind that comes from knowing they have a secure plan for the future all contribute to overall wellness, which can improve anyone’s quality of life. Those who live independently at a senior living community benefit from all this, plus they’ve eliminated the burden of home maintenance while having more freedom and encouragement to pursue whatever makes them happy. Hobbies, travel, volunteering, family — whatever you love to do, living in a Presbyterian Manor senior living community gives you the opportunity to do more of it.

Q: Do I have to be Presbyterian to become a resident?

Since 1949, Presbyterian Manors has provided quality retirement living for seniors of many Christian denominations, including Presbyterian, Methodist, Lutheran, Roman Catholic, Episcopal, and also some from non-Christian faiths. Presbyterian Manors of Mid-America’s mission is to provide quality senior services guided by Christian values.

Q: How do I start downsizing?

If you think about it, you most likely spend themajority of your time in only a few rooms of your house. So downsizing probably won’t present any really big changes in the way you currently live, other than giving you

Q: How do I talk to my loved one about their health?

We understand the idea of broaching this subject with a loved one can cause you a lot of anxiety. If you’re concerned about their health and safety, then starting the conversation is an important thing to do. Often, we find that their primary care doctor is an excellent resource for opening the subject. After all, they have a history of discussing private health matters with each other. We can also help begin this conversation. Regardless of how you get started, keep one idea in the forefront of your mind—important family discussions should be grounded in dignity, respect for each other and keeping an open mind. After all, the goal is for everyone to lead happier, healthier, more fulfilling lives.

access to our entire community of people, common areas, services and amenities you don’t currently have. A good way to start downsizing is to choose the new residence you would move into so you can start imagining — and measuring — how you’ll arrange the furniture you actually use now. As you might imagine, we’ve helped many, many people work through this issue, and we’ll be more than happy to personally work with you, too.

Q: What’s the difference between assisted living & health care?

As you begin to learn more about various issues that impact long-term care, you’ll start hearing the phrase activities of daily living. This list can vary depending on the source you’re referencing, but generally these are the basic tasks we all need to be able to handle in order to live independent lives. Tasks such as dressing, bathing and eating;

more broadly, they might include being able to manage medications, prepare meals, and maintain a clear awareness and understanding of the world around us. Anyone who consistently needs a little help with some of these activities may benefit from the care level provided in an assisted living setting. Skilled nursing care, on the other hand, refers to a higher level of daily nursing and rehabilitative care that must be provided by trained medical professionals, including nurses, doctors and physical therapists.

Q: How Does Medicare Part A help cover skilled nursing care? Many Medicare beneficiaries believe that Medicare Part A will cover any stay that they may need in a skilled nursing center. The fact is, there are a number of conditions that must be met for inpatient services in a skilled nursing center to be covered byMedicare Part A. In addition, a qualifying skilled nursing

stay may involve co-payments, coinsurance and deductibles. Although these considerations can be complicated, at Presbyterian Manors, we are familiar with Medicare’s rules for these services and we’ll be happy to help you work through your own personal situation. When it comes to anticipating what the future might be like, everyone has their own unique questions.We encourage you to visit www.presbyterianmanors. org and review our Frequently Asked Questions page. Or better yet, call our nearest community and start your own personal conversation with someone who will work closely with you. Whether you’re curious about the freedom our independent living lifestyle might provide or seeking information about how to handle the care needs of someone you love, we can help you ask the right questions and find the right answers that work best for you.