MATURE
Lifestyles
October 2015
a special publication by
2 - Mature Lifestyles - October 2015 - TheIntelligencer.com
Tests can answer fears about dementia By JANE E. BRODY New York Times News Service
Soon after her 65th birthday, a close friend became increasingly worried about her memory, wondering if she could have the beginnings of dementia. Although she seemed to have no more difficulty than the rest of us her age in remembering events, names and places, her physician suggested that, given her level of concern, she should have things checked out. So she consulted a specialist at Mount Sinai Hospital in New York and had a full-blown neuropsychological assessment — two days of tests of her cognitive abilities. The dozen measures included IQ and memory scales, auditory learning and animal naming tests, an oral word association test, a connect-the-dots trail-making test, and a test of her ability to copy complex figures. The result: reassurance and relief. Everything was in the normal range for her age, and she registered as superior on the ability to perform tasks and solve problems. Fears about memory issues, commonplace among those of us who often misplace our cellphones and mix up the names
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of our children, are likely to skyrocket as baby boomers move into their 70s, 80s and beyond. Many may be unwilling to wait to have their memories tested until symptoms develop that could herald encroaching dementia or Alzheimer’s disease, like finding one’s glasses in the refrigerator, getting lost on a familiar route or being unable to follow directions or normal conversation. But nor do people have to endure the extensive tests my friend had. Simple exams done in eight to 12 minutes in a doctor’s office can determine whether memory issues are normal for one’s age or are problematic and warrant a more thorough evaluation. The tests can be administered annually, if necessary, to detect worrisome changes. However, according to researchers at the University of Michigan, more than half of older adults with signs of memory loss never see a doctor about it. Although there is still no certain way to prevent or forestall age-related cognitive disease, knowing that someone has serious memory problems can alert family members and friends to a need for changes in the person’s living arrangements that can be health- or even lifesaving. Continued on Page 3
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Tests Continued from Page 2 “Early evaluation and identification of people with dementia may help them receive care earlier,” said Dr. Vikas Kotagal, the senior author of the Michigan study. “It can help families make plans for care, help with day-to-day tasks, including medication administration, and watch for future problems that can occur.” Long the most popular screening test for memory disorders used by primary care doctors is the Mini-Mental State Exam, or MMSE, an eight-minute test in use since 1975. But neurologists say it is less discerning than the slightly longer Montreal Cognitive Assessment, or MoCA, introduced in 1996. Both tests measure orientation to time, date and place; attention and concentration; ability to calculate; memory; language; and conceptual thinking. But while the MMSE is considered adequate for routine testing of cognitive function by the family doctor, its score can be skewed by a person’s level of education, cultural background, a learning or speech disorder, and language fluency. And according to Dr. Roy Hamilton, a neurologist at the University of Pennsylvania, this test is not sensitive enough to detect signs of mild cognitive impairment. Furthermore, the MMSE doesn’t test for problems with executive function, defined as the ability to organize, plan and perform tasks efficiently to reach a particular goal. “Executive function is typically the first area to suffer if you
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develop cognitive impairment,” Dr. Sam Gandy, director of the Mount Sinai Center for Cognitive Health and of the NFL’s neurological care program, reported last month in the School of Medicine’s newsletter, Focus on Healthy Aging. “Translated into everyday life, it’s executive function that enables us to carry out activities of daily living, such as dressing and preparing meals.” The Montreal Cognitive Assessment, which takes 10 to 12 minutes, is more difficult and can pick up problems the MMSE might miss, Hamilton has noted. It is also more sensitive, better able to discriminate between normal cognitive function and mild impairment or dementia. Still, many memory clinics and neurologists use both tests, along with others like those taken by my friend. The Montreal test has 11 sections and a possible total score of 30 (25 or better is considered normal). It includes an executive function test called alternating trail-making, in which lines must be drawn from numbers to letters in correct order, 1 to A, 2 to B, and so forth. Measuring a person’s ability to follow verbal commands includes counting backward from 100 by sevens. To assess abstract thinking, the test asks a person to find common features between two words in each of three pairs. Verbal fluency, a vocabulary test, requires producing 11 or more words that start with a specific letter. Copying a drawing of a cube and drawing a clock accurately assess visuoconstructional skills, and memory is checked by having the person try to recall five words that were read aloud earlier in the test. Continued on Page 9
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4 - Mature Lifestyles - October 2015 - TheIntelligencer.com
Hollywood pays attention to older viewers By JOHN ANDERSON New York Times News Service
A survey of recent and coming films will reveal, as usual, a surfeit of sex, drugs and rock ‘n’ roll. What’s not so usual is the number of people over 70 engaging in sex, drugs and rock ‘n’ roll. The graying of America is being reflected on screen, though perhaps not in ways that threaten the established order. The makers of “Avengers: Age of Ultron” will not be losing sleep over the recent “5 Flights Up,” starring Morgan Freeman and Diane Keaton, or the Swedish import “The 100-Year-Old Man Who Climbed Out the Window and Disappeared” or even “Danny Collins,” about an aging rocker played by Al Pacino, even though it was Pacino’s most successful lead role at the box office in a while. But even in the Marvel movie universe, tectonic plates are shifting: The audience for the first “Avengers” movie was evenly split between the crucial under-25 demographic and older moviegoers, while 59 percent of the “Ultron” crowd has been over 25. This may have to do with theatrical movies losing their
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grip on young men, but either way “that’s a huge shift,” said Tom Brueggemann, a movie-exhibition veteran and former film buyer who writes for the blog Thompson on Hollywood. “Though it’s still less a risk for a studio executive to OK one $150 million picture than three $40 million pictures,” when the lower-priced films are aimed at a narrower, more mature audience. At the same time, the way that American cinema particularly has treated older people is changing. Last year, Bill Murray played a reprobate senior in “St. Vincent,” John Lithgow and Alfred Molina starred as an aging gay married couple in “Love Is Strange,” and “Land Ho!” involved 60-ish former brothers-in-law trying to reclaim their youth. If Michael Keaton, 63, had won at the Oscars this year, he would have been the second oldest best actor ever (after Henry Fonda), in a movie (“Birdman”) about age, regret and renewal. The highly profitable “Expendables” series celebrates aging action stars, largely for having the resilience just to show up. But it’s in the independent, foreign and specialized realm of cinema where the boomer generation is having its impact. Continued on Page 5
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Hollywood Continued from Page 4
“The older generation is really a core audience for independent film,” said Michael Barker, co-president of Sony Pictures Classics, which in August will release “Grandma.” starring Lily Tomlin, and last year had “Love Is Strange” and “Land Ho!” “They’re the audience you can depend on time and time again.” When his company put out the Oscar-winning “Amour” in 2012, “there were all these naysayers claiming the older audience would not relate to it. And they embraced it the most.” “I think there are a couple of things happening,” Barker continued. “One: Older audiences are going to the movies. Two: Older audiences embrace stories about what they’re going through. I think younger audiences are afraid of that.” In “Grandma,” Tomlin plays an Adrienne Rich-inspired poet who has a pregnant granddaughter and a bad attitude toward the new world. “The Farewell Party,” opening May 22, is a dark Israeli comedy about retirees-cum-Kevorkians. And then there’s “Hello, My Name Is Doris,” scheduled for 2016, in which Sally Field will play a reclusive older woman whose eccentricities make her hip. “It wasn’t like we said, ‘We have to jump on this train,’ ” said “Doris” director and co-writer Michael Showalter. “We just had a character we were writing about who happened to be a woman of a certain age. If anything we were like, ‘Gee,
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this movie will have a hard time getting made.’ We’re not savvy enough to aim at any demographic.” But the demographic has made itself felt, notably via the British import “The Best Exotic Marigold Hotel” (2012), which made a remarkable $46 million domestically, twice that much internationally, and cost only about $10 million, according to the website Box Office Mojo. Its success was not entirely surprising: Judi Dench is an ever-popular quantity, Maggie Smith and Penelope Wilton were fan favorites from “Downton Abbey,” and the film was released abroad first, allowing it to arrive here an established hit. And there was a secondary romantic story line — a kind of insurance — involving younger people. Now the condition of being a mature adult is being more warmly embraced. In the current “I’ll See You in My Dreams,” which made an impact this year at the usually youth-obsessed Sundance Film Festival, Blythe Danner stars as a retired schoolteacher who plays golf and bridge and suddenly has to contend with the attentions of her much younger pool boy (Martin Starr) and a dashing contemporary (Sam Elliott). It’s a feel-good film on the surface, but it’s also about the approach of death and the shelf life of love. “Grandma,” as the name implies, defines its title character by her age, and Tomlin makes her as resentful of fate as she could possibly be. Which doesn’t mean she won’t strike a chord with audiences. It’s not as if mature characters haven’t always been in the movies, but the problems of being old have seldom been embraced as warmly as they are now. Continued on Page 9
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6 - Mature Lifestyles - October 2015 - TheIntelligencer.com
Centenary birthdays becoming more common By ERICA CURLESS The Spokesman-Review
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Just live. Perhaps that’s the secret to living to age 100 — 20 years longer than the average life expectancy. The idea was to have local centenarians give advice to baby boomers, the generation just younger than most of their children, on how to age well and hit the 100 mark. Centenarians are still considered rare, but are becoming more common with advancements in medicine and health care. Yet by age 100, that sage advice is largely lost. “Margaret, do you have any words of wisdom to tell us young gals and guys?” asked Elise Biviano, executive director of Brookdale Place at Northpointe in Spokane, Wash., during a recent 100th birthday celebration for Margaret Kunkel and Dorothy Kuhta. “No,” Kunkel said, looking around blankly. She returned to licking frosting off her fingers. The facility threw a party for the ladies, born in 1915
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during World War I when Babe Ruth made his pitching debut and the inauguration of transcontinental telephone service when Alexander Graham Bell called San Francisco from New York. The women married in their early 20s, during the Depression years of the mid-1930s Family and friends gathered, drank Champagne, and ate cupcakes and fruit spears and sang “Happy Birthday.” Mary Kunkel said later that she didn’t think her mother-in-law grasped that it was her birthday party. Although healthy and vibrant looking, Kunkel hasn’t had many “good days” lately as far as her memory. That’s part of aging, especially when you live to 100. About 50 percent of U.S. centenarians have dementia and only 20 to 25 percent are cognitively intact, according to the U.S. Census Bureau. Kuhta knew it was her birthday and enjoyed the party. Swaying to the live music and enjoying the attention from television and newspaper reporters. Continued on Page 7
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Continued from Page 6 “I have no secret,” Kuhta said with a big smile and shake of the head. “I’m just shocked.” She said she never gave birthdays, or aging, a thought. Then she added that she has a great family that “grew up together and vacationed together.” Yet Kuhta’s family was surprised she was so aware and engaged. They hadn’t seen her that vibrant in months. Mia Walden, Northpointe’s sales and marketing manager, said the facility has had more than a “handful” of centenarians over the years and is seeing more all the time. Currently Northpointe has a high population of 97- and 98-year-olds, largely because the facility offers one of the highest levels of care in Spokane, Walden said. Between 1980 and 2010, there was a 65.8 percent increase in the number of American centenarians, according to the Census Bureau. Currently, people older than 85 make up the fastest growing segment of the U.S. population. Thanks to the baby boomers (1946-1964), from 2000 to 2030, the number of people 80 and older in the United States will double to 19.5 million, according to the Centers for Disease Control and Prevention. A 2008 CDC article, lists “survival instructions” for the oldest of the old:
—Stay active —Eat right —Avoid tobacco —Have social networks —Do cognitive activities It’s the same advice given for years. Yet longevity also requires resilience, which the article said in short means the ability to withstand stress. Self-reliance is a key factor of resilience, according to a Swedish study cited in the CDC article. Both Kunkel and Kuhta have lived by these principles. They were both active and social. Kunkel always worked and eventually became a real estate broker. Kuhta raised three boys, always ate healthy and started walking daily in her 50s. “Mom’s healthier than I’ll ever be,” said Kuhta’s son Bob, 75, who has bad knees, two bouts with cancer and other health issues. Dick Kunkel said his mom never thought she would live to her 90s, much less 100. “I’d like to hope I have some of her genes,” said Kunkel, who recently retired as Spokane Public Radio general manager. Researchers are studying centenarians more as people live longer, attempting to pinpoint the biological, psychological and sociological traits that allow some people to live decades longer than the general population. Continued on Page 9
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Birthdays Continued from Page 7 The National Institute on Aging has reported that exceptional longevity tends to run in families. It is also supporting more studies to learn more about the secret to a long, healthy life.
Hollywood Continued from Page 5 The boomer generation is at the point where it has to understand that “you’re going to fade, fall apart, lose your beauty and come face to face with mortali-
Earlier this year, 115-year-old Jeralean Talley of Michigan became the world’s oldest living person, according to the Gerontology Research Group. Talley, who was born May 23, 1899, attributes her longevity to God. “It’s coming from above,” Talley told the Detroit Free Press. “That’s the best advice I can give you. It’s not in my hands or yours.” Bob Kuhta has some other advice, perhaps learned from his mother. “One day at a time,” he said. “It’s just a good way to be.”
ty,” said Thom Gencarelli, 55, chairman of the communications department at Manhattan College and the editor, with Brian Cogan, of “Baby Boomers and Popular Culture.” Still, he said, “when people are past the passion of adolescence and young adulthood and some Hollywood-ized version of life, I don’t think they’re interested in something that doesn’t
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talk to the realities. And who’s producing these movies? Sure, they’re doing so with a lot of strategists and committees, but where are the ideas coming from to begin with? The movies they make have got to speak to the things they’re interested in as filmmakers.” And even filmmakers get older every day.
tion can skew the results and hurt the person taking it in the long run. The MoCA test has proved valid for assessing people who are not demented but could be at risk for developing progressive cognitive decline. Keep in mind that neither the MMSE nor MoCA is definitive. Rather, they can indicate the need for a more extensive exam like the one my friend had.
10 - Mature Lifestyles - October 2015 - TheIntelligencer.com
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long, but you might notice nighttime critters like owls and raccoons will set the lights off. * Give valuables a safe home - Many baby boomers have accumulated a lifetime of treasures with real and sentimental value. Smaller items like jewelry, credit cards and cash can easily be stored in the portable Master Lock 5900 SafeSpace, which is perfect for traveling around the world or even to visit grandchildren. For important documents like wills and legal documents, a fire-resistant safe from Sentry Safe is a good option. * Create a flexible schedule - Because they’re retired, seniors are able to leave the house for different activities during the day. Oftentimes, seniors will get into a regular schedule like meeting a group of friends for breakfast at 7 a.m. every Tuesday. Create an irregular schedule for your weekly activities so people won’t be able to anticipate when you’re home or away. * Digital safety is important, too - In today’s digital world, computer passwords are the keys to valuable personal information. It is recommended that you use a unique smart password - one that contains capital and lower case letters, numbers and symbols - for every digital account. It’s difficult for most people to remember multiple passwords, so many write them down, which can make them vulnerable to theft. The Master Lock Vault is a free, digital safe deposit box perfect for securing passwords, credit card numbers and digital copies of important documents, and it can be accessed from a smartphone at any time.
TheIntelligencer.com - October 2015 - Mature Lifestyles - 11
12 - Mature Lifestyles - October 2015 - TheIntelligencer.com
Retirement mistakes you should avoid to look like and how much money you can reliably set aside now. Then find a deposit product that will get you there. Employers often offer 401(k) plans and pensions (though fewer offer pensions these days). You can also open an IRA without an employer sponsoring the account. These products, which can offer greater returns and more diversification in investment than a traditional deposit account, are a great way to start your retirement savings. NOT TAKING YOUR EMPLOYER’S MATCH If your employer offers to match your 401(k) contributions to a certain percentage and you don’t opt in, you’re essentially leaving free money on the table. Make sure to contribute at least the amount your employer matches to your retirement accounts each month — the bonus is the incentive you’ll have to save more. INCORRECT BENEFICIARY DESIGNATIONS In the event of your passing, you likely don’t want to leave a financial mess for your family by having your retirement plan beneficiaries and your will in conflict. Make sure these designations match your intentions so dividing up your remaining assets will be as simple as possible. Continued on Page 13
By CHRISTINA LAVINGIA GOBankingRates.com
Retirement planning can be incredibly tricky for two reasons: First, numerous factors that affect your retirement planning, and second, no two retirement needs are the exact same. There is no one-size-fits-all approach to realizing the visions of your golden years, and even financial advisors and experts differ in their advice. So how should you approach this financial hurdle? The right retirement plan is all about timing and opportunity. In nearly every way you could make a mistake — for example, starting to save too late — you can also make up ground by availing yourself of all resources at your disposal (say, your employer’s 401(k) matching program). With that in mind, we’ve compiled a list of major retirement pitfalls to avoid — and what to do if you end up taking some missteps. HAVING NO RETIREMENT PLAN Starting with the basics here: Not beginning the retirement-planning process is one of the first and biggest mistakes you can make. Consider what you want your future
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Mistakes Continued from Page 12 HIGH RETIREMENT ACCOUNT FEES According to the Center for American Progress, the average worker will lose $70,000 from his 401(k) to fees. The promise of high yields might be tantalizing, but compare these account fees to ones attached to lower-yield options to determine the true value of your investment. NOT CHECKING YOUR ACCOUNT’S PERFORMANCE Sitting on your laurels does not bode well for a strong retirement. Do you know how well your investments performed last year? Or over the last five years? Unless retirement is imminent, long-term performance should dictate which funds you invest in. Don’t let years pass you by on low-return investments if other safe options yield better rates. RELYING ON SOCIAL SECURITY OR A PENSION It’s no secret that the future of the Social Security system is in question. With the baby boomer generation cashing out, no one knows for certain whether the system will still exist by the time millennials retire — and if it does, what it will look like. What’s more, companies are now freezing pensions en masse; 40 percent of Fortune 1000 companies already have, according to a Towers Watson study. CASHING OUT YOUR 401(K)S BETWEEN JOBS
According to PBS Frontline, 70 percent of workers in their 20s cash out their 401(k)s instead of rolling them over, while 55 percent of those in their 30s do that. That means you’re paying taxes and a 10 percent penalty repeatedly on your savings if you’re under 55. BELIEVING YOU WILL WANT TO KEEP WORKING You might love your career and not be able to imagine life without a 9-to-5 gig. However, your ability to keep pace in the workplace will likely wane eventually. Circumstances change, your health might not keep up with you, and you’ll likely be ready to eventually take it easy and retire. Don’t skimp on your saving because you think you can work until you’re 90 and earn more than you do today. NOT CAPITALIZING ON YOUR TAX DEFERRAL There are a number of tax advantages that apply when you’re saving for retirement. These are meant to be an incentive for saving, so take advantage of them by properly reducing your taxable income and letting these funds grow tax-deferred. TRANSFER ON DEATH AND PAYABLE ON DEATH DESIGNATION MISTAKES A factor if you have a trust or estate plan, Fidelity recommends double-checking your “transfer on death” and “payable on death” designations to ensure they match your will, as these designations will affect who gets your retirement account assets when you pass away. “Transfer on death” registration overrides your will, according to Fidelity. Continued on Page 15
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14 - Mature Lifestyles - October 2015 - TheIntelligencer.com
Baby boomers driving an RV revival
By JACKIE CROSBY Star Tribune (Minneapolis)
MINNEAPOLIS — Evelyn and Leo Carey never dreamed of buying an RV when they were raising kids and fully ensconced in the working world. But about five years ago, Evelyn spied a small teardrop camper trailer in the side yard of an art gallery in Wisconsin, and an idea was born. “I fell in love with the shape of it,” she said. “It was so artsy and so cute.” By then, the couple had sold their home near Lake Calhoun in south Minneapolis and downsized to an empty-nester condo in downtown St. Paul. About a year later, they ponied up for a 17-foot Casita travel trailer, which they have pulled across America’s roadways for months at a time, exploring state parks, historic trails and prime bird-watching spots. “It has everything you could possibly need,” said Evelyn. “When we travel, we follow our nose — and follow our bliss.” Baby boomers and adventuresome seniors such as the Careys are driving the biggest resurgence in RV sales since the early 1990s. The industry has seen double-digit sales growth during the past three years, and this year, shipments of tow-behind travel trailers are expected to reach their highest levels. The skyrocketing sales are fueled by the 10,000 or so baby boomers who are turning 65 every day, plus a large band of fifty-somethings who are planning for an active or early retirement. “People are retiring and living more for today than the future,” said Jeff Nobbe, general manager at Shorewood RV Center in Anoka, Minn., where overall sales are up 40 percent since the depths of the recession. “They weren’t doing that before. They were buying lake places before.” These active Americans feel the lure of nature and romance of the road — but sleeping on the ground isn’t part of the equation. Unlike previous generations of frugal
seniors, many baby boomers are flush with disposable income, and they’re not afraid to spend it. RV manufacturers are taking note. But there’s more involved than just a “bigger is better” attitude. While rigs roomy enough to hold a hot tub and surround-sound stereo TV can be found on many RV sales lots, there’s a new emphasis on lighter-weight towable vehicles and more fuel-efficient motor homes. Manufacturers have ramped up on style and craftsmanship and added green technologies, such as solar panels and LED lighting. Many models are wired for Bluetooth and other necessities of our techno-centric world. “There are more options on travel trailers these days than there’s ever been,” said Mike Pearo, a third-generation owner of Hilltop Trailer Sales in Fridley, Minn. “And we’re definitely seeing people that want luxury.” Sales of fifth-wheel trailers, those large bi-level units with a raised forward section, are at an all-time high at Hilltop, Pearo said, and updated enhancements are sealing the deal. Auto-leveling features allow boomers with bad backs and knees to level the trailer with the click of a remote control instead of laboring over a hand crank. Residential-size refrigerators can be powered with banks of batteries that get charged while driving. “You can go as rugged as you want or as luxurious as you want,” Pearo said. This surge in sales comes as the economy gains steam, gas prices remain low and lenders are less reluctant about opening up credit lines — a necessity even for well-heeled RV buyers. The average price of a basic tent trailer is less than $10,000. Travel trailers start at about $12,000 and can cost upward of $100,000 for a fifth-wheel. Camper vans, which are smaller versions of the enclosed motor home, start at $40,000 to $60,000 and easily run into six figures. When it comes to luxe, no brand can touch the cachet of the Airstream, which Nobbe said often becomes akin to a “family heirloom.” Models range from
$45,000 to $150,000 and come with such optional upgrades as Corian countertops, leather seats and hickory hardwood cabinets. In a hot market for travel trailers, Airstream is even hotter. Last year, sales rose 35 percent from the previous year, far outpacing the industry’s 13 percent rise. And the majority of new Airstream owners are first-time RVers in the 50-to69 age range, the company said. “I’m not going to do what my father did in retirement — which was to stay home and putter around the basement all the time,” said Rod Fierek, an area resident. He bought his first Airstream in March 2013 and in January bought a larger 25-footer that his wife, Beth, refers to as their apartment. “I’m not just going to stay home,” said Rod, a 64-year-old retired Navy captain, nurse and health care administrator. “It’s a big country and I want to see all of it.” He intended to trade in his smaller 19-footer but, like many Airstream owners, had trouble parting with it. “It’s so cute and cuddly,” Fierek said. “It just kind of wraps around you, and is great to go camping in because you can fit into little places.” Minnesota-made Vistabule, a sleek 14-foot teardrop trailer whose design was inspired by the Airstream, is seeing a surge as well. Owner Bert Taylor moved his manufacturing operations into a bigger warehouse space in St. Paul this spring, and he outpaced last year’s sales in the first six months of the year. The diminutive but well-appointed Vistabule (whose name is a play on a home’s vestibule entryway and the stargazing vistas from the RV’s large front window) may be cozy, but it is rich in artisan design. Prices range from $16,000 to $22,000. “For some people, this is their idea of a five-star hotel,” said Taylor, a former furniture maker. “Baby boomers are the ones who can afford these things and who have the flexibility to get up and go — maybe check something off their bucket list.”
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Mistakes Continued from Page 13 CASHING OUT YOUR PENSION Your financial advisor might try to convince you to cash out your pension from a former employer. Unless you really need the money now, this is mostly in the interest of your advisor, who could make tens of thousands in the form of commission, according to Time Magazine. Consider the incalculable benefit of a stable check you can depend on before liquidating your pension and assuming you can perfectly plan it out to last. BUYING TOO MUCH COMPANY STOCK It’s unlikely that your employer is the next Enron — but you can’t rule out that possibility. Don’t own more than 10 percent of your investments in company stock. BURNING THROUGH YOUR SAVINGS If you saved a lot for retirement, it might feel like the ultimate payoff to finally stop working and gain access to your funds. However, don’t let all that cash fool you into living the high life early on in retirement. Sure, the first years of retirement might be the best time to travel, do home projects and generally spend money on things you might no longer enjoy later on; however, moderation is key, as you have no idea how long you’ll need those funds to last you. INCORRECT TRUSTS If your hope is to still have some money left over for your children or beneficiaries to inherit, then you’ll want to pay attention to your trusts. Every situation varies, but designat-
ing a trust as the beneficiary of a retirement account could be entirely useless if not drafted appropriately. RETIRING TOO EARLY Your retirement payouts are dictated by your age — if you retire early or retire late. Depending on your designated full retirement age, you could be receiving less benefits (or more, if you wait) each year. INVESTING TOO CONSERVATIVELY The Great Recession might have scared you from riskier investments, but if you’re decades from retirement, don’t be too conservative with your funds, especially if your options could give you high returns over a long period of time. INVESTING TOO AGGRESSIVELY Again, the theme here is moderation. You don’t want to miss out on the best returns you can get, but you also don’t want to open yourself up to too much risk, especially in the years leading up to retirement. BORROWING FROM YOUR 401(K) This isn’t always a terrible idea, especially if your other loan options come at a higher price; however, in general you’re going to want to avoid borrowing from your 401(k). It will likely set you back far longer than the amount of time it took you to save those funds in the first place, thanks to compounding interest. PUTTING YOUR MONEY IN VARIABLE ANNUITIES In comparison to other mutual fund options, variable annuities can cost 50 to 100 percent more in fees and surrender charges, according to FinancialMentor. com. Furthermore, the gains on these accounts are taxed as normal income — not capital gains — upon withdrawal.
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