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Morning Star Publications | 2012 Personal Finance & Retirement Living

Personal Finance

morning star publications 2012

And Retirement Living

Financial Independence........................ 5 Know when your work is done............... 6 Education is key to success.................. 8 Brandywine Senior Living..................... 10 When to collect Social Security............ 13 Manor House community..................... 14 Keeping your bones healthy................ 16 Baby Boomers insurance options........ 18 Start early when saving........................ 19 HSAs help consumers save................. 20 Tax credit tips for savings.................... 21 Paying for Long-Term Care.................. 22 Top reasons to visit irs.gov................... 23 ©2012 Morning Star Publications Inc.

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Morning Star Publications | 2012 Personal Finance & Retirement Living

Financial Independence requires determination and a good plan By Bryant Richardson

This is the 12th edition of our annual Personal Finance and Retirement Living edition. Once again, the economic turmoil in the United States and in many other parts of the world is making the importance of carefully managing your finances and planning for the future even more critical. Articles from experts in financial planning are offered along with some timeless articles that we repeat each year because of their importance in helping readers reach their financial and personal goals. This year we have features on Brandywine Senior Living and on the Manor House retirement community, two facilities that provide excellent environments for seniors that want to get the most out of life in a safe and caring setting . As I’ve stated every year, the advice in this Personal Finance and Retirement Living edition boils down to a few basic facts: • Everyone living in the United States has the ability to become financially independent. • The path to financial independence requires a plan, some (written) goals and discipline. • The following lifestyle choices play a vital role in helping you to achieve financial independence:

Education - The more you have the greater your earning potential. “An education is the best investment of time and money you can make; it’s an investment that will reap untold rewards,” says Leanne Phillips-Lowe, Marketing and Communications coordinator at Delaware Tech’s Jack F. Owens Campus in Georgetown. She adds that 75 percent of all jobs now require education beyond the high school level. Labor statistics also indicate that in addition to helping on the job, the more education a worker has the less likely he/she will be without a job.

Health - The better you take care of yourself through proper eating habits and exercise, the less you’ll have to pay out in medical expenses. Dr. Anthony Policastro, who practices Pediatric Developmental Behavioral Health and Pediatrics at Nemours Pediatrics in Seaford, has long been an advocate of teaching the benefits of healthy lifestyles. “The money you are now spending on unhealthy lifestyles will need to be used to pay for your medical care. If you spend your money on bad habits now, you will not have it for later,” he warns. Dr. Policastro says smoking and overeating are particularly bad habits that can be avoided. Smokers spend several dollars per week for cigarettes. At three dollars per day (half a pack) that is $1,095 per year. Over 40 years that comes out to $43,800. Smokers will also have to spend a lot more money on their health care. We eat a lot of high calorie junk food. This food is a lot more expensive than healthy things such as fruits and vegetables. In years to come, we will pay the price with heart disease, diabetes and stroke. Diabetes is a particularly expensive disease to treat. Spending - The simple, but hard to follow, rule for building financial independence is spend less than you earn and save the difference. If you are already in debt over your ability to pay, start reducing that debt by paying off the smallest amount of debt first. When that is paid off, apply that amount to the second smallest debt and keep on unil the debt becomes manageable, or better yet, eliminated. This technique of attacking the debt problem could be called the reverse snowball effect, as you watch your debt gradually disappear. We hope the information in this magazine inspires readers to work toward financial independence and to enjoy a better quality of life. Find a plan that works for you, one that does not add stress to your life. Good health is a valuable asset, one that money can't buy.

Morning Star Publications | 2012 Personal Finance & Retirement Living

Proper use of time includes knowing when task is done If you often feel like you’ve barely skimmed the surface of what you should have accomplished on a given work day, Jason Womack says a key is to “know when you’re done” with projects, tasks, and everything the work day throws at you. then you’ll free up a lot more time to focus on those things that truly matter. “One of the biggest time wasters we all face is spending too much time on those things that don’t require it,” says Womack, a workplace performance expert, executive coach, and author of the new book Your Best Just Got Better: Work Smarter, Think Bigger, Make More. Womack’s book provides insights into why we tend to do what we’ve always done—and how we can break out of the patterns that hold us back. Here are some of this tips on how to know when you’re done: Stop majoring in the minors. Many of us spend a lot of time on those projects and tasks that are easy for us. Then, we convince ourselves that we “just didn’t have enough time” to get to the harder stuff. But when it comes to knowing when you’re done and freeing up time during your day, completing these easy tasks quickly and efficiently is essential. “Before you start your work day, think about what your high leverage activities are and what your low leverage activities are,” says Womack. “For the low leverage activities, force yourself to move through them as quickly as possible. With these tasks—for example, writing an email to a colleague— perfection isn’t necessary, and there’s no need to waste time wringing your hands over every word. When you can accomplish these minor tasks more efficiently, you’ll have the time you need to do those major tasks justice.” Don’t overwrite emails. Much of your time— probably too much—each day gets eaten up by email. Make a conscious effort to keep your emails as short and sweet as possible. “Get to the point quickly and use action verbs in subject lines so that both you and the recipient know what needs to happen before the email is even opened,” advises Womack. “And while long emails waste the time it takes you to write them, keep in mind that the person receiving the email doesn’t want to have to spend so much time reading it either. Chances are your boss doesn’t want or need a

three-paragraph rundown of how your client meeting went. He just wants to know if the client is happy and continuing business with you.” Quit over-staying at meetings and on conference calls. Often meetings and conference calls will take as long as you’ve allotted for them. Set an hour for a meeting and you’re sure to go the full hour. “Pay close attention to how much of your meeting is actually spent focused on the important stuff,” notes Womack. “If you spend 15 to 20 minutes at the beginning or end of the meeting discussing your coworker’s golf game, then next time reduce the amount of time allotted for the meeting. And always know the meeting’s or call’s objectives before you begin. That way you can get to them right away.” Set your own deadlines and stick to them. It’s very easy to get distracted or sidetracked by things you think you should do or things others think you should do. “Having a self-imposed deadline will help you ignore those distractions,” says Womack. “If a colleague calls you about a non-urgent task, you can let him know you’ve got a 3 p.m. deadline that you have to meet. There’s no need for him to know that it’s self-imposed! And then as 3:00 p.m. draws near, start wrapping up that particular task.” Know when it’s time to ask for help. Have you ever been stumped by a certain project or task? Did you walk away from it for a while and then come back to it hoping you’d suddenly know what to do? Sometimes knowing when you’re done is knowing when you, specifically, can’t take a project any further. “You simply might not have the right expertise to completely finish a certain project,” says Womack. “And that’s okay. Wasting time on something you’re never going to be able to figure out is much worse than asking for help!” “When you put in place steps to help you know when you’re done, you’ll be surprised and pleased with how much, well, you can get done,” says Womack. “It will truly free up time in your day that you can use to focus on areas where it’s really needed. As a result, you’ll have a more gratifying work day and you’ll be happier overall.” For more information, visit www.womackcompany. com.

Morning Star Publications | 2012 Personal Finance & Retirement Living

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Morning Star Publications | 2012 Personal Finance & Retirement Living

Is a college education worth the extra effort? You decide! By Leanne Phillips-Lowe

Is a college education worth the effort? That’s a question many students have asked — usually out of frustration when faced with research papers, final exams, and, ultimately, the cost of a college education. That same question is debated on many levels and the answers aren’t always a yes or no. Sometimes it’s “Yes, if you do this…” or “No, look at {so-and-so}, who makes so much money and doesn’t have a college degree!” And, in today’s economy, we’ve all heard the stories about the college graduates who can’t find jobs or are forced to take a job paying minimum wage. No doubt, you’ve heard many reasons pro and con and you may have a firm opinion on the topic. But in case you haven’t decided whether you want to put forth the effort to earn an associate degree, a bachelor’s degree or higher, consider this information gleaned while searching online: College grads with a bachelor’s degree earn an average of 45 percent more than a high school graduate. An associate degree (awarded by a community college) can give you the technical skills needed for so many of today’s high employment jobs. Understanding technology and the ability to comprehend its changes is now an asset when seeking employment. Choose a useful degree — one with good employment prospects. A college degree is not a guarantee, but it can make a difference in a field crowded with job applicants. Not everyone is a “Bill Gates” — someone who made his fortune without a college degree. A college degree will enable you to move up the ladder. America’s future depends upon our young peoples’ capacities to think, investigate, and innovate … experiences which are part of the college experience. Studies often note that college graduates have experience at performing under pressure and meeting deadlines, are goal-oriented, and generally more committed to their careers than high school graduates. Other studies show that college graduates are hap-

pier, smoke less, exercise more — in general, live healthier lives. And as one anonymous student wrote: “College is a choice. It is the beginning of a lifelong journey that will shape and determine future choices, decisions and purposes.” There are numerous additional reasons why one should put forth the effort to earn a college degree. (And some individuals can find more reasons not to attend!) But faced with the facts and figures — and even more research — it’s clear that earning a college degree greatly increases your potential for financial and personal success. An education is the best investment of time and money you can make; it’s an investment in you, an investment that will reap untold rewards in your future. Leanne Phillips-Lowe is the Public Relations Manager at Delaware Technical Community College, Georgetown.

Morning Star Publications | 2012 Personal Finance & Retirement Living

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What filing status should I be using?

Determining your filing status is one of the first steps to filing your federal income tax return. There are five filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household and Qualifying Widow(er) with Dependent Child. Your filing status is used to determine your filing requirements, standard deduction, eligibility for certain credits and deductions, and your correct tax. Some people may qualify for more than one filing status. Here are eight facts about filing status that the IRS wants you to know so you can choose the best option for your situation. 1. Your marital status on the last day of the year determines your marital status for the entire year. 2. If more than one filing status applies to you, choose the one that gives you the lowest tax obligation. 3. Single filing status generally applies to anyone who is unmarried, divorced or legally separated according to state law. 4. A married couple may file a joint return together. The couple’s filing status would be Married Filing Jointly. 5. If your spouse died during the year and you did not remarry during 2011, usually you may still file a joint return with that spouse for the year of death. 6. A married couple may elect to file their returns separately. Each person’s filing status would generally be Married Filing Separately. 7. Head of Household generally applies to taxpayers who are unmarried. You must also have paid more than half the cost of maintaining a home for you and a qualifying person to qualify for this filing status. 8. You may be able to choose Qualifying Widow(er) with Dependent Child as your filing status if your spouse died during 2009 or 2010, you have a dependent child, have not remarried and you meet certain other conditions. There’s much more information about determining your filing status in IRS Publication 501, Exemptions, Standard Deduction, and Filing Information. Publication 501 is available at www.irs.gov or by calling 800-TAX-FORM (800-829-3676). You can also use the Interactive Tax Assistant on the IRS website to determine your filing status. The ITA tool is a tax law resource on the IRS website that takes you through a series of questions and provides you with responses to tax law questions.

Morning Star Publications | 2012 Personal Finance & Retirement Living

Brandywine Senior Living at Fenwick Island By Lynn Parks

For the first time, residents of Brandywine Senior Living at Fenwick Island will participate this year in the St. Patrick’s Day parade in Ocean City. Several weeks before the March 17 parade, they were already busy decorating the facility’s 14-person bus, giving it a touch o’ the green. This may be the group’s inaugural appearance in this parade. But they’ve already been in other area parades, in Bethany Beach and Selbyville. “We do all kinds of things here,” said the facility’s director of community relations, Kathy Jacobs. “We’re not just sitting around in rocking chairs.” Brandywine Senior Living at Fenwick Island is an assisted living facility for people of all ages. It opened three and a half years ago. Average age of its residents is 85. It is located about 5 miles from Betty Adams enjoys playing the piano at Brandywine Senior living. the beach and is right across the road from the Freeman Stage at tor, who helps them get familiar with their new home. Bayside, which hosts performances throughout the The coordinator escorts them to meals and to activiyear, particularly during the summer. Brandywine ties and stays with them “as long as they are needed,” residents are often in the audience, Jacobs said. Jacobs said. The facility has 98 rooms and can accommodate In addition, new residents are assigned buddies, 105 people. It is one of 24 Brandywine Senior Living veteran residents who can answer questions for them facilities scattered along the east coast, from and help to make them feel at home. “We try to do Connecticut to Delaware. The only other Brandywine everything to make the transition as smooth as possifacility in Delaware, Brandywine Senior Living at ble,” Jacobs said. Seaside Point, is located near Rehoboth Beach. As residents age, their customized care plans can The residence provides six levels of care, Jacobs change. The facility provides licensed nursing care 24 said. The appropriate level of care is determined hours a day, seven days a week. All residents wear when a resident moves in. Through a series of quesemergency necklaces that, in case of a problem, alert tions, workers come up with a customized care plan personnel and give the resident’s location. that is tailored to the new resident’s needs. Brandywine Senior Living at Fenwick Island “We cater to you and do whatever you need us to offers signature Brandywine programs. Among those do,” Jacobs said. “Our care plans are not just off the programs is Reflections, for residents suffering from shelf.” impaired memories, including those with Alzheimer’s The new resident profile includes questions about disease. The Fenwick Island facility’s Reflections unit personal history, family, even favorite memories. can accommodate 33 residents. “Change can be difficult,” Jacobs said. “We want to Reflections’ goal is to “enhance the quality of life do everything that we can to accommodate our resifor our residents through therapeutic programming,” dents’ social needs as well as their emotional needs.” according to Brandywine Senior Living. That proNew residents are paired with a move-in coordinagramming includes daily activities and recreation that

Morning Star Publications | 2012 Personal Finance & Retirement Living

Luxurious Assisted Living Suites — Licensed Nurses, On-Site 24/7 — Short-term Respite Care — Reflections® Memory Care Program — Serenade by Brandywine...When only the best will do — Escapades...for Life Call 302.436.0808 to schedule a complimentary lunch & tour

21 111 Ar r ing ton Dr ive | S e lbyv il le , D E 1 9 9 7 5 | 3 0 2 .4 3 6 .0 8 0 8 w w w. B r a n d yc a r e . c o m | 1 - 8 7 7 - 4 B R A N DY Morning Star Publications | 2012 Personal Finance & Retirement Living

“work together to assist every resident with maintaining their level of independence by focusing on their strengths and capabilities.” The program also involves family members in the resident’s care. Another signature Brandywine program is Serenade, “with an emphasis on privacy, luxury and service.” Brandywine Senior Living at Fenwick Island is one of five Brandywine facilities with a Serenade floor, where from 7 a.m. to 7 p.m. residents can take advantage of a concierge service. Serenade residents can ask to have their beds turned down, for example. They can ask for the daily newspaper or to have a blouse or shirt ironed. “No request is too big and no request is too small,” said Jacobs. Throughout the facility, residents can take advantage of Brandywine’s “dine all day” program. The main dining hall is open for the three meals of the day, Jacobs said. A nearby bistro serves food from 7 a.m. to 7 p.m. Coffee, snacks and juice are available 24 hours a day. And then there are the activities. “We have so many things going on to keep our residents active,” said Jacobs. The facility has a fitness room and a pool. Residents are welcome to use both for exercise. The fitness room and pool are also available for physical therapy. Brandywine has several providers that come in and use the equipment to give therapy for residents, Jacobs said. The Brandywine Escapades for Life program has several components to it. Residents can take exercise classes in the fitness room and in the pool. Through You, Me and Wii, they can join in the fun of video gaming, and get moving as well. The four chefs on staff provide cooking tips through Cooking with Class. The best part of that activity, said Jacobs, is the tasting. The Fenwick Island facility partners with several community organizations, including Salisbury University, to provide classes as part of its Lifelong Learning. Local artist John Donato gives art classes. An area liquor store offers wine tastings. Brandywine residents can also take classes in Spanish and can learn the most up-to-date ways of managing a Facebook account. Through the facility’s “Cane Fu” class, residents learned ways to use their canes for self-defense. Brandywine Senior Living at Fenwick Island has a men’s club that meets a couple of times a month, Jacobs said. Sometimes members gather in the facility’s game room to play cards or pool. Other times they use the facility’s bus to go to an area bar for a couple hours of enjoyment. Curtain Call is the facility’s in-house theater group. It puts on monthly shows, during the regular Friday-afternoon happy hour and during lunch. Tuesday is karaoke night. On every other evening, the facility shows movies in its theater. There’s

At top are Andy & Peggy McCartney at a resident red carpet event. Dottie Sabatino is shown enjoying Bike Week activities.

also a bar, a social room where residents can gather and a craft room, where residents can take classes or just enjoy working on something by themselves. People come to Brandywine Senior Living at Fenwick Island for a variety of reasons, Jacobs said. “Some are lonely living alone and decide that they really want a social life again,” she said. “Others may be falling and decide that it’s not safe for them to stay at home. At the same time, they are looking forward to making friends, too.” She said that the facility’s location and its atmosphere are two of its attractions. “It’s lovely here,” she said. “The building is really nice and it always smells good.” But all of that means nothing without the superior level of care that the facility provides, she added. “The care that we provide here is the most important piece of the puzzle,” she said. “That really makes the difference.” For your information Brandywine Senior Living at Fenwick Island is located at 21111 Arrington Drive, Selbyville. For details, call 436-0808 or visit www.brandycare.com.

Morning Star Publications | 2012 Personal Finance & Retirement Living

When should you start collecting your Social Security payments?

it’s worthwhile to delay taking Social Security to maximize your benefits. Remember that regardless of your Social Security decision, you typically would have to pay a 10% early withdrawal penalty if you started taking withdrawals from these accounts before you reach age 59. • S: Your spouse/marital status — If you’re single, you basically just need to think of yourself when making this decision. But it’s a different story if you’re married. If you die first, your spouse can keep receiving his or her own Social Security benefit or receive yours — whichever is larger. Consequently, you and your spouse will want to coordinate when you take Social Security benefits so that you can maximize the benefit for the spouse likeliest to live longer. The choice of when to start taking Social Security can affect your lifestyle throughout your retirement years — so weigh all the factors and make the choice that’s right for you.

By Melinda Tingle and John Rittenhouse

If you’re of a certain age, the new year means you’re that much closer to a day you may have anticipated with a combination of humor and resignation — specifically, the day you’re eligible for Social Security. But just because you can take Social Security, it doesn’t mean you must take it. So, should you? Before we get to that question, let’s review the basic rules governing Social Security payments. You can typically start collecting benefits at age 62, but you’ll get only about 75% of what you’d receive if you waited until your “full” retirement age, which varies according to your birth year but is most likely 66. You’ll get even bigger monthly checks if you delay collecting them until you’re past 66, and you’ll “max out” on your payments once you reach 70. So, the question boils down to this: Should you start collecting Social Security early — thereby receiving smaller, but more numerous, checks — or later, when your checks will be bigger but fewer? If you really need the money once you reach 62, you’ve already got your answer. But if you could potentially afford to wait, we recommend you view your decision through a LENS: • L: Your projected lifespan —You can’t see into the future, but given your family history and general health, you can make an educated guess about your projected longevity. If you’re fairly confident that, once you reach 66, you’ve still got another two or more decades in front of you, you may want to consider delaying taking Social Security past age 62. • E: Your employment status — If you’re under full retirement age — between 62 and 66 — then for every two dollars you earn over $14,640 (in 2012), you’ll lose one dollar in Social Security benefits. In the months before you reach your full retirement age, for every three dollars you earn over $38,880 (again, for 2012), you’ll lose one dollar in benefits. But starting in the month you reach your full retirement age, you can earn as much as you want without losing any benefits. • N: Your need, including your other sources of retirement income — If you have a pension, or you’ve built substantial resources in your IRA, your 401(k) or other employer-sponsored retirement plan, and you can support your income needs with modest withdrawals from these accounts, you might decide

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Morning Star Publications | 2012 Personal Finance & Retirement Living

The Manor House in Seaford at twilight

Manor House is a continuing care retirement community For more than 45 years the Manor House has provided a continuing care retirement community offering multiple residential styles, services and levels of health care for older adults. The community, located on a beautifully landscaped property at 1001 Middleford Road, Seaford, is home to an estimated 200 residents, ages 62 and older. But, it is the quality and scope of care that Manor House provides that has gained accolades among the senior living industry. The Manor House is a full-service retirement community which meets seniors’ needs over the long term by offering various stages of living, from residential to assisted living and skilled nursing care accommodations located on the same campus. One of the most unique aspects of Manor House is its life care plan, which prepays any long-term care services a resident may need. The community has numerous amenities and services, including a full-service restaurant-style dining room, fitness center and indoor pool, walking trail, and many social and recreational activities Recently, it was recognized as an industry standout for its quality of services and resident life. Last year it was

awarded a five-year term of accreditation by the Commission on Accreditation of Rehabilitation Facilities and the Continuing Care Accreditation Committee (CARF-CCAC). Accreditation is widely considered the mark of quality for retirement communities, demonstrating how well a community meets or exceeds standards of excellence for service, quality and financial stability. Nationally, only 15% of the nation’s estimated 1,900 continuing care retirement communities (CCRC) are accredited. “This is a tremendous accomplishment and honor for our community as accreditation further confirms to our current and future residents that our programs and services meet the highest standards of quality,” said Eileen Hanhauser, Manor House executive director. To become accredited, a participating community must demonstrate the quality of its services to a team of independent surveyors during an on-site visit. Accreditation designations last five years before a community may undergo another year-long evaluation to seek re-accreditation. Residents at Manor House range from their early six-

Morning Star Publications | 2012 Personal Finance & Retirement Living

The dock provides a peaceful setting for Manor House residents.

ties to well past the century mark and are known for staying active. Many residents still work part time and volunteer throughout the area. The retirement community also employs more than 200 full and part-time workers. The Methodist Manor House was started by Peninsula United Methodist Homes (PUMH). In December PUMH was given a positive assessment of its financial health by the nationally recognized firm of Fitch Ratings. According to Fitch, the BBB rating assigned to PUMH reflects the benefits realized from its affiliation with ACTS Retirement-Life Communities (revenue bonds rated A- by Fitch), resulting in significantly improved financial strength and performance. In May 2010, PUMH completed an affiliation agreement with ACTS, which assumed management and operation of PUMH’s three Delaware CCRCs, including the Seaford Manor House. In their report, Fitch cited that PUMH has realized the operational, managerial and scale benefits from its affiliation with ACTS, one of the nation’s largest notfor-profit CCRC providers. Fitch placed significant weight on ACTS’ revenue size and the financial flexibility it derives from its portfolio of 23 CCRCs located throughout the East Coast. “As we looked for ways to make our organization more successful, we realized that we could be stronger if we were part of a larger group in ACTS, which has a proven track record of leadership, financial stability and strong operations,” said William E. Holloway, former chairman of the PUMH Board of Directors. “Our affiliation with ACTS has strengthened our financial standing and ensures that we are well positioned to continue meeting our mission of providing the high quality care and services our resident’s desire. ACTS Retirement-Life Communities is the largest not-for-profit owner, operator and developer of continuing care retirement communities in the United States. The group was formed in the early 1970s when a suburban Philadelphia pastor and members of a nondenomi-

national church sought a new and better way of living for the retired church members. Fulfilling instruction of the Scriptures, their idea was to provide a fulfilling and meaningful independent living lifestyle with a quality skilled heath care environment that would be available if ever needed. Today, ACTS’ vision of what retirement living can and should be continues to grow and expand into new areas throughout the country. Currently, the ACTS senior living family includes 23 not-for-profit life care retirement communities that are home to more than 9,000 seniors in eight states: Pennsylvania, Delaware, Maryland, North and South Carolina, Georgia, Alabama and Florida. Each ACTS community has its own unique charm and character, but all share the ACTS commitment to service, quality and care, as evidenced by ACTS having the largest number of accredited CCRCs by an independent agency for excellence in operations, financial strength, and services. From the very beginning, the goal of every ACTS community has been to provide older adults with a rewarding retirement lifestyle and the assurance of receiving high quality and compassionate care. Michael Smith, ACTS Corporate Director of Public Relations, says there is a lot to consider when choosing a retirement community. One of the key aspects to think about is whether the lifestyle at an active retirement community is right for you. “There are many different types of retirement communities available today. Before you even set foot on the campus of a retirement community, you should learn all you can about the type of retirement community you're interested in,” he said. He said, for example, there are rental communities, over-55 communities, for-profit or not-for-profit. The list is long and Smith said many will claim to be CCRCs or Life Care retirement communities. Each community comes with its own contract, something to be aware of when beginning a search. “Today’s seniors have more lifestyle choices than any generation in history,” Smith said, “and they’re making them earlier than ever. What was once a relatively brief chapter in one’s life may now last 30 years or more. Choosing the right community is important because health, security and happiness, now and in the future, can depend on how and where you choose to live.” ACTS Retirement-Life Communities urges that when considering a retirement community you “ask the tough questions.” To help ensure that those active older adults seeking a retirement community are asking the tough questions and getting the right answers, Smith said ACTS offers a free “Consumer Guide to Retirement Living,” which includes a retirement community checklist to know what to look for and what questions to ask when visiting the various retirement communities. The guide is available by visiting www.actsretirement.org.

Morning Star Publications | 2012 Personal Finance & Retirement Living

Keeping your bones healthy should be a top priority By Ivonne Herrera, MD

Thirty years ago, most people thought osteoporosis and the broken bones it can cause were a part of normal aging. Nowadays, researchers have found that osteoporotic related fractures can be detrimental to the life of people and their families and should be prevented. Osteoporosis is a condition in which the bones become weak and can break more easily. About 10 million Americans already have the disease. About 34 million are at risk. Half of all women older than 50 will break a bone because of osteoporosis. Up to one in four men will too. Breaking a bone is more serious than we thought, especially when you’re older. Broken bones due to osteoporosis are most likely to occur in the hip, spine, shoulder and wrist. Broken bones can cause severe pain that may not go away. Some people lose height and become shorter. It can also affect your posture, causing you to become stooped or hunched. This happens when the bones of the spine, begin to break or collapse. Twenty percent of seniors who break a hip die within one year from problems related to the broken bone itself or surgery to repair it. Many of those who survive need long-term nursing home care. Osteoporosis is a silent medical problem because it does not produce any symptoms or complaints until fracture occur and it must be detected before this happens. Often, breaking a bone is the first clue that you have osteoporosis. Getting shorter or the upper back curving forward are other red flags for osteoporosis.

520 Kerr Ave., Denton, MD 21629

410-479-2130

ARTHRITIS & OSTEOPOROSIS CENTER, LLC 1350 Middleford Rd Suite 502

Seaford, DE 19973 www.ArthritisDE.com

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Board-certified by the American College of Rheumatology

Long Term Care • Short Term Rehabilitation Respite and Hospice Care On-Site Physical, Occupational and Speech Therapy Services • IV Services

Specializing in: Gout, Osteoporosis, Rheumatoid Arthritis, Psoriatic Arthritis, Lupus, Sjogren Syndrome, Vasculitis, Cortisone Injections for: Shoulder Bursitis/Tendinitis, Knee Arthritis, Tennis Elbow, Trigger Finger and Carpal Tunnel Syndrome. Synthetic joint fluid injections for Knee Arthritis.

ninety-five bed non-profit skilled nursing facilty located in the heart of Caroline County

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Participating in most insurances including Medicare

However, at this point the disease may be advanced. Fortunately, a bone mineral density test can tell if you have osteoporosis before you have these symptoms. This makes it possible to treat the disease early to prevent broken bones. You’re never too young or too old to improve the health of your bones. Whatever your age, the habits you adopt now can affect your bone health for the rest of your life. Getting enough calcium, vitamin D and regular exercise are important for your bones. On the other hand, eating poorly, smoking, drinking too much alcohol or not exercising can cause bone loss and osteoporosis. Experts recommend that premenopausal women and men consume at least 1000 mg of calcium per day; this includes calcium in foods and beverages plus calcium supplements. Postmenopausal women

Immediate Appointments Available

Morning Star Publications | 2012 Personal Finance & Retirement Living

should consume 1200 mg of calcium per day. Dietary sources of calcium include milk and other dairy products, such as cottage cheese, yogurt, or hard cheese, soy milk, orange juice, beans and green vegetables, such as kale and broccoli. Calcium supplements are suggested for women who cannot get enough calcium in their diet. Calcium doses greater than 500 mg/day should be taken in divided doses (eg, once in morning and evening). Experts also recommend that men over 70 years and postmenopausal women consume 800 international units (IU) of vitamin D each day. Milk supplemented with vitamin D is a primary source of dietary vitamin D, as well as canned tuna fish, cod liver oil, yogurt, ready-to-eat-cereals, cooked salmon, canned sardines, mackerel, and eggs. People’s bodies can also get vitamin D from the sunlight. Exercise may decrease fracture risk by improving and maintaining bone mass. Furthermore, exercise may decrease the tendency to fall due to weakness. Physical activity reduces the risk of hip fracture in older women as a result of increased muscle strength. Most

Reduce stress and enjoy life more

experts recommend exercising for at least 30 minutes three times per week. Postmenopausal women with osteoporosis or at high risk for the disease should be considered for drug therapy. Particular attention should be paid to treating women with a recent fracture, including hip fracture, because they are at high risk for a second fracture. There are several different drugs available, however the treatment decision should be made between your healthcare provider and you after reviewing multiple factors such as your age, gender, severity of osteoporosis, other medical problems you have, drug administration preference (pill, nasal spray, IV or subcutaneous), frequency (daily, weekly, monthly, every 6 months or once a year), side effects, risks and benefits. It’s also important to keep in mind that no two people are the same. How well a medicine works, or what side effects it will have, can vary from one person to the next. Keeping your bones healthy to prevent osteoporosis should be at the top of your wellness list.

Dignity and Respect

Too much stress can destroy a person’s health. Following are suggestions to reduce stress: • Get to the office 15 minutes earlier. Take the rush out of your morning. • Throw away anything that doesn’t work right. • Take breaks when working on a job that’s repetitive. • Organize your desk before you leave each evening. • Do not sit at your desk and wrestle with a difficult problem. Take a walk while you think. • Tackle important jobs first. • Set up standardized procedures for jobs that you and your staff handle every day. • Living your life with integrity and honesty is the only way to live. Don’t let little problems become big obstacles.

Watson-Yates Funeral Home

Providing our community with dedicated and caring service since 1895. We understand that the passing of a loved one is the most emotionally demanding time in your life. We will be there with compassion, to help lighten your burden.

Front & King Sts., Seaford, DE 19973

302-629-8561

www.watsonyatesfuneralhome.com

Morning Star Publications | 2012 Personal Finance & Retirement Living

Baby Boomers may need to find other health insurance options

Insurance Commissioner Karen Weldin Stewart has expressed concern for soon to retire “Baby Boomers” (those born between 1946 and 1964), many of whom will face the uncertain prospect of finding alternative health insurance coverage until they reach the age of 65 when they are eligible for Medicare. The Commissioner said: “While for some in this age group, a lifetime of working means a good pension and benefits after concluding their careers. However because more and more companies are converting retirement benefits, too many in the ‘boomer generation’ are left in the precarious position of finding alternative health insurance coverage.” “For those considering early retirement or need to consider retirement health insurance options, we at the Delaware Department of Insurance offer these options for where to look and what to consider in your decision,” she continued. Spouse’s policy - If your spouse is still employed and has access to benefits, you may be able to be added to the policy. While your spouse may have to pay more for the coverage, this is likely your most affordable option. COBRA - The Consolidated Omnibus Budget Reconciliation Act (COBRA) lets former employees and their dependents continue their coverage for up to 18 months. While your employer cannot refuse coverage through COBRA, it is unlikely that they will continue to subsidize the premium. They may also charge an administrative fee. The Commissioner is working on legislation for a “mini” COBRA bill that will provide options for continued health insurance coverage for small employer groups under 20 that will allow them to pick up COBRA coverage. Military - If you are a retired military veteran, you may be eligible to join the Defense Department’s Tricare plan. Read more about who is eligible for Tricare and the coverage offered here. Individual coverage - These plans can be expensive, especially if you are on medications or have a chronic health condition. In some cases, preexisting conditions may make it difficult to find coverage. Starting in 2014, however, insurers will not be allowed to deny coverage based upon your health status. Shopping for an individual policy can be challenging. Make sure to compare policies carefully and ask questions about what benefits are included. Make sure you understand your deductibles and coinsurance requirements; and ask about prescription drug coverage. Also, the agent

or broker you are working with, as well as the insurance company writing the policy, must be licensed in your state. Be sure to check with your state insurance department to confirm the agent and company before making any payments. Pre-Existing Condition Insurance Plan - These plans were created to help adults with preexisting conditions find individual coverage. In order to be eligible for coverage in one of these subsidized pools, you will need to meet certain qualifications. Contact us at 1-800-282-8611 toll-free in Delaware or 302-674-7310 to find out more about these programs. High Deductible Health Plans (HDHP) - These plans only cover catastrophic health care costs. This means you will be responsible for paying much more of the upfront cost before the policy would pay any benefits for eligible medical expenses. HDHPs have a lower premium to compensate for the higher out-of-pocket costs incurred with these high deductibles. Often these types of plans work with a Health Savings Account (HSA) that allows you to set aside funds for future qualified medical expenses. If you are considering an HDHP, make sure to read the policy form - paying careful attention to the benefits and the limitations of the plan. This consumer alert has more information about how to evaluate an HDHP and HSA. Coverages - Make sure that you understand the terms and coverages of the policy. The lowest premium option may not provide the coverages you need for your health status. Consider the following: • What are the deductibles or co-insurance payments? • What are the limits on coverage? • Can you see your current doctor or seek treatment in the same hospitals? • Is there an annual limit to what the insurance company will pay for any particular coverage? • Is there a cap on the out-of-pocket amounts you have to pay? • How often will your policy be reviewed or how often can you expect a premium change? • Are prescription drugs covered? Commissioner Stewart concluded, “I urge Delawareans to contact us with their concerns and problems. By doing so, we are not only able to provide assistance where our authority allows us to, but also to gather information in order to see if new legislation needs to be enacted, regulations and bulletins need to be written and/or policies need to be changed.”

Morning Star Publications | 2012 Personal Finance & Retirement Living

THE TIME VALUE OF MONEY Age Contribution

18 30 40

$600,000 —

At Age 65

% Gain

$54,746 $527,538 964% $40,768 $200,000 491% $29,120 $85,154 292%

$500,000 — $400,000 — $300,000 — $200,000 —

$100,000 — $0 —

Age 18

Age 30

Age 40

The chart compares the retirement funds accumulated at age 65 for a The chart compares the per retirement age 65 person working 40 hours week at funds $7 peraccumulated hour, saving 8at percent of for atheir person 40 hours per of week at just(pre-tax). $7 per hour, saving 8% pay working with an average return 8 percent

or their pay (pre-tax) with an average return of 8%. The earlier the savings discipline begins, the better the retirement fund.

Almost everyone understands the need to take control of their money, but many don’t understand some of the keys to building financial security. Here are four that will help you achieve your financial goals: • Pay Yourself First — Before anyone else gets a claim to your money, pay yourself by putting a set amount aside in a savings or investment account. A good objective is to save eight to 10 percent of your income. • The Power of Time — When it comes to achieving financial security, time is the most important tool you have. Combined with two other important elements, rate of return and consistency, the power of time is a key to achieving financial security.

• The Power of Compounding—Com pounding is one of the most important keys to wealth you will ever learn. With the power of compound interest at work for you, you’ll be amazed at how quickly a few hundred dollars becomes a thousand. • The Importance of Rate of Return—The impact of rate of return when combined with time is significant. If $1,000 was deposited for a child at 6 percent, the amount at the end of 65 years would be $44,000. If deposited at 9 percent, the amount at the end of 65 years would be $270,000. The difference: $226,000. While there are many other “fine points” of money management, these four keys will get you started on the path to financial success.

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Start early and be patient when saving for the future

Health Insurance - Individual and Group Benefits, Life and Long-Term Care Insurance and Fixed Investments Callaway, Farnell & Moore, Inc. Bldg., 500 W. Stein Highway, P.O. Box 583, Seaford, DE 19973

302-629-4000 Fax:302-536-6278

Morning Star Publications | 2012 Personal Finance & Retirement Living

HSAs help consumers save on their taxes and health care costs Taxpayers with health savings accounts (HSAs) are reminded that they have until April 17 to contribute to their HSAs to maximize their 2011 deductions, up to the legal limit. For 2011, HSA contributions are tax deductible up to $3,050 for individuals and up to $6,150 for families. HSA holders who are 55 and older can deduct an additional $1,000. In 2012, tax-deductible contribution limits have been increased to $3,100 for individuals and $6,250 for families. Health savings accounts have two components: a taxadvantaged savings account coupled with a high-deductible health insurance plan. In addition to the tax savings, a high deductible health insurance plan paired with an HSA typically costs significantly less in monthly premiums compared to more traditional health insurance while still providing quality coverage, including preventive care. Savings deposited into an HSA grow tax-deferred and can be withdrawn tax-free as long as the HSA dollars are used for qualified medical expenses, which include health insurance deductibles as well as vision and dental care that are not covered by health insurance plans.

“HSAs make sound financial sense because they enable consumers to save tax-free for their current and future medical needs,” said Richard A. Collins, CEO, UnitedHealthcare’s Golden Rule Insurance Company. According to a recent Fidelity Investments survey, “almost seven in 10 (68 percent) of pre-retirees said the cost of medical care in retirement is one of their three biggest financial concerns.” “Unspent HSA savings can accumulate year after year, earning interest. This helps build up a ‘medical nest egg’ that can be valuable later in life when health care needs can increase significantly,” Collins said. To learn more about HSAs, visit www.HSAcenter. com, an interactive online resource developed by Golden Rule to educate consumers about the advantages that health savings accounts offer. Golden Rule’s expertise in the consumer-directed health care market goes back more than 20 years when the company introduced the first medical savings account (MSA), predecessor to the HSA.

It’s Your Choice. Preplanning

A priceless personal asset Every day everyone has 86,000 seconds of time to invest. Whatever of this you have failed to invest to good purpose is gone forever. Invest your time so as to get from it the utmost in health, happiness and success. The clock is running! Make the most of today. • To realize the value of ONE DAY, ask the lovers who are waiting to meet. • To realize the value of ONE SECOND, ask a person who has survived an accident. • To realize the value of ONE MILLI-SECOND, ask the person who has won the silver medal in the Olympics. Treasure every moment. Time and life are precious, learn to live it to its fullest and you’ll never have to regret the things you didn’t do!

Here at Hannigan, Short, Disharoon Funeral Home we recommend that everyone preplan his or her own funeral. Doing so can offer emotional and financial security for both you and your family. By preplanning a funeral you will get the kind of service you want and your family will be unburdened from making decisions at a stressful time. Hannigan, Short, Disharoon has been your neighbor’s choice for many generations. Make us your choice, too.

700 West St., Laurel, DE 19956 302-875-3637 www.hsdfuneralhome.com

Morning Star Publications | 2012 Personal Finance & Retirement Living

Tax credit tips for retirement savings If you make eligible contributions to an employersponsored retirement plan or to an individual retirement arrangement, you may be eligible for a tax credit, depending on your age and income. Here are six things the IRS wants you to know about the Savers Credit: • Income limits - The Savers Credit, formally known as the Retirement Savings Contributions Credit, applies to individuals with a filing status and 2011 income of: . Single, married filing separately, or qualifying widow(er), with income up to $28,250 . Head of Household with income up to $42,375 . Married Filing Jointly, with incomes up to $56,500 • Eligibility requirements - To be eligible for the credit you must be at least 18 years of age, you cannot have been a full-time student during the calendar year and cannot be claimed as a dependent on another person’s return. • Credit amount - If you make eligible contributions to a qualified IRA, 401(k) and certain other retirement plans, you may be able to take a credit of up to $1,000 ($2,000 if filing jointly). The credit is a percentage of the qualifying contribution amount, with the highest rate for taxpayers with the least income.

/ Laurel Sta r

• Distributions - When figuring this credit, you generally must subtract distributions you received from your retirement plans from the contributions you made. This rule applies to distributions received in the two years before the year the credit is claimed, the year the credit is claimed, and the period after the end of the credit year but before the due date - including extensions - for filing the return for the credit year. • Other tax benefits - The Retirement Savings Contributions Credit is in addition to other tax benefits you may receive for retirement contributions. For example, most workers at these income levels may deduct all or part of their contributions to a traditional IRA. Contributions to a regular 401(k) plan are not subject to income tax until withdrawn from the plan. • Forms to use - To claim the credit use Form 8880, Credit for Qualified Retirement Savings Contributions. For more information, review IRS Publication 590, Individual Retirement Arrangements (IRAs), Publication 4703, Retirement Savings Contributions Credit, and Form 8880. Publications and forms can be downloaded at www.irs.gov or ordered by calling 800-TAX-FORM (800-829-3676).

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Paying for Long-Term Care: The Importance of Planning Early By Michele Procino-Wells, Esquire

We plan to go on vacation. We plan to have dinner with friends. But when it comes to planning for our care as we advance in age, many of us prefer not to think about it, believing it will somehow all work out. Consider the two scenarios below that contrast the different outcomes of planning early and choosing the “wait and see” approach for long term care.

The Facts Hank is 72 and Ellen is 69. They have been retired for several years. Recently, their oldest child asked them whether they had made any plans if one of them suddenly got sick. Hank and Ellen had not thought much about this since both of them were in good health. However, they agreed to seek some advice to see what their options were. Hank and Ellen own a home and they have checking, savings and CD accounts that total $325,000. They both worked most of their adult lives, carefully watching their expenses and never spending money on extravagant items they didn’t feel they needed. Scenario #1 – Hank and Ellen planning ahead. Hank and Ellen spoke with an elder law attorney, as they knew they should update their will and powers of attorney. While there, they were surprised to learn that they could actually plan now to avoid running out of money in the future should they need long term care. They placed $200,000 and their home into an irrevocable trust, and named their children as beneficiaries of the trust. If needed, their children would be able to take a distribution from the trust rather than using their own money for Hank and Ellen’s needs. They kept the remaining $125,000 in a revocable trust that Hank and Ellen would use for their living expenses. The $200,000 placed into the irrevocable trust would not be counted against them after 5 years, should either of them need long term care and the assistance of state benefits to pay for it. Unfortunately, six years later Hank had a severe stroke and ended up in a nursing home. Ellen tried caring for him at home but was simply unable to. Because they had planned ahead and had set up an

irrevocable trust, Ellen was able to keep all of the remaining cash assets in their revocable trust, and Hank was able to qualify immediately for state Medicaid benefits. The irrevocable trust (which had now grown to $215,000) remained in place but did not count against Hank since more than 5 years had passed. Ellen was incredibly relieved to know that she did not have to worry about paying for Hank’s care and could instead focus on visiting him and providing as much support as possible to him. Scenario #2 – Hank and Ellen without planning ahead. Let’s assume Hank and Ellen did not plan ahead. When Hank had a stroke at age 78, the couple had $300,000 in checking, savings and CDs. Under the Medicaid regulations in place at the time, Ellen was able to keep approximately $114,000 of the assets, but most of the remaining assets had to be spent for Hank’s care. While their home would be protected since Ellen was still living there, if she were to become ill the home could be subject to a lien by Medicaid. It took nearly two years to get Hank qualified for Medicaid, and the process was incredibly stressful for Ellen and her children. Furthermore, no planning has been done for Ellen and if her health fails, their remaining assets are at risk. Conclusion The scenarios above highlight the importance of seniors planning early for the possibility of needing long term care. There are not only financial benefits to doing so, but also numerous non-financial benefits, including reduced stress on the family and peace of mind knowing that the family’s needs are taken care of regardless of any health care crisis that may occur. About the author Michele Procino-Wells has practiced law in Delaware since 1995, concentrating in estate planning and administration, elder law, real estate and business transactions. She holds a B.A. from Penn State University, a law degree (J.D.) from Widener University School of Law and a graduate master of laws degree in taxation (LL.M) from Villanova University School of Law. Mrs. Procino-Wells’ firm, Procino Wells, LLC, includes two attorneys, a real estate coordinator, elder law coordinator, estate planning coordinator and other support staff.

Morning Star Publications | 2012 Personal Finance & Retirement Living

Top reasons to visit irs.gov Navigate your way through the tax season online and skip waiting in line. All you need is a computer and Internet access because the IRS website has a wealth of free information and online tax support. Here are the top five reasons to visit www.irs.gov.

1. Unlimited access - get answers 24 hours a day, seven days a week. If you find yourself working on your tax return over the weekend, there’s no need to wait to get a form or an answer to a question. Visit the IRS website; it’s accessible all day, every day. You’ll find answers to many frequently asked questions, and the helpful Interactive Tax Assistant is a tax law resource that takes you through a series of questions and provides you with responses to tax law questions. Much of the website and many forms and publications are also available in Spanish.

2. Use Free File - Let Free File do the hard work for you with brand-name tax software or online fillable forms. It’s available exclusively at www.irs.gov. Everyone can find an option to prepare their tax return and efile it for free. If you made $57,000 or less, you qualify to use free tax software offered through a private-public partnership with manufacturers. If you made more or are

comfortable preparing your own tax return, there’s Free File Fillable Forms, the electronic versions of IRS paper forms. Visit www.irs.gov/freefile to review your options. 3. Try IRS e-file - IRS e-file is the safe, easy and most common way to file a tax return. Last year, 78 percent of taxpayers - 112 million people - used IRS e-file. Many tax preparers are now required to use e-file If you owe taxes, you have payment options to file immediately and pay by the tax deadline. Best of all, the IRS issues refunds to 98 percent of electronic filers by direct deposit within 14 days, if there are no problems, and some may be issued in as few as 10 days. 4. Check the status of your tax refund - Whether you chose direct deposit or asked the IRS to mail you a check, you can check the status of your refund through Where’s My Refund?

5. Make payments electronically - You can authorize an electronic funds withdrawal, use a credit or debit card, or enroll in the U.S. Treasury’s Electronic Federal Tax Payment System to pay your federal taxes. Electronic payment options are a convenient, safe and secure way to pay taxes.

Procino Wells, llc Attorneys at Law

Michele Procino-Wells

Plan. PrePare. Protect. Let us help you protect your nest egg.

Long Term Care Asset Protection Planning u Elder Law and Guardianships u

Amber B. Woodland

Estate Planning and Probate Avoidance u Estate Administration u

225 High Street, Seaford, Delaware u 302-628-4140 u Fax: 302-628-4150 www.seafordlaw.com

Morning Star Publications | 2012 Personal Finance & Retirement Living

Manor House— We’re ACTS because of our qualities, and we’re quality because of ACTS.

Manor House is an ACTS retirement community. ACTS is one of the nation’s largest not-for-profit developers of retirement communities. Like all ACTS communities, Manor House is a Life Care community, where you’ll be assured that monthly fees will never increase as a result of the need for a higher level of care. And with the ACTS Samaritan Fund you are guaranteed residency should your financial resources become depleted through no fault of your own. Manor House will infuse your retirement with an amenities-rich lifestyle, and greater opportunities to pursue passions and pastimes. We’ll fulfill your life with budding friendships, engaging activities and a lovely, spacious home.

Now is Your Time

Choosing Manor House means choosing ACTS. Both choices offer the clearest path to a rewarding retirement.

Call us today at 800-755-4593 or visit ACTSmanorhouse.org to get started.

2250 Indian Creek Blvd. West Vero Beach, FL 32966

ACTS is a not-for-profit organization pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support programs in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin. All eligible communities are CCAC accredited. © 2011 ACTS 4011