Boomers 08-2019 by Specialty Publications

PROS AND CONS OF HOME SHARING

PA G E 4

STOP THESE COMMON SCAMS

PA G E 1 0

FALL 2019

AMAZING fantasy Comics from the â&#x20AC;&#x2122;60s growing in popularity, value

Sunday, August 25, 2019

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Boomers into backpacking: Is it for you?

FALL 2019

By Melissa Erickson

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eople of all ages are reinventing the family home by inviting relatives, friends and even compatible strangers to cohabitate. Long-term home sharing is a growing trend, especially among older women who turn to this option for companionship, socialization and economics. “Home sharing among aging adults a la ‘Golden Girls’ isn’t a wholly new concept, but we’re seeing a bigger movement than ever for a couple of reasons,” said Kelly Hickey, co-founder of Silvernest, an online home-sharing platform that pairs baby boomers and empty nesters with long-term roommates. “One is that boomers represent the fastest-growing demographic. There are currently 109 million Americans over 50, and that number is expected to grow to 132 million by 2030. By comparison, there are just 75 million millennials.” It’s a good option for retirees, empty nesters and other aging adults with unused or underused space in their homes, Hickey said. “Many people have been in a position where they’ve watched their family and other loved ones age and have to move out of their home, and I think what’s happening with boomers and empty nesters is that they’re realizing that they want an alternative. They want a place to stay where they’ve lived for a long time, to remain in their communities, and they aspire to age in place,” Hickey said. Many Silvernest clients seek similarly aged housemates, but there are quite a few who are also interested in intergenerational living situations. “We even recently launched a program where we’re matching younger educators with boomer homeowners who are willing to offer them reduced rent, so they can live in the areas where they teach,” Hickey said. “Home sharing can work in different ways. Someone can share her home with someone else or others, or everyone can move into a new

house,” said writer and consultant Sally Abrahms, an expert on baby boomers, aging and senior housing. The financial benefits are a big draw; it costs less to share expenses, said Abrahms, author of “Not Your Mother’s Retirement.” A majority of people want to stay in their homes, but 54% don’t expect that they will be able to, according to a 2018 AARP study. “There’s also the safety and security that comes with cohabitating with someone else,” Hickey said. Home sharing also mitigates loneliness. “There is someone to talk to or to compliment you on your sweater, for instance,” Abrahms said. It can also be a way to get closer to a long-time friend or sibling and lets a person move to a new area if desired, she said. “There is an AARP statistic that states that prolonged social isolation has the same detrimental health impact as smoking 15 cigarettes a day,” Hickey said. “That alone should be motivation for all of us to find a housemate as we age.” Is it right for you? Abrahms says to ask these questions: • First, think about your house. Is it conducive to sharing? Is there enough common space for both sides? Is it compatible to aging in place (too many steps, narrow doorways, geographically isolated, not near transportation or amenities)? • Do you like having other people around? • What are your expectations? Reducing expenses is a good choice. Finding a new best friend is not a good expectation. Do you want someone to eat dinner with or help with chores? That can be part of the deal. • Be sure to have a contract for payment and rules such as noise levels, kitchen times and what a housemate can and cannot do, such as have overnight houseguests. • Do a background check, check references and do a Google search on applicants. • If you are a renter or owner, have an exit plan in case it does not work out.

The Record | Sunday, August 25, 2019 | S5

What to do when you can’t get a

DIAGNOSIS

By Melissa Erickson More Content Now

here’s nothing more frustrating than struggling with an illness or a set of symptoms that cannot be diagnosed by a physician. It’s discouraging and disappointing for both patient and doctor, said registered nurse Teri Dreher, a board certified patient advocate and owner/founder of NShore Patient Advocates in Chicago. “Doctors like to fix things and get frustrated at their own failure as well as the patient’s displeasure,” said Dreher, author of “Patient Advocacy Matters.” A failure to diagnose occurs for a variety of reasons, including that every human being is different and symptoms may manifest differently in different people, Dreher said. “When tests turn up negative, the doctor is just eliminating possibilities,” she said. “People also experience pain and discomfort in different ways; there is definitely a mind-body connection. Chronic stress not only causes anxiety but physiological changes in the body. Chronic inflammation is a good example.” Sometimes symptoms are difficult to identify. It could be that there is more than one medical problem at work or that symptoms are the manifestation of early disease that isn’t yet diagnosable, Dreher said. Some illnesses have no definitive test to make a clear diagnosis, while others are exceedingly rare, she said. Because no physician knows everything, an undiagnosed patient may need to consult a different kind of doctor. “Specialists are often called for to take a fresh look; even naturopaths, chiropractors and nutritionists have been able to help people with symptoms not well managed by traditional medicine,” Dreher said. Some common illnesses that are

underdiagnosed include endocrine disorders, cancer, spinal issues and joint problems, Dreher said. If you or a loved one have gone months or even years without a diagnosis, be an advocate. “Be persistent in seeking an answer, but be polite. Ask the doctor who he would recommend to take another look. Ask what the ‘differential diagnosis’ is and do your research,” Dreher said. Just don’t turn to “Dr. Google.” “It is infuriating to doctors when patients self-diagnose based on something they have read on the internet. Medicine is an art and a science and there is no replacement for a good doctor,” Dreher said. It’s time for a change if you feel dismissed by your doctor or if he or she tells you “It’s all in your head,” Dreher said. “Leave that doctor and seek help in a different hospital system, if possible, that does not share medical records; the second doctor may not want to disagree with the first who could not find anything,” she said. “Doctors depend upon each other for referrals and they protect each other. In today’s litigious health care environment, they are apt to protect each other.” As a patient you are responsible for taking care of yourself and making sure you do all you can to stay healthy and be compliant with doctor’s orders, Dreher said. “If the doctor prescribes a medicine and you do not want another pill, tell him and talk honestly about your concerns,” she said. On the other hand, “some patients feel they have had a failed appointment if they don’t walk out with a prescription.” Polypharmacy, which is defined as taking five or more drugs on a regular basis,

is a serious and growing problem. “Patients should not encourage doctors to hand out prescriptions casually. The more medicines you are on, the more risk of dangerous interactions,” Dreher said. “Intensive care units are filled with patients who got there by smoking, drinking to excess and overeating. Take care of yourself and do the best you can to stay healthy.”

“When tests turn up negative, the doctor is just eliminating possibilities. People also experience pain and discomfort in different ways; there is definitely a mind-body connection. Chronic stress not only causes anxiety but physiological changes in the body. Chronic inflammation is a good example.” Teri Dreher

S6 | Sunday, August 25, 2019 | Boomers

AMAZING fantasy

By Melissa Erickson More Content Now

ore than just a bit of prized nostalgia, the pleasures of youth are sometimes worth big bucks. Silver Age comic books — those published between about 1956 and 1970 — are skyrocketing in popularity and rising in value among collectors. Do you have a box of comics hidden away that may be worth money? Just like some vinyl records, baseball cards, first-edition concert posters and toys like Hot Wheels and Barbies, many comic books now have bumped-up monetary value. The most expensive Golden Age (about 1938 to 1956) comics can sell for more than $1 million, but the comics of baby boomers’ youth are also rising in value, said Vincent Zurzolo, co-owner of Metropolis Collectibles in New York, a vintage comic book dealer, and its online auction house, ComicConnect.com. Superheroes like the Flash, Green Lantern, Aquaman and Black Panther plus the X-Men and the Fantastic Four all flourished during what is known as the Silver Age of comics, Zurzolo said. Each time one of these characters shows up in a movie or TV show now, vintage comics’ value jumps, he said. These days it’s rare for a cache of Golden Age comics to be uncovered, but not uncommon for those from the Silver Age to be found packed away in a closet or attic, Zurzolo said. “Our target customer is a retiree or an empty-nester looking to downsize. They find a comic book collection from the 1960s and think, ‘I may have something of value here,’” said Ashley Cotter-Cairns, president of SellMyComicBooks.com and an advisor to the Overstreet Comic Book Price Guide. Some people advocate for holding onto Silver Age comics when they realize their value, but others are looking for a sale, Cotter-Cairns said. If your stash of comics has survived over four or five decades unharmed from basement flooding or other disasters, it could be the right time to make some money, he said. What’s the difference? Lifetime collector Robert Letscher of the Phoenix area decided to sell his collection, valued at $500,000, this past summer. Growing up in the 1960s as an “Air Force brat” whose family relocated often, Letscher often felt isolated and alone as the new kid in town. He turned to

The Record | Sunday, August 25, 2019 | S7

Most valuable Silver Age comics 1. Amazing Fantasy #15 (August 1962): Origin and First Appearance, Spider-Man Record sale: $1,100,000 Minimum value (poor but complete): $3,000 2. X-Men #1 (September 1963): Origin and First Appearance, the X-Men Record sale: $492,000 Minimum value: $450

Comics from the ’60s growing in popularity, value

3. Tales of Suspense #39 (March 1963): Origin and First Appearance, Iron Man Record sale: $375,000 Minimum value: $400 4. Incredible Hulk #1 (May 1962): Origin and First Appearance of The Hulk Record sale: $375,000 Minimum value: $2,500 5. Fantastic Four #1 (November 1961): Origin and 1st Appearance, Fantastic Four Record sale: $300,000 Minimum value: $1,000 6. The Avengers #1 (September 1963): Origin and First Appearance, The Avengers Record sale: $274,000 Minimum value: $500

Examples of Silver Age comics, those published in the late 1950s and the 1960s. COMICCONNECT.COM

comic books, where heroes like the X-Men resonated with him. Just like the Marvel mutants, Letscher felt ostracized, but the X-Men had special powers and could exist and thrive, he said. Letscher was hooked. “When I first started collecting, during the late Silver Age, it already seemed like most Golden Age comics were relatively scarce. I searched garage sales and thrift shops, as we had no local sources, and when I would find 10 cent comics I’d buy them up, but they seemed rather childish and bland, more primitive art and storylines, usually,” he said. The Golden Age died out as concerned parents censored comic books to protect the innocence of children and even held comic book burnings

in public squares, Cotter-Cairns said. Some horror comics were incredibly gory, he said. Comics were blamed for juvenile delinquency, and there was a Senate investigation that vilified all types of comics and crushed the market, Zurzolo said. “The Silver Age was a period of rebirth of the superhero genre,” Zurzolo said. Silver Age comics were “more realistic with deeper stories and more tie-ins to actual society and headlines,” Letscher said. “Some Silver Age characters were new, some were new versions of Golden Age characters like Flash, Atom and Green Lantern, and some were continuations of the Golden

Age superheroes like Superman, Batman and Wonder Woman,” Zurzolo said. “Kids wanted stories that made sense to them, and Stan Lee gave them Spider-Man. When he wasn’t wearing the [Spidey] suit, he was in high school or college, sitting at the soda fountain. Comics got exciting again and kids could relate,” Cotter-Cairns said. Assessing value How do you know if your comics are worth money? “Old doesn’t equal valuable. There are plenty of old comics that nobody cares about,” CotterCairns said. Instead, do you recognize the character? If it’s a big name who’s been featured in a movie, it’s far more likely to have value, Cotter-Cairns said.

Look at the cover price. “Comics with an original cover price of 10 or 12 cents (those from the 1930s-1960s) generally fetch the highest values,” Zurzolo said. The most valuable comics are usually those that mark the debut of a popular superhero or villain, Zurzolo said. Condition matters as well, Cotter-Cairns said. A quick way to gauge a comic’s value is to do an online search. Try comicconnect. com, comicspriceguide.com or another reputable source. Then, get them appraised by a pro. Dealers welcome such inquiries. “Everyone who collected comics as a kid thinks they have something of value, and every so often, they do,” Zurzolo said.

7. Journey Into Mystery #83 (August 1962): Origin and First Appearance, Thor Record sale: $275,000 Minimum value: $500 8. Amazing Spider-Man #1 (March 1963): First Issue, Classic Kirby/Ditko Cover Record sale: $262,000 Minimum value: $500 9. Tales to Astonish #27 (January 1962): Origin and First Appearance, Ant-Man (Henry Pym) Record sale: $200,000 Minimum value: $450 10. Showcase #4 (October 1956): Origin and First Appearance, The Flash (Barry Allen) Record sale: $179,000 Minimum value: $1,400

Source: sellmycomicbooks.com

S8 | Sunday, August 25, 2019 | Boomers

How to help a grandchild PAY FOR COLLEGE “However, that monetary gift to your grandchild will count as untaxed income, which may reduce his or her aid eligibility on their FAFSA,” or Free Application for Federal Student Aid, Schacht said.

By Melissa Erickson More Content Now

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hinking of helping a grandchild pay for college? Great gift! Just be sure you understand how it can affect the student’s financial aid options. After a home purchase, college tuition is likely the second largest expense a family will tackle, so a grandparent’s contribution will be helpful to cover the skyrocketing cost of higher education, said Jack Schacht, founder of My College Planning Team, a Naperville, Illinois-based organization that brings together academic and financial experts to help families find the right college for the right price. College tuition rates generally increase at about twice the general inflation rate. The price tag for a college education at an in-state public college for the 2017–18 academic year averaged $25,290, according to the College Board. A moderate budget at a private college averaged $50,900. No wonder people are choosing to leave their legacy by providing grandchildren with an education. AARP’s 2018 Grandparents Today national survey found that 21% of grandparents help cover the cost of school or tuition. “In today’s age more grandparents are stepping up to the plate because it’s really tough, sometimes almost impossible, for middle-income families to afford the cost of college,” Schacht said. How will it affect you? Before deciding to contribute to a grandchild’s college fund, be sure you’re in a financial position

to do so, Schacht said. Make sure your contribution now won’t leave you in a financially unstable position in the future or affect your retirement plans. While financial conversations are uncomfortable, if you’re planning on a contribution, let the grandchild’s family know so you can coordinate funding together, Schacht said. Don’t just write a check While it may seem simple to just write a check, a monetary gift will lower the amount of financial aid a college student can receive, Schacht said. The Internal Revenue Service views any money that comes from outside the household as a gift. In 2019 grandparents can gift a grandchild (or other person) up to $15,000 without that person being taxed.

Open a 529 Because of its appealing tax advantages, flexibility and lack of impact on financial aid, a 529 education savings plan is one of the most popular options. “The tax benefits are great. Earnings on investments and withdrawals are federal income tax-free if the funds are used for qualified educational costs,” Schacht said. At the college level, 529 funds can be used to cover tuition, books, fees, supplies and more. There is a loophole: Once funds are withdrawn to pay for tuition, that money is considered untaxed income to the student on the subsequent year’s FAFSA. Because of this, Schacht suggests holding off on 529 distributions until the student has entered his or her junior year and has filed their last FAFSA. Other options Other downsides of 529 plans are that they offer limited investment options and penalties for certain withdrawals. A Uniform Gift to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) account typically offers more investment options than 529 plans, but involve turning control of the account over to the student when he or she reaches a specific age. Coverdell Education Savings Accounts (ESAs) offer a whole different set of pros and cons. The upshot: Take the time to learn all your options before you make a decision.

“In today’s age more grandparents are stepping up to the plate because it’s really tough, sometimes almost impossible, for middle-income families to afford the cost of college.” Jack Schacht, My College Planning Team

BIGSTOCK

IN SICKNESS and IN HEALTH

The Record | Sunday, August 25, 2019 | S9

Some life insurance policies can cover long-term care expenses By Melissa Erickson More Content Now

ou’ve planned for retirement — more travel, more outings with the grandkids, more leisure time. But have you planned for getting older, and the health concerns that come with aging? More are considering hybrid life insurance policies, which can provide for the expenses involved in long-term care. “Hybrid life insurance is life insurance linked with long-term care benefits, meaning the death benefit can be paid down for expenses including in-home care or facility care when the insured meets the benefit triggers,” said Mike Hamilton, vice president of MoneyGuard Product Management at Lincoln Financial Group. Similar to traditional long-term care insurance, the triggers are tied to the inability to perform two of six activities of daily living: bathing, continence, dressing, eating, toileting and transferring (getting in and out of bed or a chair without assistance), or a severe cognitive impairment. When the insured is determined to be eligible for benefits, the death benefit is paid out in defined monthly amounts to cover long-term care costs, Hamilton said. Typically this is over two to four years. Any remaining death benefit would be paid out when the insured dies. Some plans offer a small death benefit after the original has been paid out and exhausted. Hybrid policies are not new; they have been sold for over 30 years but have gained popularity in the last 10 years, Hamilton said. “Hybrid life insurance is a good option for consumers who are looking to insure against the possibility of needing to pay for care as well as wanting a life insurance policy,” said Larry Nisenson, chief commercial officer for Genworth Financial’s U.S. life insurance division. “Like traditional long-term care insurance, these products can be purchased to cover some portion of a person’s care expenses.” “Long-term care funding solutions, including

hybrid products, generally help with estate planning as they provide a source of funds to pay for long-term care needs rather than spending down the other assets within the estate,” Hamilton said. Hybrid policies are medically underwritten, just like other long-term care funding solutions, so it’s a good idea to consider this option when younger and in good health, Hamilton said. In terms of cost and payment, depending on the carrier and the insured’s age premiums can be paid either as one lump sum or potentially spread over a lifetime, Hamilton said. A major benefit of many hybrid life/long-term care plans is that they have guaranteed policy charges, meaning the cost of the policy can never increase, assuming all premiums have been paid as scheduled, Hamilton said. “In most cases, the cost of insurance for hybrid products is more expensive than stand-alone long-term care insurance policies. That’s why it’s important for consumers to evaluate what they are looking to cover and purchase the coverage they feel best suits their needs,” Nisenson said. “For those who already have sufficient life insurance coverage, a traditional long-term care insurance policy might be a better fit.” When purchasing, think about which carrier to choose, how much coverage to purchase and whether to purchase

the product individually or through an employer. Some companies offer group long-term care insurance that may be portable and may offer the option of family coverage, Nisenson said. “Since many Americans turning age 65 will need to fund some type of care at some point in their lives, these types of insurance policies are incredibly important,” he said. “The costs associated with a care event are usually not covered by health care policies or Medicare, meaning people will generally have to cover these associated costs with their savings, by purchasing a long-term care insurance policy or a life insurance policy with an accelerated benefit rider, and some will have to rely on Medicaid if they run out of savings,” Nisenson said.

S10 | Sunday, August 25, 2019 | Boomers

COMMON SCAMS and how to stop them

they will claim to up the winnings if you send more money.

By Melissa Erickson More Content Now

Geoff Scott

Property line scam An official-looking van pulls up and a person approaches you to survey the property line. You accompany him or her into the back yard, where you’re kept for a couple of minutes while another scammer enters through the unlocked front door to rob your house.

Tips to stop a scam

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“Scammers are really well-educated and techsavvy. They hold business meetings and operate like legitimate businesses. They track the latest police trends and equipment that are used to catch them so they can stay ahead of the police. Scam artists use two main tactics: They play on your emotions or they use intimidation.”

cam artists target older adults with all kinds of schemes and shakedowns, but the Federal Trade Commission found that older consumers are more likely to report fraud than younger consumers are. Unfortunately, older adults reported higher losses than younger people, according to the Protecting Older Consumers 2017-18 report. “Scammers are really well-educated and tech-savvy. They hold business meetings and operate like legitimate businesses. They track the latest police trends and equipment that are used to catch them so they can stay ahead of the police,” said senior scam expert Geoff Scott, also known as The Senior Bodyguard. “Scam artists use two main tactics: They play on your emotions or they use intimidation,” he said. Beware of these common scams: Spoofing Scammers are able to “spoof” a legitimate telephone number so that the caller ID shows not only a fake name but a number such as the Social Security hotline (800-772-1213) or Medicare’s (800-633-4227). Once they have you on the phone, scammers will try to intimidate you by saying you didn’t pay your taxes or you need to take action to activate a suspended Social Security number. “Know the signs. Social Security will almost never call or ask for personal information. Hang up even if they make threats,” Scott said. Grandparent scam This old scam still plays on the heartstrings. The phone rings in the middle of the

night. You pick up, already thinking it’s an emergency. A voice on the other end says, “Grandma?” Then the scammer launches into a sob story (drunk driving, car accident) and a plea not to tell mom and dad and to send money immediately through Western Union or a Green Dot card, which later will be untraceable. “Take five minutes to check. Get their contact details, stay calm and call a family member. Ask yourself, is this real? If it is, you’ve only lost a few minutes,” Scott said.

• Never send money to someone you have never met in person. • Don’t open attachments or links in unsolicited emails. • Don’t believe everything you see. If it’s too good to be true, it is. • Don’t buy online unless it’s through a secure website, which will display a little padlock icon in the address bar and will begin with “https” rather than “http”; the “s” stands for “secure.” • Be extremely cautious with anyone you have met online. • Never share personally identifiable information online. For example, don’t post photos that show the front of your home with the address visible. • If you don’t recognize a number on caller ID, don’t answer. If you’re not expecting someone, don’t answer a knock at your front door.

Lottery scams This one preys on people’s desire to provide for their families even if they never entered a lottery, Scott said. You get a call or email that you have won $10 million or another huge amount if you’ll only pay $20,000 in taxes. If you call back after not receiving the money,

Medical device scam You answer the phone to hear scary medical statistics and ominous music. A person comes on to tell you you’ve won a free hearing aid or other medical device, but you just have to pay $5 a month for service. They may say they’re calling from your physician, who will send you to assisted living if you don’t agree to accept the advice. Then they ask for your credit card info.

Funeral home scams “These are the scummiest,” Scott said. They read the obituaries and find out where and when a funeral is occurring, then they rob your house while the whole family is out. Beat this by hiring a house sitter during the funeral, Scott said. Another ploy is to approach a widow at the funeral and say her spouse racked up a gambling debt and she’d better pay now or he will make a scene at the funeral.

SECURE Act By Melissa Erickson More Content Now

new bill called the SECURE Act is likely to pass that will help people save for retirement. Here’s what you need to know. “The overarching goal of the SECURE Act is to help give Americans a boost in their retirement planning, expand access to retirement plans for part-time workers and employees at small businesses, and offer expanded access to financial products that help ensure steady lifetime income when they retire,” said Jim Poolman, executive director of the Indexed Annuity Leadership Council, a coalition focused on education and helping Americans save for retirement. SECURE stands for Setting Every Community Up For Retirement Enhancement, and one of the main things it will do is give broader access to 401(k)s. “The SECURE Act would help part-time workers, a group that has traditionally had little access to employer-sponsored retirement plans, by providing an incentive for small businesses to offer 401(k)s,” Poolman said. The act provides incentives for small businesses that allow part-time workers to become eligible for retirement benefits. “Also under this legislation, all employers who currently have defined retirement contribution plans must include their parttime workers, if they work at least 500 hours a year and have been at the company for at least three

consecutive years,” Poolman said. Another provision of the act is that it will eliminate the maximum contribution age, currently 70½ on most plans, he said. In simple terms that means a person doesn’t need to stop saving for retirement at 70½ and can continue to contribute to individual accounts until a later age. “Everyone’s situation nearing retirement differs, but in general waiting longer can help increase your savings depending on the financial products in your retirement account,” Poolman said. Whether people can wait longer or not to make withdrawals from their retirement accounts depends on many factors, Poolman said. Did they create a retirement plan that will help cover their living, health and other expenses? Have they factored into their retirement planning financial products that will help their nest egg continue to grow? One financial product that workers will be able to add to their retirement planning, if the SECURE Act becomes law, is the addition of annuities, which can provide a steady stream of income during retirement. “Annuity benefits, such as providing a fixed and steady stream of income during retirement, can help prevent retirees from outliving their savings,” Poolman said. “This legislation would create a safe harbor for employers, making them more likely to offer annuities.” If you have 15 years before retirement or less, it’s important to know how this legislation will affect your savings strategy. “There are several things workers should think about. If before

workers didn’t have access to employer-sponsored retirement plans, their small-business employers will be given incentives to do so with passage of the SECURE Act,” Poolman said. “Workers should look at their retirement portfolio and make sure they know where they are. Free resources such as retirement planning calculators [online] can help with this step. Knowing where you are is the first step in being able to plan for the future.” The bill passed the House in May and is expected to pass the Senate before the current session ends in December.

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Saving for retirement? What to know about the

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