Archive for the ‘Aging’ Category

Why You Need to Prepare for Retirement, Loss of Independence, or Death Now

Sunday, September 30th, 2018
Prepare for retirement

If you fail to plan for retirement, loss of independence, and death, you plan to fail your family. Get prepared!

Death, it isn’t a favorite topic of conversation for most people. But it is an event all must face someday, some sooner than later. And what about your retirement? Have you taken the time to prepare for retirement? Are your affairs in order for those who must go on without you? What if you were to lose your independence? Have you made your wishes known, written them down, so your loved ones can handle your affairs as you want? Sadly, many people don’t or haven’t.

Why Should You Prepare for Retirement, Loss of Independence, or Death?

Before the housing market crash of 2008, paying off the mortgage was what Americans did as they reached retirement. And being debt-free or largely debt-free was part of that plan.

But nowadays, people aren’t prepared for retirement, the possibility of their loss of physical independence, or even death. And it causes a lot of unnecessary trouble for their families who are left behind.

Interest.com says, “Today, more of us are carrying home loans into our golden years, or even taking on new mortgage debt by tapping our home equity to pay the bills.

Data from the U.S. Bureau of Labor Statistics indicates 30% of Americans ages 65-74 still hold a mortgage, and even 14% of us who are 75 and older are saddled with home debt.

Those numbers have risen dramatically since 2001, according to an earlier study by the Consumer Financial Protection Bureau, as has the average mortgage balance older Americans are carrying.”

And they’re only talking about home debt.

Prepare for Retirement

Save. That’s pretty simple, huh? Start saving money to prepare for retirement and pay off debt now. When it comes to saving money for retirement, the sooner you start the better off you’ll be in retirement.

Okay, so save for retirement. But how much? And when should I start?

The question, “How much should I save,” is typically answered with “As much as you can.” But many financial planners recommend saving ten percent to fifteen percent of your income for retirement. And when should you start? In your twenties.

But let’s get real and little more specific. I mean, how many of you reading this post are already past your twenties? And how many of you started saving ten to fifteen percent of your income in your twenties?

You need to establish a savings goal that shows you how much to set aside now in order to reach your retirement goals. Use an awesome online calculator to help you determine a realistic savings goal for your retirement at your age now.

CNN Money also states: “As a general rule, you’ll need at least $15 to $20 in savings to cover each dollar of the annual shortfall between your income and your expenses. So for example if your projected retirement expenses exceed Social Security and pensions by $20,000 a year, you might need a nest egg of $300,000 to $400,000 to bridge the gap.”

Fisher Investments offers a FREE downloadable 15-Minute Retirement Plan™. This pdf will help you develop a retirement investment strategy for your goals and your financial situation.

Prepare for Loss of Independence

Prepare for retirement

Just like saving your money for retirement, preparing now for the loss of independence is best. No, loss of your independence may not happen. But what if it does? Shouldn’t you be prepared for your own sake and the sakes of your family members as well?

Planning early for the loss of independence is important because disability can happen at any age, even before you hit 70. Believe it or not, this includes conditions such as dementia or Alzheimer’s. And yes, before the age of 70.

Also, establishing a plan for care involving dementia or Alzheimer’s differs greatly from establishing a plan for care due to physical limitations or disabilities. This is another important reason to prepare for retirement early.

Both mental disability and physical disability must be considered and planned for early for the sakes of those who will care for you. Many times assistance and care are needed for a long time. If this kind of care becomes necessary, your family could struggle greatly financially to pay for your care. And why would anyone want to do that to their family? Early preparation is vital.

Think about it. If you become mentally disabled, how will you make your desires for your care known to your family? How will they make decisions on your behalf if they don’t know what you want? They need your plan to guide them.

Prepare for Death

This hard to type and read, let alone think about. But are you prepared for death? I’m not talking about a diagnosis. I’m talking about estate planning. I’ve interacted with many families whose parent(s) has died, unprepared. Their affairs were not in order. Homes are going into probate or their heirs must deal with reverse mortgages. There are so many issues between family members created because of a lack of planning.

Investopedia has put together a 16-point checklist of things you need to do before you die. Why? Because “You must implement your plan and make sure others know about it and understand your wishes. As Benjamin Franklin’s famous quote goes, ‘By failing to prepare, you are preparing to fail.’”

Prepare for Retirement

Help is Available

Planning your estate is difficult. But you don’t need to plan alone. You have two very good options available to help you prepare for retirement, loss of independence, or death. Consider hiring a mediator and/or an elder law attorney.

Mediator or care manager – Mediators are experienced professionals who help families work through their decisions for the care of a parent or loved one. They also help families work through emotions they may be struggling with any issues that arise with different individual “agendas.”

Elder law attorney – Elder law attorneys are equipped to handle a wide range of legal matters. They can handle issues related to your health care, long-term care planning, guardianship, retirement, Social Security, Medicare/Medicaid, and more. You can hire them to help you write your will, trust, advance medical directive, or financial power of attorney so that your documents are legally valid. State laws are very specific about what can and cannot be included in a will, trust, advance medical directive, or financial power of attorney.

Hiring an elder law attorney is good for establishing some form of checks and balances for your family in the handling of your money. And in the case of elder abuse, because it does happen, they are able to handle such challenging situations.

Don’t Delay

Are your important documents in order? Do you still need to prepare for retirement, loss of your independence, or even death? I cannot overemphasize the importance of early planning.

Don’t delay. Have these unpleasant conversations with your heirs about your care of you as you age. Consider your financial situation and your range of care options if assistance becomes necessary. Then, execute those plans.

I have helped a lot of clients deal with homes that are going into probate and reverse mortgages lately. There are so many issues between family members because the elderly were not prepared. They didn’t have things in order.

Speak to an accountant or elder care lawyer. We all work so hard to get to a certain point in life. We must learn how to protect everything, especially our families after we’re gone.

I will continue to help people through issues with their families. It is important to me to focus on the whole family, not just the sale.

Contact me, Charles D’Alessandro, your Brooklyn Real Estate Agent with Fillmore Real Estate. Call (718) 253-9600 ext.206 or email [email protected] with your questions about how important it is to get prepared for retirement, loss of independence, or death today.



Brooklyn Real Estate Agent

 Charles D’Alessandro

Your Brooklyn Real Estate Agent

718-253-9600 ext. 206

[email protected]

How to Take Care of Our Seniors All Year Long

Wednesday, August 15th, 2018
Take care of our seniors

What do we need to do today to take care of our seniors tomorrow?

Baby Boomers, those who were born from 1946 to 1964, are the largest generation in U.S. history. And they are now surging into what we call their golden years. According to Census.gov, projections of the senior population says that Seniors in the United States surpassed 50 million in November 2016. And this surge in the aging Baby Boomer population presents many challenges for us as a country. Why? Because there will be “more Medicare beneficiaries and higher Medicare spending with fewer citizens paying into the system.” So how will we take care of our seniors?

Plan Now to Take Care of Our Seniors Later

Aging happens. Since aging is inevitable, shouldn’t we take steps to take care of our seniors financially and medically? Shouldn’t we make sure their living needs will be met when it does happen? It’s kind of like Christmas, it comes every year, inevitably, so make a plan in January and start saving to make sure your gift-giving and festivities are not a financial burden.

What about your aging parents? Did they make sure they would be taken care of financially and medically as seniors? Did they make sure their living needs would be met in their golden years? If they didn’t, you need to start planning for their future now.

Start Here

No matter where your parents are in their golden years, plan now to take care of their financial, medical, and housing needs. I recommend you seek the assistance of an elder care attorney. They advise on legal issues and financial arrangements and draw up legal documents for you as well.

Get your parents in to see their doctor for a geriatric medical assessment. This will determine their overall health and whether or not there are any health problems that need to be addressed. Knowing about current health issues or the possibility of those that may occur in the future will help you plan ahead for their care. Your parents’ healthcare team can help you make sure their living arrangements are safe and that they will serve their needs in the years ahead.

Implement 5-Point Personal Security Plan

Seniors face many decisions later on in life. And although it isn’t particularly enjoyable to do, make time to talk about your parents’ money, healthcare, life and death, independence, and their home. Planning ahead makes the future easier for them and you if and when the time comes to deal with the following five issues:

  • Money – Saving for retirement is important. Make sure there is enough money for your parents to live on and enjoy life in their old age. You also want to make sure that their money is protected, that they can get to it if they need it and that they have enough to take care of themselves. Prepare a will or trust document and decide what should happen to their money if they were to die.
  • Healthcare – More healthcare may be needed in their old age than when your parents were younger. Health insurance coverage is important to have. Consider even a second plan to cover costs not covered by Medicare. Make sure you understand the coverage and that there is enough money on hand to cover whatever the plan doesn’t. Store their health and life insurance policy information in a safe place that you can access if necessary.
  • Life and Death – A debilitating illness such as Alzheimer’s disease, heart attack, terminal illness, or a serious stroke can quickly deplete your financial resources. And when they happen is not the best time to make important decisions. Prepare for such health crises in advance. Advance directives and other important documents should be in order before a health crisis hits. Determine your parents’ end-of-life wishes and get them documented legally.
  • Assisted care – One’s independence is priceless and tough to give up, no matter how old you are. It’s hard not to be able to take care of yourself, but that point may come to your parents. While your parents are healthy and able-bodied, encourage them to make decisions about potential living arrangements. Depending on their condition, would they prefer a nursing home or assisted living facility, hospice care, home health care, and some other available care option? They should choose which option they would prefer according to different situations. Then, talk about how each option will be paid for.
  • Their home – Their home may be comfortable and easy to navigate right now, but what if a wheelchair or walker becomes necessary? Are there stairs to the bedroom or laundry room? A house with stairs could become a big problem if your parents were to develop health or physical challenges. Assess their home’s layout. Consider selling their home and buying a ranch-style home with access to everything on one floor. Remodeling or safety modifications may be a possibility. But now is the time to purchase a home with a ranch floor plan or remodel.

Final Thoughts

Your parents might not be physically able to participate in many social events, but always ask,
invite, and keep them in various circles of social life. Depression is easy for seniors to develop if they feel alone and no longer productive. Let’s take care of our seniors today and all year long:

  • Check on them regularly
  • Encourage their independence as long as possible
  • Include seniors in your everyday social activities
  • Encourage them to volunteer and be active in the community
  • Be vigilant! Check for signs of elder abuse

Start planning and taking action today for their best tomorrow.

No one really likes to think about growing old or planning for the life you want to live in those golden years. But putting a plan in place now will give your parents and you great peace of mind later. Do you see how important it is to take care of our seniors today as well as all year long?

Charles D’Alessandro cares about our seniors who live in Brooklyn. Let’s take care of our seniors in Brooklyn now for their best life later. Contact Charles D’Alessandro, your Brooklyn Real Estate Agent with Fillmore Real Estate. Call (718) 253-9600 ext.206 or email [email protected] today.


Brooklyn Real Estate Agent

 Charles D’Alessandro

Your Brooklyn Real Estate Agent

718-253-9600 ext. 206

[email protected]

Why It’s Important to Talk About Money Matters Now

Tuesday, July 31st, 2018
Money matters

Money matters matter, a lot. Talk about them with your kids now and prevent the sadness of family discord after you’re gone.

You’re dead and buried. Your adult children are gathered around a table in your lawyer’s office. Fights among your children ensue … Your heart breaks thinking about the possibility of your family being torn apart. And there’s nothing you can do about it. Or is there? What can you do now to prevent bitter arguments over who gets what when “that” time comes? There is something you can do about it, and the solution is simple. Talk about money matters now.

When It’s Most Necessary to Talk about Money Matters

Do you struggle with talking about money matters with your children? Most parents and even grandparents do. But if you want to keep your children from making a scene at your estate attorney’s office, you really must overcome your feelings of discomfort now, while you are “of sound mind and body.” Here are three occasions when it’s important to start the money matters conversations:

  1. At retirement
  2. During health care planning
  3. And during estate planning

How to Prevent Family Feuds Over Money Matters

Michigan estate attorney P. Mark Accettura and Lori Sackler, a senior vice president at Morgan Stanley Wealth Management in New Jersey offer this advice:

  • Draw up an estate plan, and tell your children the basics.

Call a family meeting to discuss any plans that might impact adult children, such as money allotted for grandchildren’s education. It’s time to set children straight. “Sometimes they have a grandiose vision of an inheritance,” Sackler says. But there’s no need to go into detail. “Estate planning is not a democratic process. You don’t need children buying into it, and you don’t want to open a can of worms while you’re alive,” Accettura says.

  • Divide the estate equally.

Resist the temptation to give more to the neediest among your children; it often leaves the more successful kids feeling penalized and causes resentment among siblings, Sackler says. “The will that provides equal distribution is the will that probably provides the least conflict,” she adds. Accettura also is adamant that an estate should be divided equally. “Even getting a dollar less than another sibling can be a psychological blow,” he says.

  • Name an executor.

Try to have some reason for choosing one child over another. Perhaps it’s the oldest child (unless he or she lives too far away) or another child with specific legal or financial skills. Also, think about including a fee for the executor. “Handling an estate can be a lot of work, and if the executor is going to charge a fee, he probably deserves it,” Sackler says. Accettura suggests that parents include everyone in some capacity in the will. “Get people’s names on the pages either as executor or helping in another way.”

  • Specify gifts and loans.

If parents have given adult children money, they should make it clear in the will whether it’s a gift or a loan. If a loan, is it to be forgiven or repaid to the estate? When parents aren’t clear, it can cause conflict, Sackler says.

  • Make a plan for family jewels.

Even if it’s not expensive, Grandma’s engagement ring can cause fights because of the sentimental value attached. “Have a family conversation, and come up with a plan for people choosing and getting on board with the selection process,” Sackler says.

Mark Accettura wrote a book, Blood & Money on how to avoid family feuds. Lori Sackler is the author of The M Word. It is a guide to family financial matters that helps families overcome the difficulty felt when discussing money matters.

Take Care of Your Family Before You Die

Protect your family relationships after you’re gone. Get prepared now. You can prevent feuds over your inheritance by talking through your wishes with your children before you die. But getting prepared now goes beyond overcoming the difficulty of talking to your children and making sure your wishes are known to them. It also means taking care of them after you’re gone by getting your legal documents in order now.

Secure and protect your family assets and your family’s relationships long after you’re gone. Put the uncomfortable feelings you have in regards to talking about money matters with your children and get your legal documents in order today. Doing so will go a long way in keeping the peace tomorrow.

Charles D’Alessandro cares about all of us who live in the Brooklyn area. Do you have questions about getting your affairs in order or how to address money matters with your family before you die? Contact Charles D’Alessandro, your Brooklyn Real Estate Agent with Fillmore Real Estate. Call (718) 253-9600 ext.206 or email [email protected] today.


Brooklyn Real Estate Agent

 Charles D’Alessandro

Your Brooklyn Real Estate Agent

718-253-9600 ext. 206

[email protected]

Can You See the Warning Signs of Dementia?

Sunday, July 30th, 2017
Warning signs of dementia

Early detection matters! Talk with your doctor right away if you think you are seeing the warning signs of dementia.

My mom lives alone now. While we were visiting her the other day, she told us she had forgotten where she put her keys and locked herself out of her house. Then, while we were making dinner, I noticed she was having trouble following a recipe for a dish we make every time we get together. My husband helps her with her bills. On our way home from Mom’s house, he mentioned that she hasn’t been keeping track of her monthly bills very well at all. We’re wondering if these are typical age-related changes or early warning signs of dementia.

Dementia Statistics

Alzheimer’s disease is the most common type of dementia. Sixty to eighty percent of dementia cases are suffering from Alzheimer’s disease.

  • Alzheimer’s is the 6th leading cause of death in the United States
  • Every 66 seconds someone develops the disease
  • One in three seniors dies with Alzheimer’s or another dementia
  • Since the year 2000, deaths from heart disease have decreased by 14% while deaths from Alzheimer’s disease have increased by 89%
  • It kills more than breast cancer and prostate cancer combined

This year there are an estimated 5.5 million Americans living with Alzheimer’s dementia.

  • Ten percent of people age 65 and older have Alzheimer’s dementia.
  • Almost two-thirds of Americans with Alzheimer’s are women.
  • African-Americans are about twice as likely to have Alzheimer’s or other dementias as older whites.
  • Hispanics are about one and one-half times as likely to have Alzheimer’s or other dementias as older whites.

And the onset of Alzheimer’s disease is growing fast. Because the number of people age 65 and older in the United States is growing, the number of new cases of Alzheimer’s and other dementias is projected to soar. Today, every 66 seconds someone in the United States develops Alzheimer’s dementia. But by mid-century, this is expected to increase to someone developing the disease every 33 seconds.

What are the Warning Signs of Dementia?

Alzheimer’s is a brain disease that causes a slow decline in memory, thinking and reasoning skills so memory loss that disrupts daily life may be the first warning sign. There are ten warning signs and symptoms to look for and be aware of. Since everyone is different, individuals may experience one or more of these signs in different degrees. If you think you’re seeing any of them in a loved one or in yourself, visit your doctor right away.

  1. Memory loss disrupts daily life

Memory loss is the most common sign of Alzheimer’s.

  • Forgetting recently learned information, important dates or events
  • Asking for the same information over and over
  • Needing to rely on reminder notes or electronic devices or family members for things they used to handle on their own

Forgetting names or appointments, but remembering them later is not a warning sign.

  1. Planning or solving problems is challenging

Working with numbers or developing and following a plan may be challenging with Alzheimer’s. Following a familiar recipe or keeping track of monthly bills is difficult now when it didn’t use to be. Making occasional errors when balancing a checkbook is an age-related change and not one of the warning signs of dementia.

  1. Familiar tasks at home, work or leisure are difficult to complete

This warning sign is somewhat similar to number 2. But people with Alzheimer’s often find it hard to complete daily tasks such as driving to a familiar location, managing a budget at work or remembering the rules of a favorite game. Needing help to use the settings on a cell phone or recording a program on the TV is not a warning sign.

  1. Dates, seasons and the passing of time are confusing

Someone who suffers from Alzheimer’s may have trouble understanding something if it isn’t happening right then. They can forget where they are or how they got there. An age-related change is getting confused about which day of the week it is but figuring it out later.

  1. Reading, judging distance, and determining color or contrast is difficult

Vision problems are a sign of Alzheimer’s for some people and may cause problems with driving. Vision problems caused by cataracts, for example, are age-related, not a warning sign for Alzheimer’s.

  1. Following or joining a conversation is troublesome

Someone with Alzheimer’s may stop in the middle of a conversation and have no idea how to continue. They may also repeat themselves and struggle with finding the right word. For example, they may call a watch a hand-clock. Many of us have trouble finding the right word sometimes, but if these symptoms happen often, it could be a warning sign of Alzheimer’s.

  1. Misplacing things and being unable to retrace steps

Putting things in unusual places is common for someone who has Alzheimer’s. They may accuse others of stealing when they lose something and cannot retrace their steps to find it again. If this happens more frequently over time, check with your doctor for the possibility of Alzheimer’s. Again, everyone loses things from time to time, but since they are able to retrace their steps to find them, they aren’t displaying one of the warning signs of dementia.

  1. Poor judgment and a lack of self-care is a regular occurrence

Those who have Alzheimer’s are less attentive to proper grooming and cleanliness. They may show poor judgment with money by giving large sums to telemarketers or falling prey to scams. Making a bad decision every once in a while is an age-related change, but when this happens repeatedly, it could be a warning sign.

  1. Avoiding social activities

When someone has Alzheimer’s, they may withdraw from hobbies, social activities, work projects or sports. Because they are having trouble keeping up with their favorite team or remembering how to actually do a favorite hobby, they may avoid being social. With age-related changes, we grow weary of work, family, and social obligations at times. But if we withdraw for a short time, we’re usually ready to socialize once again. Taking a break from obligations for a short time is not a warning sign.

  1. Changing moods and personalities

When a loved one with Alzheimer’s is out of their comfort zone, they can become confused, suspicious, depressed, fearful, anxious, or easily upset. As we age, we develop routines and enjoy our specific ways of doing things. When a routine is disrupted, we can become irritated, but this doesn’t mean we have Alzheimer’s.

If You Notice Warning Signs

Early detection matters! If you notice any of the warning signs mentioned above in yourself or someone you know and love, schedule an appointment with your doctor as soon as possible. Early detection allows you to:

  • Get the most benefit from the treatments available for Alzheimer’s patients
  • Explore treatments that provide relief of symptoms
  • Help you maintain your independence longer
  • Increase your chances of participating in drug trials that help advance research

Be Prepared for the Changes Alzheimer’s Brings

We need to be more proactive, make ourselves aware of the warning signs of dementia, and pay attention. Don’t brush it aside when your loved one tells you they lost their car keys or locked themselves out of their house. Dementia is progressive and our seniors need us. What if your loved one lives alone or in another state? It is best to know and understand what dementia is and what the warning signs of dementia are before your loved one is clearly in trouble.

Charles’ family like so many others has been affected by this terrible disease, and it is very difficult on all dealing with loved ones who have Alzheimer’s. The book “The 36-Hour Day” will help with understanding and dealing with this disease. If you think you may be seeing the warning signs of dementia, talk with an elder care lawyer, attorney, or broker about dementia and how you can help your loved one if and when dementia strikes.


Charles D’Alessandro

Your Brooklyn Real Estate Agent with Fillmore Real Estate

718-253-9600 ext 206

[email protected]

This Year’s Top 10 Senior Housing Trends for Baby Boomers

Monday, August 15th, 2016
Baby boomers

Baby Boomers are a force to be reckoned with! Retirement today is nothing like our grandmother’s retirement of yesterday.

Baby Boomers are shaping and changing the way seniors live – everywhere. We know what we want, and how we want to retire. Because we have our own unique ideas about retirement, the senior living industry is rapidly changing to meet up to our expectations and preferences. Baby Boomers are a force to be reckoned with! Retirement today is nothing like our grandmother’s retirement of yesterday.

Here are the top 10 housing trends for seniors thanks to us, the Baby Boomer Generation.

  1. Technology Today

Technology has made the aging process less challenging for us. Wearable devices that automatically alert caregivers, large-screen cell phones and remotes and more have given us high-quality care options like never before. For example, caregivers now have geo-fencing options to keep those with Alzheimer’s and dementia safe. What took them so long? Ingenious, right?

  1. Aging in Place and In-Home Care

Aging in place is a trend we Baby Boomers find attractive. Many of us want to live in our own homes for as long as we are able. The senior living industry and technology have made in-home care both affordable and viable. This will allow us to age in place for as long as possible.

Senior Planning Services is a tri-state area Medicaid planning firm. It cited a recent AARP study estimating that almost 90 percent of Baby Boomers who are over 65 years of age want the option to live in their home for as long as they able.

  1. Senior Care Providers

Our generation is giving senior providers increased impact as we hit our Golden Years because there are so many of us. Physicians, hospitals, insurance companies and other organizations in the health care system are working together to create comprehensive care that will meet the needs of seniors today.

  1. Person-Centered Care

What is person-centered care? Person-centered care is treating an aging senior as an individual instead of treating them for the abilities they no longer have. This isn’t a new trend, but it is gaining ground. Person-centered care from nursing homes, doctors, and other health care organizations are assuring people that they will be cared for with dignity and as a whole person.

  1. Life Plan Communities

Life plan communities are based on living in the moment. They encourage young Baby Boomers to live a full and active life right now while we are healthy, helping us get the most out of every moment for as long as we can.

  1. Memory Care Units and Reminiscent Therapy

Memory care units are embracing the theory behind reminiscence therapy. They stimulate sight, sound, smell and touch. Doing this creates communities that help many seniors retrieve long-term memories reminiscent of the world in which they grew up.

  1. Senior Co-Housing

Single-family dwelling, reduced costs and a sense of companionship are offered to Baby Boomers in senior co-housing. Here seniors share responsibilities and access to communal caregivers. The caregivers assist seniors with daily tasks. This is ideal for seniors who need the support of institutionalized living balanced with remaining at home.

  1. Embracing the Green Movement

Many assisted living facilities are going green to entice earth-conscious Baby Boomers, cut heating and cooling costs, conserve water and meet Energy Star standards.

  1. Location of Senior Living Communities

Senior living facilities are looking for ways to engage seniors with senior-friendly activities for Baby Boomers who are just starting to retire. They are learning to look for area amenities that will make a retirement destination great.

  1. Independent Living for Baby Boomers Instead of Assisted Living

We know that we can live comfortably on our own for a long time now. More and more senior living facilities are designing their facilities to provide independent living and celebrate independence. Those of us who are under 80 years old, who wish to live independently and without assistance find this trend quite appealing.

Developers and providers are creating environments around what we Baby Boomers want and need. They are considering where we want to live and where we need to live. They know they need to enhance senior living environments in a rapidly shifting market, because we won’t settle for anything less!

Follow today’s housing trends for Baby Boomers. Contact Charles D’Alessandro, your Brooklyn real estate agent with Fillmore Real Estate at (718) 253-9700 ext. 206 or email [email protected] for a FREE consultation today. We have so many senior housing options available to us, Baby Boomers.

This article originally appeared on RISMedia.com.

Baby Boomers And Retirement: Are You Financially Prepared?

Friday, July 15th, 2016
Financially prepared

Baby Boomers, are you financially prepared for retirement?

America, we’re getting older. Those of us born in the USA after World War II and before 1964 (ages 51-69 respectively) are known as Baby Boomers, and we’re nearing retirement. Are you financially prepared to get to retirement or through retirement? Is there a chance you will not get through retirement because you are not financially prepared to do so? It’s time we evaluate our fiscal health.

None of us knows what’s ahead in the next 1, 5 or 10 years, but there are ways to prepare financially to get us through retirement One of the best ways to ensure your money lasts through retirement is to plan on living longer than you think. Here are four ways for Baby Boomers nearing retirement to get financially prepared:

Reduce Your Expenses and Get Rid of Debt

Take charge of your spending. It’s important to create a budget that you can stick to now in case your income is reduced in the future. If you’re looking for ways to save money, look here: Federal Citizen Information Center.

Stop Self-Investing and Go Pro Instead

The pros can manage a lot of money cheaply. How?

  • Their costs to do what they do for their clients are at an institutional rate
  • They get lower commissions on buying/selling securities
  • They can manage money for a lot less

Your 401(k) and IRA returns can amount to little because money managers charge you “retail” and overcharge for their commissions for sales, management and securities. Costs matter. Find the lowest-cost provider in every retirement fund you have, particularly in your 401(k) if you have one.

Add to Your Income-Producing Investments

Take a look at your investment portfolio. Is it heavy on the stock funds side?  If so, now is a good time to increase the percentage of bond funds or other investments that are designed to provide a steady income for you throughout retirement. Ask your financial pro to review your money distributions.

Invest in Real Estate to be Financially Prepared for Retirement

Real estate is a secure investment, and homeownership is critical in building wealth and financial security over time. That’s important when planning your retirement. Owning is much wiser than supporting a landlord financially and having no equity to show for any of it. Homes appreciate. Owning is far superior to renting because it locks in your housing costs and over time your real costs decline.

In the past two years, home prices have increased more per year than the 4% average that rents have risen per year. And homeownership comes with valuable tax benefits, too.

If you don’t own a home, consider purchasing one. Real estate is a secure investment to use as your retirement fund.

Take advantage of the great real estate market situation. Brooklyn real estate is at an all-time high, but we don’t know for how long.

The bottom line

Because we are nearing retirement, don’t take unnecessary risks to get financially prepared. There is no wisdom in trying to recover losses we may have incurred by putting even more money in risky investments. We will need that money for living expenses throughout our retirement.

But do get financially prepared for your retirement now. Save with purpose and intensity, invest wisely and take advantage of the benefits of today’s great real estate market.

Are you financially prepared for retirement? Are you ready to downsize and simplify as you near retirement? Is it time to sell your real estate investment? Get the help of real estate agent Charles D’Alessandro, your Brooklyn real estate agent with Fillmore Real Estate. Call (718) 253-9700 ext. 206 or email him at [email protected] today!

Teaching Kids About Money and How To Build Wealth In Preparation For Homeownership

Wednesday, December 30th, 2015
Teaching kids about money and how to build wealth

Teaching kids about money and how to build wealth early on prepares them for homeownership.

“Mama, don’t let your babies grow up to be cowboys, …” Bring up your babies to be homeowners! Now that the tune is stuck in your head, let’s talk about teaching kids about money and how to build wealth. It’s a critical life lesson that should be taught early on in their lives. Too bad that it isn’t taught in school or college. That means it’s up to us as parents to teach our kids how to take control of their financial futures.

When it comes to teaching kids about money and how to build wealth, start here:

  1. Practice Self-Control

Put one of your kid’s favorite treats to eat on the table, a Rice Krispies treat, a few pieces of their favorite chocolate or candy, for example. Have them sit down where they can see it, touch it, smell it. Tell them they may choose to eat it now or wait 15 minutes while you go work on the laundry or make an important phone call. Tell them that if they choose to wait while you are gone, when you return you will give them another treat or more of their favorite candy.

The sooner a person learns the difference between instant gratification and delayed gratification, the sooner they’ll find keeping their finances in order easier to do. This exercise teaches kids the difference. They are practicing self-discipline to save for something bigger, something they really want later.

Life gives many opportunities to put this important lesson into practice. Watch for them!

  1. Manage Money

Kids need some sort of “an income” in order to learn this lesson. Chores should be completed without payment because that’s how a family works as a team.

Give your kids opportunities to earn money. Set a price for a special paid project. If more than one kid wants to take on the paid project, do a reverse auction and give it to the lowest bidder.

When paid for completion of a special project, help your kids handle their income with the 80-10-10 rule: 10% goes into savings (a non-negotiable emergency fund), 10% is donated (church tithe, for example), 80% can be spent (or saved) as they wish.

This exercise actually teaches two lessons that many adults find difficult to manage: the importance of saving and giving back.

By the way, when a person gets into the habit of saving money and treating their savings as a non-negotiable monthly “expense,” they’ll have retirement money, vacation money and even money for a home down payment before they know it!

  1. Read a Book

There are a lot of books geared towards teaching kids about money and how to build wealth. This is a great reading list to arm your kids with personal finance knowledge: Nine of the Best Money Books for Kids and Teens.

Rich Dad Poor Dad is a great read for barely-teens on up. No matter how old you are, if you haven’t read it yet, get crackin’! It teaches powerful lessons on the difference between liabilities and assets, the importance of minimizing your expenses and introduces the idea of passive income.

  1. Live Within Your Means

Grandparents, church and Rich Dad Poor Dad teach the importance of living within your means. Unfortunately, today’s society does not. People are encouraged to get whatever they want, because after all, they’re worth it, and they deserve it. Learn more about credit here: Understanding Credit Card Interest

Learning to live within your means can be taught to kids every day. It involves delayed gratification, discipline and being told “no.” You’ll need to be on your toes to watch for these teachable moments.

  1. Invest In Passive Income

Think gumball machine or vending machine here. Then, be prepared to practice patience. It will take time for your kids to mature to the point of understanding passive income.

Show your kids how to buy a gumball machine with say $100 of their own. Suggest a busy store to place their gumball machine in. Now, research together what it will cost to purchase gumballs for their machine. Once your kid guesses how many gumballs they think their machine could sell in a week, help them calculate a profit and loss projection. You’ll need to discuss how much time this passive income business will take and whether or not you will be in a position to purchase a second machine. What Constitutes Passive Income?

  1. Play Games

You should be teaching kids about money and building wealth as early as possible. Many of them are more easily taught and caught when they are older. No matter when you start teaching kids about money and how to build wealth, make it fun. Play games like Cashflow for Kids or Monopoly. Help them learn about business with a lemonade stand, lawn job, babysitting, snow removal, poop scooping or dog walking business. Any one of these businesses can teach kids (and adults!) planning, investing, marketing and executing.

Understanding how money works is the first step toward making money work for you. Kids don’t need a fancy degree or special background to learn how to manage money, nor do you in order to teach them.

Teaching kids about money and how to build wealth while they are very young will help them learn to manage money before they go out into the real world. They will know how to:

No matter what the age of your kids, start them on the right path financially today. If you’d like more in depth resources on managing money, enjoy the following great reads:

Charles D’Alessandro, your Brooklyn real estate agent with Fillmore Real Estate | 718-253-9600 ext. 206 | [email protected]

Source: https://www.biggerpockets.com/renewsblog/2014/04/07/6-ways-teach-children-building-wealth/

10 Ways to Prevent a Fall in Your Brooklyn Home

Tuesday, December 30th, 2014
Prevent a fall in your Brooklyn home

Prevent a fall in your Brooklyn home

The number of serious and fatal injuries caused by falls is rising in America.

The New York Times reported in November, 2014:

“The number of people over 65 who died after a fall reached nearly 24,000 in 2012, almost double the number 10 years earlier, according to the Centers for Disease Control and Prevention.”

“More than 200,000 Americans over 65 dies after falls in the decade from 2002 to 2012. Falls are the leading cause of injury-related death in that age group.”

“And more than 2.4 million people over 65 were treated in emergency departments for injuries from falls in 2012 alone, an increase of 50 percent over a decade.”

You may not see your need to do anything to prevent a fall in your Brooklyn home until after you have fallen, but a bad fall will certainly make you wish you had! A fall can seriously impact your health and independence, but they are not an unavoidable part of growing older. They can be prevented!

Here are 10 ways to prevent a fall in your Brooklyn home:

  1. Exercise – Exercise strengthens your legs and improves balance, making a fall in your Brooklyn home much less likely.
  2. Be aware of side effects – Side effects such as drowsiness or dizziness caused by medicines and combinations of medicines will make a fall in your Brooklyn home more likely. Talk about possible side effects of your medicines with your doctor or pharmacist.
  3. Get your eyes checked every year – Wearing glasses or contacts with the right prescription and seeing clearly will prevent a fall in your Brooklyn home.
  4. Identify potential home hazards – Tripping hazards, (papers, books, clothes, shoes, rugs), clutter and poor lighting should be identified and removed or changed to prevent a fall in your Brooklyn home.
  5. Install handrails and lights on your staircases in your Brooklyn home.
  6. Install grab bars, too. Put them inside and next to your tub or shower and next to the toilet.
  7. Use non-slip mats in the tub and shower.
  8. Avoid the need for a step stool. Keep items you use most often within easy reach in your Brooklyn home.
  9. Use bright lighting – You need brighter lights in your Brooklyn home in order to see well as you grow older.
  10. Wear shoes – Going barefoot or wearing slippers will prevent a fall in your Brooklyn home.

Stay safe, secure and independent while growing older. Prevent a fall in your Brooklyn home before you fall.

I can help you find the perfect home with all or almost all of the 10 ways to prevent a fall in your Brooklyn home. Give Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate, a call at (718) 253-9600 ext 206 or email me at [email protected]. Let’s start looking today!

Resources:

http://www.nytimes.com/interactive/2014/11/03/health/bracing-for-the-falls-of-an-aging-nation.html?emc=edit_na_20141102&_r=0http://www.cdc.gov/Features/OlderAmericans/

Helping Your Loved One Prepare for a Move in Brooklyn

Tuesday, September 30th, 2014
prepare for a move in Brooklyn

Help your loved one prepare for a move in Brooklyn. Organize, clear clutter and make repairs.

by Charles D’Alessandro | Leave a Comment

This is the fourth in a series of blogs on caregivers, their loved ones and assisted living in Brooklyn.

In the previous blog post, Taking Care of the Caregiver, we focused on taking care of you, the caregiver. This blog post will focus on helping your loved one prepare for a move in Brooklyn.

It is clear that your loved one is no longer able to live independently on their own. You and your family have lovingly and carefully considered all housing and care options available to your loved one. In their best interest, you have decided to sell their home and move them in to live with others who will provide assistance and proper care. Now what? It’s time to organize, clear clutter, make repairs and prepare for a move in Brooklyn.

When someone lives in a home for many years, accumulation of stuff and clutter happens, a lot of it happens. Repairs need to be made. Now it’s time to sell, and all of a sudden the collection of stuff and so many repairs through all those years of living looms overhead like an enormous elephant! Is organizing, clearing clutter and making needed repairs to prepare for a move in Brooklyn overwhelming? Is it keeping you from getting started? Ask yourself this question, “What is the best way to eat an elephant?” The answer is, “One bite at a time.”

Professional help to prepare for a move in Brooklyn is available. However, if you choose to tackle the task alone, consider these very helpful suggestions:

  1. Sort stuff. Start small. Choose one area of the home. Try the kitchen counter or just one closet, for example. Do not move to another area until the area you are working on is finished.
    1. Grab boxes. Label them “Trash,” “Keep,” “Give Away” and “Urgent.” If something has not been used or thought about for the past 6 months, place it in the “Trash” box. This is the perfect time to “Give Away” collections. For example, share your loved one’s owl collection with those who have always admired the special owl collection.
    2. Do something with each of the boxes NOW! Throw the “Trash” boxes away NOW!File the “Keep” boxes or put this stuff where it belongs NOW! Share the “Give Away” boxes away NOW! Address the “Urgent” boxes NOW!  If you don’t do it “NOW,” you’ll be back at square one.
  2. Get help to determine what repairs must be made to your loved one’s Brooklyn home. Don’t worry about any repairs that do not need to be made. Hire an expert to make the repairs for the purpose of selling the home.
  3. Remove heavy window treatments. Allow sunlight to lighten and brighten the rooms of your loved one’s home. Consider hiring someone to add a neutral coat of paint to walls and trim.
  4. Lastly, hire a house cleaner. After organizing, clearing clutter and repairing is complete, treat yourself to professional housecleaning of your loved one’s Brooklyn home. Getting the whole house cleaned in just one day is very rewarding. This last step may convert you to organizing and clearing clutter in your own home regularly. It’s that rewarding!

If the need to help your loved one prepare for a move in Brooklyn has arrived, contact me, Charles D’Alessandro, your Brooklyn real estate agent with Fillmore Real Estate. Call (718) 253-9600 ext. 206 or reach me by email, [email protected].

 

Resources on Getting Organized –

http://www.napo.net/get_organized/how_to_hire.aspx

https://www.findmyorganizer.com/organize.b.507.g.34.html?professional_organizer_region=new+york&page=1

 

Recommended Reading –

Moving for Seniors: A Step-by-Step Workbook, Morris, B., 2001, Smooth Transitions.

 

Brooklyn/New York Senior Housing Options –

http://www.aplaceformom.com/assisted-living/new-york/brooklyn
http://www.seniorhomes.com/c/ny/brooklyn/assisted-living/

 

Copyright: joannsnover / 123RF Stock Photo

 

Taking Care of the Caregiver

Monday, September 15th, 2014

by Charles D’Alessandro | Leave a Comment 

caregiver

Care of the caregiver is an important part of the job

This is the third in a series of blogs on caregivers, their loved ones and assisted living in Brooklyn.

In the previous blog post, we focused on caregivers and relocating your loved one in Brooklyn. This blog post will focus on you, the caregiver.

  • Are you a baby boomer, a 50-something?
  • Are your kids graduating high school and/or college?
  • Are your kids unable to find jobs?
  • Did your parent’s caregiver take advantage of them and embezzle funds, lots of funds, from your parent?
  • Do you feel that everyone needs your time or that you are being pulled in all directions?
  • Does the money you earn keep flying out the door for emergencies or the unexpected financial needs of your kids and/or parents?

Do you wonder:

  • “When and how can I plan for my future?”
  • “How can I retire at 65?”
  • “Is it possible to save for retirement if I am taking care of everyone else?”
  • “Should I move my parents into an assisted living facility or move them in with us?”
  • “When is it going to be all about me?”

As a baby boomer who has taken on the weighty role of caregiver, you face a greater chance for sizeable health problems, such as:

  • depression (studies show that roughly 46 percent to 59 percent of caregivers are clinically depressed)
  • chronic illness (high cholesterol, high blood pressure, obesity)
  • possible decay in quality of life
  • even the possibility of an earlier death

Reports show that caregivers battle with:

  • sleep deprivation
  • poor eating habits
  • failure to exercise
  • failure to stay in bed when they are not well
  • scheduling and keeping medical appointments for themselves

Caring for your loved one can be an exceptionally fulfilling experience. It proves the enormous amount of love and commitment you have for your loved one. But caregiving can be an emotional roller coaster bringing with it enormous stress caused by exhaustion, worry, lack of resources and demands of nonstop care.

Because of the effects of caregiving, you MUST make time to practice preventive healthcare and routine self-care. Pay attention to your own health and well-being while managing all the responsibilities as a caregiver so that you are able to provide the effective care your loved ones need.

Remember, it is not selfish to pay attention to your own needs and desires as a caregiver. Taking care of the caregiver is an important part of the job.

  • Learn and use stress-reduction techniques
  • Attend to your own healthcare needs
  • Get proper rest and nutrition
  • Exercise regularly, if only for 10 minutes at a time
  • Take time off without feeling guilty
  • Participate in enjoyable, encouraging activities, such as reading a good book, taking a warm bath
  • Pursue and accept the help of others
  • Seek reassuring counseling whenever you need it or talk to a counselor, friend or pastor
  • Recognize and allow your feelings
  • Always look for the positive in every situation and change any negative views of situations that you may have
  • Set goals and celebrate each one you achieve

It’s up to you!

Moving your loved one into your home to live with everyone in your family may seem like the noble, loving, dutiful and right thing to do, but is it really in the best interest of your loved one, your spouse, your family and you? This decision is not an easy one to make.

If you have taken on the role of caregiver, and it is time to move your loved one into your Brooklyn home or into an assisted care facility in Brooklyn, contact Charles D’Alessandro, your Brooklyn real estate agent with Fillmore Real Estate, or call (718) 253-9600 ext. 206. You can reach me by email, [email protected], also.

 

Recommended Reading –

Moving for Seniors: A Step-by-Step Workbook, Morris, B., 2001, Smooth Transitions.

 

Brooklyn/New York Senior Housing Options –

http://www.aplaceformom.com/assisted-living/new-york/brooklyn
http://www.seniorhomes.com/c/ny/brooklyn/assisted-living/

 

More Resources –

Family Caregiver Alliance
785 Market Street, Ste. 750
San Francisco, CA 94103
(415) 434-3388
(800) 445-8106
Website: caregiver.org
E-mail: [email protected]

Family Caregiver Alliance (FCA) seeks to improve the quality of life for caregivers through education, services, research and advocacy.

FCA’s National Center on Caregiving offers advice and information on current social, public policy and caregiving issues and provides assistance in the development of public and private caregiver support programs.

Family Care Navigator – FCA’s online directory of resources for caregivers in all 50 states. Includes resources for older or disabled adults living at home or in a residential facility, and information on government health and disability programs, legal resources, disease-specific organizations and more.

Article Resource: https://caregiver.org/taking-care-you-self-care-family-caregivers