Tag Archives: retirement

“The Third Chapter” – New Beacon Hill Living community focuses on graceful and intentional aging

3-bottom, Citizen Journalism, Community Health, design, Development, Health, Senior Living, , , , , , , ,
Intentionally designed homes will create intergenerational communities that allow seniors the opportunity to age in place (Adobe Stock Photo)


By Deborah Reed

WKTV Managing Editor

deborah@wktv.org


Beacon Hill at Eastgate, Urbaneer Living and Seamless Ventures are joining forces to build a series of Michigan communities focused on adults intentionally planning for that third chapter of life.

According to The New York Times, there are 110 million people in the U.S. over the age of 55. Many of those older adults are living in homes not designed for active aging.

Beacon Hill Living communities are designed to support lifelong learning, hybrid work, and engagement in wellness-related activities as aging individuals redefine their goals.

Beacon Hill Living conceptual drawing (Courtesy, Beacon Hill Living)

“We’re in the earliest stages of exploring what we think is a critical form of service that could address the needs of another segment of the senior living population,” said Jeff Huegli, Beacon Hill at Eastgate President and CEO.

“As our society ages, people are looking for opportunities to build community so they can live meaningful lives and stay engaged long after they leave the workforce.”

A shift in serving

Huegli went on to say that a certain dynamic has emerged as generations pass through the Eastgate community.

“There has been a shift in the types of residents we’re serving,” said Huegli. “Baby boomers especially are living life a little bit differently than the first generation who occupied our continuum of care.”

More active lifestyles are creating the need for change (Adobe Stock Photos)

With 450 residents at Eastgate and over 200 on the waiting list, Huegli began earnestly redeveloping Eastgate in 2010 to meet those changing needs.

“As our waiting list grew, and as we saw the needs and interests of this population change within the community, we addressed them with programming and other services,” said Huegli. “We were still extremely hospitality focused, but there were some external factors that would drive the question for our future residents about whether their interests could really be met in a place like this one.”

Eastgate’s campus meets a specific need and has a history of 64 years of excellent residential and clinical care services. However, Huegli has seen the changing needs of the people they serve.

“Leaning on Urbaneer’s ageless design and Seamless Ventures’ tech expertise, [Beacon Hill Living] homes not only fit today’s active lifestyle, they allow residents to age without necessarily having to downsize and move,” said Huegli.

Beacon Hill Living will provide unique opportunities for seniors to make that seamless transition into the next chapter of their lives, and to “age in place” by exploring new forms of services and residences.

Technology plays a huge role in that transition process.

An information-rich environment

Focused on ages 55 and up, BH Living communities will encompass 40-60 single-story homes under 1,200 square feet – and will incorporate smart technology designed to increase their owners’ “health span.”

Advances in technology can help people live a fuller and healthier life (Courtesy, pxhere.com)

“Technology exists that allows us to monitor our health and manage our homes,” said Ben Look, a partner with Seamless Ventures. “By marrying these two, we can create an even smarter home that helps homeowners better understand their current state of wellness and live even healthier.”

Huegli said technology will be used in non-invasive forms, and believes it will help with lifestyles while also gathering information about how people age over time.

“It just feels like the right way of integrating technology with person-centered living,” said Huegli. “It’s such a good way of measuring life. Then we can tackle interventions or even optimize living environment, air quality, lighting – all the stuff that can happen through intentional design.”

That information can then help inform significant decisions later on in life, such as when it is right to move into assisted living, and when an individual should consider entering into a continuum of care like Eastgate.

“Many of us are still working professionals,” said Huegli, citing his own life as an example. “I’m nearly that age, and I still see 20 years of work in my life. Where am I going to do that?

“I’m in my original home where I raised my kids. It’s a fantastic community. But technologically, I don’t know if I have the capacity, in my 60-something-year old house, to be able to keep up with what I think my work mode needs – and that will probably change over time. Additionally, the house itself isn’t designed to be able to age with me.”

Most people move into a senior living community because of an imminent need for themselves or their spouse.

Seniors at Beacon Hill Living will not need to worry about their future (Courtesy, pxhere.com)

“Seniors need to make these decisions more readily because forced change is such a radical experience,” said Huegli. “It really minimizes the opportunity for experiencing richness in the third chapter.

“Those are the aspects of Beacon Hill Living that I’m most excited about. The intentionality that informs each resident of the community, who can then see the future and not be worried about it so much.”

Intentional design

The Urbaneer-designed homes and communities will be curated by Beacon Hill at Eastgate senior living experts.

“What we’re looking for is a way to maintain our commitment to community, maintain healthiness, and then intentionally put in systems that aren’t invasive, but rather enable the graceful and intentional aging of our residents,” said Huegli.

Thirteen design principles have been devised after a year-long, human-centered research project. Those design principles focus mainly on assisted living, with some independent living applications.

“But they’re also universal,” said Huegli. “This has the ability to make a major impact regionally.

“If we can gain efficiency and the attractive form of living that we think we can, we could replicate this in a variety of ways…and make a difference in all the different communities that would welcome this.”


Proximity of transportation, health care, and community resources all play a factor in Beacon Hill Living locations (Courtesy, pxhere.com)

Finalizing locations

Beacon Hill Living is working to finalize the location for its first community, focusing on the Traverse City market.

“That market has such an interesting demographic to it,” said Huegli. “It’s well-established, it’s got the types of residents there who are committed to the community itself.”

Though several properties have been identified as potential prospects, none have been fully secured. Huegli’s objective is to find property located near naturally occurring resources such as restaurants, health care, and other typical urban offerings.

“Our focus would then be to integrate these communities into the natural world around them, while also enhancing the opportunities for people living in them to enjoy the richer lifestyle and promises of a great near future with intentional planning through community building,” Huegli said.

For Huegli, community is what living is all about.

A community-focused mission

People and connection create community and foster wellness (Courtesy, pxhere.com)

“We found that community establishment is not physical,” said Huegli. “It’s literally relational. That connection is what establishes community, and is what ultimately derives wellness.

“The healthiest of our communities are the ones which occur naturally. Where friendships are established through well-planned spaces and well-planned programs. But the people make it happen.”

Huegli says it has been heartening to see that energy happening at Eastgate, and sees the same translation occurring in the Beacon Hill Living communities.

“The mission of Beacon Hill Living is to fill – to the fullest – the bucket of opportunity for living for any individual resident,” said Huegli. “Where you can explore connecting with neighbors, live your life to your fullest, and have that environment move along with you.”

Vision and opportunity  

Beacon Hill Living hopes to have land secured by the end of 2024, with the prospect of construction beginning in 2025.

When asked if there is a vision for a Beacon Hill Living community in West Michigan, Huegli said, “Definitely. As we’ve established this concept for Traverse City, I’m seeing lots of opportunities around this town.

“The horizon is endless. The resources are not limitless, but they are there, and we can bring them together and make something beautiful happen.”

Stay tuned: Click here for more information and updates on Beacon Hill Living.

How to manage the transition into retirement

3-bottom, Citizen Journalism, Community Health, Finances, Senior Living, , ,

By Dave Stanley
Integrity Financial Service, LLC

Pxhere.com

Retirement can be a time of great joy and relaxation, but it can also be a time of stress and anxiety. Transitioning from working life to retirement can be challenging, and the loss of routine, identity, and social connections can be difficult to navigate. Moreover, retirement can bring new financial and health-related concerns, adding to many retirees’ stress.

One of the main sources of stress in retirement is financial uncertainty. Many retirees worry about whether they have saved enough money to support themselves in retirement and fear running out of money before the end of their lives. This fear can lead to anxiety and can make it difficult for retirees to enjoy their retirement years. Moreover, unexpected expenses, such as medical bills or home repairs, can further exacerbate financial stress and add to retirees’ worries.

Retirement can also bring changes to social connections, which can be stressful for many people. Retirees may miss their daily interactions with colleagues and feel disconnected from the workplace and the sense of purpose that work provides. Moreover, retirement can lead to changes in relationships with family and friends, as retirees may find that they have more time on their hands than their loved ones do.

In addition to these social and financial concerns, retirement can also be stressful from a health perspective. As people age, they may face new health challenges, such as chronic illness, that can impact their quality of life and add to their stress levels. Furthermore, retirement can lead to a more sedentary lifestyle, which can contribute to a decline in physical and mental health.

There are several strategies that retirees can use to manage stress and navigate the transition to retirement more smoothly. One of the most important is to maintain a sense of purpose and engagement in life. Retirees can find new hobbies or interests, volunteer, or take on part-time work to stay engaged and connected to others. This can help alleviate the sense of loss and disconnection that many retirees feel.

Another strategy is to stay socially connected. Retirees can stay in touch with former colleagues, join social clubs or groups, or participate in community activities to maintain a sense of connection and purpose. This can help prevent social isolation and loneliness, which can be detrimental to both physical and mental health.

Moreover, retirees can take steps to manage their financial concerns by creating a budget, working with a financial advisor, and exploring different retirement income sources, such as Social Security or annuities. This can help alleviate financial stress and provide a sense of security and stability.

Finally, retirees can take steps to maintain their physical and mental health by staying active, eating well, and seeking medical care when needed. Engaging in regular physical activity can help improve mood, reduce stress, and prevent or manage chronic illness.

In conclusion, retirement can be a time of stress and uncertainty, but there are strategies that retirees can use to manage these challenges and enjoy a fulfilling and healthy retirement. By maintaining a sense of purpose and engagement, staying socially connected, managing finances, and prioritizing physical and mental health, retirees can navigate the transition to retirement more smoothly and enjoy a fulfilling and rewarding retirement.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Understanding the options will help determine income payout

Citizen Journalism, Finances, How-To's, Non-Profits, Senior Living,

By Dave Stanley
Integrity Financial Service, LLC

(Pxhere.com)

Annuities are a great way to ensure your financial security in the long term. Annuities provide regular payments that can help you pay bills and cover other expenses while also helping protect against inflation and market downturns. Annuities are popular with many retirees as they offer a steady income stream that can last throughout retirement.

The question is, how much income does an annuity payout on average? 

The answer depends on several factors, including what type of annuity you purchase and the terms of the agreement. Annuities typically guarantee a fixed payment amount or can be variable, depending on the performance of certain investments or indexes. Annuities are also available with riders that increase the amount of income you receive.

If you’re purchasing a fixed annuity, the amount of income is predetermined by the terms of the agreement and is typically based on your age and the length of time over which payments will be received. Annuities with guaranteed payouts usually offer higher rates than variable annuities, which depend largely on investment performance. Annuity income may also be increased by adding riders like inflation protection or other options that guarantee additional payments.

Generally, an annuity can provide anywhere from several hundred dollars to several thousand dollars a month in retirement income, depending on the type of product purchased and any riders added. As with most investments, it’s essential to consider all of your options before purchasing an annuity to ensure you’re getting the best deal.

Maximizing your payout

In addition, there are several steps you can take to maximize your annuity income and get more out of your investment. Annuitants should review their policy details regularly, as rates may change over time. Annuitants should also consider adding riders to their policy if it suits their particular circumstances. These additional features may help increase the income received from an annuity. Annuitants may also increase the amount of money they receive by taking a lump sum distribution option or electing periodic payments.

Overall, as stated above, the average income from an annuity will depend on the type of product purchased, any added riders, and other factors. Annuity income may range from several hundred dollars to a few thousand dollars per month, depending on the type of annuity and any riders added. By reviewing policy details regularly and adding riders to their policy, annuitants may be able to increase the amount of money they receive from an annuity. Annuities are a great way to ensure your retirement financial security, so make sure you understand your options before investing.

If you’re considering an annuity as a part of your retirement income, it’s essential to understand your options. Contact an annuity expert to learn more about the different types of annuities and how they can help secure your financial future.


Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Making a financial plan for end of life

3-bottom, Finances, Local Business, Senior Living,

By Dave Stanley
Integrity Financial Service, LLC

(Pxhere.com)

In my line of work, I have the unfortunate job to deal with the passing of someone’s spouse, parent, or sibling. I see in these moments of grief I know how, if the details aren’t thought of ahead of time, the pain can be compounded with the frustration of trying to navigate through the messiness of financial matters not thought of ahead of time.

Recently, a friend died, her husband not only has to deal with the grief of losing his spouse, but also with all the details of their financial life.

It soon became evident that he did not know the details of their finances (he didn’t even know the password to the checking account). And because of this, I thought that I would take the time to share what I advise my clients to do regarding the preparation of what is inevitable.

I advise my clients to keep a list of all their accounts (checking, savings, CD, annuities, life, mutual funds, etc.) in their Safe Documents folder. In it along with names and phone numbers of their advisors for each of those accounts. For the checking, savings, CD’s, etc., those accounts should have a POD (Payable On Death), as well as having their passwords for those accounts given to someone they trust.

The reason I say giving the password to someone they trust you ask? What happens if the mortgage needs to be paid and yet the death certificate is not available yet? Even though the account may have the POD, until the death certificate is produced, only those on the account has authority to access the accounts to take care of any necessities.

When it comes to a spouse having to deal with the financial decisions; the grief can cloud their choices, and that is why having a plan written out and discussed with the family and the advisor can take away one less decision to make, since it has already been made. This is especially true when it comes to planning the funeral.

All the proper planning in the world will not be beneficial if the information cannot be found during the crucial days and weeks following the loss of a loved one, or not having a written-out plan and discussed with an unbiased advisor and attorney to help carry out those wishes. While the topic is maybe challenging to discuss, it is essential.

Here are some tips of things to have in your Safe Documents Folder.

  1. Will: If the deceased had a will, it outlines how their assets will be distributed and who will be in charge of carrying out their wishes.
  2. Trust documents: If the deceased had a trust, the trust document outlines how assets will be distributed and who will manage the trust.
  3. Life insurance policy: The policy outlines the benefits and who the beneficiaries are.
  4. Marriage certificate: If the deceased was married, the marriage certificate may be needed to prove their relationship with their spouse.
  5. Social Security card: The Social Security Administration will need to be notified of the death, and the deceased’s Social Security number will need to be included on certain forms.
  6. Military discharge papers: If the deceased served in the military, their discharge papers may

Being prepared is smart planning.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Reviewing the modern-day insurance industry

3-bottom, Citizen Journalism, Finances, Senior Living, ,

By Dave Stanley
Integrity Financial Service, LLC

(Pxhere.com)

There is an old saying about life insurance: “you buy life insurance because you either owe someone or you love someone.”

The life insurance industry has changed, with the introduction of the internet, access to information has increase as well as the options to acquire it and manage it. For many people life insurance is just a commodity and frankly it is until….. until the insured dies. Then it becomes a lifeline to security, income and family continuation.

Working with a licensed and authorized insurance agent can help you decipher the insurance road.  Still many people want to look behind the hood for themselves.  If you are one of those people, here are some tips.

Shop around and compare quotes from multiple insurers. Different insurers may have different rates for the same coverage, so it’s important to compare quotes from multiple companies to find the best deal.

  1. Consider term life insurance. Term life insurance is generally less expensive than permanent life insurance, such as whole life or universal life. With term life insurance, you pay a premium for a specific period of time (the “term”), such as 10 or 20 years. If you pass away during the term, your beneficiaries will receive a death benefit. If you outlive the term, the policy will expire, and you will no longer be covered.
  2. But, term insurance is like renting, you only can keep it for a specific period of time. Permanent (whole life) insurance will protect you for your entire life.
  3. Consider your coverage needs. The amount of coverage you need will affect the cost of your policy. Determine how much coverage you need based on your financial goals and the needs of your beneficiaries, and choose a policy that provides the right amount of coverage at a price you can afford.
  4. Consider your health. Insurers will consider your health when determining the premium for your policy. If you have good health, you may be able to qualify for lower premiums.
  5. Consider your lifestyle. Insurers may consider factors such as your occupation, hobbies, and whether you smoke when determining the premium for your policy. If you have a high-risk occupation or engage in risky hobbies, you may pay more for life insurance. If you smoke, you may also pay more for life insurance.
  6. Considering working with an independent insurance agent. An independent insurance agent can help you compare quotes from multiple insurers and find a policy that fits your needs and budget.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Building sustainable streams of retirement income

3-bottom, Citizen Journalism, Finances, Senior Living,

By David Stanley
Integrity Financial Service, LLC

(Pxhere.com)

Our parents and grandparents both taught us that making mistakes was part of life.

Some mistakes are easier to recover from than others. But when it comes to money and time, the closer you are to retirement, the less time you have to recover from bad money moves. My advice is not to take any chances you can’t afford. As you near retirement, you’ll need to spend more time creating an investment approach that aligns each account to its specific goal for cash flow requirements during retirement. The worst times for your investment portfolio to take a hit are somewhere in the five years before and five years after you retire. Some have called this the red retirement zone. Lose money in this segment, and it will significantly impact how you spend and withdraw money throughout your retirement years.

Here’s a new retirement approach. It’s not about being rich; it’s about having the income needed to have peace of mind. We may never tire of discussing lessons from The Great Recession, which hit two groups especially hard–teens who saw their parents lose a home or job, and boomers who saw their savings depleted precisely at the wrong moment in life. So proper financial planning for retirement is crucial to your success. Boomers need to learn that they are leaving the accumulation phase of their life and now will be focusing on asset protection, sustainable income, and distribution of their assets over the next 30+ years.

Many people are in this category express extreme insecurity regarding the reality of ever retiring and having a sufficient income stream during their retirement years. So what can Worry-Free retirement income solutions offer you? Our planning provides a retirement income trifecta.

First is a guaranteed sustainable way to maintain income in retirement.

Second, are potentially higher income payments than you can achieve anywhere else.

A third is a reduction of some of the market risk from your overall portfolio before and during the years of your retirement when you can’t afford to endure the consequences of a market downturn. It may be true that money can’t buy you love, but it can buy happiness in retirement, as sufficient amounts of guaranteed income equal a happy retirement.

Planning with certainty is the new strategy for retirement income. For nearly two decades, financial advisors subscribed to the notion that their clients could spend 4% annually of their accumulated savings in retirement and not run out of money. No more. Between market volatility, inflation, volatile interest rates and an uncertain economy, advisors are questioning the traditional approaches to retirement income. Of course, what you consider an uncertain economic environment depends on who is reporting the news and what day it is. But it doesn’t matter if you’re properly planned.

Simply put, today’s retirement portfolios demand a smarter balance of growth and safety to effectively achieve a stream of lifetime income. The good news is that the answers to the challenge are emerging in the form of improved strategies that promise to generate more income at less cost and with less market risk.

Don’t be like Scarlet O’Hara, who said, “I can’t think of that right now. If I do, I go crazy. I’ll think about it tomorrow.”

It would be best if you thought about it today.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Worried about interest rate volatility? “Ladder up!”

3-bottom, Citizen Journalism, Finances, Local Business, Senior Living, , ,

By Dave Stanley
Integrity Financial Services, LLC

Image from Pxhere.com

If you are like many pre-retirees or retirees, you may be hesitant to purchase annuities because you worry you will enter the market at the wrong time and won’t maximize your returns. An increasingly popular technique known as “annuity laddering” may help guard against this situation and make the transition to annuities much easier and less stressful for you.

Building an annuity ladder means that you purchase a series of annuities over time instead of dumping a lump sum into one annuity that locks you into one rate. With a ladder, you split your premium across multiple smaller annuities. For instance, maybe you decide to buy one annuity every two years for the next ten years. Or you buy one annuity per year for the next five years.

The annuity ladder strategy has several advantages

The first advantage is that you don’t have all your eggs in one basket. By diversifying your annuities, you are less susceptible to the fluctuations of the market.

The second advantage is that you can take advantage of changes in interest rates. When interest rates rise, you can purchase annuities that have not yet been affected by the market change.

The third advantage is that you can ladder annuities with different payouts. For example, you could buy an annuity with a term period of 5 years, the next year buy another 5-year term period, and up the ladder, you go. When you use the annuity as income, when one matures, simply start converting them to an income stream. Income periods can be any length you wish, even a lifetime. This way, you would have a stream of income that would last for the rest of your life.

Diversifying to reduce risk

Laddering annuities can be a great way to secure your financial future. By diversifying your annuities, you can protect yourself from market fluctuations and take advantage of changes in interest rates. By laddering annuities with different payouts, you can ensure that you have a stream of income that lasts for the rest of your life.

Annuity laddering can help you manage risk. By laddering annuities with different maturity dates, you create a “spread” that can protect you against interest rate risk.

Since predictions of whether interest rates will go up or down are, at best-educated guesses, an annuity ladder lets you bet on both scenarios. A ladder may increase your chances of earning more when rates go up or smooth out losses if rates go down.

Always review to see what’s right for you

There are many different ways to build annuity ladders for yield, including fixed-rate ladders using multi-year guaranteed annuities (MYGAs). You can also use a “mixed-fix” approach combining MYGAs and fixed–index annuities. Deferred multi-year ladders work in a somewhat similar fashion to certificates of deposit (CDs).

Another approach is the deferred multi-year annuity ladder. You take a lump sum to purchase several small annuities in a deferred multi-year annuity ladder, each with a different maturity date. As each annuity matures, you either roll it over into a new annuity or convert it to income.

Creating an annuity ladder may not work for everyone. Still, it is worth bringing up with your retirement advisor, especially if you find yourself considering adding Safe Money products to your portfolio.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

A fresh look at whole life insurance

Citizen Journalism, Finances, Local Business, Senior Living, , ,

By Dave Stanley
Integrity Financial Service LLC

Whole life has a simple objective, to ensure your “whole” life, in other words, it will pay the benefits anytime during your whole life, regardless of how long you live. All you need to do is pay the premium.

Image from Pxhere.com

Life insurance is a contract between an insured person (the policyholder) and the insurer. The premium pays for guaranteed benefits in case of death, but there are other features that can provide additional protection as well.

In exchange for fixed premiums, whole-life policies offer life insurance protection and tax deferral on growth by accumulating cash value with competitive interest rates.

 

In exchange for fixed premiums, an insurance company promises to pay a set benefit when the policyholder dies but also offers additional benefits as well. Whole life insurance policies can build up cash value, effectively a cash reserve that pays a modest rate of return, and the growth is tax-deferred. Guarantees are based on the claims-paying ability of the issuing company.

Borrowing still option

Most whole life insurance policies allow policyholders to borrow a portion of their policy’s cash value. Access to the cash value can allow you to pay for things like college expenses, a home down payment, or any other needs you may have.

 

When the policyholder dies, his or her beneficiaries receive the benefit from the policy. Depending on how the policy is structured, benefits are usually not taxable.

Whether whole life insurance is the best choice for you may depend on a variety of factors, including your goals or circumstances.

Considering options

Whole life insurance can be an excellent investment for those who want to be protected financially after death. The policies promise a fixed benefit but also offers additional benefits such as cash value – which can build up and provide returns tax-deferred in order of security against personnel losses caused by unforeseen events like accidents or illnesses, and guarantees based on claims-paying ability from issuing companies.

The FDIC (Federal Deposit Insurance Corporation) does not insure life insurance. It is not insured by any federal government agency, bank, or savings association. Each state’s Department of Insurance regulates life insurance.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.  

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

How to enjoy life and reduce stress

3-bottom, Citizen Journalism, Finances, Local Business, , , ,

By Dave Stanley
Integrity Financial Service LLC

Some tips to reduce stress.

  1. Get serious about your retirement: If your employer matches your 401(k) contributions, you need to take advantage and max out your contribution. Your employer’s share is “house money,” which means using their contribution as part of your 401(k) plan as an employee benefit. Many 401(k) plans allow for conversion to a guaranteed retirement income which can be used as a lifetime benefit. Ask your benefits manager to see if it is included in your plan. It would help if you also planned at what age you would like to retire. If you have had a loss in investment returns in your 401(k), ask yourself how you can gain that back. Your asset allocation in your 401(k) can be changed as you get closer to retirement age. Most plans allow you to move the money as a rollover to a self-directed IRA, which provides the option of using an annuity with an “Income Rider” attached to provide desired guarantees. If you have an IRA and are not contributing annually, start this year; contributions made before April can be deducted from the previous year’s income.

  2. If you don’t have a will, see an attorney and make one. If you have a current will make sure it is up to date.

  3. Name an executor for your estate. Use caution in the selection, and make sure you have asked the executor for permission to use them. Based on the valuation of your estate and your state of residence, the use of a trust can assist the executor in their responsibilities. Ask your attorney for ideas and help. Never buy a trust from anyone other than an attorney licensed to practice law. Often life insurance is used to provide funds for any taxes or debts that may be due at your death, have a professional insurance review the policies, and make sure the ownership and beneficiary decisions are up to date.

  4. Create an emergency fund for situations that come up, such as a hole in your roof or an unplanned car repair. Only 28% of people have an emergency fund, according to a 2022 Bankrate.com survey.

  5. Take a close look at your investments and review them for changes. Remember, as we get older, we have less time to make up losses in our investments.

  6. Start paying down debt. Debt can be a drag on your retirement; once the debt is retired, stress becomes less, and your options for life increase.

  7. Budgeting and following a monthly plan can help. There are numerous studies about budgeting; one thing is for sure, people who follow a budget have less stress. Make a budget and stick to it.

Life should be enjoyed. Use these simple 7 financial tips as the first step to regaining financial freedom and reducing stress.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management

How to develop a safe stream of money during retirement

Citizen Journalism, ,

By Dave Stanley
Integrity Financial Service, LLC

“If you’re worried about running out of money when you retire, then you and the 1920s baseball star may have more in common than you think.”- Lawrence Castillo

Too many people closing in on retirement or who are already retired spend a lot of time worrying. These retirees and pre-retirees fear what will happen with their savings instead of what they want to do when they stop working.

I find this a bit sad. After all, the entire concept of retirement is built around the idea that there should be a time in your life when you can relax and enjoy the fruits of all your hard work and diligent planning.

 

Unfortunately, many Americans spend their days glued to their television sets or computers, fretting over every negative government report and news story. Every time stocks dive, they know their dreams become harder to achieve, and they wonder if there are any safe harbors for their wealth. Many of these hard-working Americans, even some who already have been retired for a while, realize they may have too much of their cash exposed to risk.

As I write this, the world is undergoing a shift unlike any I’ve witnessed. Runaway inflation and the real potential of simultaneous deflation, market turmoil, wars, soaring energy prices, tax hikes, and other global events have nearly everyone in a stressed-out state of panic. Understandably, many folks are looking for a magic pill that will take away their pain when managing their wealth.

I’m here to tell you that, although there is no magic pill that will fix your financial issues, there are ways to achieve greater peace of mind and create a more predictable and successful retirement outcome. Money market accounts, certificates of deposit (CDs), and bonds are safer places to store cash but typically won’t give you the growth needed to beat back inflation.

In my mind, those vehicles, while they can have their uses, are sort of like the modern-day version of stuffing your money into a coffee can and burying it in the backyard or lining the inside of your walls with dollar bills. Your money is a little safer, but it’s doing nothing for you.  These days, you certainly need some growth, and you must shield as much of your money as possible from risk.

That being the case, you might want to look at annuities. You can find annuity contracts in the portfolios of everyone from U.S. Presidents to Fortune 500 CEOs to sports figures. One of the most well-known tales of how annuities came through in the clutch is the story of New York Yankee legend Babe Ruth. Ruth, nicknamed “The Sultan of Swat,” was the highest-paid player in baseball and arguably the most famous sports figure in the world in the 1920s.

 

However, when the global Great Depression hit, other players who’d heavily invested in the stock market lost everything. While many of those once-wealthy athletes stood in soup kitchen lines, Ruth lived a life of relative comfort with no worries about running out of money. His secret? Instead of putting all his cash at risk in the market, Babe Ruth had purchased an annuity a few years before the Depression.

 

At the Depression’s height in 1934, Ruth was getting a guaranteed stream of income equal to around $290,000 in today’s dollars! Ruth was so impressed with his annuity’s performance that he bought a lifetime annuity for his wife so she’d have secure income after he passed away.

Summing it up: Even in challenging times, it’s still possible to enter retirement on a high note, with less stress and a greater chance of achieving your financial goals. If you are looking to protect your principal investment, create income that lasts until you die, and possibly provide a legacy for loved ones, you should consider an annuity.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management

Eight important facts about retirement planning

3-bottom, Citizen Journalism, Finances, Local Business, Senior Living, , ,

By Dave Stanley
Integrity Financial Services LLC

Retirement can mean many different things to many people. For some, it will be a time to travel and spend time with family. For others, it will be a time to start a new business or begin a charitable endeavor. Regardless of what approach you intend to take, here are nine things about retirement that might surprise you.

1. No Age Restriction on When You Can Retire

In the past, most people retired around age 65. However, retiring later in life has become more prevalent in recent years. In fact, there’s no age restriction on when you can retire. As long as you have the financial means to do so, you can retire at any age.

Don’t roll the dice when it comes to retirement, make a plan and review it. (pxhere.com)

2. Retirement Income Can Be Taxable

Depending on your retirement account type, you might have to pay taxes on your retirement income. If you have a traditional IRA, you may owe taxes on the money you withdraw in retirement based on your overall income. If you have a Roth IRA, you won’t owe any taxes on the money you withdraw.

3. You Might Need to Adjust Your Withdrawal Rate

The 65-and-older population is the fastest-growing age group in the United States and has grown by 34.2% over the past decade. The percentage of money you can safely withdraw from your retirement account each year depends on several factors, including the size of your nest egg and how long you expect to live. However, as a general rule of thumb, you should withdraw no more than 4% of your nest egg each year.

4. Consider Delaying Your Social Security

You’ll receive a reduced benefit if you start collecting Social Security benefits at age 62. For example, suppose your full retirement age is 67, and you start collecting benefits at 62. In that case, you’ll receive only 70% of your monthly benefit. If you wait until age 70 to start collecting, you’ll receive 132% of your monthly benefit. The average Social Security retirement benefit is $1,536 per month or about $19,000 per year. The maximum possible Social Security benefit for someone retiring at full retirement age in 2020 is $3,345 per month or $39,000 annually.

5. Don’t Forget The Cost Of Nursing Homes.

Most health insurance plans don’t cover the cost of long-term care, such as the cost of a nursing home. Consider purchasing a long-term care insurance policy or set aside funds to cover any future care costs. The average cost of nursing home care in America is expected to be more than $8,000 a month by 2023. However, actual costs will vary from state to state.

6. You Might Have to Downsize Your Home

If you plan on downsizing your home in retirement, you might be surprised to learn that the cost of living in some areas is quite high. For example, the cost of living in Manhattan is more than double the national average. As a result, you might have to downsize your home to a smaller apartment or condo.

7. Consider Working in Retirement

If you don’t have enough saved for retirement, you might need to work during retirement. In fact, about one in four Americans over the age of 65 are still working. Working during retirement can help supplement your income and allow you to stay active.

8. You Might Need to Save More Than You Think

The amount of money you need to save for retirement depends on a number of factors, including your lifestyle and how long you expect to live. However, as a general rule of thumb, you should aim to have at least 10 times your annual income saved by retirement. For example, earning $50,000 a year, you should aim to save at least $500,000 by retirement.

Bonus Fact About Retirement: Don’t Forget About Inflation

Inflation will have a significant impact on your retirement savings. For example, if inflation is 3%, the cost of living will be 33% higher after 10 years. As a result, you’ll need to save more money for retirement than you think.

The future points to one conclusion: The 65-and-older age group is expected to become larger and more influential. Have you made arrangements for health care expenses? Are you comfortable with your decisions?  Have you considered market volatility?  Inflation?

Research shows that the average American has $95,776 saved for retirement, and one in three Americans have no retirement savings. Suppose you don’t have enough saved for retirement. In that case, you should consider working during retirement, downsizing your home, or delaying your Social Security benefits. You should also be aware of the potential costs of nursing care and long-term care. Finally, remember that you might need to adjust your withdrawal rate as you get older. With careful planning, you can ensure a comfortable retirement.

A retirement strategy is not a “set it and forget it” proposition. You should review your strategy annually to ensure you are on track to reach your goals. How have you prepared for retirement? Are you on track to reach your goals? Have you even defined your goals? Take a few minutes and conduct personal evaluation.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management

Five reasons women should consider annuities for retirement

Citizen Journalism, Finances, How-To's, Local Business, Senior Living, , ,

By Dave Stanley
Integrity Financial Services

If you’re a woman in or near retirement, let me ask you this: “How do you plan to take what you’ve so diligently saved and turn it into a lifetime stream of dependable, predictable, tax-advantaged income?”

Five reasons women should consider using annuities to create more prosperous, less stressful retirements. (pxhere.com)

If you’re like many of us, you probably don’t have a ready answer to this question. That’s because you’ve been busy doing “all the right things.” You’ve been working, saving, maximizing your 401 K, paying off debts, being a caregiver, running a household, etc. It’s likely you haven’t really had time to think about what to do when the time comes to stop working and live on what you’ve accumulated.

I want to suggest: Take some time to consider annuities carefully. After spending time studying this often overlooked, but powerful financial vehicle, I’ve come to believe that nearly every woman planning on retiring could benefit from the features found in annuity products.


Here are a few reasons you should consider an annuity when it comes time to empty your “accumulation” bucket.

  1. An annuity creates guaranteed income for life. When you deposit a lump sum into an annuity, you enter into a contract with an insurance company in which the company guarantees you income for the rest of your life. This will eliminate a chief concern of many women entering the retirement phase of their lives, namely, running out of money too soon.

  2. Flexibility and customization. Annuities have come a long way in the past few years, offering a full spectrum of long-term care and inflation protection features. No longer are you constrained to a “one size fits all” annuity. These new kinds of annuities now provide for a new level of customization, safety, and functionality.

  3. Annuities provide predictability. Many people, especially those in their pre-retirement and retirement life stages, want to know exactly how much income they will be available when they retire. If predictability is one of your top priorities, then an annuity can provide that.

  4. Zero maintenance. When you agree to the terms of the annuity contract, you’ll be assured of a steady income for life even if you live for another 50 years after retiring. An annuity is one of the few available financial products you can actually “set and forget.” there is nothing to keep tweaking or moving around; no more crossing your fingers every time the market hiccups.

  5. Tax benefits by using an annuity for a portion of your nest egg allow that portion to grow tax-deferred, just like the money in traditional retirement accounts. That means if you don’t take out all the money for a while, you could see a significant tax reduction in retirement.

There are many other reasons that an annuity, while it may not be for everyone, is still worthy of your attention as you enter retirement. Partnering with an annuity specialist will allow you to examine these safe money alternatives more thoroughly to see if they will work in your particular situation.

If you’d like to know more about how women can use annuities to create safer, saner, more prosperous post-work lives, email or call me, and I will be happy to send you educational information to help you make the right decisions about your retirement blueprint.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management

Why it is important to use math, science when planning for retirement

3-bottom, Citizen Journalism, Finances, Local Business, Senior Living, , , , ,

By Dave Stanley
Integrity Financial Service, LLC

First and foremost, I want to let you know that I would never try to sell you on anything. I have learned in my 40 years of experience that if I try to talk you into something, anybody can come right along and talk you out of it so, that is not my objective. However, with math, science, and reason, I would like to reaffirm some very important facts and figures about your retirement planning:

Math and science are key in helping with retirement planning. (pxhere.com)

1. We all know the market is cyclical, it goes up, and it goes down. We have had the longest upmarket, “Bull Market,” in the history of the stock market; over the last nine years. Thus, Reason alone, tells us that we are due for a market correction, “Bear Market.” Math and science prove that we are due for a soon coming market correction. Just to name a few of the catalysts of a possible Bear Market, but not limited to, are these indicators:

•   The most significant “Buyback” in the history of the market took place in the last quarter of 2018. A “buyback” is essentially corporations run out of ideas to increase stock market shares and dividends of their company. They are buying back their stock held in foreign countries and inflating their profits. As of October of 2018, there were over $800 billion in stock buybacks, a stock market record. Corporations used funds from $2.6 trillion dollars sitting overseas.


•   The tariffs imposed on foreign countries in June 2018.


•   The housing market, as interest rates increase, so will adjustable rate mortgages increase. A Zerohedge chart reflects that home-builder stocks are already dropping as lumber prices forecast a drop in the housing market.


•   Interest rates tend to go up when the federal reserve unwinds its balance sheet and adds to the supply of Treasuries and mortgage-backed securities on the market. When interest rates go higher, stock valuations need to go down with a lower P/E ratio. (Profit /Expense ratio)


•   Federal Reserve policy. A JP Morgan study reflects that the Federal Reserve is decreasing its balance sheet of treasuries and mortgage-backed securities by $50 billion a month, which is known as Quantitative Tightening, which is projected to continue to at least the end of 2020.


•   Valuations. The United States Stock Market is the most expensive in the world at this moment. The Buffett indicator is flashing red with a total market capitalization vs. GDP (Gross Domestic Product) of 150%. Studies reflect that any ratio above 115% is an indicator that the market is significantly overvalued.

2. Historically the S&P time-line for recuperating from market corrections is between 13 to 22 years. Studies reflect that 64% of the time, the S&P is either losing ground or making up losses. Let me ask the question, “Going into retirement, do you want the 64% chance of a market correction and taking 13 to 22 years to recuperate the retirement savings you’ve accumulated over your lifetime?”

Mortality tables reflect that one retiring at age 65 will live 20 to 25 years.

3. Mathematically, it’s a proven fact that if a retiree experiences double-dipping (losing value in their account and drawing income from their account simultaneously) at the beginning of their retirement, they will outlive their retirement funds before they outlive their retirement life. This is known as the “Sequence of Returns.” Also, add the devastating fact of fees, the account now has triple dipping!

4. Psychological studies prove that retirees with a guaranteed, known, and predictable source of income live a much happier, stress-free, and worry-free retirement life.

5. The Fixed Indexed Annuity (FIA) relieves merely the risks of outliving one’s money and the burden of trying to manage and chase market returns and trying to avoid market losses of managing a retiree’s portfolio. It gives a guaranteed, predictable income for life as well as a projected income, based upon only upside market growth. It automatically tracks this upside market growth.

I trust that the above information on math, science, facts, and figures will assist in journeying into a peaceful, stress-free, worry-free retirement.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Financial Perspectives: Annuities are a logical solution for longevity risk

3-bottom, Finances, Local Business, Senior Living, , ,

By Dave Stanley
Integrity Financial Service, LLC

Transitioning from being a saver to a spender means you will be required to not only keep close eye on your investments, spending and taxes, but for also creating your own “paycheck.” (pxhere.com)

“Transitioning from saver to spender can be a disconcerting shift for many seniors. A more systematic approach to spend-down can help.” 

Transitioning from being a saver in the accumulation phase to a spender in the spend-down stage of your financial life means you will be required to not only keep a close eye on your investments, spending, and taxes but for also creating your own “paycheck.”

This paycheck might result from living off the interest or dividends from investments for some retirees. Others may prefer more predictable income sources, including annuities and Social Security. These “safe money” assets can help you achieve more peace of mind and perhaps cover your basic living expenses.

Shore up your emergency savings

It’s crucial to take a systematic approach to the problem of how best to spend your money in retirement. You should ensure you have enough money to cover unexpected expense to last at least a year. Suppose you’re worried about having to sell off investments in a bear market to cover emergencies. You might want to discuss rebalancing your portfolio with your advisor, perhaps using more liquid assets.

Include predictable income streams, using annuities and life insurance

Most planners understand, at least on a fundamental level, the power of annuities to help their clients avoid running out of money when they retire. After all, almost every financial services company offers annuity products, and they have done so for many years. Modern retirement research has produced volumes of data-based reports confirming the value of an annuity in a retirement portfolio. Life insurance and annuities may suit retirees who desire the protection of their principal, a predictable stream of lifetime income, long-term care options, or want to leave a legacy to a family member.

Despite the positive data surrounding annuities, many advisors are reluctant to offer them to their clients. This reluctance is often because they believe there will be pushback from clients who have heard negative things about the product through the media or online.

Many popular financial entertainers such as Dave Ramsey have been openly antagonistic about annuities and continue to spread myths and misconceptions to their viewers.

However, continuing changes in retirement plan structure and funding of employer plans have caused more people to dig deeper into safe money and income products to create their pension plans.

Since 1974, the traditional defined benefit (DB) plan, which provided retirees with benefits based on final salary and years of service, has disappeared from the private sector. Replacing it is the direct contribution plan in which employees and their employer regularly contribute to accounts in the employee’s name. Direct contribution plans benefit companies by lowering their expenses. But they place the burden of retirement success squarely on the shoulders of the individual. If you participate in a workplace plan, both longevity risk and performance risk have been shifted to you. Standard direct contribution plans do not guarantee your account will provide lifetime income and running out before you die is always a distinct possibility.

That’s why most retiree portfolios will benefit from strategically designed insurance and annuity products. Strategically designed life insurance is another way to create more predictable, tax-advantaged revenue streams. Properly structured, life insurance offers investments like stocks, bonds, CDs, etc. Annuities relieve the consumer of the need to set aside additional money to offset potential risk and fees for managing the account.

If fear of managing your retirement accounts paralyzes you and causes you stress, simply pass it to a risk bearer, an insurance company. Let the annuity provide you with a safe and secure income.



Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Financial Perspective: Retirement planning for singles and unmarried couples

3-bottom, Citizen Journalism, Finances, How-To's, Local Business, ,

By Dave Stanley
Integrity Financial Services, LLC

Photo from Pxhere.com

Retirement planning is crucial enough as it is for a married family. Still, it becomes even more critical for singles or unmarried couples considering that they are not accorded the same tax breaks and advantages which a couple gets upon marriage. Statistical studies report that single women are the fastest-growing group of home buyers, while the number of married families buying a house has dropped by 10% in the last ten years.

With increasing divorce rates and increased tolerance of non-traditional definitions of the concept of a family, the taxation laws have not been able to keep up with the growing purchasing power and numbers of people who fall into the definition of singles or unmarried couples, including divorcees, same-sex couples and singles living in an extended family with other members. What proactive financial planning steps can people who fall under these characterizations take to ensure a secure future?

If you live with a partner, the best thing you can do is be transparent about your finances and discuss all expenses and bills payable, to work out a satisfactory arrangement. This could mean a pooled fund for monthly payments and joint assets, while payments towards significant individual assets are paid for the owner(s).

Remember that there will be no legal recourse in case of a split and the asset not being in your name. If you have joint ownership of assets, contact a lawyer to put in writing arrangements for the distribution of assets in case of a split. A commonly availed arrangement for partners buying a home is under a JTWROS or joint tenants with the right of survivorship. A living trust can be set up to avoid the gift tax, which would be payable for transferring property to the surviving partner.

Funds in 401(k) plans, IRAs, and other retirement plan vehicles will not automatically be transferred to the survivor, as in the case of a spouse. Take special care to nominate your partner as the beneficiary and change as and when necessary if you are single. Write powers of attorney for each other, which would only come into effect in the sudden demise of one partner, or extreme disability. Note that unmarried couples do not have a right to each others’ social security benefits. IRA rollovers from one partner to the other are also taxable, unlike those for a married couple.

Also, laws governing rights over assets and responsibilities for joint debts may vary depending on the state of residence and the contracts signed with financial organizations.

All this means is that for single and unmarried live-in couples, retirement planning needs to be taken a bit further than that done by a married couple to offset the lack of clarity in governing laws and tax benefits. Everything has to be put down in writing in clear terms. It is generally advisable to consult a financial planner and set your finances to go in the right direction before jumping into a long-term live-in arrangement.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management

Financial Perspectives: Is your retirement income based on guarantees or assumptions?

3-bottom, Citizen Journalism, Local Business,

By Dave Stanley
Integrity Financial Service, LLC

“Smart planning should include some of your important retirement accounts are guaranteed.” Dave Stanley

When planning retirement, do you depend on projections based on future conditions, or do you plan your retirement based on guarantees? The answer may surprise you; both can be the correct answer. It all depends on your situation and what “time” period you are focusing on retirement.

Photo with pxhere.com

Let’s start with a projection or estimate of future value planning. If you base your future retirement income solely on US (or foreign) stocks, the volatility factor must be included. How will your chosen stocks perform over some time, and how easily can they convert to a retirement account to fund your desired income level? S0 much about a stock’s performance can depend on outside influences such as the overall world economy, the valuation of the dollar, inflation or deflation, and a third parties (analysis) view of your stock’s profit results. A group of top stock strategists can predict anything from a single-digit loss to a double-digit gain.

  • How do you plan for your future retirement income?
  • Whom do you trust?
  • How do you estimate future market values?

Experimenting with discretionary funds is one thing, but significant retirement funds could be a poor choice. Once again, it all depends on your situation.

Many people lose sight of the actual goal of retirement planning, which in its most basic form is to make your retirement income lasts as long as we do. This seems like a relatively straightforward objective, so why do so many people start with a retirement income strategy that leaves so much to chance? Let’s consider the choices again by category; one is an estimate, and the other is a guarantee. Depending on your asset values and your desired lifestyle, there can be room for both types of planning. The key is that essential expenses must be covered first and fully funded by lifetime income sources.

You’ll enjoy some significant advantages if your lifetime sources of income are sufficient to fund essential lifestyle expenses. The question and problem are the same: How do you do it? First on the list is to avoid market volatility risk and accept a reasonable rate of return.

New studies show if given a choice, most people would choose safe, secure income over yields. When the funds have to be there, and the income is essential, safety becomes the first decision. Having this sort of income planning eliminates the possibility of outliving your source of income, or what is called longevity risk. Knowing that your necessary expenses are covered with a guaranteed source of income is a great comfort and sense of freedom to enjoy your retirement years, no matter how long you live.

Given all the uncertainties, the unpredictable outcomes, and the unending list of “what-ifs” facing investors, it’s no surprise that drawing an accurate road map to where financial markets are headed is no easy task. Even for the Wall Street players who admit there are too many variables that are beyond our capabilities to absorb and forecast. That is precisely why it’s a top priority for those retired or about to retire to understand the risk they face without having put into place a guaranteed retirement income solution to alleviate the risk of running out of money.

Let’s take a look at the state of America’s retirement system. A generation ago, pension plans were offered to more than four out of five private-sector workers—today, it’s fewer than one in three. An employee has mainly replaced pensions paid plans like 401(k)s, 403(b)s, or 457s. Expenses built into many of these plans make it difficult to earn the needed money to fund basic retirement needs. The shortcomings of this approach are evident in its lack of guarantees—an essential factor when you consider the current historical level of market volatility. Plus, new insight into how fees are charged and the actual cost of owning these plans have come under regulatory scrutiny.

Thankfully, solutions exist that can potentially increase your income and generate a lifetime pension payout to both spouses with the benefits of protection and guarantees.

We use the only financial instrument to provide a guaranteed income that you cannot outlive and maintain control of your money with upside potential and no downside risk. How can this be accomplished?

Naturally, by handing the risk of managing your significant retirement funds to a risk bearer. An insurance company is a risk bearer.

Since the Presbyterian Church first invented annuities nearly 300 years ago, annuities have been the cornerstone of millions of retirees’ significant retirement income. With the evolution of new and dynamic products, a guaranteed income with annual crediting in the 4-7% range is fully available.

Removing risk from retirement planning by allowing an insurance company to manage your retirement accounts can provide you with a stress-free and secure future.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management

Perspective: US Treasuries are the safest possible place to invest your money

3-bottom, Local Business, Our Cities, ,

By Dave Stanley
Integrity Financial Service, LLC

“Everyone at some time in their life will run to safety.”  Dave Stanley

Treasury bonds are issued and backed by the federal government, the full faith and credit of the United States Government. The advantage is safety; the disadvantage is the yield you may earn can be lower than other investment options. The question to ask is simple, is the lesser yield still sufficient for your needs?

US Treasuries are issued in four different categories: Bills, Notes, TIPS, and Bonds.

Treasury Bills (T-Bills) have a maturity date of 1 year or less, and they are short-term by nature. Four options exist for a time duration of investment, 4 weeks, 13 weeks, 26 weeks, and 52 weeks maturity. Treasury Bills do not pay interest. Instead, they are sold at a discount and in denominations of $100. For example, a $1000 T-Bill with a maturity of 52 weeks might sell for $975. At the end of maturity (52 weeks), the owner of the T-Bill would receive $1,000.

Treasury Notes (T-Notes) A T-Note has a more extended maturity time period than T-Bills, 1 year to 10 years. Notes are issued in denominations of $1,000 with interest paid every 6 months. T-Notes are issued with the full face value of the note and not as a discounted face value.

Treasury Bonds (T-Bonds) T-Bonds are issued for a more extended period than T-Notes, 10 years to 30 years to maturity. Bonds are issued at face value, and interest is paid every 6 months. The most popular time period is 30 years.

Treasury Inflation-Protected Securities (TIPS) are US Treasuries issued with an added benefit; they are designed to help offset inflation. Treasury Inflation-Protected Securities are issued with 5, 10, and 30-year maturity dates. Interest is paid every 6 months and is a set rate, but additional interest can be paid at maturity based on inflation history.

Regardless of which US Treasury you choose, the safety of the principal is always the underlying benefit.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Financial Perspective: Where can you find the money to build a safe, predictable retirement?

3-bottom, Local Business, , , ,

Dave Stanley
Integrity Financial Service, LLC

“You are likely to be retired much longer than you think. A recent study suggests that 50% of those born now will live beyond 100.”   Dave Stanley

For how long do you think you will live? Do you believe you’ll live into your late 70s? Are you confident you’ll follow in the path of your parents, who were alive and well into their mid to late 80s?

The average joint life expectancy (men and women together) is approximately 88 years for more than 49% of the population. A full 20% of Americans live to age 95!

Depending on your unique perspective, that’s either good news or bad news. It is good because many people want to live for as long as possible, provided they are in decent physical and mental health. However, a long life can be bad news when it puts you at risk of outliving your money in retirement.

Something else to consider is that these numbers are averages. There are many exceptions to the rule, especially if you are the beneficiary of excellent genes, have tried to stay fit and healthy, and have managed stress properly. More people are hitting triple digits, and you could very well be one of them.

Longevity is a possibility. Therefore, creating a portfolio to help you maintain your current standard of living in 30 plus years of retirement is challenging. Having less money in retirement is a concern for retirees and pre-retirees. Nearly all seniors know someone who has beaten the odds and has lived for a longer time than they planned.

Many retirees and pre-retirees had had someone in their own families who went through hardship and deprivation because they ran out of many at a time when they needed it the most.

The logical solution to not having enough money for retirement is to start earlier and save more. That is not always easy to do, however. Many people are barely making ends meet and do not have much discretionary money to create retirement income. You may fall into that category and worry that you will not have any money to build a retirement account.

How do you find money to finance a retirement plan?

Developing a saving and income-planning mindset is valuable at any age.

Understandably, you might have a tight budget due to where you are in your career track. Or, you might have family, medical, or debt issues that make saving a tough proposition.

Fortunately, there are some ways you can free up cash or find the money you never knew you had, to fund a retirement plan. Here are three things you can do right now to free up money for retirement.

1. Debt restructuring. Take a look at all your debt, including student loans and consumer debt. Perhaps you can negotiate lower rates or pay debt off more slowly. For example, instead of paying more than the minimum due on a debt, take that money and put into something like a dividend-paying whole life insurance policy, annuity (depending on your age), or dividend-paying stocks. When you pay your debt off TOO fast, you lose the opportunity to grow that money.

2. IRA or 401(k) Use every advantage to contribute the maximum amount of money allowed.  As you age, begin to move a higher percentage to assets that are not as volatile, such as annuities. Ask your financial expert and tax advisor to see if you might transfer your 401(k) funds to a self-directed IRA and purchase an income annuity.  Always consider this with the big picture in mind, make sure you seek licensed and authorized professional advisors.

  

3. Live a simpler lifestyle. Making your car, major appliances, and other big-ticket items last longer can add up to thousands of dollars you can use to fund your post-career life. Eat out less often, never pay full retail, and look for every bargain you can find.

No matter your current financial situation, you can and should set aside money for a time when you will no longer get a paycheck. Starting early and being consistent, along with small lifestyle changes, will help you avoid common mistakes and achieve a better retirement lifestyle.

Here is a word to the wise.  Before making any decisions about where and how you invest your retirement money, always consult a licensed and authorized professional.

Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, MI 49418, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management

Financial Perspective: Seven Financial Tips to Help you Enjoy Life and Reduce Stress

3-bottom, Citizen Journalism, Education, Local Business, Senior Living, , ,
Do you want to relax in your retirement, then get serious about it now. (Pxhere.com)

By Dave Stanley
Integrity Financial Service, LLC

“Use these tips to reduce stress and change your focus on life.” Dave Stanley

1. Get serious about your retirement: If your employer matches contributions for your 401(k), you need to take advantage and max out your contribution. Your employer’s share is “house money,” which means using their contribution as part of your 401(k) plan as an employee benefit. Many 401(k) plans allow for conversion to a guaranteed retirement income, which can be used as a lifetime benefit. Ask your benefits manager to see if it is included in your plan. You also need to plan at what age you would like to retire. If you have had a loss in investment returns in your 401(k), ask yourself how I can gain that back? Your asset allocation in your 401(k) can be changed as you get closer to retirement age. Most plans allow you to move the money as a rollover to a self-directed IRA, which provides the option of using an annuity with an “Income Rider” attached to provide desired guarantees. If you have an IRA and are not contributing annually, start this year, contributions made before April can be deducted on the previous year’s income.

2. Even if you do not have a will, you do. You have two choices, either you decide what will happen to your estate OR your state of residence will decide for you after you pass away. If you don’t have a will, see an attorney and create one, and if you have a current will, make sure it is up to date.

3. Name an executor for your estate. Use caution in the selection and make sure you have asked the executor for permission to use them. Based on the valuation of your estate and your state of residence, the use of a trust can assist the executor in their responsibilities. Ask your attorney for ideas and help. Never buy a trust from anyone other than an attorney licensed to practice law. Often life insurance is used to provide funds for any taxes or debts that may be due at your death, have an insurance professional review the policies, and make sure the ownership and beneficiary decisions are up to date.

4. Create an emergency fund for situations that come up, such as a hole in your roof or an unplanned car repair. Only 40 percent of Americans could pay an unexpected $1,000 expense, such as a car repair or emergency room visit, from savings. That figure is consistent with the range of 37 to 41% seen in surveys from 2014 through 2018. More than a third would need to borrow the money in some way – either with a credit card, personal loan or from family or friends. Another 14% would reduce spending on other things, while 10% would either figure out “something else” or don’t know what they would do. www.bankrate.com.

5. Take a close look at your investments and review them for changes. Remember, as we get older, we have less time to make up losses in our investments and as you age, your investment horizon normally shrinks.

6. Start paying down debt. Debt can be a drag on your retirement, and once the debt is retired, stress becomes less, and your options for life increase.

7. Budgeting and following a monthly plan can help. There are numerous studies about budgeting; one thing is for sure, people who have a budget and follow it have less stress. Make a budget and stick to it.

Life should be enjoyed. Use thesesimple seven financial tips as the first step to regaining financial freedom and reducing stress.


Dave Stanley is the host of Safe Money Radio WOOD1300 AM, 106.9 FM and a Financial Advisor and Writer at Integrity Financial Service, LLC, Grandville, Telephone 616-719-1979 or  Register for Dave’s FREE Newsletter at 888-998-3463  or click this link:  Dave Stanley Newsletter – Annuity.com  Dave is a member of Syndicated Columnists, a national organization committed to a fully transparent approach to money management.

Birgit Klohs announces retirement from The Right Place

3-bottom, Citizen Journalism, ,
Birgit Klohs

By John Truscott
Community Contributor

Birgit Klohs, one of the most influential and successful business development strategists in Michigan, announced today that she will retire from The Right Place, Inc. on January 31, 2021. 

Klohs joined The Right Place, Inc. in 1987 as president and CEO and quickly established the Grand Rapids-based organization as the premier economic development entity in western Michigan. During her 33 years with The Right Place, Inc. the organization collaborated with state and local leaders and business executives to create more than $5 billion in economic investment in the region and generate more than 50,000 jobs.

“When my father, Jay, founded The Right Place, he imagined it would become a powerhouse organization driving economic development in West Michigan,” said Dave Van Andel, chairman and CEO of the Van Andel Institute. “But we all realize now that it has exceeded all expectations. I believe Birgit’s leadership has made The Right Place the premier regional economic development organization in the country. It is the envy of communities nationally and the example everyone tries to emulate. I’ve had the privilege of serving with Birgit on The Right Place board for many years and have watched its impact on West Michigan. I can say with assurance, my father would be very pleased with what The Right Place has accomplished. Thank you, Birgit!” 

“The city of Grand Rapids would not be the beacon of business activity that it is today were it not for the passion and drive of Birgit Klohs,” said Grand Rapids Mayor Rosalynn Bliss. “We are so fortunate to have had a champion like her working for us.”

Klohs has worked closely with five Michigan Governors to pursue economic development opportunities around the globe during her tenure. She is credited with fostering countless public-private ventures that advanced the economic prosperity of the region. 

“Birgit has truly been the North Star of economic investment in West Michigan,” said Windquest Group president and co-founder, Dick DeVos. “When you combine her economic development work with her work as a part of Grand Action and see what is now one of the most vibrant downtowns anywhere, it’s easy to understand the dramatic impact she has had. She has strategically guided us to a stronger and more prosperous future in Michigan by turning economic ideas into people-centered reality.”

Her commitment to the region was not limited to The Right Place. Klohs also chaired or served on numerous boards over the past three decades including Grand Action, the Gerald R. Ford Airport Authority, the Michigan Economic Development Corporation Board, the International Crossing Authority and as chair of the Western Michigan University Board of Trustees, her alma mater.

“Birgit embodies forward thinking community leadership,” said Wayman Britt, Kent County Administrator. “In addition to her economic development efforts at The Right Place, Inc., she also has provided her time and insight with countless organizations with the goal of improving the overall quality of life for the region.”

The Michigan State University College of Human Medicine is among the highly visible projects that Klohs helped to bring to Grand Rapids. The project was the result of extraordinary collaboration with the university, local and state leaders, healthcare agencies and local business executives.

“Our region’s emergence as a leader in bio-medical research, scientific education and healthcare services could not have happened without Birgit’s relentless drive,” said Tina Freese-Decker, Spectrum Health CEO. “She merged vision, opportunity and passion to change the economic future of the city.”

For Klohs, cultivating economic investment in the region has brought fulfillment and a deeper appreciation for the leaders in our business community.

“None of our economic success would have been possible without the passion and vision of our business community and government leaders,” said Klohs. “I consider it a great privilege to have had the opportunity to work with hundreds of dedicated people to build a prosperous future for decades to come. But more than that, my love for this community and this organization made this decision the most difficult I’ve ever made. It is equal to how I felt when I left my parents at the Frankfurt airport, never to return to Germany except to visit.”

In addition to all of the success The Right Place has achieved, the organization has also grown beyond economic development and recruitment. It has addressed many of the challenges that businesses and the community have faced. Klohs was instrumental in the creation of the Michigan Manufacturing Technology Center. She led the formation of a strategic partnership with Hello West Michigan, the first employer-driven relocation and job information center in the nation. And most recently, the New Community Transformation Fund was created to uplift communities of color through capital investment. 

“I’ve known Birgit for over 20 years,” said Skot Welch, principal, Global Bridgebuilders and general partner for the New Community Transformation Fund. “Her willingness to serve as a catalyst for this fund is critical and also speaks to her leadership, commitment and vision for the community. She’s always been such a critical part of West Michigan business success. But more important, her involvement speaks to the fact that she really wants to see equity and opportunity in the marketplace. I truly believe this will be a lasting part of her legacy.” 

A nationwide search will begin immediately to find a replacement. The Right Place has engaged Korn Ferry to manage the process.

“Birgit has set an extraordinarily high-bar of performance in her role with the Right Place, Inc.,” said Sean Welsh, chair of The Right Place, Inc. Board of Directors. “As a board, our responsibility will be to find someone who can build on the great economic foundation set in place by Birgit.”

Klohs credits her team and community leaders with much of the organization’s success.

“We have such a strong team at The Right Place, and they’re responsible for so much of our success. I sincerely thank and honor them for their expertise,” she said.  “And the leadership in this community is second to none. The people make West Michigan what it is, and our corporate and government leaders have always been there for us. 

“Finally, please know that I’m not going away or even slowing down. I will continue to be active serving this community on boards and through philanthropic efforts,” Klohs concluded.

5 things assisted living communities do for you (that you don’t want to do)

3-bottom, Citizen Journalism, Community Health, Health, Senior Living,
Courtesy Vista Springs Assisted Living

By Vista Springs Assisted Living


Summertime means barbecues, lake trips and fun in the sun with family and friends but it can also mean lawn mowing, weed pulling, bug killing and other (not so fun) tasks to keep your home or yard in shape. While they are not fun for anyone, for aging adults these tasks can become increasingly difficult. Moving to an assisted living facility can mean exchanging tedious and arduous home tasks for simply enjoying everything the summer has to offer.


What do you give up when you choose an assisted living community? Things you don’t want to be doing anyway.  

Home maintenance

Never change a light bulb again. Don’t worry about that leaky faucet and definitely don’t climb up on that ladder to clean the gutters. All the stuff you dread doing around the house, repairs, cleaning, leaky faucets, is taken care of when you live in a retirement community with a full of life focus.

Plan trips & activities

It’s great to take trips; it’s not always great to plan them. The effort of searching for something to do, researching parking, finding food in the area and figuring out transportation can often take away the joy of visiting a new place. So, let someone else plan the logistics for you while you simply tag along for the fun. No driving, no parking, no fighting traffic, just a good time.

Watch your house while you’re gone

If it’s always been your dream to travel in your retirement years, you don’t want to be burdened by the requirements of home ownership. Leaving a home behind for extended periods means keeping it safe and locked up, planning for yard maintenance while you’re away and worrying about what might happen while it’s empty. If you’re traveling during the winter, it’s your responsibility to keep your sidewalks clear, and snow build up on your home can often cause damage if not tended to immediately. When you’re traveling, you want to enjoy your time away. When you live in a community like Vista Springs, your home is taken care of, no matter where are.

Cooking

An elaborate meal tastes great, but the before and after can be tedious. Preparation can take hours and doing the dishes sometimes makes the meal more of a hassle than a reward. A luxury living community means a variety of exciting, healthy meals that you can enjoy with friends or family, without the hassle of preparation or cleanup.

Yard work

From raking to snow shoveling, yard work can take its toll on your back and joints and can make owning a home as you age a painful burden. Rather than paying a neighbor kid to shovel the sidewalk every time it snows or watching the leaves pile up while you dread getting out the rake, depend on your community to create and take care of a lush and beautiful landscape.


Reprinted with permission from Vista Springs Assisted Living.



The 7 best retirement hobbies for creative types

3-bottom, Citizen Journalism, Community Health, Health, How-To's, Senior Living, , ,
Courtesy Vista Springs Assisted Living

By Vista Springs Assisted Living


After retirement, you might discover that you have more time on your hands than originally expected. In order to fill that time, many seniors start exploring new hobbies and activities. But many common activities like golfing, traveling, and fishing aren’t geared towards seniors who would rather stay at home than go out.


Luckily, there are plenty of senior hobbies that don’t need a lot of time, money, or physical capability, and can take place in your own living room. Retirement offers a perfect opportunity to learn new skills, so take a look at these seven different retirement hobbies that are perfect for creative types.

1. Painting and drawing

Creating artwork like paintings and drawings is an activity that has almost no limitations on what can be created. From watercolors to acrylics to oils to charcoals, there are countless mediums of art, so you can find the perfect one that works best for you.


Local community centers typically have plenty of art classes that are great for beginners. These also provide seniors with a new way to get out of the house and socialize with others. Whether you go big with canvases and materials or keep it simple with a few pencils and paper, painting and drawing can help you feel relaxed and calm while helping you build your artistic skills.

2. Crafting

Crafting is another example of a creative activity that doesn’t require a lot of mobility or physical effort, and it includes all kinds of hobbies such as:

  • Jewelry making
  • Needlework
  • Beadwork
  • Scrapbooking
  • Knitting
  • Soap and candle making
  • Crocheting
  • Creating home decor items

Crafting can also be a way to make a little extra money after retirement. Going to craft shows or selling your items online can be a fun way to earn some extra cash while exploring a new activity and meeting plenty of new people.

3. Cooking

There are almost an unlimited number of ways to learn new cooking skills, from looking at old family recipes to watching cooking shows to swapping ideas with friends. There’s so many recipes out there that everyone from the most basic beginner to seasoned experts can find something new to work with.


Cooking also provides seniors with a way to take control of their health, explore different cuisines, and share meals with others. Whether you’re gaining a few basic cooking skills or perfecting your talents, retirement is a perfect time to explore new cooking opportunities. Looking for some great beginner recipes to get started with? Click the link below to try some healthy options!


15 Easy and Healthy Recipes

4. Pottery

Pottery is an often overlooked but incredibly satisfying hobby. It typically requires a significant amount of time, which makes it a perfect creative outlet for retired seniors who can now afford to dedicate the necessary hours to create ceramics. 


Like many other crafting opportunities, pottery gives seniors a chance to earn some additional income by selling their wares either online or at festivals and craft shows. Pottery can create useful items like bowls, plates, and vases, or fun home decor items and abstract art pieces. 

5. Woodworking

If you like a hands-on approach to retirement hobbies and want to try something a little out of the box, then woodworking might be the best option for you. While getting the right tools can be an expensive up-front cost, woodworking is a wonderful creative outlet that your friends and family might not have seen before.

6. Gardening

If you think that all gardening involves kneeling down in the dirt and having to perform back-breaking labor, then you would be wrong! Gardening can take place out of doors in flower beds, but it can also be adapted to meet a senior’s needs, especially if getting up and down is difficult. 


Container gardening is a great way to get enjoyment out of planting and growing your own flowers or vegetables without having to perform as much physical labor. Raised containers like planters, baskets, and pots can help you protect your back health, and can take place both indoors and outdoors. 

7. Writing

As you age, you might discover that there are many things you want to record and preserve for posterity. Or you might have some creative ideas that you want to explore through writing. Either way, there’s never a better time to start than today!


Writing can include everything from novels to poems to short stories, as well as everything in between. If you are looking for a good place to start, then consider reminiscence writing as a way to help you connect to past events while providing helpful therapeutic results. 


Reprinted with permission from Vista Springs Assisted Living.



Should you stay in your state for retirement?

3-bottom, Citizen Journalism, Community Health, Health, How-To's, Senior Living,
Courtesy Vista Springs Assisted Living

By Vista Springs Assisted Living


We’ve all seen, heard, or perhaps even dreamed about the picture-perfect retirement: sunny skies, warm nights, brunch in the morning, cocktails in the evening. For retirement-aged adults after World War II, relocation to destination retirements was made possible by the additional savings that Medicare allowed on top of Social Security a few decades earlier. Add on the pensions from employer loyalty, and it’s easy to see why “the good life” picture of retirement was popular. Nowadays, aging adults may not have the means for the retirement life that existed in the ’60s, but staying in your state doesn’t mean settling for second best. Here’s why:

Memories keep you sharp and happy

A study from the University of Pennsylvania in 2013 reported that being in a place associated with a particular memory allows people to recall that memory more clearly. For example, think about how you might feel around your old neighborhood, or at an orchard that your family went to every year. This relationship between spatial and episodic memory means that being in a place with rich memory associations exercises your hippocampus, strengthening the brain’s ability to remember more for longer. While making new memories in a new place can be fun and exciting, there’s more to staying in your state for retirement than comfort and nostalgia. If you’re worried about memory loss as you age, familiar places can help you stay sharp.

Family, friends, networks, support

While life can carry us and our families and friends anywhere, chances are that wherever you are, you have a network of loved ones, work relationships, acquaintances, and connections. The benefits of having established relationships with the people around us are pretty obvious, as staying social in retirement can aid memory, keep you active, and entertain, but there are other ways that keeping your network into retirement can make your life easier.


More and more retirees are choosing to continue working in some capacity for longer. While the idea of working past retirement may make you cringe, part-time work, consultancy, and even entrepreneurship can help give life focus and increase self-sufficiency for aging adults. And even after you’ve retired from your career, your network of friends, business contacts, and coworkers can help you find the right gig in a market where half of all available jobs are never posted.


Staying near family and friends also means having support, no matter what. Your network can help with little, everyday things, like getting a ride to the doctor’s office, or watering your plants when you take a vacation. It’s possible to make new connections after a move for retirement, but nurturing existing relationships is usually easier, more fun, and more relaxing.

Smaller moves, less stress

We’ve explored before how choosing assisted living Michigan communities can enrich retirement life, and when the community is close to home, it’s so much easier. A short distance move is more affordable and less stressful than packing up and moving to a different state. Not only is moving easier, but staying in your state means no difficulty making arrangements for cars, personal IDs, insurance, and more. You may ask yourself, “Why relocate to assisted living near me when I can just stay in my home?” Aging in place is becoming a popular option for many retirees, and it may be right for you, but there are many considerations to take into account: check out our comparison here.


As another cold winter approaches, you may be dreaming of a warm-weather retirement, but there’s so much more to staying in Michigan than meets the eye. Like a cozy blanket and a hot drink on a snowy night, there’s comfort and joy in staying in your state for retirement.


Reprinted with permission from Vista Springs Assisted Living.


How Do You Know When It’s Time to Retire?

3-bottom, Citizen Journalism, Community Health, Senior Living, , , , , ,

Courtesy Vista Springs Assisted Living

 

By Vista Springs Assisted Living

 

The Baby Boomer generation officially arrived on the doorstep of retirement age back in 2011, and an estimated 10,000 people are now retiring daily. But while 65 is understood to be the age of retirement, many aging adults are choosing to delay retirement living. Given the unclear nature of retirement age, many people are struggling with the question of when to make the leap. Here are five factors to consider when deciding when to retire:

1. Your Health

Taking a hard, honest look at your health can be difficult, but knowing exactly what is happening with your body and mind should be a priority when considering retirement. If you’re hale and hearty, working for a few more years could mean more savings for a long and enjoyable retirement, but if your health is less than ideal, it may be worth it to retire earlier than later in order to get started on all the experiences you’ve put off until you had the time. In addition, keep in mind the health of your spouse, friends, and family members: you may not want to work through their healthy years, regardless of how much longer you’re able to.

2. Your Finances

While some experts are questioning the four percent rule, and it may not apply to some people’s specific situations, it still offers a basic guideline for how to plan your finances for retirement. The four percent rule states that in your first year of retirement, you should budget 4% of your savings for your annual spend; for every subsequent year, budget 4% with inflation factored in. You should also include any investments into your calculations, and keep a sharp eye on the markets – investment returns can be critical during the first ten years of retirement.

3. Healthcare Costs

$275,000: that’s Fidelity’s estimate for how much a retired couple will spend on healthcare over the course of their retirement. While that number may be shocking, it’s also a very real part of the costs of retirement, and something you need to plan for. Ensuring that you have the insurance and the savings to deal with general health care as well as any health issues that may arise is crucial to choosing a time to retire.

4. Social Security Benefits

Another factor to consider is the possibility of social security benefits. If you were born after 1943, you can expect an eight percent increase in benefits for each year you work after 65; if you choose to retire earlier, benefits are reduced. Increases cease at age 70, so waiting to claim benefits until then would yield maximum benefits. But be strategic: depending on other factors retiring at 70 could be unrealistic or even impossible.

5. Your Family

While the decision of when to retire is highly personal, you should also factor in the important relationships in your life. Be sure to have clear and honest discussions with your spouse or significant other as to what you want your retirement to look like. Retirement living can take the shape of traveling or relaxing, being with family or spending time on personal goals, and if you and your spouse have different visions of retirement, you may want more time for planning.

 

Your health, personal finances, investments, and relationships all factor into when you retire, and the truth is that there’s no longer a single age at which people can expect to retire. Talk with your family, doctors, and financial advisors on what time works best for you.

 

Reprinted with permission from Vista Springs Assisted Living.

Can our medical system meet the needs of a growing senior population?

3-bottom, Citizen Journalism, Community Health, Education, Health, Senior Living, , , ,

Courtesy of Vista Springs Assisted Living

By Vista Springs Assisted Living

 

It’s been several years since Boomers began reaching the age of retirement, and the reality of our society’s lack of preparedness to deal with the influx of retirees over the next decade has become impossible to ignore. This issue has come to be known as “The 2030 Problem,” and one of the main points of concern is the ability of our medical system to address the needs of so many seniors. So what are the current and impending problems with the availability of senior health care services?

Healthcare Professionals

We’re already facing a shortage of primary care physicians in the United States, and the issue is only going to get worse according to the Association of American Medical Colleges. By 2030, we could be facing a shortfall of as many as 43,000 primary care physicians across the country, and the problem is expected to be worse for people living outside large population areas and patients using government health care assistance programs such as Medicare and Medicaid.

 

On top of this, it’s not only primary care where shortages are projected, but also specialized healthcare professionals such as surgeons and geriatricians. Demand for specialty healthcare services is projected to require as many as 61,000 more physicians than will be practicing in 2030, an even steeper disparity than primary care.

Caretakers

Not only are healthcare professionals going to be in short supply, the number of both professional and unofficial caretakers may not be sufficient for the rising senior population. Many seniors rely on a network of family and friends to help with activities of daily living as they age, but research from the AARP reports that the ratio of potential caregivers to retirees will fall from 7:1 in 2010 to 4:1 in 2030. Soon-to-be retirees planning to rely on family for care may not have as much success as they hope, and will most likely need turn to assisted living or another formal care option as they find they need more assistance with activities of daily living.

 

Formal care faces its own challenges in this new population of retirees, however. The United States is projected to become majority minority by 2043, and the current generation of soon-to-be retirees is certainly more diverse than their predecessors. However, projections in senior health care professions speculate that formal caretakers are not on a course to become similarly diverse. Fortunately, studies on the implementation of cultural competency training in senior care settings have shown that culture barriers can be overcome.

Diseases and Conditions

There has been a dramatic shift in the leading causes of death in the last century. From the early 1900s to now, infection-caused diseases such as influenza and pneumonia have given way to noncommunicable, chronic conditions such as heart disease and cancer as the leading causes of death in the United States. Elderly populations are at high risk for both of these conditions, as well as other conditions that fall into the ten leading causes, such as stroke and Alzheimer’s disease, simply due to the way the human body ages. And while rising life expectancies are a triumph for medicine, longer lifespans do present the need for a change in our approach to healthcare.

 

The issue is that many of these diseases and conditions don’t have cures, and in some cases, don’t even have effective research-based treatments. So, even if the barriers to senior health care access were to be removed, retiring adults are facing the issue of manageable, but not treatable, chronic illnesses.

Care Focuses

Related but not synonymous to the shift in prevalent diseases is the focus of healthcare in senior populations. According to the CDC, about half of all adults in the United States are managing one or more chronic health conditions, with one in four living with at least two. Known as comorbidity, the presence of two or more chronic diseases or conditions presents a unique challenge to healthcare providers, as they need to understand not only how to treat the diseases separately, but also how the diseases present, interact, and even worsen when experienced simultaneously.

 

This shift in focus to comorbidity requires a much more consistent and frequent approach to seeking and obtaining healthcare, as opposed to the reactionary model experienced by many US adults. While ongoing healthcare may be a better model, the associated costs of frequent physician visits may be prohibitive to seniors who may already be facing a crisis of affordability.

Affordability

According to a report by Fidelity, healthy, retirement-aged couples can expect to spend $245,000 on healthcare costs over the course of their retirement – and other sources suggest that this estimate may be conservative. Baby Boomers have an average of only $147,000 saved for retirement, leading to natural concern about the high cost of retirement living, and experts suggest that government assistance programs like Medicare will not be able to sustain the retiree boom.

 

The picture of senior health care in the coming decade looks bleak, but it’s important to remember that our society faced similar questions of economic strain when faced with caring for the Baby Boomers as children. While it’s important to keep the challenges of retirement in mind as we move towards 2030, it’s also important to not lose sight of the joy that the Golden Years can bring. By facing projected issues now, we can prepare for the needs of seniors for years down the line.

 

Reprinted with permission from Vista Springs Assisted Living.

The Importance of Guaranteed Retirement Income

3-bottom, Citizen Journalism, Community Health, Education, How-To's, Senior Living, , , , , ,

Courtesy Vista Springs Assisted Living

By Vista Springs Assisted Living

 

For most adults reaching retirement age, finances are looking pretty grim. By most studies, more than half of the Baby Boomer generation isn’t financially prepared for retirement, and as many as 30% have no retirement savings at all. Experts are worried about how new retirees will fare, or if retirement as we currently think of it will even still exist. So if savings can’t save the day, what can?

Why do you need it?

While many of the people who have been retired for a while have managed to maintain their nest egg while enjoying pre-retirement lifestyles and spending habits, younger retirees and adults approaching their full retirement age shouldn’t count on the same fortune. Americans nearing retirement have a median retirement savings of about $147,000, which is more than $500,000 shy of the amount that experts project is necessary for a comfortable, financially stable retirement.

 

Sources of retirement income are one way that current and future retirees are dealing with their finances. From estimated medical costs as high as $280,000 to cost of living to travel and entertainment, there’s so many aspects of retirement that require financial security. So what can you do?

What are your options?

Social Security

The in’s and out’s of Social Security can be difficult to navigate. If you’ve already claimed your benefits and have been receiving monthly payments for a year or more, the amount you can receive each month is more or less locked in aside from cost-of-living increases. If you haven’t claimed yet, or if you’ve been receiving benefits for less than a year, you have some choices to go over with your financial advisor.

 

First, the age at which you claim benefits has a huge effect on how much money you’ll receive each month. At the minimum age of eligibility, 62, your benefit could be reduced by as much as 25-30%, depending on your full retirement age (FRA). Then, at your FRA, you can receive your full benefit with no reductions. Or, for every year you wait to claim after your FRA and up to age 70, you can earn an 8% bonus to your benefit. Everyone’s situation is different, so one age is not necessarily always better than another, but many financial planning experts advise waiting and betting bonuses if your health and financial situation will allow.

 

Employer Pensions

Today, employer pensions are becoming rare, but they do still exist. Public service workers, such as the police force, firefighters, judges, and public teachers have always had pension plans, and other government positions also offer pensions. Because pensions are part of an employee’s compensation package, the amount of retirement income they provide varies based on industry, position, and even from person to person.

Retirement Accounts

While you can open your own retirement accounts, they are generally associated with employer-provided benefits. These benefits, such as 401(k)s, 403(b)s, deferred comp plans, SIMPLE or SEP IRAs, and more, may not be income like pensions are, but function in much the same way after retirement. You are required to withdraw a minimum amount per year after age 70½, though earlier withdrawals may help reduce your lifetime tax bill. Transfers can be done in a lump sum (though we don’t recommend it), quarterly, monthly, or on a different schedule as long as the minimum is met annually.

Savings Accounts

Your personal savings aren’t actually guaranteed income, but barring emergency expenses, you should treat money you withdraw about the same as you treat Social Security payments or retirement account withdrawals. Budget your spending and pay yourself a monthly paycheck from your savings account, and don’t go over that budget. The main difference is that you can withdraw more money if you need to, in case of an emergency medical expense for example, whereas other sources of retirement income generally pay out a regular amount that you have little to no control over.

Annuities

Annuities are somewhat unique in this list, as they can be obtained after you’ve already retired, and some, like fixed indexed annuities, have the option to be truly guaranteed retirement income, meaning that you will always receive income from them regardless of your financial situation, the markets, and other variable factors. There are different types of annuities that may be better or worse for your needs, which you should discuss with a financial advisor.

Part-time Work

And of course, one way to earn retirement income is simply by earning income from a job. There are many part-time work opportunities that allow retirees to supplement their savings while still maintaining a retirement lifestyle, and more retirees are becoming entrepreneurs for enjoyment and income. Continuing to work isn’t part of the traditional picture of retirement, but it’s quickly becoming more common.

 

While retirement savings across the board aren’t where they should be, a financially stable retirement is possible with enough planning. Take stock of your options for retirement income, and speak with a financial advisor to get the clearest picture of your finances.

 

Reprinted with permission from Vista Springs Assisted Living.

 

Charitable giving under new tax laws: Understanding the Donor-advised Fund (DAF)

3-bottom, Citizen Journalism, Education, How-To's, Non-Profits, Our Cities, Politics, Senior Living, , , , , , , ,

By Ellen A. Winter, Grand Wealth Management

 

No matter how the 2017 Tax Cuts and Jobs Act (TCJA) may alter your tax planning, we’d like to believe one thing will remain the same: With or without a tax write-off, many Americans will still want to give generously to the charities of their choice. After all, financial incentives aren’t usually your main motivation for giving. We give to support the causes we cherish. We give because we’re grateful for the good fortune we’ve enjoyed. We give because it elevates us too. Good giving feels great – for donor and recipient alike.

 

That said, a tax break can feel good too, and it may help you give more than you otherwise could. Enter the donor-advised fund (DAF) as a potential tool for continuing to give meaningfully and tax-efficiently under the new tax law.

 

What’s Changed About Charitable Giving?

To be clear, the TCJA has not eliminated the charitable deduction. You can still take it when you itemize your deductions. But the law has limited or eliminated several other itemized deductions, and it’s roughly doubled the standard deduction (now $12,000 for single and $24,000 for joint filers). With these changes, there will be far fewer times it will make sense to itemize your deductions instead of just taking the now-higher standard allowance.

 

This introduces a new incentive to consider batching up your deductible expenses, so they can periodically “count” toward reducing your taxes due – at least in the years you’ve got enough itemized deductions to exceed your standard deduction.

 

For example, if you usually donate $2,500 annually to charity, you could instead donate $25,000 once each decade. Combined with other deductibles, you might then be able to take a nice tax write-off that year, which may generate (or be generated by) other tax-planning possibilities.

 

What Can a DAF Do for You?

DAFs are not new; they’ve been around since the 1930s. But they’ve been garnering more attention as a potentially appropriate tax-planning tool under the TCJA. Here’s how they work:

  1. Make a sizeable donation to a DAF. Donating to a DAF, which acts like a “charitable bank,” is one way to batch up your deductions for tax-wise giving. But remember: DAF contributions are irrevocable. You cannot change your mind and later reclaim the funds.
  2. Deduct the full amount in the year you fund the DAF. DAFs are established by nonprofit sponsoring organizations, so your entire contribution is available for the maximum allowable deduction in the year you make it. Plus, once you’ve funded a DAF, the sponsor typically invests the assets, and any returns they earn are tax-free. This can give your initial donation more giving-power over time.
  3. Participate in granting DAF assets to your charities of choice. Over time, and as the name “donor-advised fund” suggests, you get to advise the DAF’s sponsoring organization on when to grant assets, and where those grants will go.

Thus, donating through a DAF may be preferred if you want to make a relatively sizeable donation for tax-planning or other purposes; you’d like to retain a say over what happens next to those assets; and you’re not yet ready to allocate all the money to your favorite causes.

 

Another common reason people turn to a DAF is to donate appreciated stocks in kind (without selling them first), when your intended recipients can only accept cash/liquid donations. The American Endowment Foundation offers this 2015 “Donor Advised Fund Summary for Donors,” with additional reasons a DAF may appeal — with or without its newest potential tax benefits.

 

Beyond DAFs

A DAF isn’t for everyone. Along the spectrum of charitable giving choices, they’re relatively easy and affordable to establish, while still offering some of the benefits of a planned giving vehicle. As such, they fall somewhere between simply writing a check, versus taking on the time, costs and complexities of a charitable remainder trust, charitable lead trust, or private foundation.

 

That said, planned giving vehicles offer several important features that go beyond what a DAF can do for a family who is interested in establishing a lasting legacy. They also go beyond the scope of this paper, but we are happy to discuss them with you directly at any time.

 

How Do You Differentiate DAFs?

If you decide a DAF would be useful to your cause, the next step is to select an organization to sponsor your contribution. Sponsors typically fall into three types:

  1. Public charities established by financial providers, like Fidelity, Schwab and Vanguard
  2. Independent national organizations, like the American Endowment Foundation and National Philanthropic Trust
  3. “Single issue” entities, like religious, educational or emergency aid organizations

Within and among these categories, DAFs are not entirely interchangeable. Whether you’re being guided by a professional advisor or you’re managing the selection process on your own, it’s worth doing some due diligence before you fund a DAF. Here are some key considerations:

 

Minimums — Different DAFs have different minimums for opening an account. For example, one sponsor may require $5,000 to get started, while another may have a higher threshold.

 

Fees — As with any investment account, expect administration fees. Just make sure they’re fair and transparent, so they don’t eat up all the benefits of having a DAF to begin with.

 

Acceptable Assets — Most DAFs will let you donate cash as well as stocks. Some may also accept other types of assets, such as real estate, private equity or insurance.

 

Grant-Giving Policies — Some grant-giving policies are more flexible than others. For example, single-entity organizations may require that a percentage of your grants go to their cause, or only to local or certain kinds of causes. Some may be more specific than others on the minimum size and/or maximum frequency of your grant requests. Some have simplified the grant-making process through online automation; others have not.

 

Investment Policies — As touched on above, your DAF assets are typically invested in the market, so they can grow tax-free over time. But some investments are far more advisable than others for building long-term giving power! How much say will you have on investment selections? If you’re already working with a wealth advisor, it can make good sense to choose a DAF that lets your advisor manage these account assets in a prudent, fiduciary manner, according to an evidence-based investment strategy. (Note: Higher minimums may apply.)

 

Transfer and Liquidation Policies — What happens to your DAF account when you die? Some sponsors allow you to name successors if you’d like to continue the account in perpetuity. Some allow you to name charitable organizations as beneficiaries. Some have a formula for distributing assets to past grant recipients. Some will roll the assets into their own endowment. (Most will at least do this as a last resort if there are no successors or past grant recipients.) Also, what if you decide you’d like to transfer your DAF to a different sponsoring organization during your lifetime? Find out if the organization you have in mind permits it.

 

Deciding on Your Definitive DAF

Selecting an ideal DAF sponsor for your tax planning and charitable intent usually involves a process of elimination. To narrow the field, decide which DAF features matter the most to you, and which ones may be deal breakers.

 

If you’re working with a wealth advisor such as Grand Wealth Management, we hope you’ll lean on us to help you make a final selection, and meld it into your greater personal and financial goals. As Wharton Professor and “Give and Take” author Adam Grant has observed, “The most meaningful way to succeed is to help others succeed.” That’s one reason we’re here: to help you successfully incorporate the things that last into your lasting, charitably minded lifestyle.

Metro Health president & CEO announces transition plan for retirement

3-bottom, City of Wyoming, ,

Michael Faas

By Jennifer Hoff

Metro Health – University of Michigan Health

 

Michael Faas, President & CEO of Metro Health – University of Michigan Health announced his retirement today.

 

Mr. Faas began in his role at Metro in July of 1994 and has just completed his 23rd year. Some of the more important milestones of his tenure include:

 

  •   Establishing an early Physician Hospital Organization (PHO) which has now evolved into a CIN (Clinically Integrated Network).
  •   The first mid-size community hospital in the U.S. to access EPIC – the gold standard electronic medical record now serving over 50% of all U.S. hospitals.
  •   Employing the first doctors at Metro (currently 225 providers employed).
  •   Establishing the first neighborhood outpatient facilities (putting doctors andhospital services into neighborhoods, now 18 locations).
  •   Relocating Metro Health Hospital to a new site 8 miles from Grand Rapids toWyoming. First hospital in the state to relocate more than two miles from original location.
  •   Establishing choice in the west Michigan market by affiliating with theUniversity of Michigan.
  •   Creating Metro Health Village (dedicated to protecting the environmentthrough LEED projects). 

Faas plans to serve into the 2018 calendar year as the search for his replacement is underway. The transition plan is now underway but expect no slowdown in Metro’s growth or moving full speed ahead on strategic initiatives. Faas commented that it was an honor and a privilege to work beside so many wonderful people who always put what was best for the patient and the community first. Those who wrk at Metro Health truly have always had a passion for what they do and how they do it, he said.

 

 

 

Superintendent Announces Retirement

3-bottom, Area Education, Education, Local Faces, , , , ,

DavidBrittenBy: Erin Albanese — School News Network

 

The way Superintendent David Britten approaches his job is hands-on, vocal and in a way that touches others’ lives. He’s at many athletic and extracurricular events, he’s outspoken about issues that affect students, teachers and classrooms, and he’s known for encouraging every child he meets.

 

Britten will continue to work hard to improve the lives and education of students while heading the small, low-income district until June 30, 2017, when he plans to retire, he recently announced.

 

Britten, 61, in his eighth year as superintendent, said his retirement will come after two lengthy careers in education and the military.

 

“I have as of this year had 42 years of two very stressful careers,” Britten said. He noted that he loves the intellectual part of serving as superintendent and working directly with students, but is tired of dealing with the state government on education issues and budgets.

 

His Heart is with Students

 

Britten is a vocal leader in the district and a public-education advocate. He is known for speaking out on many issues that affect education, and for his familiar presence in school buildings, at athletic events and extracurricular activities.

 

“I don’t know if I’d be retiring if I was still principal at Lee Middle/High School,” he said. “There’s a lot of energy to be derived from being around kids.

 

“It gets harder and harder to do that in this job,” he added. “As more and more requirements come down from Lansing, and as we have to keep squeezing our budget and cutting administrative costs, I have to take on more roles that keep me from being around kids.”

 

A graduate of Grand Valley State University, Britten was an Army reservist for eight years starting at age 19. He taught at Muskegon Catholic Central High School for two years before beginning active duty in the U.S. Army, which was his career until he took early retirement in 1995.

 

After that, Britten served for six years in Wayland Public Schools as an elementary principal. He then served as Lee Middle School principal from 2002 to 2004, which evolved into a combined post as Lee Middle/High School principal until 2008.
Big Shoes to Fill

 

Godfrey-Lee School Board President Eric Mockerman said the board is in the process of determining how to proceed with a search for a replacement, possibly with help from a search firm or adviser. The board is surveying parents and staff members about what they would like to see in Britten’s successor.

 

Plans are to post for applicants early next school year, conduct interviews around January and make an offer by spring break. “We really want to have someone coming into place by March or April of next year so we can have a couple months of transition,” Mockerman said.

 

Mockerman hopes choosing a new leader will be a tough decision. “We have a lot to offer at Godfrey-Lee and I’m hoping we get some really good candidates,” he said.

 

Britten is leaving “big shoes to fill,” he added. “It’s a tremendous loss. He’s been a tremendous and visionary leader for the district.”

 

The district is in the first full year of a human-centered design process, which involves exploring ways to revamp education in the district. Britten said he’s confident the process will continue after his departure.

 

“That was a big push by Dave to change the way we as a district think and go about educating kids,” Mockerman said.

 

Rebranding Godfrey Lee

 

Britten has been an active presence in the district, which consists of a majority of Hispanic students, as it has grown from 1,400 to 2,000 students since 2002. It has also experienced a large increase in the percentage of students who qualify for free and reduced lunch, now at 95 percent, and in those who live in poverty, at 37 percent.

 

Britten has been at the helm during efforts to beautify the district, equip it with technology on par with more affluent schools and build community support. He also implemented a plan that helped turn high school achievement around after it was designated a Priority School, meaning among the lowest 5 percent in achievement, according to the state’s Top-to Bottom list rankings in 2010. The designation was lifted last year.

 

“The most rewarding part about being superintendent has been being able to rebrand this district,” Britten said. “It’s a much more successful district than people thought it was… It had a bad image. Now it’s a place people want to come to.”

 

Mockerman said Britten’s commitment is remarkable. “He’s been an amazing example of how involved people can be. He is deeply involved in the lives of the kids. He’s at every event going on.

 

“He lives for the kids. It’s amazing.”

 

Be sure to check out School News Network for more stories about our great students, schools, and faculty in West Michigan!

Wyoming Deputy Manager Receives Heartfelt Farewell

Local Faces, Our Cities,

by Deb Havens

From left to right: Eric Van Duren (son), Barbara Van Duren, Elliott Van Duren (Grandson, 3), Kevin Van Duren (son)
From left to right: Eric Van Duren (son), Barbara Van Duren, Elliott Van Duren (Grandson, 3), Kevin Van Duren (son)

Most of us respond to stories about our government with a cynical eye roll. We don’t expect much from our leadership these days outside of gridlock and frustration. Barbara Van Duren, 58, Wyoming Deputy City Manager for the last 14 years and 7 months, makes you feel differently. Ironically, this story is about her retirement from government service, recently celebrated at the Wyoming Public Library to make room for the crowd of family, friends, and fellow employees who attended.OLYMPUS DIGITAL CAMERA

 

Barbara is leaving to spend time with her husband, John Crofoot, 8 years older than she, who called in a promise she made several years ago. “I told him I would retire when I turned 55, but I stretched that to age 58,” she admitted.  She was having too good a time on the job to leave.

 

One project close to her heart is 28 West, the re-development of 28th street to compete with shopping opportunities at Woodland and Rivertown malls. “28th street needs a facelift,” she said. For the last 4 years, Barbara has worked on an upgrade to the Wyoming Village Mall at 28th and Michael, slated for a grand re-opening Christmas 2015. The addition of Crescent Street will add a more shopper-friendly environment with easy parking and walkable access to shopping and dining on both sides of the tree-lined street, a prospect Barbara finds, “very exciting!”

 

Barbara agrees her enthusiasm for government service may be quite different from the average citizen’s. “When people hear about government, it’s generally the state or federal government. They rarely hear about local, but that’s where we put boots on the ground – we get the snow plowed, we work closely with the public so our community remains vibrant.”

 

Local government also faces dramatic challenges more threatening to the future than a heavy snowfall.  Such was the case after the GM plant closed.  Rather than being paralyzed by the prospect of job loss, a situation that affected much of the east side of the state, the Wyoming team swung into action immediately.  “We took control of the property right away. We were the first to have the plant demolished and ready for someone new to come in. It’s ready now for redevelopment. ” Even a challenge this size did not diminish Barbara’s enthusiasm. “I loved my work. It was always diverse with something new to do.”

 

In fact, Barbara’s job has been such a fulfilling experience she feels a certain anxiety leaving it. “What I’ll miss most will be the people who work here. It sounds like a cliché but it’s true – they’re like family to me.”  Based on the retirement ceremony her colleagues planned for her, they feel the same way.

Barbara Van Duren accepts special gift of flags from Mayor Jack Poll.
Barbara Van Duren accepts special gift of flags from Mayor Jack Poll.

 

Attended by community leaders including Mayor Jack Poll, police and fire officials, as well as people who worked every day with her, Barbara was celebrated with speeches, a retirement clock, and a special surprise: The U.S. flag and the Wyoming flag that had flown over the city that day were passed around the room so all attendees could put their hands and their hearts into the memories they shared with Barbara of serving the city together. “I had tears in my eyes,” she said, “and I still can’t sleep at night thinking of the wonderful things they said about me.”

 

Barbara will have plenty to think about in the future. She and her husband plan to vacation in the west for 2 weeks, then travel to Alaska later this year. “We want to go while we’re still healthy and able to enjoy time with each other,” she said. The City of Wyoming is equally healthy, and for that, Barbara has earned our thanks as well as a rewarding retirement.