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Loved Ones Must Know Your Health Care Wishes

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wall art heart showing for health care let all you do be done in love

I’m sure that no one wants to read today’s article, but I’m hoping you will. 

This is not an “older person” article. It’s also not a “pandemic” article. It’s also not about having a will – although that’s a good idea. It’s not meant to cause alarm or panic. But if there was ever a time to say to ourselves, “If I got sick, do my family and friends know my health care wishes?” now would be that time. 

I’m saying this a bit tongue in cheek, but when Buzzfeed…you know, Buzzfeed as the source for all of those cutesy quizzes that fill our Facebook page…when Buzzfeed publishes an article titled “The Four Legal Documents that Everyone Needs to Plan for Their Future”, then pay attention. I don’t want to give the whole article away, but here are three of the documents they mention:

A living will is a written statement detailing how you would like your medical and health care treatment to be handled in the event that you’re unable to express it yourself. 

A healthcare proxy is a document that says who can make healthcare decisions on your behalf, when you’re not able to do so. 

A power of attorney is a written authorization for someone to represent you or act on your behalf when it comes to business or financial affairs. 

As you can see, these documents are very inter-related. It might take some time to figure out how you would like your health care treatment handled and who you would like to be your spokesperson. You also have to figure out if the person making the decisions about your medical treatments should be your power of attorney. And then of course, there’s the decision of backups in case your first choice isn’t willing or able to take on this responsibility. 

The point being, the process of putting these documents in place takes time. It’s also recommended to have an attorney create these documents for you, so you have to budget for that. The ideal time to do all of this is when you’re not under the pressure of having to do it. This requires careful consideration.

I’ve probably mentioned this before, but my father-in-law was the ultimate planner when it came to his health care and final wishes. He talked to us for years about it. When his health started to decline, we all knew his wishes and there were no questions. There were no squabbles amongst family members about decisions. Everyone was focused on the same things. 

As a result of COVID-19, I have a few friends who have already begun conversations with their children about their medical wishes should they become ill. I realize that no one wants to do this. But it can be a big relief to everyone to have these health care conversations and draw up these documents so there’s no confusion about what to do and who will be in charge of decision making. 

Image captured by Sharlyn Lauby while exploring the streets of Gainesville, FL

Financial Scams: 6 Ways to Protect Yourself and Your Loved Ones

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wall art protect your heart like from financial scams

More than 1.4 million fraud reports were filed in 2018 according to the Federal Trade Commission (FTC). In those reports, 25% of people said they lost money and the total amount of losses reported was approximately $1.48 billion. 

I recently listened in on the AARP webinar “How to Protect Your Loved Ones from Fraud”. Don’t let the fact that AARP hosted this event lead you to believe that seniors are only people susceptible to financial scams. In the FTC report mentioned above, younger people reported losing money more often than older people. The bottom-line is financial fraud can happen to anyone. 

During the webinar, the speakers shared several practical takeaways about protecting against financial scams that we could all use. 

  1. Stay current with the news. Last year’s scams might not be this year’s scams. A good case in point is the phone call scam that’s supposed to be from the Social Security Administration. This scam is so prevalent that the Social Security Administration is issuing warnings about it. Both the FTC and AARP have fraud alert resources on their website so you can stay informed about the latest tactics from scammers.
  2. Heighten your awareness about financial scammers. During the AARP webinar, they discussed the psyche of a scammer and reminded us that scammers are looking for individuals who are vulnerable, trusting, and are perceived to have wealth or valuable items. This doesn’t mean we can’t be nice. It does mean we need to pay attention to the world around us.  
  3. Screen your phone calls. Protecting ourselves from financial scams would be easy if they identified themselves on our phone’s caller ID. Unfortunately, they do not. It’s sad to say but it could be in our best interests to send calls to voicemail if we don’t recognize the caller. If you choose to do that, let close friends and family know this is your standard operating procedure so they don’t worry if you don’t answer right away. 
  4. Practice good technology usage. Today’s technology advances are wonderful but that doesn’t mean we should abandon the principles of good technology usage. For instance, having strong passwords for our accounts – especially ones where we have financial information stored – is essential. Also, making sure that the software on our devices is up to date. Outdated software could expose devices to malware or security breaches, which can lead to identity theft. 
  5. Research the credentials of financial advisors. It can make a lot of good financial sense to tap into the expertise of bankers, accountants, and financial advisors. Sharing your financial status with others is sensitive and personal. Knowing that your financial advisors are bound by a professional code of ethics is key. Individuals in the financial services industry should be prepared to discuss with you their experience and credentials. 
  6. Monitor your credit report. Don’t forget that the Fair Credit Reporting Act (FCRA) requires each of the nationwide credit reporting companies to provide you with a FREE copy of your credit report every twelve months. Other organizations use this information to evaluate your credit, insurance, employment, and housing. Even if you’re not planning to make a major purchase, make sure the information is accurate. 

My big takeaway from the AARP webinar was that these activities are things I should be doing anyway. We should stay current with the news. We should use technology, including our phones, in a safe and secure way. And we should check out the credentials of the people we work with. 

Consider this article to be a reminder of the things you should be doing to protect yourself from possible financial scams and fraud. Maybe you want to share this list with a loved one, so they remember to do these things as well. It’s easy to get settled into a routine and not be as diligent with keeping your software up to date. Or you ran the free credit report a few years ago but haven’t done it lately. Well, now’s the time to get back on track. No one wants to be the victim of a financial scam or fraud.

Image captured by Sharlyn Lauby while exploring the streets of Las Vegas, NV

What Is the SECURE Act and Why Should You Pay Attention

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typewriter showing Time to Hustle related to SECURE Act and retirement savings

Last month, the U.S. Congress passed a spending bill that included bipartisan legislation called the SECURE Act (aka Setting Every Community Up for Retirement Enhancement Act of 2019). The Act is focused on increasing the number of people saving for retirement and the amount they are able to save. The President signed the spending bill and the SECURE Act into law on December 20, 2019.

Like most new pieces of legislation, there are new things we don’t know and things we will discover over time. To get us familiar with the law, I’ve put together a round-up of articles on the subject.

What is the SECURE Act and How Could it Affect Your Retirement? I’ve become a fan of Investopedia’s daily electronic newsletter. This article from them shares how SECURE could change our individual retirement accounts (IRAs), 401(k)s, and required minimum distributions (RMDs). 

SECURE Act Alters 401(k) Compliance Landscape. You might not be a human resources professional like me but I often find the best way to learn about subjects is from the point-of-view of the person who has to administer programs related to them. This article from the Society for Human Resource Management (SHRM) explains how 401(k) administration will change.

The SECURE Act. Like the SHRM article above, the National Association of Plan Advisors (NAPA) has put together a resource page on the new law. It includes the actual legislation, news articles, etc. NAPA is an affiliate organization of the American Retirement Association, previously known as the American Society of Pension Actuaries. 

A new law is bringing big changes for retirement savers, especially parents. Michelle Singletary writes a nationally syndicated column focused on personal finance for the Washington Post. This article does a nice job of explaining the highlights of the law as well as some of the downsides to the new legislation. 

5 Things Affluent Retirees Should Do Now that the SECURE Act has Passed. Don’t let the word “affluent” in the title deter you from reading this piece from Kiplinger. Like the Washington Post article, the author provides practical suggestions for anyone who is retirement planning.

At times, retirement can seem so far away that it’s easy to push these articles to the bottom of the reading pile. Retirement planning is an important activity. At some point, we have to start carving out time for it. That way, when it’s time to take action, our learning curve won’t be quite as steep.

What do you think of the SECURE Act? What questions do you have about the new law? 

Spend Safely: Stanford Study on Retirement Planning Strategies

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If only we had a nickel for every article about financing retirement . . . well, let’s just say our retirement would be complete! Retirement planning strategies can vary widely for one important reason – everyone is different. What works well for you might not work at all for me. So, the best we can do is gather information, examine our own situation, and make educated decisions that will benefit us when we retire.

That’s why I was happy to come across the “Viability of the Spend Safely in Retirement Strategy” report on aging and retirement, published last month by the Society of Actuaries’ Committee on Post Retirement Needs and Risks. Don’t let the name of the report scare you away . . . my takeaway from the 80-page report can be broken down into two key areas:

  1. Optimize your Social Security benefits.
  2. Use the IRS Required Minimum Distribution (RMD) rules to generate a retirement “paycheck”.

First, a little background. The study was conducted by Stanford University, where they analyzed 292 possible retirement planning strategies, using eight different metrics to measure how a particular strategy might meet retirement income goals. The results of the study were published in 2017 with the goal of providing a framework for helping people approaching retirement age make important life decisions.

The first key point about optimizing Social Security benefits is pretty straightforward, and you probably know it already – hold off claiming Social Security payments as long as possible. You can draw payments as early as age 62, but there are financial advantages to waiting until the IRS mandated age of 70. That being said, I have been seeing quite a few articles lately extoling the virtues of claiming as early as possible, so do your research to determine what strategy works best for you.

Once you reach the Required Minimum Distribution (RMD) age, that’s when key point number two kicks in and you need to claim your Social Security payment. In addition, the Stanford report suggests that you also start collecting that retirement “paycheck” from your individual retirement account (IRA) or 401(K) account. How much you want to withdraw changes as you age, so make sure you know your IRS requirements. The report recommends at a rate of 3.65% of the total. Remember, you are only required to make the withdrawal – you don’t have to spend it. You have the option to pay income tax on the withdrawal and reinvest all or part of the after-tax proceeds, depending on your financial situation.

My takeaway from this report was that if we plan our financial strategy using this model, then we can use the time between age 62 and 70 to ease into phased retirement. This is what unretirement is all about! Talk with your employer to work out flexible scheduling and develop a plan to transition into a limited work arrangement. Employers are looking for ways to keep senior talent engaged so it could be a win for everyone. Or you could try a limited work arrangement in a field you’ve always loved.

The full report is not a difficult read so check it out if you can. There is a great section that points out the primary advantages and disadvantage of this strategy. And it’s important to remember that most investments are always subject to risks as well as bonuses depending on market fluctuations. I like that the study is the culmination of analyzing 292 retirement planning strategies. That can make it a good foundation for safe spending in your retirement.

How to Become More Media Literate

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blueprint drawing man woman shaking hands and media literate

Regardless of your politics, we’ve all been exposed to the concept of “fake news”. It might have been someone who shared an announcement that a celebrity has died, only to find out that it’s either not true or it happened four years ago. Or the news agency that labels an act of violence as terrorism before all the facts are in. Bottom-line: as much as technology and social media have enriched our lives, those tools have also created challenges in being media literate. 

So, each of us has been susceptible to misinformation on the internet. My guess is that it won’t be the last time. This isn’t something to be ashamed or embarrassed about. Even professional journalists have had it happen. And the answer isn’t to stop using the internet. It’s to get better about questioning what we read and see. 

I recently learned about a digital literacy project called MediaWise. The goal of the project is to teach 1 million teenagers how to sort fact from fiction via a course called “Civic Online Reasoning”. Don’t let the goal of educating teens keep you from being interested in this project. That being said, I’m not going to talk about the “Civic Online Reasoning” course today.

Instead, I want to talk about another course that was actually mentioned casually in a promotional video for MediaWise. CrashCourse Media Literacy is a 12-series program that focuses on how to consume and evaluate the media to become more media literate. After watching the Crash Course Media Literacy program, I would strongly recommend this course to anyone wanting to learn more about how the internet shapes our lives. 

The episodes are educational, informative, and sometimes funny. None of the episodes are longer than 10-minutes. I’d like to think that we can afford to take 10-minutes a day to learn more about the internet. And I’m not just talking about fake news. The program does a good job of defining what media is and how we need to think of it as more than Facebook or Instagram. I had several takeaways from this series that I believe will help me be a better media user.

Media literacy isn’t just about what we share. Yes, it’s important that we share only legitimate news. But it’s also important that we don’t assume the all the news we receive is always 100% complete. It’s possible that we’re only hearing a small portion of the news or the facts. And it’s our obligation as a media consumer to research the whole story. We can’t make informed decisions with a fraction of the facts. Granted, there might be times when we don’t get all the facts and we’ll have to decide what to do with that scenario as well. But sometimes, we can find more information if we go looking for it.

You should know what happens with your data. I’m not anti-marketing. I think it’s fantastic that marketing companies have access to consumer data that helps them make good business decisions. That being said, as a consumer, you do need to know what data you’re sharing with companies and what they have permission to do with it. I must admit, I was surprised that CrashCourse included a section on user data, targeting ads, and terms of service agreements. It made me realize that part of my responsibility in being media literate is understanding what happens with my data. 

Media consumers might find it helpful to understand the business of media. Another aspect of the program that I thought was interesting was the conversation about who owns what media and how media ownership can impact what information we see (or don’t see). The program also spent some time talking about which media entities are regulated by the government, which ones aren’t, and why we might want to know that information. Finally, it discussed about how media companies partner with the businesses that make our phones, computers, and televisions to form bundles and exclusive agreements, which may or may not benefit us the consumer.

The purpose of this article isn’t to scare anyone. It’s not to imply that anyone should close all their social media accounts. And it’s certainly not to say that marketing and media companies are doing anything wrong. The purpose of today’s article is to encourage people to become more aware about their relationship with media. The more aware we are about media, the more internet and media literate we can become. 

I am so pleased that I went down the rabbit hole of the internet and found CrashCourse’s Media Literacy program. I spend a lot of time on the internet. We write content that other people consume. It’s important that we’re responsible media publishers. And as individuals, we must learn how to be responsible media consumers. 

Image from the Sharlyn Lauby book Essential Meeting Blueprints for Managers

Make a Checklist of Your Wishes For Your Family

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For the last decade of my father-in-law’s life, every time we visited him, he would find an hour to chat with us about his final wishes. It was never on the first day or the last. It was never over dinner. But at some point, he would find a few moments to talk about what he wanted his final days to be like and how he wanted his matters handled by family when he was gone. 

Keith and I came to expect these little chats every time we visited him. 

Now that we’re getting older, we’re trying to figure out when we should start having those chats with people. First of all, it’s a great reminder that if you haven’t already thought about the executor of your estate…now’s a good time. And don’t let that term intimidate you. Whether you have $1 or $1M, somebody is going to have to handle your final affairs. 

AARP Publishing has a book out titled, “Checklist for My Family” by Sally Balch Hurme, J.D.. This 250-page book outlines ten areas of our life that we might want to consider documenting. Some of them are very predictable like life insurance, investments, and real estate. Others are more surprising such as items to destroy, rewards programs, and pet care. 

I’m sure for many, the task of handling a person’s final affairs is given to a child. Keith and I have an interesting dynamic to consider because we don’t have children. I found this book to be something that we could complete and leave it in a place for the executor of our estate to review. I love that everything is in a single book, so our executor only has to find one thing – the book. And we can keep the book in a safe place or mail it to our executor.

The book has two parts. The first part is my “to-do” list. This is where I need to review items, make decisions about how I would like things handled by family, etc. The second part is where I document those decisions. Looking back, my father-in-law was quite the planner and there were plenty of things he forgot to tell us. This book reminds me that while there are several major decisions to make, there are lots of smaller decisions to consider as well. 

If I have one criticism about the book, it’s that the author doesn’t put enough emphasis on technology. The book does reference digital assets, but most of us have multiple social media accounts, emails, etc. and at some point, somebody will be given the task of deleting my digital life. In future editions, I could see technology being a separate chapter versus just a few pages.

At some point in time, we have to start making plans for our final days. I can’t speak for anyone else, but I don’t want to rush those decisions. Having a checklist for family that I can pick up and put down at my leisure makes me feel in control. And isn’t that want we’re trying to do – be in control of how our affairs are handled. 

What We Are UP To in April 2018

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Fort Lauderdale, mural, UP, unretirement project, retirement, April

Disclosure: Occasionally we receive free products for review or include advertising links in posts, but no one impacts the honesty of our opinions.

Watching| The Perfect Scam

> Remember the movie “Catch Me If You Can”? Well, fraud expert Frank Abagnale is collaborating with AARP on a podcast series about America’s biggest scams. The series is designed to educate listeners on how scammers operate. I’m looking forward to listening in April…

Reading| About GDPR

> Just in case you missed it, back in 2016, the European Union passed the General Data Protection Regulation (aka GDPR). It’s scheduled to go into effect next month. Whether you live in the U.S, Europe, or another country, this law will have an impact on our data, privacy, and security. It’s worth paying attention to.

Remembering | Las Vegas

>I love visiting Las Vegas. It’s such a vibrant city. Lots of great food, dynamic shows and entertainment, and great people watching. But Las Vegas today is so different than Vegas decades ago. It’s fun to see the history of the city and tour places like the Neon Museum to remember the past. 

Working On| Book Marketing

> My third book, “The Recruiter’s Handbook: A Complete Guide for Sourcing, Selecting, and Engaging the Best Talent” was just released earlier in April at the Society for Human Management (SHRM) Talent Conference. So, we’re in full book marketing mode – writing articles and doing interviews. It’s very exciting.

Feeling| Ready

> We’ve been planning this move to Gainesville, Florida for well over a year. It’s nice to see positive movement toward our goal. I’m looking forward to doing some exploring in Gainesville and getting to know the city. And as much as I’ve liked living in Fort Lauderdale, it’s time.

Planning| Self-Care

> With several weeks of travel ahead (along with our move), Keith and I realize that taking care of ourselves is important. It could be a small as taking a few moments to play a favorite tablet game (We both like Bejeweled Blitz.) Or planning a trip to get in some serious rest and relaxation once this April move is behind us.

Loving| Cold Brew

> You guys know I’m a huge tea fan. But when it comes to a cold caffeinated beverage, my favorite is cold brew. I was recently in Portland, Oregon and got my fill of Stumptown Roasters. Luckily, I don’t have to wait for trips to Portland to get Stumptown – it can be found at the grocery store.

Geeking| Jigsaw Puzzle

> Growing up, I enjoyed jigsaw puzzles. For birthdays and Christmas, my father would give me jigsaw puzzles. We would always have a table in the family room with a big jigsaw puzzle on it. Now that I’m grown, I’m less inclined to do physical puzzles, but I have a jigsaw puzzle app. I can pick the puzzles I want, the number of pieces, etc.

What’s UP with you?