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My Mature Times - July 2013

My Mature Times - July 2013

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Published by Spotlight EP News
My Mature Times for today's active seniors.
My Mature Times for today's active seniors.

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Published by: Spotlight EP News on Jun 27, 2013
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Worried About Being a Bag Lady in Retirement?
Terry Savage
Are you worried about being a baglady in your old age?I recently read a survey from a pres-tigious financial services firm thatsaid 50 percent of women fear beinga bag lady. Wrong. I'm guessing thatfigure is much higher, maybe as highas 90 percent. It's a fear mostwomen share — the fear of beingdependent and alone and impover-ished in our old age.And if men were smarter, they'dworry too — unless they have aspouse to take care of them!In that context, I propose a new defi-nition of wealth:
 Freedom fromworry about money!
Think about itfrom your personal perspective, andespecially in the contest of retire-ment planning. Everyone will have adifferent definition of how much is"enough" to keep from awakening inthe early morning hours, wonderingif you will run out of money in your old age.So let me give you three simple tipsto put the concept of retirement"wealth" in perspective. "When I wrote my recent book, "TheSavage Number: How Much MoneyDo You Really Need to Retire?" Idescribed the sophisticated "MonteCarlo" modeling process offered bycertified financial planners, as wellas financial firms such as Fidelity,Vanguard and T. Rowe Price, thatare designed to give you an invest-ment and withdrawal plan to makeyour money last as long as you do.But here's an oversimplified, butstunning approach to figuring outyour "number." There's pretty gen-eral agreement that with appropri-ately diversified investments, youcan withdraw about 4 percent of your assets annually, and make themlast through a 30-year retirement pe-riod. Now, these are very rough numbers, but let's assume that you need$100,000 a year, after tax, to main-tain your current lifestyle.In order to withdraw that muchevery year, you'd need savings of about $2.5 million to be able tospend $100,000 a year — and makeyour money last your expected life-time!But, wait. If that "savings" is in a re-tirement plan, then you'll have to pay taxes when it is withdrawn. Thatmeans you'll need about $3.25 mil-lion in retirement plan savings to re-ceive $100,000 every year on net of taxes and have a pretty good chanceyou won't outlive your money.Of course, Social Security will con-tribute additional money, and so willany pension you have earned. Butstill that's a lot of money in today'sdollars. And that brings up the nextissue: the value of your dollar in re-tirement.Today, we enjoy very modest infla-tion. There's reason to worry aboutfuture inflation because of all themoney creation recently by the Fed-eral Reserve. But let's just stick withhistorical averages. Over the past 70years, the United States has had an
annual inflation rate of roughly 3 percent.Even at that low 3 percent rate infla-tion rate, the buying power of your money will be cut in half in just lessthan 25 years!Continues on page 4
   P   I   C   T   U   R   E   F   O   R   I   L   L   U   S   T   R   A   T   I   O   N   P   U   R   O   S   E   S   O   N   L   Y
Medical/Ostomy Supply, Inc.
Hablamos Español!
 We specialize in carrying thefollowing products for:
 Aids To Daily LivingInfusion/iv SuppliesNeedles/SyringesOrthopedic/Soft GoodsEnteral/NutritionalHome DiagnosticPersonal Protection/Safety Professional DiagnosticsSeating/CushionsTracheostomy Care Wheelchairs/Accessories Wound CareSkin CareUrological
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Monday thru Friday 8:00 am - 5:00 pmSaturday 8:00 am - 3:00 pm
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Annually, during the month of July, the International Museumof Art at the intersection of Montana Avenue and BrownStreet displays an exhibit that iscalled
“Happy Birthday Amer-ica”
. The shadow-box exhibit inthe entry area of the museumfeatures patriotic collectibleitems donated to the museum byLeon and Shannah Blevins. Thecouple appear at many events asUncle Sam and Aunt Sammie.On
Sunday, June 30, 2013
,from 2pm to 4pm there will bean opening reception at the mu-seum featuring Uncle Sam andAunt Sammie. Please join themand the staff of the museum toview the patriotic exhibit andthe many other artistic exhibitsthat will be on display at thetime.
: I am a widow in my late 70s and have pro-crastinated for way too long about getting my af-fairs in order. I now have a major health issue,which concerns me. I have discussed my assets,savings accounts, stocks and personal assets, butonly verbally. How can I get it done in a shortamount of time? Many families soon learn thatafter the second parent dies, WORLD WAR IIIoften breaks out among family members.Find a reliable person through your investmentsources or via your family who can process your wishes legally. It will be easier if you first make alist before your appointment.Based on your wishes, you will be offered manyoptions and timetables. In some cases, it is better to choose percentages of who inherits what be-cause appraisal values often change. In somefamilies, physical or mental issues may affecthow you want to make your distributions. Youwill also want to name your executor(s), familymember or other person whom you trust and beresponsible for transferring your gifts and paying possible taxes. Both state and federal authoritiesalways get the first checks.Alert your family to be patient. It often can takeup to a year to get the paperwork completed, evenfor relatively small estates. You are wise to pro-ceed ahead now!
 Doug Mayberry makes the most of life in a Southern Cali- fornia retirement community. Contact him adeardoug@msn.com.
Dear Doug By Doug Mayberry

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