How to save $56,000 a year

Recently we've been discussing costs of retirement communities with various friends who have made the move, or are anticipating one. The costs have ranged from $12,225/month to $6,500/month. All those figures are for less space than we have now, with no garage and little storage. Huge difference--we have a lot of stuff and freedom to come and go. And there's no guarantee those prices won't go up. All the facilities are nice, but some are downright luxurious!

Most offer the traditional amenities within these ranges. (The Cost of Living in a Retirement Community (investopedia.com)
"Retirement communities, also called “senior living communities” or “independent living communities,” are designed for people in their mid-50s and beyond who are desirous and capable of living independently and don’t require specialized medical care. These communities can offer different types of housing, including single-family homes, duplexes, condos, and apartments.

In terms of amenities, retirement communities can provide things such as:
On-site gyms and fitness centers
Cleaning and laundry services
Transportation services
swimming pool in house or access
Community recreational events
On-site dining [one meal a day is included in some of the prices]

Assisted living facilities and nursing homes, on the other hand, are for seniors who need some level of help managing daily life. That can range from assistance with basic chores, such as laundry or cleaning, to round-the-clock medical care.

A third type of community, called continuing care, offers a full range of services from independent living through assisted living, memory care and nursing home care. This allows residents to age in place regardless of their health needs going forward and can also accommodate couples in which one partner needs a higher level of care than the other."

So, I did some number crunching to determine how much it costs to live in our 2,600 sq. ft. condo

Condo fee and insurance, lawn care, snow removal $422/month  (figures for month)

AEP electricity $300

Water $40

Spectrum--wifi, cable, phone--$250

Real estate taxes $675

Cleaning $140

Estimated monthly cost $1,829

Opportunity cost--What the market value of our condo would earn if invested--unknown--perhaps $2,000/month--I'm not factoring this in, although my father would.

So even taking the bottom figure of $6,500/month or $78,000/year, we save about $56,000 a year by staying here as long as we can. That means, staying healthy.

AMA 10 resolutions for the New Year

AMA's 10 resolutions for the New Year. I'll need another list. Already have done all of these.

1. Know your risk for type 2 diabetes--
2. Be more physically active—
3. Know your blood pressure numbers—
4. Reduce your intake of processed foods, especially those with added sodium and sugar—
5. Take antibiotics only as prescribed--
6. Alcohol only in moderation, up to one drink per day for women and two drinks per day for men--
7. Quit tobacco and nicotine, declare your home and car smoke-free --
8. Properly dispose of any leftover medication and never share--
9. Stay up-to-date on vaccines—
10. Manage stress—

https://www.ama-assn.org/press-center/press-releases/ama-offers-10-health-recommendations-new-years-resolutions

10 tips for end of year planning

We may not be in a position to do #6 (gift up to $30,000 to an individual if married), but we all need to do #10, organize our records for 2019, and shred documents no longer needed for retention.

Also, in 2018, you can contribute up to $18,500 in your employer-sponsored retirement plan (i.e., 401(k), 403(b), most 457 plans, and the Federal government’s Thrift Savings Plan). Employees aged 50 or older who participate in such plans can contribute an additional $6,000 in "catch-up" contributions. #3

https://www.natlawreview.com/article/year-end-estate-and-financial-planning-checklist-make-your-list-and-check-it-twice

Elder abuse high in rural and tribal areas

Office of Justice Programs reports:  "Criminals tend to prey on seniors because of their retirement nest eggs," said Matt M. Dummermuth, OJP's Principal Deputy Assistant Attorney General, "and because seniors are often socially isolated, may have diminished capacity in handling financial matters and don't always know where to seek guidance when they are defrauded. We hope this summit, and federal and local partnerships, will help stop those who seek to steal from seniors and support those who have been stolen from."

Many rural and tribal areas have small police departments or sheriff's offices that cover large areas with few staff and minimal resources, making it difficult for law enforcement to conduct complicated fraud investigations. These cases often have international connections, which require federal jurisdiction and resources.

The Justice Department estimates that financial exploitation, the most common form of elder abuse, afflicts one in ten seniors. According to the "2018 DOJ Report on Elder Abuse and Financial Exploitation," each year an estimated $3 billion is swindled from America's senior citizens through mass-mailing and "grandparent" scams, fake prizes, fraudulent IRS refunds and extortion.

President Trump signed the bipartisan Elder Abuse Prevention and Prosecution Act into law on October 18, 2017. Since then, the Justice Department conducted the largest coordinated sweep of elder fraud cases in history. With help from all levels of government and the private sector, the Department charged more than 250 individuals. These cases resulted in the return of more than $220 million to victims."

https://ojp.gov/ojpblog/blogs-2018/2018-blog-rural-elder-abuse.htm

Exercises for toning legs

https://www.silversneakers.com/blog/6-ways-tone-legs-butt-standing-no-floor/?

#1 Squats
#2 Stationary lunge
#3 Wall sit
#4 Band side step
#5 Step up
#6 Toe raise

Older Americans are healthier and wealthier

"Though you'd never guess it from our youth-centric culture, older Americans are actually happier than younger folks. Americans 55 and older eat more fresh produce, smoke less, and have less worry and stress than their younger counterparts, a Gallup Survey[1] found. They also have a greater sense of purpose and well-being.

Older Americans also do particularly well when it comes to financial well-being, the study found, thriving at a rate of 53%, compared with 33% for younger people. They are happier with their standard of living, worry less about money, and say they have enough money to do what they want — all at significantly higher rates than those under 55."

http://www.businessinsider.com/sc/why-older-americans-are-happier-2017-7?

Are you relocating in retirement?

1. Don't hole up in your house. Get out, mingle and meet people.

2. Get your spouse out, too. If you have kids, even better.

3. Don't make a big deal about your self-importance or what you did previously.

4. Find something in the community that interests you and get involved.

5. If you have a specialty or skill, offer it for free.

6. Get involved with local sports. Games are major social events.

7. Offer to write or report, article or guest editorial for the local paper.

8. Take a class or teach a class.

This advice is from an author whose book I'll receive soon for review. 

"Radical Relocating: A northern big-city executive joyfully reflects on his move to the Virginia countryside" by Tony Vanderwarker.

I'm crispy