During Sam C. Dobbs’ time, the early 20th-century, advertising promised consumers various outcomes; however, the claims weren’t based on any facts. This inspired him as the head of Coca-Cola to create a group of businesses to monitor each other’s advertising. The Better Business Bureau (BBB) began.
Fast forward to 2023. If you have used gaming apps or social media recently, you have seen ads that promise you will lose weight fast or product offers that are too good to be true. The ads look authentic and the offer is so enticing that many consumers click the buy button. However, many customers are dissatisfied with their purchase after receiving the order because the product wasn’t as advertised or they never received it.
While ethical businesses follow advertising codes, the market is filled with fraudulent companies exploiting consumers. How do consumers know if the ad is false and if it is, who can they report it to?
BBB Tips for spotting false advertising and avoiding fraud are:
• Too good to be true offer. Resist the temptation to click the purchase button. Remind yourself of the laws of supply and demand. If supply is low, demand is high and the cost will be increased.
• Don’t believe everything you read. Can the product deliver the results promised? For example, it’s easy to be deceived by quick weight loss promises. Evaluate the product and the promise to see if it is feasible.
• Vet the company. There is a plethora of websites and many are fake. Before purchasing from a company you don’t know, check the business’s BBB profile at BBB.org. Also, search for the company’s name with the words “complaints, reviews and scams.”
Use your brain and not your heart. Before purchasing, ask yourself if you are thinking rationally or emotionally. When it comes to money, decisions should be made rationally.
• Look closely at the domain name to avoid impersonated websites. Is the domain name spelled correctly?
During Sam C. Dobbs’ time, the early 20th-century, advertising promised consumers various outcomes; however, the claims weren’t based on any facts. This inspired him as the head of Coca-Cola to create a group of businesses to monitor each other’s advertising. The Better Business Bureau (BBB) began. Fast forward to 2023. If you have used gaming…
Digital person-to-person payment services and mobile payment apps have become part of everyday life for millions of people. Mobile payment services and apps such as PayPal, Venmo, Zelle, Apple Pay and Google Pay let you send money to people without having to write a check, swipe a card or hand them cash. These services have become increasingly popular among young and old alike for splitting the cost of a meal or donating to a charity, etc.
We all must be aware that these electronic payment services come with their own sets of risks that scammers, fraudsters and identity thieves utilize to victimize the public.
It is important to note that most if not all these mobile payment apps have a website counterpart that has similar features that allow the the use of a computer to conduct transactions. Features may differ between the mobile app and its website version, but their basic tasks (sending and receiving funds) are the same. And though the focus of this article is on mobile apps, the risks and security precautions applies to both app and website versions.
How do they work?
Mobile payment apps enable you to send money to someone who banks somewhere different than you. Your bank may even offer one of the apps as part of its service. Some services require both the sender and recipient to have an account with the same mobile payment app/service. Each app has its own easy-to-follow, step-by-step instructions. Most start with enrollment using your email or mobile number. To send funds, enter the email address or mobile number of the recipient
who has a bank account. Enter the amount. Your recipient gets a notification explaining how to complete the payment.
A word about passwords
Create a separate and unique password for the service you have chosen to use that’s different from any other accounts and services you use. For example, use a different password for your email and PayPal accounts.
Are they safe?
The greatest risk is losing your mobile device or having it stolen. It not only contains the mobile payment app you use but all your other apps, including social media and email apps. Also at risk are the entire contents of the device, such as your contacts and other important personal data.
And like any computing device, it can also be infected by malware and carry out various kinds of malicious activities, such as stealing passwords and other sensitive personal information and transmitting them to cybercriminals. Furthermore, fake apps masquerading as legitimate apps — including mobile payment apps — can compromise the data stored on your devices.
In addition, cybercriminals also rely on traditional scams and fraudulent schemes to trick unsuspecting users to send them money using mobile payment apps. For example, fraudsters are known for “spoofing” legitimate companies like Amazon to trick users into purchasing items they will never get, or sending donations to a fake charity organization that is nonexistent.
How do I protect myself from scams & theft?
The first line of defense is protecting your device. Do not leave it unattended. Do not let strangers use it unless you can see what they are using if for. Enable your device’s screen lock when not in use or even power it off.
Most importantly, ensure the app you installed is from a legitimate source. Then consider using security software. Most fully featured security products have protections for your banking and payment applications.
Most mobile payment apps allow you to set up a passcode, PIN or fingerprint that you can use to authenticate yourself before making a payment. Setting up this feature helps to prevent someone else from making unauthorized transactions from your account. Use a strong password which contains a combination of uppercase letters, numerals and control characters (%, ^ , !).
If your mobile phone is lost or stolen, notify your bank and payment provider. If stolen, report it to law enforcement and obtain a police report number, which may be required to prevent you from being responsible for any financial loss.
Most payment apps have additional security features such as two-factor authentication (2FA). Activate it so before a transaction is authorized, a code is sent to you via text message or email that you’ll need to input to complete the transaction.
When you are not using the app or web service, log out and ensure that your mobile device and computer are locked when they are not being used.
Use a credit card with a low credit line or open a bank account designated for the payment app/service. Do not use accounts associated with any income (pension, SS benefits).
One of the most common risks when using mobile payment apps is human error. Always double check the amount you entered and the person you selected to pay. Also, pause a bit to confirm the transaction went through before tapping again. Again, contact your bank or payment provider if you make an error.
Ultimately, mobile payment apps and web services make our lives easier, but we don’t want to make it easy for scammers, fraudsters and hackers to victimize us. Stay vigilant and stay safe.
Contact Christopher with questions about online security.
Christopher Duque | aikea808@gmail.com
Digital person-to-person payment services and mobile payment apps have become part of everyday life for millions of people. Mobile payment services and apps such as PayPal, Venmo, Zelle, Apple Pay and Google Pay let you send money to people without having to write a check, swipe a card or hand them cash. These services have…
The 2024 Chinese New Year — the Year of the Dragon — begins on Feb. 10 and ends on Jan. 28, 2025, when the Year of the Snake begins. Marking the end of winter and the beginning of the spring season, observances traditionally take place starting on Chinese New Year’s Eve (Feb. 9).
Chinese New Year, also called “Lunar New Year,” is an annual 15-day festival in China and Chinese communities around the world, including Hawai‘i. The first day of Chinese New Year begins on the new moon that appears between Jan. 21 and Feb. 20. Festivities continue until the following full moon, which is Feb. 24, this year.
The Chinese zodiac starts with the Year of the Rat and cycles continuously through 12 signs. The dragon is the fifth of 12 animals in the Chinese zodiac, which is based on a 12-year cycle. So if you were born in 1952, 1964, 1976, 1988, 2000, 2012 or this year, then your Chinese zodiac sign is Dragon. The dragon, a revered symbol in Chinese culture, is one of its most important mythological creatures, symbolizing strength, wisdom, honesty, benevolence, good fortune, power and prosperity.
Traditions Immigrate
Traditional dragon and lion dances are indispensable parts of community celebrations during every Chinese New Year. One of the most prominent origination theories suggests that the dragon dance began during the Han Dynasty (206 BCE–220 CE); the lion dance has its roots in the Tang Dynasty (618–907 CE).
Chinese immigrants brought their traditions to the Kingdom of Hawai‘i near the end of the 18 century. Records show that the Chinese people welcomed the Year of the Dog on Feb. 4, 1886, when the United Chinese Society of Hawai‘i held a blessing to open its King Street Hall. Princess Lili‘uokalani and other royalty attended the festivities.
Chinese Southern Fo Shan lions with Caishen (God of Prosperity). PC: Majestic Culture and the Arts Association
Lion & Dragon Dances
Lions are considered symbols of protection in Chinese culture. Lion dances are often performed at important occasions, especially Chinese New Year celebrations, to bring good fortune and ward off evil spirits.
There are many stories about the origins of the Chinese lion dance. The most popular one involves a beast named “Nian” (“year”) that terrorized the villagers at the beginning of each new year. The monster was afraid of loud noises, bright lights and the color red, so those were the things villagers utilized to chase the beast away. Celebrations to usher out the old year and bring forth the luck and prosperity of the new one incorporated a cacophony of noise and often included firecrackers, fireworks, and red clothing and decorations. Dancers dressed as lions, the protectors of the weak, bearers of righteousness and bringers of blessings.
There are several distinctions between lion and dragon dances. Both dances are accompanied by a percussion team that plays drums, gongs and cymbals. Other instruments may be added to the musical ensemble, such as flutes, wind instruments or stringed instruments.
The lion dance is executed by two performers portraying the lion; one manipulates the head and the other moves the tail.
The dragon dance utilizes an uneven number of performers, most often, more than nine. In synchrony, dancers maneuver a long, colorful serpentine body held aloft on poles with a dragon head and tail at either end. Many dancers are needed to control the dragon’s long, undulating body, which can extend to 30 yards in length. The dragon’s body is made from thin bamboo strips covered in cloth and painted with scales. Dancing dragons are frequently led by someone holding a large sphere — either a white pearl representing immortality and the pursuit of wisdom, or a red sun representing the hope for a good harvest. Dragons most often dance during the Chinese New Year and other auspicious events that offer them a large performance area.
Miss Chinatown Hawaii Court 2020 with Chinese Southern Fo Shan Lions and the Three Stars — Blessings, Wealth and Longevity. PC: Miss Chinatown Hawaii
In Hawai‘i, lion dances are performed throughout the year at a variety of festive occasions, such as grand openings, birthday parties and weddings. During the Chinese New Year period, which spans two weeks prior to and after New Year’s Day, lion dances are performed in Chinatown and elsewhere throughout the island chain at businesses, malls and restaurants.
Unique to Hawai‘i, spectators will often feed money to the lion to receive blessings of health, wealth and prosperity. Sometimes the money is placed in a red envelope called “lai see,” meaning good fortune (Cantonese), or “hong bao,” meaning red packet (Mandarin).
The last event held during the Chinese New Year is the Lantern Festival, which honors deceased ancestors, during which glowing lanterns are floated in waterways, hung in temples or carried during a nighttime parade. A dragon dance procession through the streets highlights many Lantern Festival celebrations.
Kung hei fat choi (Cantonese)! Wishing you happiness and prosperity.
The 2024 Chinese New Year — the Year of the Dragon — begins on Feb. 10 and ends on Jan. 28, 2025, when the Year of the Snake begins. Marking the end of winter and the beginning of the spring season, observances traditionally take place starting on Chinese New Year’s Eve (Feb. 9). Chinese New…
As we welcome the New Year, a key goal for many revolves around health and vitality. Good nutrition, what you eat to “fuel” your body, combined with physical activity, are key.
Many conditions (heart disease, high blood pressure, diabetes, obesity, osteoporosis) can be prevented or controlled with dietary changes and exercise. A healthy diet also provides vitamins and minerals your body needs. And water, along with fiber, helps your digestive system.
What is healthy eating?
Healthy eating is about balance, variety and moderation. It means you eat enough, but not too much, and eat a variety of colorful foods that provide nutrients needed to stay healthy. All foods eaten in moderation can be a part of healthy eating. Five or more servings of fruits and veggies daily provides fiber and energy to help you live a healthy life. Create power-packed easy meals by adding spinach or kale to a morning fruit smoothie, vegetables to scrambled eggs, vegetables to your whole grain sandwich, roasted veggies to soup, salads or grains.
How to roast vegetables
It’s quick and easy to roast vegetables, usually taking less than 45 minutes. Choose various vegetables, such as potatoes, beets, carrots, Brussels sprouts and broccoli, and chick peas for extra protein. Experiment with fresh herbs, citrus and seasonings such as rosemary, thyme, garlic and lemon to decrease sodium intake.
ROASTED BELL PEPPER MEDLEY
Servings: 2 to 3
Prep time: 15 minutes
Ingredients
4 large bell peppers (use a mix of green,
yellow and red)
2 Tbsp. olive oil
2 Tbsp. dried or fresh chopped herbs
pinch (to taste) kosher salt and pepper
Directions
1. Preheat oven to 425 degrees.
2. Wash peppers, cut them in half, remove top and seeds.
3. Slice peppers into strips.
4. Mix/toss slices in a bowl with olive oil, salt and pepper.
5. Spread sliced peppers on baking sheet and sprinkle with herbs.
6. Roast for 30 minutes or until tender.
KAISER FOUNDATION HEALTH PLAN, INC.
711 Kapiolani Blvd., Honolulu, HI 96813 808-432-5915 (TTY 711) | kp.org This article contains health and wellness or prevention information.
As we welcome the New Year, a key goal for many revolves around health and vitality. Good nutrition, what you eat to “fuel” your body, combined with physical activity, are key. Many conditions (heart disease, high blood pressure, diabetes, obesity, osteoporosis) can be prevented or controlled with dietary changes and exercise. A healthy diet also…
In the former location of taro patches and rice paddies, Lanakila Multi-Purpose Senior Center (LMPSC) managed by Catholic Charities Hawai‘i, nestled in Liliha in the heart of Honolulu, offers camaraderie, education, recreation, exercise, health promotion, volunteer opportunities and more for kūpuna 60 years of age and older from diverse ethnic, cultural and career backgrounds.
LMPSC, the oldest and largest senior center in Hawai‘i, was created by the state in 1969 as part of Hawai‘i’s comprehensive response to the passage of the Older Americans Act of the 1960s. Devoted elected officials and other community leaders supported and funded this much-used gathering place.
There is no membership fee. Those who are able to participate safely on their own without supervision are welcome to visit and observe the activities of the senior center twice. If they feel comfortable, make an appointment with the LMPSC’s membership specialist (see below).
Currently, there are about 2,000 members participating in over 50 classes a week, including pickleball, ping pong, yoga, cultural dances, ‘ukulele and guitar, language and calligraphy classes, technology training, arts and crafts, line dancing, stretching and toning, tai chi, fitness fusion, American Sign Language, board games, singing and performing arts, and much more.
LMPSC members attend hundreds of educational presentations and workshops, excursions, and social and volunteer activities throughout the year. LMPSC has demonstrated for over five decades the importance of social engagement, sharing talents and knowledge for the betterment of the community, recreation and lifelong learning opportunities to keep older adults happy, healthy, and living independent and productive lives.
CCH CEO Rob Van Tassell emphasized that “the annual cost of two nursing home patients equates to the operating costs associated with this senior center. Public and private sector support for senior centers throughout Hawai‘i would be a very good investment for the state.”
Long-time Lanakila member Mary Sueda was touched every day by the caring and kindness that members and staff shared with one another. She is happy that her mom was able to enjoy such wonderful times with friends at Lanakila, too.
Sen. Carol Fukunaga believes that the center “can serve as a role model that can be incorporated into future community developments and redevelopments, because it encourages healthy aging and effectively keeps our kūpuna active and independent!”
LANAKILA SENIOR CENTER managed by CATHOLIC CHARITIES HAWAI‘I (501(c) 3 nonprofit)
1640 Lanakila Ave., Honolulu, HI 96817
Membership Specialist Iris Hiramoto: 808-847-1322 suzanne.oakland@catholiccharitieshawaii.org catholiccharitieshawaii.org
Check online for Catholic Charities Hawaii offices on the Neighbor Islands: Hawai‘i Island, Maui and Kaua‘i.
In the former location of taro patches and rice paddies, Lanakila Multi-Purpose Senior Center (LMPSC) managed by Catholic Charities Hawai‘i, nestled in Liliha in the heart of Honolulu, offers camaraderie, education, recreation, exercise, health promotion, volunteer opportunities and more for kūpuna 60 years of age and older from diverse ethnic, cultural and career backgrounds. LMPSC,…
The November/December 2023 “Ask a Kupuna” column posed this question: “Do you have a favorite Valentine’s Day story to share?”
Marlene wrote, “After a disappointing experience the year before at an upscale downtown restaurant, we decided to never go out to dinner again on a popular occasion. Instead, we had a nice quiet candlelit dinner at home on Valentine’s Day in 2014.
“We purchased lobster tails and side dishes at our local market and enjoyed a delicious dinner in the comfort, quiet and convenience of our little rental cottage on a cattle ranch in California.”
Marlene and her husband have returned to Hawai‘i and enjoy all our local foods. They are also looking forward to attending this year’s Annual Senior Valentine’s dance. “See you there.”
The November/December 2023 “Ask a Kupuna” column posed this question: “Do you have a favorite Valentine’s Day story to share?” Marlene wrote, “After a disappointing experience the year before at an upscale downtown restaurant, we decided to never go out to dinner again on a popular occasion. Instead, we had a nice quiet candlelit dinner…
Valentine’s Day is coming up — a good time to talk about dating as a 70ish, single senior male.
You were married for 45 years and now you’re alone because your lovely wife passed a while back. You’re wanting companionship and thinking even about dating. Your health is good, you’re active and your cognitive abilities are still relatively intact. You play golf, go for long walks, sip on an occasional glass of wine and love to watch classic movies. So how does one find companionship in the Final Frontier of Life — just someone to hangout with? You’re past the bar scene, so where do you go? Here are my thoughts.
The best place I think would be Whole Foods. Lots of ladies of means (it is Whole Foods, after all) are filling their carts with all sorts of healthy goodies. So if you see someone who attracts you, just bump her cart with your cart. After that gentle nudge and in a casual way, say, “Oh, I’m terribly sorry.”
Then, quickly scan her cart items and make a comment: “Oh, I love that kind of quiche. Along with a fresh salad and a glass of crisp white wine, it’s my fav.” And if she responds by saying “Oh, I love that combination, too!” well then, the door has just been opened. You can then respond by saying something to her in a non-creepy way: “Is your name Cholesterol, because you send my blood pressure skyrocketing!” And if she laughs out loud and says that’s the funniest darned pickup line she’s ever heard, boom, you’re in!
What about this line after a brief conversation with a “bumpee?” “Your company is so delightful, I’m contemplating putting a new battery in my hearing aid.” That’s a keeper. Garans ballbarans, she’ll love it.
Last one: Again, when delivering your line don’t rush it and don’t be too serious. Be playful and wear your best non-lecherous smile. “My teeth and I no longer sleep together, but you and I definitely should!” Security! Too much? My bad.
If Whole Foods isn’t your scene, try making the pharmacy at Longs a part of your day. You’re bound to meet a charming woman while she’s waiting for her Warfarin.
Just remember, while you are shopping for some “chow fun” with these priceless pickup lines, its all in the delivery — because if she calls for security, you’ll be hustled out of the store and asked never to return. It may even go on your permanent record. So don’t be too over-confident in the delivery of your line. Wear a sweet smile. (Make sure your dentures are in.)
Be adorable, innocent and childlike… like me.
Valentine’s Day is coming up — a good time to talk about dating as a 70ish, single senior male. You were married for 45 years and now you’re alone because your lovely wife passed a while back. You’re wanting companionship and thinking even about dating. Your health is good, you’re active and your cognitive abilities…
Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans increased 3.2% this year. On average, Social Security retirement benefits increased by more than $50 per month starting in January 2024.
More than 66 million Social Security beneficiaries will see the 3.2% cost-of-living adjustment (COLA) beginning in January. Increased payments to approximately 7.5 million people receiving SSI began on Dec. 29, 2023. (Some people receive both SS and SSI benefits.)
Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase from $160,200 to $168,600.
SS began notifying people about their new benefit amount by mail starting in early December 2023. Individuals who have a personal my Social Security (ssa.gov/myaccount) account can view their COLA notice online, which is secure, easy and faster than receiving a letter in the mail. You can set up text or email alerts when there is a new message — such as their COLA notice — waiting for them in my Social Security. (You must have set up an account by Nov. 14, 2023, to see your COLA notice online.)
Information about Medicare changes for 2024 is available at medicare.gov. For SS beneficiaries enrolled in Medicare, new 2024 benefit amounts became available to them in December 2023 through the mailed COLA notice and my Social Security’s Message Center.
The increase is aimed at helping to cover the rising cost of food, housing, healthcare and other essentials, otherwise known as inflation. The purpose of COLA is to ensure that the purchasing power of SS and SSI benefits is not eroded by inflation. The Social Security Act provides for how the COLA is calculated. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers as determined by the Department of Labor’s Bureau of Labor Statistics. Last year’s COLA increase was 8.7%, when inflation reached a 40-year high.
The benefits increase “will help millions of people keep up with expenses,” said Kilolo Kijakazi, acting commissioner of Social Security.
Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans increased 3.2% this year. On average, Social Security retirement benefits increased by more than $50 per month starting in January 2024. More than 66 million Social Security beneficiaries will see the 3.2% cost-of-living adjustment (COLA) beginning in January. Increased payments to…
Albert Einstein famously said that an intellectual solves problems, while a genius avoids them. Here is an example of how you should employ this mindset when you put your estate plan in place. One of the most important things you will do is name your substitute decision-makers. These are the people who will step in upon your incapacity or death to make decisions about things like your healthcare, your living arrangements, how your assets will be managed, and where your assets will eventually go.
Remember this about the successor trustees and other fiduciaries you name in your estate planning documents: Up until they take office, they are nominees, not appointees. Until you become incapacitated or die, your nominees are like the bench on a sports team. Players sitting on the bench are there to step into the game if called upon, but they do not actually participate in the game until the coach calls their numbers. The coaches on your estate planning team are your trusted advisors. They are on your sideline to advise you and your loved ones, but generally, your coaches will not enter the game themselves.
When you become incapacitated or die, your nominees must decide whether to accept their nominations or not, and they have no legal obligation to “get off the bench.” For that reason, you should talk with your intended nominees before you nominate them, to make sure they are willing to “play ball,” and you should check in with them from time to time to confirm they are still on board with being integral members of the team who will advance your estate planning when you are no longer able to “be in the game.”
Throughout the process of designing your estate plan, you should constantly ask yourself, “what can I do, and how should I plan to avoid the problems that will someday smack me and my ‘ohana in the face unless I provide a solution beforehand?” Only this way can you avoid the problems that the intellectuals in your family will have to solve upon your death or incapacity.
Albert Einstein famously said that an intellectual solves problems, while a genius avoids them. Here is an example of how you should employ this mindset when you put your estate plan in place.
In the last article we introduced and discussed the process of the virtuous circle of communication. In this article we will discuss how to communicate in a family meeting. Often conversations with family are well-intended, however the conversation can become caustic if approached with accusation and blame. Family members will tend to shut down and/or become defensive, thereby losing the opportunity to express themselves. This can further damage family relationships.
Before beginning a family meeting, ground rules must be established. If at any time the meeting is not safe or productive, then the meeting should pause so that family members can take a time out. Once everyone is willing to adhere to the ground rules, the discussion can be resumed. Communicating is not an easy task, especially when discussing a highly emotional topic with family.
In Marshall Rosenberg’s book, Nonviolent Communication, he offers a process where families engage in family meetings using four components: observation, feelings, needs, and requests.
1) OBSERVATION. Rosenberg writes with respect to observation: “First, we observe what is actually happening in a situation: What are we observing others saying or doing that is either enriching or not enriching our lives? The trick is to be able to articulate the observation without introducing any judgment or evaluation.”
2) FEELINGS. The second component is to express how one is feeling. At first glance, this may appear to be simple. However, most people can express only a limited number of feelings. The book’s author provides a helpful list of words that express feelings that can be used instead of comparable words that do not express feelings.
3) NEEDS. Once we can clearly express our feelings, we want to express our needs. Rosenberg explains that, when we are expressing feelings such as hurt, sadness and anger, what it really means is that our needs are not being met. And, if we want to communicate clearly and deeply, we will want to determine what the unmet need is that is causing these feelings.
4) REQUESTS. The final component of nonviolent communication is to make positive requests, meaning we ask for actions that might fulfill our needs. Rosenberg suggests making requests in a positive manner. Rather than saying “I don’t want you to … ,” say “I would like you to … .” Request specific actions rather than asking for a change in others’ general behavior.
In the last article we introduced and discussed the process of the virtuous circle of communication. In this article we will discuss how to communicate in a family meeting.
Many people build their retirement and estate plans around their children and grandchildren. Everything from where they live, to how they spend their time and money, to the legacy they want to leave behind is considered through the prism of their role as parents and grandparents. For those without kids and grandkids, a different formula may apply as these individuals may have more financial freedom and flexibility as they enter retirement and beyond. But they still need to be as vigilant — if not more — about planning for their later years.
Prioritize saving for retirement
Since you’re not facing the costs for childcare and educational institutions, consider doubling-down on saving for retirement. Calculate what it will take for you to live the lifestyle you want in retirement and compare it to your current savings. Contribute as much as you can to your workplace savings plan and consider building up Roth IRA savings to help create a source of income that is potentially tax-free in retirement.
Recognize your long-term care challenges
Long-term care can be a challenge for anyone as they age, and there’s added complexity in situations where you may not be able to rely on family members to step in. Medical expenses continue to rise, so it’s important to have adequate savings and insurance coverage. Make it a priority to explore your options through Medicare and your current or former employer and consider if long-term care insurance would benefit you. Also research caregiving options and long-term care facilities in your area so you are familiar with the choices if you need them down the road.
Prepare for medical care
A significant medical event can happen at any time, so make sure to have an advanced directive, also known as a living will, in place. This document lets your spouse, extended family and friends know your preferences for treatment and gives you the opportunity to designate a healthcare power of attorney, who will be empowered
to make decisions on your behalf if necessary. Have your financial decision-makers in place It’s also important to designate a spouse, friend, extended family member or professional to look out for your financial interests if you become incapacitated. Draw up documents to name a durable power of attorney to oversee your financial matters if you are unable to, including legal and tax matters. You do not have to share your full financial situation and account numbers; a common approach is to share enough information so that the contact can step in, if and where you need help making financial decisions.
Plan your legacy
With no direct heirs in line to inherit your estate, you will want to consider what you’d like your legacy to be. You may choose to leave your estate to any combination of family members, friends, charities, education institutions, or other causes that are important to you. Creating or updating your will is one of the best ways to articulate your wishes.
Also consider using trusts, which sometimes allow more flexibility than a will, to help you meet specific legacy goals. Consult with a financial advisor, attorney and tax legal professional to develop a comprehensive legacy strategy that suits your ultimate goals.
Michael W. K. Yee, CFP®, CFS®, CLTC, CRPC ®, is a Private Wealth Advisor, Certified Financial Planner ™ practitioner, with Ameriprise Financial Services, LLC in Honolulu, HI. He specializes in fee-based financial planning and asset management strategies and has been in practice for 39 years. Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.
Many people build their retirement and estate plans around their children and grandchildren. Everything from where they live, to how they spend their time and money, to the legacy they want to leave behind is considered through the prism of their role as parents and grandparents. For those without kids and grandkids, a different formula…
As we all get older, our needs in life change. That can happen in both large and small ways. But one thing we all need to consider is the journey of long-term financial planning. While that can seem like a huge task, by breaking it down into manageable steps, we can all work towards financial security in retirement. Here are some thought starters to consider.
1. Craft a Thoughtful Spending Plan
Continually reassess your budget. Prioritize necessities over luxuries, earmarking funds for essentials like healthcare, housing and day-to-day living expenses. A well-structured spending plan provides a roadmap for financial stability.
2. Invest Strategically
Diversify your investments to minimize risk and maintain a steady income throughout retirement. Explore options like stocks, bonds and retirement accounts, including IRAs and 401(k)s. A diversified portfolio is a financial safety net.
3. Preserve Your Health and Wealth
Healthcare expenses can significantly impact your finances during retirement. Ensure you have comprehensive health insurance coverage and consider long-term care insurance to safeguard your savings.
4. Secure Your Legacy
Protect your assets and legacy by establishing or updating your will and estate documents. This can help reduce estate taxes and guarantee your assets are distributed according to your wishes.
5. Optimize Social Security
Exploring strategies to maximize your Social Security benefits is essential. Delaying your benefits can lead to larger monthly payments, enhancing your financial security in the long term.
6. Trim High-Interest Debts
Prioritize paying off high-interest debts before retiring Reducing your debt load will free up more of your retirement income for daily expenses and leisure activities.
7. Build an Emergency Fund
Maintain an emergency fund to cover unexpected expenses. A financial cushion will prevent you from tapping into your retirement savings prematurely.
At its core, the aloha spirit is all about helping each other. As we care for each other, we make our community stronger. Just remember, we never need be alone in making decisions to last a lifetime.
As we all get older, our needs in life change. That can happen in both large and small ways. But one thing we all need to consider is the journey of long-term financial planning. While that can seem like a huge task, by breaking it down into manageable steps, we can all work towards financial…
During Sam C. Dobbs’ time, the early 20th-century, advertising promised consumers various outcomes; however, the claims weren’t based on any facts. This inspired him as the head of Coca-Cola to create a group of businesses to monitor each other’s advertising. The Better Business Bureau (BBB) began.
