Older 6 | Psychology homework help

BookCounselingOlderAdultsbyCharleneM.KampfeWebsitehttps.pdf

● ● ● ● ● ●

Book: Counseling Older Adults by Charlene M. Kampfe Website: https://online.vitalsource.com/ home/dashboard Username: [email protected] Password: SuperSqurriel2515!@

* Avoid citations** *American words only** *Book as only source** **Please don’t not copy student replies!!** **my response must be different** **please respond in simplified casual tone*

PART 1: Discussion #6- 10 pts. (130-200 words) *Simplified and casual tone*

Choose one of the following questions to answer: 1. What are the criteria that individuals need to have in order to attain social security benefits? Medicare benefits? Please consider the following in your response: benefits to family members, age of the individual, amount of years worked, income earned and the various criterion for eligibility and non-eligibility for both SSA and Medicare. 2. As practicing clinicians, describe your experiences assisting clients while navigating the often-daunting social security and health care system. What stands out to you here? Any advice for counselors working with situations like these? Post and respond to at least two other classmates' posts. Provide evidence of content knowledge and critical thought. These should be well thought out and comprehensive.

1B. Respond to two students:

PART 2: Weekly Assignment #6 (1 page) *Simplified and casual tone*

One of our roles as a counselor will be to assist our older clients (and younger for that matter) in retirement planning. Riker and Myers (1989) and Timmerman (2016) are a few of the models used to frame and conceptualize retirement and life planning for the elderly. Use one of these models as a guide or create your own. Address and explain the main areas that you believe are important to discuss/consider with your client and why? Put this exercise on a word document and upload your thoughts and responses here..

PART 3: TEST BANK 5

Create 8 test bank questions total for Chapters 10 & 11. 6 of the questions should be in multiple choice format (include four answer choices). 2 questions should be in the form of short answer. On each multiple choice question identify the correct answer with an asterix (*) to the right of the answer choice. Also provide an answer to the short answer question in paragraph form.

LifePlanningandRetirementPlanningWhereDoTheyIntersect.pdf

FINANCIAL GERONTOLOGY

JOURNAL OF FINANCIAL SERVICE PROFESSIONALS | JANUARY 2016

33

Life Planning and Retirement Planning: Where Do They Intersect? by Sandra Timmermann, EdD

Vol. 70, No. 1 | pp. 33-36

ABSTRACT

Should an advisor become a life planner?

That depends on individual preferences and

clients’ needs, but more and more, advisors

are taking on some aspects of life planning,

and forming partnerships for others. Be-

coming familiar with the nine elements of

life planning will provide insights into what

is in the hearts and minds of preretirees and

retirees and will make for a richer, deeper

practice. The nine elements are: free time,

work, health, caregiving, long-term care,

family, housing, legacy, and purpose. We’ll

briefly describe each element, and how

an advisor can help his or her clients think

through nonfinancial issues.

As people transition to retirement and move along the age continuum, their future lives flash be- fore them. Most think holistically, so they have ques- tions and concerns that go beyond the spreadsheets and the Monte Carlo simulations. While the inte- gration of life planning with financial planning may not work for all advisors, it is worth considering how to incorporate life concerns into a retirement plan as most life concerns have financial components that need to be taken into account.

Nine Life Planning Elements I’ve put nine life elements into a wheel, with money at the center. They are: free time, work, health, caregiving, long-term care, family, housing, legacy, and purpose. I’ll briefly describe each element, and how an advisor can help his or her clients think through nonfinancial issues that, in fact, impact their retirement nest eggs and incomes.

Free Time Thoughts of retirement, for many of us, usually focus on more free time to do what we always wanted to do—sleep a little later, travel, play golf, get more involved in a church or synagogue, spend more time with the family. The dream list goes on and on. Ac- cording to the U.S. Travel Association, mature adults comprise 36 percent of leisure travel volume.1 Many recent retirees build travel and other leisure activities

FINANCIAL GERONTOLOGY

□

FINANCIAL GERONTOLOGY

JOURNAL OF FINANCIAL SERVICE PROFESSIONALS | JANUARY 2016

34

that cost money (i.e, skiing, boating) into their plans. While patterns of aging do show that as people reach older ages they spend less money on leisure activities, most likely due to declining health, they still remain important, no matter what age. Most activities that we fill our time with involve money, for example, taking courses, going to concerts and plays, visiting family, pursuing an expensive hobby, and even vol- unteering. Advisors may want to talk to their clients about their plans, hear their excitement or concerns about their new freedom, and help them budget for the costs of having fun.

Work More and more people in their 60s and 70s, and even beyond that, want or need to continue work- ing—to maintain or supplement their retirement incomes, to be productive, and to keep active and en- gaged. According to the U.S. Census, in 2010, 16.1 percent of adults aged 65 and over were working, compared with 12.1 percent in 1990.2 It’s likely that this trend will continue as longevity rates increase, savings rates decrease, and the health status of retirees continues to improve. Advisors can raise issues about the pros and cons of remaining in the workforce, not only the financial aspects of delaying retirement for a few years to defer Social Security payouts and accu- mulate more money in 401(k)s and savings, but also the value of remaining relevant, using time well, and staying in the game.

Health and Wellness While retirees are generally healthy, health con- cerns and costs loom as we age. The recent focus on wellness and exercise among older people impacts general health status as well as how one spends time. According to the President’s Council on Fitness, Sports and Nutrition, the percentage of adults who are physically active is 28-34 percent for those 65-74 and 35-44 percent of adults age 75+.3 This can be viewed as the glass half full or the glass half emp- ty, but health correlates with wealth, and it is likely

that more affluent older adults are engaged in some type of physical activity. On the flip side, of course, is that health care needs and costs tend to increase with age. Questions about Medicare and what it covers are often unanswered by advisors, and retirees have to fend for themselves as they review government publi- cations and the variety of Medicare Supplement and Medicare Advantage programs available. Advisors can be helpful by listening carefully to clients’ con- cerns about their health and learning more about the ins and outs of the transition to Medicare including trends, copays, deductibles, and noncovered expenses such as dentistry and optometry.

Caregiving One out of five households in the U.S. cares for an elderly parent or other family member.4 Family caregivers, the majority women, are the unsung he- roes of the long-term care and health system. Their needs are often neglected as they juggle work and family responsibilities, give up career opportunities, develop symptoms of physical and emotional strain, and spend money out-of-pocket as they travel back and forth to visit loved ones, purchase supplies and groceries, and often contribute toward long-term care costs. Studies continue to show that caregivers do step up to the plate to care for family and friends. Some caregivers gradually find that their responsibil- ities increase as the care recipient’s health or cognitive status gradually declines. Others may unexpectedly discover that they must step in due to a sudden health incident such as a stroke or heart attack. While not directly a role of the advisor, awareness of caregiving stresses and costs is important in client interactions. Also, knowledge of some community resources and relationships with professionals such as geriatric care managers can be extremely useful in times of crisis.

Long-Term Care The need for long-term care is the elephant in the room for many retirees, yet few prepare for it. Provid- ing for their own or their spouse’s/partner’s long-term

FINANCIAL GERONTOLOGY

JOURNAL OF FINANCIAL SERVICE PROFESSIONALS | JANUARY 2016

35

FINANCIAL GERONTOLOGY

Housing and Living Arrangements The home is where the heart is, no matter our age, whether it is the house where we raised our fam- ily or a new house in a different location. The vast majority (90 percent) of older people say they want to remain in their homes and communities as they get older, even if they need care, with 80 percent saying they want to remain in their current residences.9 For those who wish to stay put, there are several things to consider—whether their homes are structurally “age friendly,” whether there is transportation avail- able if they can no longer drive, and whether there are sufficient community support networks available. For some, despite their best intent, it might be bet- ter for them to move to a continuing care retirement community, a shared house with a friend, an assisted living facility, or even a nursing home. Whether a cli- ent remains at home or ultimately decides to move, financial decisions are at the forefront. Advisors will provide a service by explaining reverse mortgages as a tool to help people age in place, and by understand- ing the emotions and costs involved in moving to new homes, retirement communities, and facilities.

Legacy A natural part of the aging process, especially for those deep in retirement, is thinking about legacy. In the financial services field, we immediately assume that legacy is synonymous with estate planning. Wills, trusts, and disposition of assets are important but there are nonfinancial legacies that older people wish to leave behind as well. More studies are showing that leaving a monetary inheritance to children and grandchildren is less important to older adults than being able to enjoy and spend money on their extended families while they are still alive. For many, aligning future charitable gifts with current volunteer work also becomes increasingly important. In addition, the concept of an ethical will, dating back to Biblical times, has captured the imagina- tion of the 65+ population.10 An ethical will enables us to write down and share what is most important in life—a way to pass on values, lessons learned, spiritual beliefs,

care needs was cited as the top retirement concern by the oldest boomers in a recent study.5 While the older population is generally healthy, the prevalence of chronic conditions increases with age. Forty-two percent of people age 85 or over have three or more disabilities.6 The Alzheimer’s Association reports that one out of every two in this “oldest old” group will have some form of dementia. With denial about needing long-term care prevalent among boomers and costs increasing beyond the rate of inflation, pay- ing for care can derail even the best retirement plan. This life challenge, however, isn’t only about money; it is also about lifestyle and the ability of a family to provide care. Advisors should raise issues with their clients about care preferences and getting a care plan in place, protecting against cognitive impairments, determining end-of-life preferences, and starting a family conversation early while people are healthy and able to make decisions.

Family The family, however we define it, is at the core of most older people’s social and support network. As people retire and move through the lifecycle, their happiness and satisfaction depend in large part on knowing that their adult children are functional and will be self-sufficient once they have died. They also indicate that what makes them the happiest is spending more time with family and friends. Grand- children are front and center and provide great joy. Grandparents also are a source of support. As cited in a book on the grandparent economy, one in three adults is in the grandparent life stage.7 Thirteen percent of grandparents provide care to their grand- child(ren) on a regular basis, and 52 percent provide some financial assistance to their adult children. They spend more money on basic expenses for their grandchildren, like clothing and fees at school, than on luxury items.8 Helping clients understand how the family impacts retirees’ happiness as well as their pocket books—something they may not have calcu- lated—is an important role for an advisor to play.

FINANCIAL GERONTOLOGY

JOURNAL OF FINANCIAL SERVICE PROFESSIONALS | JANUARY 2016

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FINANCIAL GERONTOLOGY

practice, working with financial services and other busi- nesses interested in reaching the 50+ market. Sandy was a Vice President at MetLife and the Found- er and Director of the MetLife Mature Market Institute until it was disbanded in 2013. She has been in the aging field for over 30 years, is a frequent speaker on retirement is- sues, and has been interviewed by hundreds of media outlets. She serves in leadership capacities with several aging organizations, is a representative to the UN for the International Federation on Ageing, was a delegate to the White House Conference on Aging, and holds the Cavana- ugh Award. She received a BA from the University of Colo- rado and MA and EdD degrees from Columbia University. She can be reached at [email protected].

(1) U.S. Travel Association, Travel Facts and Statistics; accessed at: https://www.ustravel.org/news/press-kit/travel-facts-and-statistics. (2) Labor Force Participation and Work Status of People 65 Years and Older, American Community Survey Brief, U.S. Census, Jan- uary, 2013; accessed at: https://www.census.gov/prod/2013pubs/ acsbr11-09.pdf. (3) President’s Council on Fitness, Sports and Nutrition, Facts and Statistics; accessed at: http://www.fitness.gov/resource-center/ facts-and-statistics/. (4) AARP and the National Alliance for Caregiving, Caregiv- ing in the U.S., Research Report 2015; accessed at: http://www. aarp.org/content/dam/aarp/ppi/2015/caregiving-in-the-united- states-2015-executive-summary-revised.pdf. (5) The MetLife Report on the Oldest Boomers—Healthy, Retiring Rapidly and Collecting Social Security, MetLife Mature Market Institute, May 2013; accessed at: https://www.metlife.com/assets/ cao/mmi/publications/studies/2013/mmi-oldest-boomers.pdf. (6) Older Americans with a Disability: 2008-2012, American Community Survey Reports, U.S. Census, December 2014; ac- cessed at: https://www.census.gov/content/dam/Census/library/ publications/2014/acs/acs-29.pdf. (7) Lori K. Bitter, The Grandparent Economy, Paramount Market Publishing, 2015. (8) Ibid., citations from research conducted by the MetLife Mature Market Institute. (9) Aging In Place: A State Survey of Livability Policies and Prac- tices, A Research Report by the National Conference of State Leg- islatures and the AARP Public Policy Institute; accessed at: http:// assets.aarp.org/rgcenter/ppi/liv-com/ib190.pdf. (10) Celebrations of Life Web site, accessed at: https://celebrations oflife.net/ethicalwills/. (11) The Purpose Project, the Center for Spirituality and Healing, Uni- versity of Minnesota, and Richard Leider, The Inventure Group, 2007.

traditions, and hopes for the next generation. Listening to older clients about what is most important to them is a gift, and advisors can encourage clients to pass their wisdom on to their children and grandchildren.

Purpose According to Richard Leider, an author and interna- tional life coach who focuses on the importance of find- ing purpose and meaning in retirement, “The formula for the good life is living in the place where you belong with the people you love, doing the right work on pur- pose.”11 Without a reason to get up in the morning, life is not worth living no matter how much money you have. When people first retire, they are often focused on how they will use their leisure time and the newfound flexibil- ity away from the daily grind. But after a year or two, the bloom may be off the rose. People have an innate need to contribute and to give back to society, so they might want to spend more time as a volunteer. They also have a need to continue to grow and learn so they may want to take courses, start a business, or continue to work. Studies find that engagement is a key to a happier, more satisfying retirement. As an advisor, you can help your clients think through how they will use their time, skills, and passions so they can live their retirement years to the fullest.

Should an advisor become a life planner? That depends on individual preferences and clients’ needs, but more and more, advisors are taking on some as- pects of life planning, and forming partnerships for others. Becoming familiar with the nine elements of life planning will provide insights into what is in the hearts and minds of preretirees and retirees and will make for a richer, deeper practice. n

Sandra Timmermann, EdD, is a nationally recognized ger- ontologist who focuses on aging, retirement, and the ap- plication to business. She is currently the Visiting Profes- sor of Gerontology and Retirement Living at The American College, a Special Advisor to the Board of the Retirement Income Industry Association, a Senior Fellow at the Wom- en’s Institute for a Secure Retirement, and a member of the Funding Longevity Task Force. She also has a consulting

FINANCIAL GERONTOLOGY

(1) U.S. Travel Association, Travel Facts and Statistics; accessed at: https://www.ustravel.org/news/press-kit/travel-facts-and-statistics. (2) Labor Force Participation and Work Status of People 65 Years and Older, American Community Survey Brief, U.S. Census, Jan- uary, 2013; accessed at: https://www.census.gov/prod/2013pubs/ acsbr11-09.pdf. (3) President’s Council on Fitness, Sports and Nutrition, Facts and Statistics; accessed at: http://www.fitness.gov/resource-center/ facts-and-statistics/. (4) AARP and the National Alliance for Caregiving, Caregiv- ing in the U.S., Research Report 2015; accessed at: http://www. aarp.org/content/dam/aarp/ppi/2015/caregiving-in-the-united- states-2015-executive-summary-revised.pdf. (5) The MetLife Report on the Oldest Boomers—Healthy, Retiring Rapidly and Collecting Social Security, MetLife Mature Market Institute, May 2013; accessed at: https://www.metlife.com/assets/ cao/mmi/publications/studies/2013/mmi-oldest-boomers.pdf. (6) Older Americans with a Disability: 2008-2012, American Community Survey Reports, U.S. Census, December 2014; ac- cessed at: https://www.census.gov/content/dam/Census/library/ publications/2014/acs/acs-29.pdf. (7) Lori K. Bitter, The Grandparent Economy, Paramount Market Publishing, 2015. (8) Ibid., citations from research conducted by the MetLife Mature Market Institute. (9) Aging In Place: A State Survey of Livability Policies and Prac- tices, A Research Report by the National Conference of State Leg- islatures and the AARP Public Policy Institute; accessed at: http:// assets.aarp.org/rgcenter/ppi/liv-com/ib190.pdf. (10) Celebrations of Life Web site, accessed at: https://celebrations oflife.net/ethicalwills/. (11) The Purpose Project, the Center for Spirituality and Healing, Uni- versity of Minnesota, and Richard Leider, The Inventure Group, 2007.

Copyright of Journal of Financial Service Professionals is the property of Society of Financial Service Professionals and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use.

BookCounselingOlderAdultsbyCharleneM.KampfeWebsitehttps.pdf

● ● ● ● ● ●

Book: Counseling Older Adults by Charlene M. Kampfe Website: https://online.vitalsource.com/ home/dashboard Username: [email protected] Password: SuperSqurriel2515!@

* Avoid citations** *American words only** *Book as only source** **Please don’t not copy student replies!!** **my response must be different** **please respond in simplified casual tone*

PART 1: Discussion #6- 10 pts. (130-200 words) *Simplified and casual tone*

Choose one of the following questions to answer: 1. What are the criteria that individuals need to have in order to attain social security benefits? Medicare benefits? Please consider the following in your response: benefits to family members, age of the individual, amount of years worked, income earned and the various criterion for eligibility and non-eligibility for both SSA and Medicare. 2. As practicing clinicians, describe your experiences assisting clients while navigating the often-daunting social security and health care system. What stands out to you here? Any advice for counselors working with situations like these? Post and respond to at least two other classmates' posts. Provide evidence of content knowledge and critical thought. These should be well thought out and comprehensive.

1B. Respond to two students:

PART 2: Weekly Assignment #6 (1 page) *Simplified and casual tone*

One of our roles as a counselor will be to assist our older clients (and younger for that matter) in retirement planning. Riker and Myers (1989) and Timmerman (2016) are a few of the models used to frame and conceptualize retirement and life planning for the elderly. Use one of these models as a guide or create your own. Address and explain the main areas that you believe are important to discuss/consider with your client and why? Put this exercise on a word document and upload your thoughts and responses here..

PART 3: TEST BANK 5

Create 8 test bank questions total for Chapters 10 & 11. 6 of the questions should be in multiple choice format (include four answer choices). 2 questions should be in the form of short answer. On each multiple choice question identify the correct answer with an asterix (*) to the right of the answer choice. Also provide an answer to the short answer question in paragraph form.

LifePlanningandRetirementPlanningWhereDoTheyIntersect.pdf

FINANCIAL GERONTOLOGY

JOURNAL OF FINANCIAL SERVICE PROFESSIONALS | JANUARY 2016

33

Life Planning and Retirement Planning: Where Do They Intersect? by Sandra Timmermann, EdD

Vol. 70, No. 1 | pp. 33-36

ABSTRACT

Should an advisor become a life planner?

That depends on individual preferences and

clients’ needs, but more and more, advisors

are taking on some aspects of life planning,

and forming partnerships for others. Be-

coming familiar with the nine elements of

life planning will provide insights into what

is in the hearts and minds of preretirees and

retirees and will make for a richer, deeper

practice. The nine elements are: free time,

work, health, caregiving, long-term care,

family, housing, legacy, and purpose. We’ll

briefly describe each element, and how

an advisor can help his or her clients think

through nonfinancial issues.

As people transition to retirement and move along the age continuum, their future lives flash be- fore them. Most think holistically, so they have ques- tions and concerns that go beyond the spreadsheets and the Monte Carlo simulations. While the inte- gration of life planning with financial planning may not work for all advisors, it is worth considering how to incorporate life concerns into a retirement plan as most life concerns have financial components that need to be taken into account.

Nine Life Planning Elements I’ve put nine life elements into a wheel, with money at the center. They are: free time, work, health, caregiving, long-term care, family, housing, legacy, and purpose. I’ll briefly describe each element, and how an advisor can help his or her clients think through nonfinancial issues that, in fact, impact their retirement nest eggs and incomes.

Free Time Thoughts of retirement, for many of us, usually focus on more free time to do what we always wanted to do—sleep a little later, travel, play golf, get more involved in a church or synagogue, spend more time with the family. The dream list goes on and on. Ac- cording to the U.S. Travel Association, mature adults comprise 36 percent of leisure travel volume.1 Many recent retirees build travel and other leisure activities

FINANCIAL GERONTOLOGY

□

FINANCIAL GERONTOLOGY

JOURNAL OF FINANCIAL SERVICE PROFESSIONALS | JANUARY 2016

34

that cost money (i.e, skiing, boating) into their plans. While patterns of aging do show that as people reach older ages they spend less money on leisure activities, most likely due to declining health, they still remain important, no matter what age. Most activities that we fill our time with involve money, for example, taking courses, going to concerts and plays, visiting family, pursuing an expensive hobby, and even vol- unteering. Advisors may want to talk to their clients about their plans, hear their excitement or concerns about their new freedom, and help them budget for the costs of having fun.

Work More and more people in their 60s and 70s, and even beyond that, want or need to continue work- ing—to maintain or supplement their retirement incomes, to be productive, and to keep active and en- gaged. According to the U.S. Census, in 2010, 16.1 percent of adults aged 65 and over were working, compared with 12.1 percent in 1990.2 It’s likely that this trend will continue as longevity rates increase, savings rates decrease, and the health status of retirees continues to improve. Advisors can raise issues about the pros and cons of remaining in the workforce, not only the financial aspects of delaying retirement for a few years to defer Social Security payouts and accu- mulate more money in 401(k)s and savings, but also the value of remaining relevant, using time well, and staying in the game.

Health and Wellness While retirees are generally healthy, health con- cerns and costs loom as we age. The recent focus on wellness and exercise among older people impacts general health status as well as how one spends time. According to the President’s Council on Fitness, Sports and Nutrition, the percentage of adults who are physically active is 28-34 percent for those 65-74 and 35-44 percent of adults age 75+.3 This can be viewed as the glass half full or the glass half emp- ty, but health correlates with wealth, and it is likely

that more affluent older adults are engaged in some type of physical activity. On the flip side, of course, is that health care needs and costs tend to increase with age. Questions about Medicare and what it covers are often unanswered by advisors, and retirees have to fend for themselves as they review government publi- cations and the variety of Medicare Supplement and Medicare Advantage programs available. Advisors can be helpful by listening carefully to clients’ con- cerns about their health and learning more about the ins and outs of the transition to Medicare including trends, copays, deductibles, and noncovered expenses such as dentistry and optometry.

Caregiving One out of five households in the U.S. cares for an elderly parent or other family member.4 Family caregivers, the majority women, are the unsung he- roes of the long-term care and health system. Their needs are often neglected as they juggle work and family responsibilities, give up career opportunities, develop symptoms of physical and emotional strain, and spend money out-of-pocket as they travel back and forth to visit loved ones, purchase supplies and groceries, and often contribute toward long-term care costs. Studies continue to show that caregivers do step up to the plate to care for family and friends. Some caregivers gradually find that their responsibil- ities increase as the care recipient’s health or cognitive status gradually declines. Others may unexpectedly discover that they must step in due to a sudden health incident such as a stroke or heart attack. While not directly a role of the advisor, awareness of caregiving stresses and costs is important in client interactions. Also, knowledge of some community resources and relationships with professionals such as geriatric care managers can be extremely useful in times of crisis.

Long-Term Care The need for long-term care is the elephant in the room for many retirees, yet few prepare for it. Provid- ing for their own or their spouse’s/partner’s long-term

FINANCIAL GERONTOLOGY

JOURNAL OF FINANCIAL SERVICE PROFESSIONALS | JANUARY 2016

35

FINANCIAL GERONTOLOGY

Housing and Living Arrangements The home is where the heart is, no matter our age, whether it is the house where we raised our fam- ily or a new house in a different location. The vast majority (90 percent) of older people say they want to remain in their homes and communities as they get older, even if they need care, with 80 percent saying they want to remain in their current residences.9 For those who wish to stay put, there are several things to consider—whether their homes are structurally “age friendly,” whether there is transportation avail- able if they can no longer drive, and whether there are sufficient community support networks available. For some, despite their best intent, it might be bet- ter for them to move to a continuing care retirement community, a shared house with a friend, an assisted living facility, or even a nursing home. Whether a cli- ent remains at home or ultimately decides to move, financial decisions are at the forefront. Advisors will provide a service by explaining reverse mortgages as a tool to help people age in place, and by understand- ing the emotions and costs involved in moving to new homes, retirement communities, and facilities.

Legacy A natural part of the aging process, especially for those deep in retirement, is thinking about legacy. In the financial services field, we immediately assume that legacy is synonymous with estate planning. Wills, trusts, and disposition of assets are important but there are nonfinancial legacies that older people wish to leave behind as well. More studies are showing that leaving a monetary inheritance to children and grandchildren is less important to older adults than being able to enjoy and spend money on their extended families while they are still alive. For many, aligning future charitable gifts with current volunteer work also becomes increasingly important. In addition, the concept of an ethical will, dating back to Biblical times, has captured the imagina- tion of the 65+ population.10 An ethical will enables us to write down and share what is most important in life—a way to pass on values, lessons learned, spiritual beliefs,

care needs was cited as the top retirement concern by the oldest boomers in a recent study.5 While the older population is generally healthy, the prevalence of chronic conditions increases with age. Forty-two percent of people age 85 or over have three or more disabilities.6 The Alzheimer’s Association reports that one out of every two in this “oldest old” group will have some form of dementia. With denial about needing long-term care prevalent among boomers and costs increasing beyond the rate of inflation, pay- ing for care can derail even the best retirement plan. This life challenge, however, isn’t only about money; it is also about lifestyle and the ability of a family to provide care. Advisors should raise issues with their clients about care preferences and getting a care plan in place, protecting against cognitive impairments, determining end-of-life preferences, and starting a family conversation early while people are healthy and able to make decisions.

Family The family, however we define it, is at the core of most older people’s social and support network. As people retire and move through the lifecycle, their happiness and satisfaction depend in large part on knowing that their adult children are functional and will be self-sufficient once they have died. They also indicate that what makes them the happiest is spending more time with family and friends. Grand- children are front and center and provide great joy. Grandparents also are a source of support. As cited in a book on the grandparent economy, one in three adults is in the grandparent life stage.7 Thirteen percent of grandparents provide care to their grand- child(ren) on a regular basis, and 52 percent provide some financial assistance to their adult children. They spend more money on basic expenses for their grandchildren, like clothing and fees at school, than on luxury items.8 Helping clients understand how the family impacts retirees’ happiness as well as their pocket books—something they may not have calcu- lated—is an important role for an advisor to play.

FINANCIAL GERONTOLOGY

JOURNAL OF FINANCIAL SERVICE PROFESSIONALS | JANUARY 2016

36

FINANCIAL GERONTOLOGY

practice, working with financial services and other busi- nesses interested in reaching the 50+ market. Sandy was a Vice President at MetLife and the Found- er and Director of the MetLife Mature Market Institute until it was disbanded in 2013. She has been in the aging field for over 30 years, is a frequent speaker on retirement is- sues, and has been interviewed by hundreds of media outlets. She serves in leadership capacities with several aging organizations, is a representative to the UN for the International Federation on Ageing, was a delegate to the White House Conference on Aging, and holds the Cavana- ugh Award. She received a BA from the University of Colo- rado and MA and EdD degrees from Columbia University. She can be reached at [email protected].

(1) U.S. Travel Association, Travel Facts and Statistics; accessed at: https://www.ustravel.org/news/press-kit/travel-facts-and-statistics. (2) Labor Force Participation and Work Status of People 65 Years and Older, American Community Survey Brief, U.S. Census, Jan- uary, 2013; accessed at: https://www.census.gov/prod/2013pubs/ acsbr11-09.pdf. (3) President’s Council on Fitness, Sports and Nutrition, Facts and Statistics; accessed at: http://www.fitness.gov/resource-center/ facts-and-statistics/. (4) AARP and the National Alliance for Caregiving, Caregiv- ing in the U.S., Research Report 2015; accessed at: http://www. aarp.org/content/dam/aarp/ppi/2015/caregiving-in-the-united- states-2015-executive-summary-revised.pdf. (5) The MetLife Report on the Oldest Boomers—Healthy, Retiring Rapidly and Collecting Social Security, MetLife Mature Market Institute, May 2013; accessed at: https://www.metlife.com/assets/ cao/mmi/publications/studies/2013/mmi-oldest-boomers.pdf. (6) Older Americans with a Disability: 2008-2012, American Community Survey Reports, U.S. Census, December 2014; ac- cessed at: https://www.census.gov/content/dam/Census/library/ publications/2014/acs/acs-29.pdf. (7) Lori K. Bitter, The Grandparent Economy, Paramount Market Publishing, 2015. (8) Ibid., citations from research conducted by the MetLife Mature Market Institute. (9) Aging In Place: A State Survey of Livability Policies and Prac- tices, A Research Report by the National Conference of State Leg- islatures and the AARP Public Policy Institute; accessed at: http:// assets.aarp.org/rgcenter/ppi/liv-com/ib190.pdf. (10) Celebrations of Life Web site, accessed at: https://celebrations oflife.net/ethicalwills/. (11) The Purpose Project, the Center for Spirituality and Healing, Uni- versity of Minnesota, and Richard Leider, The Inventure Group, 2007.

traditions, and hopes for the next generation. Listening to older clients about what is most important to them is a gift, and advisors can encourage clients to pass their wisdom on to their children and grandchildren.

Purpose According to Richard Leider, an author and interna- tional life coach who focuses on the importance of find- ing purpose and meaning in retirement, “The formula for the good life is living in the place where you belong with the people you love, doing the right work on pur- pose.”11 Without a reason to get up in the morning, life is not worth living no matter how much money you have. When people first retire, they are often focused on how they will use their leisure time and the newfound flexibil- ity away from the daily grind. But after a year or two, the bloom may be off the rose. People have an innate need to contribute and to give back to society, so they might want to spend more time as a volunteer. They also have a need to continue to grow and learn so they may want to take courses, start a business, or continue to work. Studies find that engagement is a key to a happier, more satisfying retirement. As an advisor, you can help your clients think through how they will use their time, skills, and passions so they can live their retirement years to the fullest.

Should an advisor become a life planner? That depends on individual preferences and clients’ needs, but more and more, advisors are taking on some as- pects of life planning, and forming partnerships for others. Becoming familiar with the nine elements of life planning will provide insights into what is in the hearts and minds of preretirees and retirees and will make for a richer, deeper practice. n

Sandra Timmermann, EdD, is a nationally recognized ger- ontologist who focuses on aging, retirement, and the ap- plication to business. She is currently the Visiting Profes- sor of Gerontology and Retirement Living at The American College, a Special Advisor to the Board of the Retirement Income Industry Association, a Senior Fellow at the Wom- en’s Institute for a Secure Retirement, and a member of the Funding Longevity Task Force. She also has a consulting

FINANCIAL GERONTOLOGY

(1) U.S. Travel Association, Travel Facts and Statistics; accessed at: https://www.ustravel.org/news/press-kit/travel-facts-and-statistics. (2) Labor Force Participation and Work Status of People 65 Years and Older, American Community Survey Brief, U.S. Census, Jan- uary, 2013; accessed at: https://www.census.gov/prod/2013pubs/ acsbr11-09.pdf. (3) President’s Council on Fitness, Sports and Nutrition, Facts and Statistics; accessed at: http://www.fitness.gov/resource-center/ facts-and-statistics/. (4) AARP and the National Alliance for Caregiving, Caregiv- ing in the U.S., Research Report 2015; accessed at: http://www. aarp.org/content/dam/aarp/ppi/2015/caregiving-in-the-united- states-2015-executive-summary-revised.pdf. (5) The MetLife Report on the Oldest Boomers—Healthy, Retiring Rapidly and Collecting Social Security, MetLife Mature Market Institute, May 2013; accessed at: https://www.metlife.com/assets/ cao/mmi/publications/studies/2013/mmi-oldest-boomers.pdf. (6) Older Americans with a Disability: 2008-2012, American Community Survey Reports, U.S. Census, December 2014; ac- cessed at: https://www.census.gov/content/dam/Census/library/ publications/2014/acs/acs-29.pdf. (7) Lori K. Bitter, The Grandparent Economy, Paramount Market Publishing, 2015. (8) Ibid., citations from research conducted by the MetLife Mature Market Institute. (9) Aging In Place: A State Survey of Livability Policies and Prac- tices, A Research Report by the National Conference of State Leg- islatures and the AARP Public Policy Institute; accessed at: http:// assets.aarp.org/rgcenter/ppi/liv-com/ib190.pdf. (10) Celebrations of Life Web site, accessed at: https://celebrations oflife.net/ethicalwills/. (11) The Purpose Project, the Center for Spirituality and Healing, Uni- versity of Minnesota, and Richard Leider, The Inventure Group, 2007.

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