ASK LARRY
-"Larry Hayes< CEO/Publisher A050
"The Pandemic Is Playing Havoc With Our Financial Plans."
"I feel like I am being forced into an earlier retirement. My wife is working but with a pay cut and not sure about the future of her company. We have advisors at Schwab that work on the big picture. They tell us we are doing fine with our long term retirement. But they don’t help with the day to day practical financial stuff. Any suggestions?"--TG
COVID-19 has turned our world upside down with the market
going up and down like a roller coaster. I personally don't know any financial advisor who will help with day-to-day financial stuff so I asked a financial expert for his advice.
The pandemic has indeed played havoc with retirement plans but it need not control our lives. Without knowing your personal situation, I will be unable to get into specifics. Long term planning is closely related to practical financial stuff and they cannot be mutually exclusive.
A comprehensive retirement plan is the sum of multiple components. Anyone approaching or in retirement (and their advisor) should be considering important aspects such as Social Security Income optimization, RMD (Required Minimum Distribution) impact, Sequence
of Returns Risk, the need for Long Term Care, among several other aspects. Please contact me to discuss your personal situation. Arvind Ven: 408.725.7122 or arvind.ven@lpl.com. www.capitalvgroup.com
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Arvind Ven is Founder/CEO of the Capital V Group, a Registered Investment Advisory firm. He has an MBA from the MIT Sloan School. Arvind Ven is a Registered Representative with and Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor. Member FINRA & SIPC. Financial planning offered through Capital V Group, a registered investment advisor and a separate entity from LPL Financial.
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H
HOW WE
SPENT OUR
SUMMER
VACATION
Moving Our Daughter To Colorado
Amid COVID-19 And Raging Wildfires
--Lisa Clarke
Months prior to moving our daughter Haley to Colorado for college, I had such a feeling of sadness in my heart knowing the day would come when she would no longer be living at home but also having to deal with the COVID pandemic and staying safe at school.
Getting ready to leave our home in Scotts Valley, CA with several social distanced teenagers saying goodbye and all the tears flowing, we took off
in our truck with all the things a college student needs to live in a dorm. We pulled our little camping-trailer so we did not have to stay at any hotels or
eat out at any restaurants.
As we were driving through different states--only able to drive 60-mph
(due to towing the trailer) with an 80-mph speed limit--we found out through text from family that the route we planned to take had been closed due to wildfires in Colorado.
We changed our route and started in a different direction. To make
matters more interesting as we drove through Idaho, we had a tire blowout
on our trailer. My husband had to pull over while we are on this bridge with traffic barreling 80 miles per hour next to him to change the tire.
Luckily after he put a spare on, we were able to find a auto shop still open to repair the tire. We camped that night and took off early the next morning to find out that back home there was this beautiful lightning show but DID NOT know at the time that it started a wildfire which quickly grew to be known as
the CZU fire in the Santa Cruz mountains in Northern California.
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Create
Your
Dream
Home!
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“At Next Stage, our inspiration comes from you. Your ideas are brought to life by our staff of certified designers and highly skilled production team. As a team, our goal is to help our clients improve how they live in their homes while taking precautions to keep you and our staff safe during this time."
"Let’s talk about how Next Stage can create your dream home. For a virtual consultation, visit nextstagedesign.com or call us at 408.323.5300.”
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10 Tips For a Healthy Heart
A healthy heart is a good foundation for a healthy life. Physicians Medical Group of San Jose wants you to live a long and healthy life. Following these 10 healthy heart tips is a great way to start:
1. Never smoke. Smokers are 2-4 times more likely to develop coronary artery disease.
2. Exercise regularly. Being physically active can lower your risk of heart disease and improve bone and joint health. Always check with your doctor before starting an exercise plan.
3. Beware of your cholesterol. Too much cholesterol, a fatty substance within your body, can contribute to a heart attack.
4. Sleep well. Getting enough of the right kind of sleep is important.
5. Manage your diabetes. People with diabetes have a far greater chance of having a heart attack or stroke.
6. Control your blood pressure. Consistently high blood pressure can lead to stroke or heart attack.
7. Eat the right things. Diets rich in lean protein, fruits, vegetables, whole grains, and healthy fats are best.
8. Lose weight if you need to. Carrying around excess weight can increase your risk of heart disease, diabetes and high blood pressure.
9. Don’t drink too much alcohol. Drinking alcohol can raise your blood pressure and harm your heart muscle.
10. Your mind matters. Depression and stress are serious risk factors.
For more heart healthy tips, please visit Physicians Medical Group of San Jose at pmgmd.com.
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LIVE
LONGER?
Guaranteed!
OR MONEY BACK
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The creative genius behind Under Cardiac Arrest comics is John Donaghue, a talented art director from San Francisco. He has created dozens of comics about the frolics and humor of older adults.
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RECENTLY
LISTED!
$495,000
Beautifully upgraded 2 Bedroom/2 Bath Condo with solid bamboo flooring and completely rebuilt kitchen in The Villages Golf & Country Club in San Jose.
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The Villages is one of the best kept bargains in senior living housing in the San Francisco Bay Area--the only active adult 55+ community in Silicon Valley. Home to over 4,000 residents living in 2,300 condos and single family homes scattered throughout 550 secluded and scenic areas. Gated community for your privacy and safety. Many activities and fun things to do. Prices from $400,000 to $1,000,000+.
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Take a tour with me and receive a $25 gift card! For an appointment, please call me today at 408.274.8766 and discover
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"IRAs,
401k's,
Oh My..."
--Evelyn Preston, The Money Lady
From now on, it’s important to keep on high alert for new tax laws that will impact seniors whether they’re adding to, or withdrawing from their retirement plans. Recent economic emergency measures helped Americans cope with the Covid Pandemic; here’s more “help” that may not be to seniors’ advantage.
Q: Besides direct checks, rent relief and the possibility of
no payroll tax, how else is the Government helping financially?
The recent Coronavirus Relief Bill waives the 2020 RMDs, the required minimum distribution mandated yearly for those with pretax savings (IRAs, 401k’s, etc.) who are over 70 ½. Even those with Inherited IRAs enjoy this gift from the Govt.
Q:I’m only 65. When will I have to start withdrawing from my retirement accounts?
Good News! The Secure Act, now in effect, has raised the RMD start age to 72.
Q: What about Inherited IRAs? My children could take minimal distributions from their uncle’s IRA over their lifetimes, allowing
the remaining funds to continue growing long term.
Bad News! As of 2020, this “Stretch IRA” is cut short for Inherited IRA money by a non-spouse and distributions must be taken within 10 years. This new time-line doesn’t affect pre-2020 recipients of Inherited IRAs who may continue to accrue savings over their lifetimes. So far!
Q: Why defer taking this year’s RMD when taxes are still
relatively low?
It’s a juggling act, guesswork and personal. With this year’s lower income for so many plus the lowest tax rates for the foreseeable future, maybe it’s good planning to increase withdrawals instead of skipping the RMD. In fact, 2020 may be the right time to consider:
1) Rollover to a Roth IRA to avoid future taxes;
2) Taking an entire Inherited IRA at low current rates;
3) Rollover of large IRAs into a Charitable or Uni-Trust for more effective tax planning
See a tax pro or be very careful to stay within your current (lower) tax bracket.
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Evelyn (Evie) Preston is a financial columnist for The Scoop and has worked as a financial advisor for over 25 years. She can be reached at 650.494.7443. Her book: Memoirs of The Money Lady is available at eviepreston.com.
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YOUR LOCAL
REVERSE
MORTGAGE
PROFESSIONAL
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With over 15 years experience right here in Silicon
Valley, I can answer all your questions.
Will The Bank Own My Home?
The bank does not take ownership of your home; they simply extend a loan to you. You continue to own and live in your home and are responsible for payment of property taxes, required insurance and if applicable, HOA fees
Do My Children/Family Members Lose Their Inheritance?
No, a borrower may designate an heir of their choosing.The heir(s) will inherit the home after the last surviving borrower passes away and may then choose to keep (by paying off the amount of reverse mortgage balance) or sell the home. Should they choose to sell, any remaining equity after paying off the loan (minus interest and fees) would be theirs.
Contact me today to learn more! 408.722.0010
Marilyn Brown Ross
Branch Manager & Reverse
Mortgage Professional
NMLS#453436/1221981
MarilynRoss@openmortgage.com
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Snippits
My Experience With "Telehealth"
I was due for my annual in-person physical but opted instead for a "Teleheath" video visit with my Kaiser doctor. To my surprise, it was faster and easier to use than with Zoom which I occasionally use for business, family and friends.
No waiting with Telehealth. My doctor appeared clearly on screen
and right on time. Loved the experience and convenience. Highly recommend that you give it a try. Works well for me.
Chances are the next time you see your doctor, it will be a "virtual" visit via video or telephone. Due to COVID-19, "Telehealth" is rapidly growing from 4% visits in May 2019 to 26% in March/June 2020.
What is undeniable is the urgent need for our older population to get online, if not already. No more excuses. Digital technology is more than just "nice" to have. It may be the only way to communicate with your doctor now and in the future. Learn More
FREE LGBTQ Zoom Conference
Hosted by Avenidas, this free online conference is for members, friends and supporters of the LGBTQ community. Saturday, October 17, 2pm--4:30pm. Workshop to cover: Housing, Legal Issues, Overcoming Discrimination and Build Your Own Village. Keynote speaker is Stanford Dr. Fred Luskin: "Staying Sane In These Crazy Times." 650.289.5445 Learn More
People In The News
Colin Milner, CEO of the International Council On Active Aging (ICAA), appointed to the World Health Organization (WHO) Global Network on Long Term Care. Milner is recognized by the World Economics Forum as one of "the most innovative and influential minds" in the world on aging related topics. Learn More
Who Wants To Go Fishing?
Love fishing? Want to learn how? Or teach your kids? Check out the best fishing club in the San Francisco Bay Area--BASF Bay Area Sportfishers. Discover the latest "hot spots" for fishing fresh water and ocean. Meet new fishing buddies and enjoy the great outdoors. Everyone welcome--men, women and children of all ages. Learn More
GOT NEWS?
What's happening in your life or business? Send us "Snippits" of news
(up to 50 words) that you think would be of interest to the readers of
What To Submit? Any interesting news or human interest story
dealing with retirement, health, housing, money and travel including
new products and technology. Personal items welcome including Help/Job Wanted, House Sharing, For Sale and Companionship.
Share The Scoop with your friends, family and colleagues. Your comments and suggestions are always welcome. Reach me at Larry@activeover50.com or call me direct at 408.921.5806.
Keep Smiling! And Keep Moving!
P.S. The Scoop reaches over 100,000 boomers and seniors in the
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