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ОглавлениеLaying the Foundation: Your 50s
“Grow old along with me! The best is yet to be.”
—ROBERT BROWNING
I’m Too Young for That
When Jan found a copy of AARP The Magazine in her mailbox, she thought there was some mistake. Maybe it was intended for her mother? Or, perhaps this was her husband’s idea of a birthday joke, since she had just celebrated her 50th. But no, the publication geared toward seniors was addressed to her. How can I be old enough to be a “senior?” thought Jan, when she was still working full-time and attending her son’s high school football games. Like Jan, many people don’t consider themselves to be senior citizens in their 50s—and they certainly don’t feel old.
In 2014, the last of the baby boomers will reach age 50, officially putting this large segment of Americans, born between 1946 and 1964, in their senior years. Life expectancy has increased by an average of 12 years since the first boomers were born, along with “health expectancy” or number of years we can expect to live without health problems or disabilities—which begs the question: What will we do with this extra decade or more of life?
Some might say 50 is the new 40. A majority of those in their 50s are still engrossed in careers, with no immediate plans for retiring. And because people are waiting longer to start families, a large number still have school-aged children at home during this decade. Another sizeable segment of this group known as the sandwich generation is raising children and caring for elderly parents. All of which means that instead of slowing down, many 50-somethings are busier than ever. Thankfully, a good portion of those in their 50s are healthy and active enough to keep up with these demands.
However, at 50, issues that once seemed distant are now visible on the horizon. If you haven’t already made plans for retirement or spent time thinking about end-of-life issues, there is no time like the present—whether you are in a position to have important conversations with elderly parents regarding their affairs or contemplating your own wishes. In fact, the decisions and plans we make in our 50s will set the stage for our senior years.
Novelist and dramatist Victor Hugo once said, “Forty is the old age of youth; fifty is the youth of old age.” As we embark on our senior years, we should take advantage of this “youthfulness” to plan for late life.
Money Matters
Despite our best intentions, many Americans don’t get serious about saving for retirement until midlife or later. At that point, some people may begin to panic when they read the amount experts say they “should” have saved by this age. It’s easy to get discouraged and even adopt a “why bother” attitude. However, it’s not too late, and doing something is always better than doing nothing. If you’ve been saving and investing for retirement, now is the time to make assessments and possibly step up your efforts. If you haven’t begun the process, start by taking small, manageable steps. Financial experts recommend laying out a road map for retirement that includes the following:
• Run projections using a retirement calculator (available online), which can give you a broad overview. Don’t forget to estimate future healthcare costs, particularly if you are planning to retire before Medicare age.
• Sit down with a financial planner (if you haven’t done so already) and create a financial inventory. Then project when you want to retire, keeping in mind there is nothing magic about ages 62 or 65, and see if you are on target to meet your financial needs. The average family requires 70 to 90 percent of preretirement income, but this amount varies with individual situations.
• Refinance your mortgage to pay it off sooner, if possible.
• Get a handle on spending. The best way to save is to spend less. Create a retirement budget worksheet that includes regular contributions to your retirement savings.
• Maximize your retirement contributions. In recent years, the allowable contribution amounts for both 401(k) accounts and individual retirement accounts (IRAs) were raised. In 2014, an employee age 50 and older can now contribute up to $23,000 annually into a 401(k) account, and an additional $6,500 into an IRA.
• Educate yourself. Understand your investment options, attend seminars, and read books on the subject. Take advantage of free retirement planning seminars offered by financial advisors and community centers.
• Focus on your career. Your earning power is one of your biggest assets, so don’t be too quick to give it up. It may mean switching careers.
• Evaluate your investments. Shift your investment focus to strategies that help maximize lifetime income and reduce risk.
• Evaluate your insurance needs, including life, disability, and long-term care insurance. The best time to purchase this type of insurance is when you are healthy.
“It’s also important to note that at age 50, employees who participate in certain qualified retirement plans are able to begin making annual ‘catch-up’ contributions in addition to their normal contributions,” says Michael Johnson, Certified Financial Planner® (CFP®), CPWA®. “Those who participate in 401(k), 403(b), and 457 plans can add an additional $5,500 per year, while those in simple IRA or simple 401(k) plans can make a catch-up contribution of up to $2,500. And, finally, those who participate in traditional IRAs can set aside an additional $1,000 a year. It’s a good way to jump start your retirement savings.”
When it comes to financial planning, another milestone to consider is age 59½; that’s when you are able to start making withdrawals from some qualified retirement plans without incurring a 10 percent tax penalty. To find out if this applies to your particular plan, as well as whether it makes good economic sense to begin making these withdrawals, you should consult with your financial planner.
It seemed like only yesterday when Kate was sitting in front of her adolescent daughter, who was squirming uncomfortably in her seat, having “the talk.” Now, here she was years later, having an equally difficult conversation with her adult daughter, who was once again squirming in her seat. This time, the topic was end-of-life wishes.
Despite her daughter’s discomfort, Kate forged ahead because she understood the importance of broaching this sensitive subject. Kate, who was also caring for her elderly father, knew from experience that the time to have this discussion was when she was healthy. After her dad had suddenly suffered a debilitating stroke, Kate and her sister were left with some very difficult decisions and no direction.
“My dad didn’t believe in talking about things,” lamented Kate. “He had no plans or instructions, which made the situation very hard for us. I vowed that I wouldn’t put my own kids through that kind of stress.”
Kate understood that being proactive is the best way to reduce stress and avoid future problems for all parties. Next on her agenda was a meeting with their financial planner to assess their retirement savings.
Legal Issues
As Kate’s story illustrates, now is the time to put advance directives in place, including a living will and a durable power of attorney (also known as a healthcare proxy or patient advocate designation). Too often, we wait until there is a health crisis before creating these important documents. In fact, it’s estimated that nearly 44 percent of those 45 to 64 years old do not have a will, even though we acknowledge the importance of having one. In 2013, The Conversation Project, a national campaign aimed at helping people initiate discussions about end-of-life wishes, conducted a survey that revealed that 94 percent of Americans felt these conversations were important, but less than one-third actually had such dialogues with loved ones. When asked why they hadn’t broached the subject, respondents listed a variety of reasons, including: “I’m not sick yet,” “I might upset my loved ones,” “It never seems like the right time,” and “I don’t know how to start the conversation.”
What to Ask Your Financial Advisor
When deciding on a potential financial advisor, Johnson recommends starting with an interview and asking some basic questions:
• Are you independent and objective? (The best advice usually comes from unbiased sources. Be aware of how your advisor gets paid. Financial incentives to suggest certain financial products may lead to advice that is not in your best interests.)
• Will you create a comprehensive financial plan for me?
• Will the investment plan be coordinated with the financial plan?
• Will the investment plan be coordinated with my tax returns?
• Will the investment plan be coordinated with my estate plan?
Overall, your financial advisor should be able to help you bring many facets of your financial life together in a coordinated, optimized way.
While death and dying are still taboo subjects to many, they become increasingly important as we reach midlife—not only to us, but to our children and, in some cases, our aging parents. Experts agree that the best time to discuss end-of-life care and wishes is before a life-threatening illness or health crisis, when you are not under duress. By preparing in advance, you can reduce stress for yourself and your loved ones and make educated decisions that may include input from those closest to you. And, because unexpected end-of-life situations can happen at any age, all adults should have advance directives in place.
In the simplest terms, advance directives describe your preferences regarding treatment if you’re faced with a serious accident or illness. These legal documents speak for you if you are unable to speak for yourself. Your family and physicians will consult your advance directives if you are unable to make your own healthcare decisions, thereby reducing confusion and disagreement. Advance directives typically include:
• A living will—This written document specifically outlines the types of medical treatments and life-sustaining measures you want and don’t want, such as artificial breathing (respiration and ventilation), feeding tubes, or resuscitation. In some states, living wills may be called healthcare declarations or healthcare directives. It’s also important to note that laws differ by state. For instance, some states do not have living will statutes, in which a clear and convincing declaration of end-of-life wishes must be documented, typically in the medical power of attorney, while others do.
• Medical or healthcare power of attorney (POA)—This legal document, which may also be called a Durable Power of Attorney, designates an individual (referred to as your healthcare agent or proxy) to make medical decisions for you if you are unable to do so. (Note: This is different from a power of attorney authorizing someone to make financial transactions for you.)
• Do not resuscitate (DNR) order—This is a written request to forgo cardiopulmonary resuscitation (CPR) if your heart stops or you stop breathing. Advance directives do not have to include a DNR, and you aren’t required to have advance directives in place to request a DNR. Your physician can put a DNR order in your medical chart. It’s important to note that many states require a separate DNR form, which is state-specific and bears the signature of a physician (see chapter 5 for more details).
These legalities may seem overwhelming or even a bit depressing to consider, but they are necessary to ensure that your end-of-life wishes are carried out and help your loved ones during an already difficult time. While most of these documents are readily available online, consulting an attorney or, more specifically, an attorney who specializes in elder law is highly recommended, as laws and terminology differ by state. These professionals can walk you through the process, explain your options, and answer questions along the way. They can also help you plan for all the “what ifs” that you may not have considered before. The cost of preparing these documents is generally very affordable. However, if fees are a concern, many communities offer free or low-cost legal resources to help you draft these important documents. The National Elder Law Foundation (nelf.org) can help you find a local attorney. If possible, select a certified elder law attorney, which is considered the gold standard in the industry.
Keep in mind, documents don’t replace conversations! Simply stashing these documents away in a safe deposit box somewhere doesn’t help anyone. It’s vital to have open, honest conversations with your spouse, adult children, or other family members who may be involved in future caregiving or decision making. Share these documents with them (all parties should have a copy) and explain your wishes in person, if possible. Before appointing a POA, be sure that individual understands your requests and is willing to accept the responsibility. It’s also a good idea to review these documents every year or so, as things change.
If you are finding it difficult to initiate these conversations with aging parents or adult children, as the case may be, the Conversation Project offers some tips for getting started at www.theconversationproject.org. Groups such as the AARP and the Area Agencies on Aging are also good resources for how to get started and what topics to consider. Many people note that once the end-of-life subject is broached, this conversation can be one of the most meaningful talks they’ve ever had with their loved ones.
Health Factors
Prevention Is the Best Medicine
As discussed, many of the illnesses that were once associated with aging are largely avoidable and can be successfully treated. The keys are prevention and early diagnosis. Quite simply, the choices we make in our 50s regarding our health can greatly affect the quality of life in our late years. Even if you’ve neglected your health up to this point, it’s never too late to make improvements. Now is the time to take control.
Smoking
Let’s start with the culprit behind most preventable causes of death and disease in the United States—smoking. You may be familiar with the warnings regarding emphysema, bronchitis, and lung cancer, but did you know that smoking is also linked to heart disease and stroke? In fact, more smokers die from heart attacks than respiratory problems, and among those under 50, cigarette smoking is the number one risk factor for cardiovascular disease. Smoking damages the walls of your arteries, making them more susceptible to atherosclerosis (narrowing and hardening of the arteries), decreases circulation, increases blood pressure, reduces oxygen levels in the blood, and ups your chances of developing blood clots. Evidence also suggests that smoking contributes to unhealthy cholesterol levels.
And it’s not just cigarettes that are cause for concern—chewing tobacco and other products containing nicotine, such as smokeless cigarettes, can also be detrimental to your health. If you’re a tobacco user, the best thing you can do to improve your health is to stop, now! Even if you’ve smoked for many years, the health benefits of kicking the habit are immediate and improve over time. Within 20 minutes of your last cigarette, nicotine stops constricting blood vessels, your heart rate slows down, and your blood pressure decreases. After 8 to 10 hours without lighting up, your circulation begins to improve, carbon monoxide levels in your blood drop, and oxygen levels increase (your organs will thank you). After 24 smoke-free hours, your heart attack risk is reduced, and the body continues to heal with each passing day. Studies show that after a year of quitting, cardiovascular risks related to smoking are cut in half.
Of course, giving up tobacco is not easy. Nicotine is as addictive as heroin, and it often takes repeated attempts for folks to kick the habit for good. The good news is there are many tools available to help you succeed, such as nicotine replacement gum, lozenges, and patches. Though many of these aids are available over-the-counter, the best place to begin is with your healthcare provider, who can guide you in the process and possibly prescribe medications that reduce cravings and withdrawal symptoms. It’s important to follow directions carefully when using these products to avoid potential complications such as nicotine poisoning and interactions with other medications. To get started, you can find tips and support on websites such as www.smokefree.gov and the American Lung Association’s www.lung.org/stop-smoking.
Diet
Adopting healthy eating habits in your 50s is more important than ever in order to counteract changes that naturally occur with aging. For instance, both blood pressure and cholesterol levels tend to increase with age, so maintaining healthy ranges with diet and exercise is vital. When it comes to a healthy diet, there have been volumes written on the subject, with wide variations in advice. However, most experts agree that following a heart-healthy diet is your best bet. Eating a heart-healthy diet can lower blood pressure, reduce cholesterol, prevent diabetes, and keep weight in check. In fact, good eating habits are more effective against disease than medications.
You can ask your healthcare provider for healthy eating guidelines or find heart-healthy diets online on websites such as www.heart.org (The American Heart Association). In general, a heart-healthy diet includes:
• Reducing sodium to prevent hypertension (high blood pressure). Take the salt shaker off the table and check labels on prepared foods for sodium content—you might be surprised by what you find. Recommended guideline for sodium intake for healthy adults is 2,300 milligrams or less per day. However, older adults, African-Americans, and those with a diagnosis of hypertension should lower their daily intake to 1,500 milligrams or less. (On average, Americans consume double and even triple those amounts!)
• Reducing saturated fats, which are found in red meat, poultry skin, full-fat dairy products, butter, and cheese.
• Avoiding trans fats, which are artificial fats used to extend the shelf life of various packaged and processed foods, such as margarine, crackers, and bakery goods. Many deep fried and fast foods also contain trans fats.
• Adding more “good” fats (monounsaturated and polyunsaturated), which are found in foods such as avocados and nuts and some cooking oils (olive, canola, and sunflower).
• Including omega-3 fatty acids in your diet by eating fish, particularly deep-water, fatty fish (salmon, herring, trout, sardines, mackerel, and albacore tuna) at least two times per week.
• Increasing fiber with whole grain, high-fiber foods, such as whole grain breads and cereal, brown rice, couscous, quinoa, lentils, beans, nuts, oat bran, and oatmeal.
• Avoiding refined flour products and foods with added sugar (simple carbohydrates), such as white bread, cakes, cookies, sugar-added cereals, and soda pop. Beware of ingredients such as corn syrup, high-fructose corn syrup, dextrose, and corn sweetener, among others, which are really sugar!
• Loading up on fruits and vegetables (five or more servings per day), which not only increase fiber, but provide essential nutrients. A diet high in fruit and vegetables has been linked to the prevention of certain types of cancer and lowers your risk for heart disease.
To Supplement or Not
There is a dizzying array of vitamins, minerals, and other dietary supplements filling store shelves these days. There is also much debate in the medical community due to recent studies questioning the effectiveness of some supplements. And, the claims regarding these supplements can be confusing! While most experts agree that a good-quality multivitamin can help you fill in nutritional gaps, supplements are not meant to replace a balanced diet—eating a variety of natural foods is important for overall health. While it’s always better to get nutrients naturally, there may be circumstances when a supplement is helpful, such as a diagnosed vitamin deficiency or health condition. The bottom line: Talk to your healthcare provider before taking any dietary supplements. Also, be sure to inform your healthcare provider of any supplements you have been taking, as certain supplements can interact adversely with prescription drugs, and others may cause complications with certain health conditions or surgery.
Encouragingly, studies show that when it comes to diet and exercise, even small changes can have big results. Conditions such as pre-diabetes, hypertension, and high cholesterol can often be improved or eliminated through diet and exercise, thus avoiding medications and worsening health.
Exercise
As we age, we naturally lose muscle mass and bone density and tend to accumulate more fat. Perhaps you’ve noticed it’s much more difficult to keep the weight off as you reach middle age, particularly around the middle! This type of stubborn weight gain is not only frustrating, it’s also unhealthy. An expanding waistline signals an increase in visceral adiposity, a type of belly fat that negatively impacts cardiac health. This kind of fat has also been linked to poor glucose control (insulin resistance), which leads to type 2 diabetes, high blood pressure, and poor vascular health. Even if you’re not considered overweight, it’s possible to have more fat than is good for you.
Staying active and even stepping up your activity level can help combat this stubborn weight gain, while maintaining muscle mass and keeping bones strong. In fact, exercise can improve our quality of life as we age in many ways. All too often we assume that problems such as loss of strength, balance, and flexibility are just a natural consequence of getting older. However, research indicates that many of these issues are a result of years of inactivity, which means we can prevent them from occurring by staying active. What’s more, regular exercise has been shown to improve cognitive function as we age, helping to stave off memory loss and dementia.
Exercise will not prevent every ailment that comes along as we get older, but it can enhance the aging process. The American Heart Association notes that for every hour of regular exercise you perform, you’ll gain about two hours of additional life expectancy. More importantly, those added hours are likely to be healthier! So, how much and what type of exercise should you be doing?
Before beginning any exercise program, be sure to consult your physician, especially if you’ve been sedentary. The type of exercise that’s right for you will depend on your current physical condition, as well as the activities you enjoy—because you probably won’t stick to something you don’t like! It’s also important to note that even those with disabilities or health problems can and should get regular exercise. If you’re not sure where to start, consult with your healthcare provider or a physical therapist, who can tailor a program to fit your needs. In general, experts recommend:
• At least 30 minutes or more of moderate physical activity at least five days a week. Moderate-intensity exercise is defined as any activity that causes your heart rate and breathing pattern to noticeably increase—reaching approximately 50 to 70 percent of your maximum heart rate. For example, walking at a brisk pace for 30 minutes (approximately 4.0 mph), swimming laps for 20 minutes, and bicycling five miles in 30 minutes would be considered moderate activity. (See chapter 4 for heart rate calculations.)
• Strength-building exercises three times a week to maintain muscle mass and bone density. Examples of this type of exercise include using light weights, resistance bands, or your own body weight as you perform abdominal crunches, bicep curls, push-ups, etc. In particular, improving core strength (abdominal muscles) can prevent back pain and improve mobility.
• Exercises that improve balance and flexibility, such as yoga and Pilates. Most injuries, including falls, are a result of loss in flexibility and balance.
