We've been talking about the impending impact of baby boomers reaching retirement age for some time.
Did you know that the first baby boomer turned 62 on Jan. 1, applied for Social Security online and has begun to receive her retirement benefits? For some of us who are among that cohort, it's pretty hard to believe that we may actually be retiring in the next five to 10 years, but the fact is that the number of Americans ages 65 and older will double between the years 2000 and 2030 to 71.5 million. The fastest growing segment of the population is those older than 85 who are more likely to need the support of family, friends and the community.
There are things that individuals and communities can do to get ready for this influx of older people.
When picking a date to retire, individuals should make sure they have all the information needed to make an informed decision.
Confirm Social Security, Medicare and pension benefits. The Social Security Administration sends an annual estimate of benefits each year about three months before your birthday. This estimate assumes that you will continue to earn the most recent reported annual income until the specified age. Since your Social Security benefit is based on an average of the last 35 years in earnings, changes in your income can affect your Social Security benefit.
If you haven't ever done so, you may want to check out the Social Security website at
www.ssa.gov.
There is lots of great information to help you plan what is best for your particular situation. There is even a calculator to let you know how long it will take to make up for the lost payments if you wait until full retirement age to begin collecting your benefit. There is also information about continuing to work while you collect benefits and whether it is better for your spouse to collect on his own or your earnings.
When you're making your retirement plan, be sure in consider Medicare eligibility and secondary health insurance. Medicare kicks in at age 65 unless you are disabled or have other special conditions. Then you may be eligible at an earlier age. Even if your full retirement age is greater than age 65, you need to check into Medicare when you turn 65. If you are covered by employer-based health insurance you may be exempt from requirements to enroll, but it is best to check it out, since if you are not exempt, you face penalties for late enrollment. The website www.medicare.gov provides much of the information you need to establish this part of your plan. If you are enrolled in Medicare and you don't have employer-based retiree secondary coverage, you should definitely look into a Medicare supplemental policy.
If you have a few years until retirement, it is not too late to increase your savings to fund those golden years. Try to save as much as you can in things such as IRAs and 401(k)s. If you can do it by payroll deduction, by all means do so. If your employer offers matching funds, take full advantage of them. If you really want to manage your future consider taking out a long-term care insurance policy. Unless you have enough resources to self-pay, such policies give you the financial freedom to choose what types of care you want versus being dependent upon public programs.
Taking advantage of professional counseling if you can. The Office for the Aging provides information and counseling regarding Medicare Supplemental and Part D plans as well as long-term care insurance. Your employer or banking institution may be a resource. If you have savings in IRAs and or 401(k)s it is important to get advice. You can experience penalties by withdrawing funds either too early or too late. While I'm sure there are many Internet sources, PBS recently aired a broadcast entitled the Retirement Revolution. Information from this broadcast can be accessed at http://www.pbs.org/retirementrevolution/.
Now that you've taken some time to think about your financial health, take some time to plan for your physical well-
being as well. Start that exercise program you've been thinking about, walk on your lunch hour, take a swim. Spending time and money on physical well-being may be the best investment in allowing you to enjoy your hard-earned, well-planned retirement.
So what can communities do to be prepared?
Recently the National Association of Area Agencies on Aging entered into a partnership with the International City/County Management Association, the National Association of Counties and the National League of Cities and Partners for Livable Communities and instituted a projected funded by MetLife Foundation titled "The Maturing of America _ Getting Communities on Track for an Aging Population."
The project surveyed 10,000 local governments to identify their "aging readiness" to provide programs, policies and services that address the needs of older adults and their caregivers; to ensure that their communities are "livable" for all ages and to take advantage of the incredible resource in talent, wisdom and experience that the increase numbers of older Americans will bring to us.
Recommendations from this project include:
Working to ensure access to preventative health care.
Continuing to support home-delivered and congregate meals.
Providing access to fitness program and facilities including walking trails, benches and fitness trails that accommodate and attract older citizens.
Offering driving assessment and training to help older adults to remain safely on the road. Providing large-print road signs, grooved lane dividers, dedicated left-turn lanes, extended walk times at pedestrian cross walks and ongoing assessment of public transportation to assure it meets the needs of older adults.
Supporting and developing home modification programs so that existing homes can be adapted to meet the needs of aging individuals. When land use, zoning and building codes are reviewed, taking into consideration the need for the development of affordable, accessible, conveniently located housing for older individuals. Bringing in the perspective of older adults
Partnering with others to offer job training and retraining, lifelong learning and flexible work opportunities.
Creating and expanding meaningful volunteer opportunities.
Promoting single point of entry for information and access to aging services.
While several of these recommendations are already under way locally _ including information and access to aging services, and groups are working to encourage the development of affordable, accessible housing and increased availability of funding for home modifications _ communities should keep these recommendations in mind when planning for projects. The state office for the Aging along with other organizations are sponsoring a Community Empowerment Conference in Albany in November to help communities plan for "livable" communities for all. Copies of "The Maturing of America" are available by calling the Otsego County Office for the Aging at 547-4232.
Frances A. Wright is director of the Otsego County Office for the Aging.
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