We all want to be healthy, wealthy and wise. These are worthy goals at any stage of life. With every passing decade, they become even more valuable.
Sonya Edwards helps more than 5,000 older adults annually with finances, housing and social services in her job as the Director of Financial Counseling for Empowering and Strengthening Ohio’s People (ESOP), a subsidiary of the Benjamin Rose Institute on Aging in Cleveland. She makes presentations nationwide about financial exploitation, financial security and integrated programming for older adults.
Here are her top three tips for maintaining financial health:
- Make “fiscal check-ups” to maintain financial wellness. Evaluate income, housing expenses, debt obligations, emergency savings, insurance policies and retirement options.
- Exercise self-control for improved health and financial wellness. “If our physical health is poor, it affects our bodies, minds, families and finances,” Edwards says.
- Understand that financial stress damages physical health. Learn strategies to combat all types of stress — including financial stressors — to keep your financial and physical health in check.
BOLSTER YOUR BENEFITS
When it comes to cost-saving programs for those in retirement, Edwards recommends:
- Complete a benefit assessment periodically to discover federal, state or local benefits available to you. Conduct a new assessment when your finances, medical needs or household composition changes.
- Save thousands on premiums and copays with a Senior Health Insurance Information Program (SHIIP) counselor. They can help you evaluate your Medicare Part D plan during Open Enrollment period (October 15-December 7) so you can make the most of changes to annual premium costs and coverages.
- Take advantage of benefits including the Property Tax Homestead Exemption for those 65+ or permanently disabled, with an annual Ohio Adjusted Gross Income of no more than $32,800. Also, explore heating and utility assistance, home repair programs and food assistance programs to fill financial gaps after you retire.
PLAN AHEAD
Edwards says, “It’s never too early to start planning for the future. Initiate conversations with loved ones before it’s time to make decisions. Early financial planning and revisiting your financial plan is the best way to ensure your wishes will be carried out.”
As you plan for your financial future, consider:
- Every Ohio homeowner should file a Transfer on Death Beneficiary Designation Affidavit at the county recorder’s office. This creates a transfer of ownership to any beneficiary over the age of 18 upon death (you can designate multiple beneficiaries). This will help avoid probate court, which can be costly and usually takes nine months to two years.
- Consider who should handle healthcare and financial decisions on your behalf. Choose different people for healthcare and finances. “Developing a power of attorney is relatively inexpensive, but it is advisable to use a lawyer,” Edwards says.
- Re-examine your healthcare and financial wishes according to the five Ds: decade, death, divorce, diagnosis and decline:
Decade: At the start of every new decade in your life
Death: When a loved one dies
Divorce: When there is a major family change
Diagnosis: When a serious health condition is diagnosed
Decline: When your health or cognitive ability declines
Planning ahead makes a measurable difference in your financial outlook and your general well-being. Programs like ESOP help to demystify the process, Edwards says.
To learn more about all the financial support services ESOP provides, log onto esop-cleveland.org or call (216) 361-0718.
Help Wanted
Maybe you’ve been forced into retirement but you’d rather be generating an income. If you’re 55 or older and you’re looking for a job, the Ohio Department of Aging can help you land one.
The Senior Community Service Employment Program (SCSEP) is a paid community service and work-based training program for older income-eligible jobseekers. The only program funded by the U.S. Department of Labor and authorized by the Older Americans Act, SCSEP provides service-based training at local non-profit and public organizations.
Among candidates seeking SCEP eligibility, veterans and their spouses, people 65 or older, minorities and those with limited English or literacy skills are given priority. Each SCSEP participant provides an average of 20 community service hours per week to prepare for unsubsidized opportunities within the employer network.
To explore job options through SCEO, log onto aging.ohio.gov/scsep.
Estelle Rodis-Brown is a freelance writer from Northeast Ohio whose insatiable curiosity secures her enduring commitment to lifelong learning, wellness and pursuit of better living at any age. She also serves as digital/assistant editor of Boomer magazine.
