Legal

Legal

Want to Have Fun in Retirement?

Keep Working (Just a Bit)

By Laurie G. Steiner

You finally retired from your job.

For some, that is a welcome relief — the end of a career they are happy to put behind them. For others forced to retire when they didn’t want to, depression and frustration may set in. For still others, retirement might mean financial ruin because of health care costs.

If you have energy to burn, want to try something new, or need a job to make ends meet, finding your passion is the key to enjoying work after retirement. Working at a job that you’re passionate about can be invigorating, meaningful and engaging while keeping your mind and body sharp. Research shows that people who work well into their 70s, 80s and even 90s live longer than those who don’t work.

What You Know

Ageism can be a barrier to finding a new job. Focus on your accomplishments and achievements, not necessarily your skills. Highlight decision-making and supervising abilities. Who can benefit from your talents and experiences? If you need help, start online with workforce50.com or the Encore Career Network at matureservices.org.

Ideas for post-retirement employment:

• Write (especially if you were an English teacher). This could include writing training manuals for a company or copy for product marketing. Consider contract or freelance opportunities.
• Teach or consult. Share your knowledge from your work years with students or others in your field.
• Count. If you have a flair for numbers, become a bookkeeper or tax preparer. You could be a lifesaver for someone who can’t balance their checkbook.
• Sell. Retail jobs offer some of the most reliable jobs for retirees. Meet new people and stay connected to your community. Some, such as Starbucks, offer health benefits.
• Make. Crafters and artists can make and sell at local craft shows or online on Etsy.com.

Remarriages are on the rise. Four of every 10 marriages are now remarriages, and half of previously married seniors have remarried again, according to a Pew Research Center study.

Let’s say partners each have children from a first marriage, and they are getting married. What issues do they need to think about? In addition to all of the family dynamics, there are many economic and personal issues they need to consider, such as:

• Income taxes

• Prenuptial agreements

• Pension, 401k and Social Security benefits

• Cost-sharing

• Estate planning documents

DOUBLE-CHECK DOCUMENTS

Consider the following real-life example. A couple remarried in their 50s. They each had children from a first marriage. The husband died 20 years later. He wanted to provide for his second wife.  His will stated all of his assets went to his wife, with the understanding that on his wife’s death those assets would go back to his children.

However, what actually happened is when the husband died, the surviving wife — who lived a long time after that — simply combined their assets. On her death, the money went to her children. The husband’s children got nothing. They did not believe their father meant to do that with his assets. He didn’t, but he didn’t plan properly.

So, what should he have done? He should have set up what is commonly called a marital trust. The trust would have held the assets for his second wife when he died, but upon the wife’s passing the assets would go to his children. The trust document prohibits the widow from transferring the assets to her children.

LIFE CHANGES REQUIRE UPDATES

As for other important documents, everyone should have a durable financial power of attorney, durable health care power of attorney and a living will declaration. When you divorce or get married, update documents to reflect your new situation.

As the holidays approach, people start thinking about making charitable donations. But take care with those well-meaning plans. Each year, crooks use scams to cheat people and to steal millions of dollars intended for charities.

The problem is that these scams are hard to identify. For example, the Federal Trade Commission in May filed a lawsuit against the Cancer Fund of America, the Children’s Cancer Fund of America and the Breast Cancer Society.

These charities, which have existed for years, have raised more than $200 million, yet only about 3 percent of their money went to cancer patients, research or treatment, according to the FTC. The trouble is that when someone gets a phone call from an organization such as the Children’s Cancer Fund of America, it sounds legitimate and well-meaning, so people donate money.

DOORSTEP SCAMS

Some scams are closer to home. A few years ago, a teenager along with an older gentleman, asked local business owners to contribute to a Muscular Dystrophy Association bike ride. In exchange, donors were promised discounted Cedar Point season passes. Instead, the scammers pocketed the cash.

This is a big problem with a solution. Look at the FTC and Ohio Attorney General websites to help identify scams targeting people who want to donate to charities. For example, the FTC recently issued a warning about charity scams in connection with recent floods in Louisiana.

SO WHAT SHOULD YOU DO IF YOU WANT TO CONTRIBUTE TO CHARITY?

Here are five steps to take to make sure your money goes to the charity you want

1 Research the Charity.

If you are not familiar with the charity you can research it on the FTC website, consumer .ftc.gov. You can also research on the Ohio Attorney General’s website, ohioattorneygeneral.gov, to find charities registered in the state.These websites have links to organizations such as Charity Navigator, Charity Watch and Guide Star, which provide valuable information about charities, including how much they spend on charitable activity versus payroll and other overhead.