IRS Gives Relief To Taxpayers Who Inherited IRAs In 2020 And 2021

A jar of coins with the word retirement written on it.


The Internal Revenue Service has announced that it will delay enforcement new rules requiring withdrawals from some inherited retirement accounts until 2023.  This follows a myriad of complaints that the changes were confusing.  The relief applies to taxpayer complaining that the changes were confusing and applies to anyone who inherited retirement accounts in 2020 or 2021 who the IRS said had to take annual withdrawals right away instead of waiting until the end of a 10-year period to liquidate the accounts.  This means that this group of taxpayers is not required to take RMDs for 2021 and 2022.

Medicare Open Enrollment From October 15 To December 7 : Check Your Options!

A nurse is caring for an elderly woman.


Medicare Open Enrollment arrives, with their Annual Election Period (AEP) running from October 15 to December 7.  Those who are in a standalone Part D drug plan should check and make sure that they have the best coverage possible for the prescription medication that they are on.  Coverage and plans change every year so getting the right plan could save you hundreds or even thousands of dollars per year.  Similarly, if you are looking at a Medicare Advantage Plan should look at your likely health needs, including hospitals, doctors, durable equipment, as well as prescription costs.  Alliance on Aging has a number of free presentations on this topic.  Click here for the dates and locations.

Tips On When To Take Social Security

A woman and an old lady smiling for the camera.


If you are thinking about taking early retirement, think again.  With the stock market in a funk and inflation soaring, this is a painful time for everyone but especially those who are living on a fixed income.  When thinking about retirement, don’t look at the average life expectancy as the most probable outcome.  This is an average, and many people live much longer.  Sharon Carson, executive director of retirement insights for J.P. Morgan Asset Management, told USA Today that you should plan for 35 years of retirement if you are a non-smoker in excellent health.  She also says that the lower your expected long-term investment return (which is typical as you get older), the more it pays to wait longer before claiming Social Security.  So, for instance, a woman who expects a long-term investment return of 5.5% and has a life expectancy of 88 should consider claiming at age 70.

Monterey, CA Home Care Aide (HCA) Senior Alzheimer’s & Dementia Caregiver Jobs Available : Set Your Own Hours: $2/Hour Extra On The Weekends CNA or HHA Designation A Plus

A nurse is helping an older man with his medical equipment.


Monterey, CA Home Care Aide (HCA) Senior Alzheimer’s & Dementia Caregiver Jobs Available : Set Your Own Hours: $2/Hour Extra On The Weekends CNA or HHA Designation A Plus (Also Aromas, Big Sur,  Carmel-by-the-sea, Carmel Highlands, Carmel Valley, Castroville, Corral-de-tierra, Del Rey Oaks, Gonzalez, Greenfield, King City, Pacific Grove, Pebble Beach, Prunedale, Salinas, Seaside & Soledad

We have developed a reputation for having the best caregivers (Home Care Aides or Senior Companions) in Monterey County over the past decade and have recently expanded into Santa Cruz County.   We are currently looking for qualified caregivers.

Family inHome Caregiving of Monterey and Santa Cruz is seeking compassionate, mature and dependable caregivers who want to improve the lives of our elderly Clients by providing in-home, non-medical care.  Our services include:

Caring companionship

Meal preparation

Incidental transportation

Running errands

Light housekeeping

Medication reminders

Monitoring of safety while bathing

Information and referral services

Other services that improve the safety, security and quality of life of seniors.

If you believe you would make an exceptional Home Care Aide, we would love to hear from you!  We prefer those with experience helping the elderly, disabled and others with mobility problems.  Having cared for those with dementia and/or Alzheimer’s is a plus.  To work for us, you must have excellent references, a clear criminal record, a good driving record, and an insured reliable vehicle.  To apply, please visit our website www.fhcofm.com, click on home care aides, then careers where you can fill out an application online.  We have immediate openings all over Monterey County.

Diabetics Have New Medical Option : Bionic Pancreas

A group of people giving thumbs up to the camera.


A wearable device that automatically regulates blood-sugar levels was found to help Type 1 diabetics better manager their condition, according to a new study which was reported in the Wall Street Journal September 29 (Page A3).  The wearable “iLet bionic pancreas†made by Beta Bionics helped people reduce their average blood-sugar levels more effectively than other treatment methods, according to a study which was published in the New England Journal of Medicine.  Although the Food & Drug Administration (FDA) has yet to approve the iLet for distribution in the U.S., the agency in 2019 granted it breakthrough-device designation to speed up the review process.  The FDA has already cleared other automated insulin-delivery systems so the outlook for receiving approval looks good.

Medicare Part B Bills To Decline 3% Next Year

A woman is helping an old man


For the first time in a decade, Americans will be paying less next year for Medicare Part B.  The 3% decrease in premiums (a savings of $5.20 per month for most people) comes after a tough year with extremely high inflation.  “To millions of seniors and people with disabilities on Medicare, that means more money in their pockets while still getting the care they need,†President Biden said.

 

Carmel, CA Home Care Aide (HCA) Senior Alzheimer’s & Dementia Caregiver Jobs Available : Set Your Own Hours: $2/Hour Extra On The Weekends CNA or HHA Designation A Plus

A woman sitting next to an older man on a couch.


Carmel, CA Home Care Aide (HCA) Senior Alzheimer’s & Dementia Caregiver Jobs Available : Set Your Own Hours: $2/Hour Extra On The Weekends CNA or HHA Designation A Plus (Also Aromas, Big Sur,  Carmel-by-the-sea, Carmel Highlands, Carmel Valley, Castroville, Corral-de-tierra, Del Rey Oaks, Gonzalez, Greenfield, King City, Monterey, Pacific Grove, Pebble Beach, Prunedale, Salinas, Seaside & Soledad

We have developed a reputation for having the best caregivers (Home Care Aides or Senior Companions) in Monterey County over the past decade and have recently expanded into Santa Cruz County.   We are currently looking for qualified caregivers.

Family inHome Caregiving of Monterey and Santa Cruz is seeking compassionate, mature and dependable caregivers who want to improve the lives of our elderly Clients by providing in-home, non-medical care.  Our services include:

Caring companionship

Meal preparation

Incidental transportation

Running errands

Light housekeeping

Medication reminders

Monitoring of safety while bathing

Information and referral services

Other services that improve the safety, security and quality of life of seniors.

If you believe you would make an exceptional Home Care Aide, we would love to hear from you!  We prefer those with experience helping the elderly, disabled and others with mobility problems.  Having cared for those with dementia and/or Alzheimer’s is a plus.  To work for us, you must have excellent references, a clear criminal record, a good driving record, and an insured reliable vehicle.  To apply, please visit our website www.fhcofm.com, click on home care aides, then careers where you can fill out an application online.  We have immediate openings all over Monterey County.

Monterey, CA Hopes Dashed For Those With Alzheimer’s : Few Drugs In The Pipeline

A woman sitting on the couch with an older man.


There was a sad story about a woman named Geri Taylor in the most recent issue of Bloomberg Businessweek.  She ran a large long-term care facility into her mid-60’s at which point she started to get forgetful.  One time, she was in the middle of running a staff meeting and lost her train of thought.  When she couldn’t get it back, one of her deputies had to take over.  Another time, she got off at the wrong Manhattan subway stop and had no idea why she was there or where she was going.  She kept putting off seeing a neurologist for years until one day she walked into the bathroom and couldn’t recognizer her own face in the mirror.  She was finally diagnosed with mild cognitive impairment, likely due to Alzheimer’s disease, in 2012.  New hope arrived in 2015 when she enrolled in a clinical trial.  She had an unusual buildup of a protein in the brain called amyloid plaque, which most researchers believe is related to Alzheimer’s disease.  The drug turned out to be Aduhelm, made by Biogen Inc.  However, her hopes were quickly dashed when, despite being given FDA approval, Medicare refused to pay for the drug and it was essentially taken off the market.  Now, some researchers are wondering if the whole Amyloid plaque theory should be abandoned and scientists should focus on some other promising areas.  But there is a huge disagreement on this topic.  Rudolph Tanzi, a neurology professor at Harvard Medical School and Massachusetts General Hospital, said, “If you say amyloid doesn’t matter in this disease, you are just hiding your head in the sand.â€Â  He is more optimistic about using anti-amyloid drugs earlier as a preventative measure.  Over the next year, results from trials of three more amyloid-lowering drugs—from Eli Lilly, Roche and Eisai, are expected to be published.  If any of the trials succeed, Medicare will be under extreme pressure to pay for the drugs.  However, if they all fail, backers of the amyloid hypothesis may have to throw in the towel.  Regular readers of my blog know that both my father and my grandmother had this terrible disease when they passed away.  There are a great group of people at the Monterey Chapter of the Alzheimer’s Association in Ryan’s Ranch.  They also have a 24-hour hotline if you just want to talk at 1-800-272-3900.

Social Security Checks Projected To Go Up Up 8.7% In January

A man in a suit and tie sitting inside of a car.


According to an estimate by Mary Johnson, a policy analyst for the Senior Citizen League, an advocacy group, Social Security Payments could see the largest increase since 1982 in 2023.  That’s the good news.  The bad news is that inflation is still very high so the 8.7% increase may not mean much as far as purchasing power goes.  For the average retiree who currently gets a check for $1,656, the cost-of-living hike would bring them an additional $144.10 a month in 2023, making the average payment $1,800.

 

COVID-19 Remains A Leading Cause Of Death, Especially Among Seniors

A blue background with some type of virus


There have been over 200K COVID-19 deaths this year, according to a Wall Street Journal analysis of death certificates.  And that number may be low, because other studies have shown that the cause of death in many COVID-19 cases have been blamed on pre-existing conditions.  Most of the deaths are in older people with underlying health conditions and compromised immune systems.  “I don’t think people realize that this is still a big deal,’ the daughter of a man by the name of Mark Pfundheller who died at the age of 66 despite having the vaccine and a booster, told the Wall Street Journal.  About 85% of deaths from COVID_19 through mid-August were among those 65 and older.