Pebble Beach, CA Retiring? Think About Decluttering

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


The November 2020 issue of the Kiplinger Retirement Report had an article on retiring and getting rid of all of that extra junk that you have lying around—while making a profit!  For instance, called Decluttr (available on both the Apple iPhone and Google Android) where all you have to do when selling electronics (as well as accessories like video games, DVDs and CDs) is input the make and model.  They will email you a price quote that is good for four weeks and a shipping label for mailing the item.  No need to send in photos or any information, just wipe all personal data clean and send the equipment in.  Another interesting app is The RealReal which will buy designer clothes.  You just bag them up and mail them in and they apparently give a decent price for used clothes. If you have things to give away, I recommend the Church Mouse, which is owned by the First United Methodist Church in Pacific Grove.  They have always been kind to us and god bless them!

https://butterflychurchpg.wixsite.com/butterflychurch/ministries

Retirement May Be Easier In A Life After COVID-19 World

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


Some experts are saying that figuring out what to do in retirement might actually be easier after having had to stay at home most of the time due to the coronavirus.  Working from home can provide a sense for “what retirement might look like,†said Dr. Pinchas Cohen, dean of the Leonard Davis School of Gerontology at the University of Southern California.  People are reflecting and reevaluating what important and changing plans accordingly.  George Kinder, founder of the Kinder Institute of Life Planning asks his clients three questions to clarify their goals : What would you do if you had all of the time and money in the world?  How would you live if you knew you had only five to ten years left?  And what would you most regret if you died tomorrow?

https://www.wsj.com/articles/how-covid-19-will-change-aging-and-retirement-11605452401

Monterey, CA New IRA Retirement Tool With No Early Withdrawal Penalties

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


With the COVID-19 pandemic forcing a number of Americans to be laid off, many people are taking a close look at 72(t) plans, which allows you to withdraw money without the usual 10% penalty, even if you are below the age of 59.5 years old.  Dubbed 72(t) plans, they give you a series of equal payments taken at least annually.  The duration of the plan must be at least five years or until the person reaches 59.5 years, whichever is longer.  Talk to your tax planner, Monterey County Bank or one of our other local banks about this option.  Another possibility which was made as part of the Cares Act is an exemption to coronavirus-related distributions as another exception.  If you are interested in this option, act quickly as it’s only available until year end.

https://www.wsj.com/articles/early-ira-withdrawals-can-be-penalty-free-11607004008

L.G.B.T Seniors Fear Going Back In The Closet As They Enter Retirement Homes

A woman looking out of the window at her home.


The New Yorker had a sad article about a Brooklyn retirement home which featured twelve of the country’s 3 million L.G.B.T. seniors, many of whom fear going back into the close as they enter assisted living or senior communities.  34% of those surveyed fear having to hide their sexuality when entering a retirement facility, but a national chain called Watermark is trying to change that.  It is pursuing a platinum accreditation from SAGE, an organization that serves L.G.B.T. seniors.  This is a sad story which, hopefully, will have a happy ending eventually.

https://www.newyorker.com/magazine/2021/03/08/tallying-the-lost-years-for-lgbt-seniors?utm_source=nl&utm_brand=tny&utm_mailing=TNY_Daily_030621&utm_campaign=aud-dev&utm_medium=email&bxid=5d9650350564ce3ac11dd859&cndid=1617543&hasha=7052b81671c57203c64c377c7522baa7&hashb=5708aa7994855c44974ae69faa48e3e4bacb03a0&hashc=cbd2b1a310c325a9dac49d86de69a91a6d69f6980ca8166044e7444b94298971&esrc=Auto_Subs&mbid=CRMNYR012019&utm_term=TNY_Daily

Monterey, CA Retiring? Think About Decluttering

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


The November 2020 issue of the Kiplinger Retirement Report had an article on retiring and getting rid of all of that extra junk that you have lying around—while making a profit!  For instance, called Decluttr (available on both the Apple iPhone and Google Android) where all you have to do when selling electronics (as well as accessories like video games, DVDs and CDs) is input the make and model.  They will email you a price quote that is good for four weeks and a shipping label for mailing the item.  No need to send in photos or any information, just wipe all personal data clean and send the equipment in.  Another interesting app is The RealReal which will buy designer clothes.  You just bag them up and mail them in and they apparently give a decent price for used clothes.

Monterey, CA Tips On ROTH IRA Conversions

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


Tax rates are likely to go up under the Biden administration, and one hedge against this is to convert an existing IRA or 401(k) to a Roth IRA.  You will have to pay taxes on the amount converted but then the IRA grows tax free.  Talk to a tax advisor—and make sure you wait closer to year-end before doing it in case tax rates increase this year.  Or let Monterey Bank or one of our other local banks walk you through the rules.  There are few—for instance, there are no Required Minimum Distributions from this type of IRA.

Retirement May Be Easier In A Life After COVID-19 World

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


Some experts are saying that figuring out what to do in retirement might actually be easier after having had to stay at home most of the time due to the coronavirus.  Working from home can provide a sense for “what retirement might look like,†said Dr. Pinchas Cohen, dean of the Leonard Davis School of Gerontology at the University of Southern California.  People are reflecting and reevaluating what important and changing plans accordingly.  George Kinder, founder of the Kinder Institute of Life Planning asks his clients three questions to clarify their goals : What would you do if you had all of the time and money in the world?  How would you live if you knew you had only five to ten years left?  And what would you most regret if you died tomorrow?

https://www.wsj.com/articles/how-covid-19-will-change-aging-and-retirement-11605452401

Monterey, CA Aging At Home Is Now In Vogue : Assisted Living On The Outs

A nurse is smiling next to an older woman.


COVID-19 has made aging at home in vogue.  The Wall Street Journal recently wrote an article on how coronavirus is changing the way Americans face retirement by “accelerating developments already under way,†physician Bill Thomas said to the reporter.  “It’s going to make people rethink retirement altogether,†Laura Carstensen, director of Stanford University’s Center on Longevity said.  Most people will age at home, and remain independent, she said.  I believe that her view is true.  With roughly 40% of COVID-19 being staff and residents of nursing homes, nobody wants to go into a facility these days.  We have been getting a number of calls from fearful children who want to get their parents out of assisted living and back home, where they can reduce the risk of coronavirus exposure.  Although COVID-19 will eventually be wiped out, there will clearly be more devastating diseases in the future which makes these facilities dangerous.   

https://www.wsj.com/articles/how-covid-19-will-change-aging-and-retirement-11605452401

 

Exercise Is Good For Both Your Physical And Mental Health

Three older women are holding pink dumbbells.


The Wall Street Journal recently profiled 83-year-old John MacIntyre who recently completed his 100th half marathon and when he showed up at the finish line his running group surprised him with a sign that read: “Congratulations, Geezer Jock!â€Â  He embraced the nickname, and serves as coach of the Seasoned Soles, a run-walk group which was formed to get fellow residents of San Antonio’s Blue Skies of Texas retirement community moving.  With a median age of 75, most of the 16 members started out walking and graduated to intervals of walking and running.  Go Geezer Jock!

https://www.wsj.com/articles/all-hail-geezer-jock-hes-83-and-has-finished-over-100-half-marathons-11605956402

Carmel, CA Assisted Living Center Cottages Of Carmel Gets COVID-19 Outbreak

A man wearing a mask with yellow warning tape around his mouth.


The Cottages Of Carmel is the latest assisted living facility on the Monterey Peninsula to be inundated with COVID-19 cases.  Alton Mendleson, the executive director, sent out a message to residents and their families that they recently doubled the number of positives from eight to 16.  “If you did not hear from us today, then your loved one had a negative test result,†said Mendleson.  In addition to the residents, 10 workers have been infected and one is isolated at home with symptoms, but hasn’t been tested yet.  The facility had been coronavirus free until November.

http://pineconearchive.fileburstcdn.com/201204PCA.pdf