When Solo Aging is a Lifestyle

  

As more people become solo agers, they're creating a new way to age in community. 

 

For a working definition of solo ager, we like the one put forth by patient advocates Nancy Ruffner and Gerda Maissel, MD: older “individuals who, by choice or circumstances, function without the support system traditionally provided by family.” According to an AARP survey from last year, 13% of adults over 50 live alone and have no living children who would be able to care for them. Of these solo agers, 49% feel “extremely or somewhat optimistic” about their quality of life as they age. Only 22% feel pessimistic. 

If that level of optimism seems high, it may be because the public perception of solo aging has long been: “avoid at all costs.” But solo aging is no curse. As Ruffner and Maissel point out, the media portrayal of solo agers has improved in recent years; instead of lamenting the lonely fate of “elder orphans,” we’re now hearing more about how adults over 50 are building community. There’s also a growing understanding that many of us will either be solo agers ourselves or experience the kinds of challenges faced by solo agers at some point, in moments when our children and spouses are unable or unavailable to support us. 

Whether people intentionally chose to age solo or found themselves a solo ager due to circumstances, it can be possible to turn solo aging into a lifestyle that works for them. Here’s some inspiration from people who are doing just that. 

Placing a Premium on Friendship

Chicagoan and solo ager David Fink has spent his career in the arts as a theater promoter. “People keep adopting me,” Fink told AARP. “If you live your life with a positive attitude and do interesting things, people befriend you.” In his mid-60s, he says he has friends of all ages because of his many different interests. He serves on the board of an arts organization and takes part in storytelling classes. 

In her recent book The Other Significant Others: Reimagining Life with Friendship at the Center, Rhaina Cohen profiles Barb Buettner and Inez Conrad, two single friends who, as they approached retirement, decided to link up to support each other as they aged. After two decades of friendship, with shared travels and holidays, they chose to move together to a new area of the country with the intention to buy separate houses. But they realized neither could afford a house on their own. “We thought, Well, we never killed each other on a trip,” Buettner said. “Maybe this could work out.” That was in 1998. In her book, Cohen recounts how Barb and Inez formed a partnership that went beyond friends in the way that we typically use the word. They were partners, and eventually, caregivers, granting each other medical and legal power of attorney. 

While not every solo ager would want or be lucky enough to form this kind of friend partnership, it was life changing for Barb and Inez. They were grateful to have each other to rely on when COVID hit. Today, they have a circle of friends, but they’re still each other’s go-to person. 

A Solo Ager and Superager

Hilda Jaffee lives alone in her apartment in Manhattan, as she has for 20 years. She made the move to fulfill a dream–at the age of 88. At 102, she tries to walk 3,000 steps a day, has only a few health complaints, and enjoys grocery shopping and volunteering in her neighborhood. A recent profile in the Washington Post labeled Jaffee a “superager,” a person age 95 and up who has a high level of well-being. She herself attributes her long life to “pragmatism” and a “can-do” attitude.

Perhaps some elements of her solo aging lifestyle contribute to her exceptional well-being at 102. She told the Post that she likes living alone because she can make all her own decisions. “If a problem comes up, I work it out,” she said. While she has time and space, she doesn’t experience social isolation. Jaffee keeps in touch with family and friends, and she’s a member at the Met Opera and frequents all the major New York museums. She volunteers as a docent at the public library and on the adult education board of her synagogue. 

“Loneliness, it’s not an issue,” she said. “I have enough to do within my capability.”

A New Paradigm

Solo aging comes with challenges, not least of all financial challenges, which are on average more serious for women and minoritized people. Social isolation is a growing mental and physical health risk for older Americans, as well. But as these challenges affect more and more older adults, they’re envisioning new ways to solve the problems that come with aging without traditional family-based support systems. Once boomers and Gen Xers have left their mark on the way Americans age, maybe we won’t even need the term solo ager anymore.

Sources:

https://www.washingtonpost.com/wellness/2024/12/08/aging-alone-support-resources/ 

https://www.nancyruffner.com/blog-media/flying-solo-exploring-the-growing-demographic-of-solo-agers 

https://www.ncoa.org/adviser/medical-alert-systems/support-for-older-adults-living-alone/ 

https://www.nancyruffner.com/blog-media/age-successfully-by-building-your-microboard 

https://www.jchs.harvard.edu/blog/the-number-of-people-living-alone-in-their-80s-and-90s-is-set-to-soar 

https://www.aarp.org/content/dam/aarp/research/surveys_statistics/life-leisure/2023/solo-agers-attitudes-experiences-report-2023.doi.10.26419-2Fres.00602.001.pdf

Blog posting provided by Society of Certified Senior Advisors

www.csa.us

Curious About Cannabis? CBD and THD for Seniors

 

As more adults over 50 use cannabis, stay aware of the benefits and risks.

Since 2016, April has been National Cannabis Awareness Month. While marijuana remains a federally illegal Schedule I controlled substance, 15 states have now legalized cannabis for medical use only, and another 24 states allow both medical and recreational use. As more and more states lift restrictions on the drug, more seniors are giving cannabis a try. In fact, 21% of adults over 50 have tried cannabis products over the last year. 

When discussing cannabis products, there’s an important distinction to be made up front between CBD and THC: two sibling phytocannabinoids, a.k.a. compounds produced by the cannabis plant. CBD does not cause a high, while THC does. The two compounds are also legally distinguished by the plants they derive from: either hemp or marijuana, two different species of the cannabis plant. CBD derived from hemp is federally legal, because by U.S. law, hemp is defined as cannabis containing less than 0.3% THC. The legality of CBD products derived from marijuana varies by state, depending on the level of THC they contain. 

Why Seniors are Using CBD and THC Products

Some older adults are longtime marijuana users, and others are taking advantage of new laws to give cannabis products a try for the first time. Among adults over 50 in a Michigan Medicine poll, some reasons given for using cannabis include sleep (68%), help with pain (63%) or mental health (53%), and to relax or feel good (81%). That 81% suggests that for many seniors, the high is the point. The teenagers who smoked pot back in the 60s, 70s, and 80s still enjoy toking up today…just without the thrill of breaking the law. 

For others, a high doesn’t appeal, but the other physical and mental benefits of cannabis do. For these people, the new industry of CBD products provides a boon. According to Madilyn Tucker of SunmedTM | Your CBD Store®, which has over 400 locations nationwide, people try CBD products for all kinds of reasons. “Many of our clients seek CBD as a natural, non-pharmaceutical alternative with benefits that can be truly life changing,” she says. “While some effects are subtle, they can still be deeply meaningful.” 

For people in their 60s, 70s, 80s, and beyond, CBD can make a difference by helping alleviate everyday aches and pains. “We've had customers regain the ability to walk without a cane, attend their grandkids' soccer games, cook family dinners, and enjoy daily walks again,” says Tucker. 

In a recent study, CBD use among older adults was associated with overall physical and mental well-being. Other studies are currently underway with the goal of understanding how both CBD and THC may alleviate anxiety and other symptoms associated with dementia and cognitive decline. 

Before You Try Cannabis

“For most people, CBD is well tolerated, but potential side effects can include mild drowsiness, dry mouth, or digestive discomfort,” Tucker says. “We always recommend consulting with a healthcare professional, especially if taking medications, to ensure CBD is a good fit for their routine.” 

It’s wise to talk with a physician because there’s a lot to learn about the benefits, risks, and potential side effects of THC and CBD products, and how they differ. Since these medicines have become more available and widespread only recently, scientific research is catching up, and there’s still plenty we don’t know about how cannabis affects the brain and body. 

Because of its psychoactive properties, THC side effects may be more concerning than those of CBD. A main issue with THC use is impairment: because THC causes a high, it’s not safe to use while driving. Some people experience paranoia or memory loss with short-term use of THC. There’s also growing awareness of cannabis use disorder, which affects up to 10% of people who start using marijuana. Cannabis use disorder involves regular, heavy use of THC-containing products leading to tolerance and dependency. In the Michigan Medicine poll of cannabis users over 50, more than 20% of respondents reported at least one sign of dependency.

Also, keep in mind that because of the piecemeal state-by-state legalization of THC and CBD products, most CBD products aren’t regulated by the FDA, so quality varies. Look for companies that do third-party testing and prioritize transparency.

Happy Cannabis Awareness Month!

Perhaps, after a decade-long honeymoon since Colorado became the first state to legalize recreational marijuana in 2012, Americans are growing more cautious about cannabis. Last November, only 55.9% of Florida voters wanted to legalize recreational marijuana, short of the 60% needed to pass the measure. Still, the long-term trajectory seems to point toward legalization. As more people of all ages give it a try, awareness of the different types of cannabis-derived products, and their associated benefits and risks, becomes more important than ever. 

Sources: 

https://www.cannabisbusinesstimes.com/top-stories/news/15709895/the-november-election-is-behind-us-where-are-we-now-on-marijuana-legalizationacross-the-states-and-by-the-feds

https://neurogan.com/blogs/legal/is-cbd-legal-in-all-states

https://pmc.ncbi.nlm.nih.gov/articles/PMC9898277/

https://www.cdc.gov/cannabis/about/about-cbd.html 

https://www.britannica.com/story/what-is-the-difference-between-hemp-and-marijuana 

https://www.michiganmedicine.org/health-lab/cannabis-older-adults-poll-looks-use-beliefs-and-risk 

https://www.tandfonline.com/doi/full/10.1080/07317115.2024.2429595?scroll=top&needAccess=true 

https://www.healthline.com/health/medical-marijuana/marijuana-and-dementia

Blog posting provided by Society of Certified Senior Advisors

www.csa.us

Giving Back to Today's Entrepreneurs through SCORE

  

The nonprofit SCORE has much to offer both mentors and small business owners--retired or not. 

Starting a small business is not for the faint of heart. As anyone who’s tried it will attest, a small business entrepreneur has to be their own marketing specialist, HR manager, IT technician, and CEO. The experience can feel isolating unless you strategically seek out mentors. One free resource available anywhere in the U.S., SCORE, aims to support business owners by matching them with experienced mentors. And it works: SCORE helped launch over 31,000 businesses in 2023 alone.

SCORE Supports at Every Step

When the nonprofit organization was founded in 1964, SCORE originally stood for Service Corps of Retired Executives. Today, it’s just SCORE, and SCORE mentors are retired, semi-retired, or still working full time in a variety of fields. As a resource partner of the U.S. Small Business Association (SBA), and thanks to its base of talented volunteers, SCORE can offer most of its services for free. 

Three Ways to Connect with SCORE Small Business Resource Hubs. This free online resource library provides webinars, articles, checklists, and more on key business topics like technology, marketing, legal, operations, and disaster preparation. And, SCORE hosts hubs with special resources for veterans and rural entrepreneurs.  Become a mentor. SCORE is looking for mentors with real business expertise to share and 15-20 hours/month to do so. It’s a great opportunity to give back while learning from tomorrow’s business leaders. Find a mentor. Many CSAs are business owners, and SCORE mentors with expertise in your subject matter are available to support remotely or locally, at any stage of your business journey.

To learn more about SCORE, how the organization supports business owners, and what’s in it for prospective mentors, we talked with two long-time mentors at SCORE Manasota: Jeffrey Mullikin and Jose Martinez. The Manasota chapter has between 70 and 90 active mentors at any given time, and some have been donating their time and expertise for 15 years or more. 

Jose brings over 35 years of business consulting experience to his work with SCORE. From his perspective, Fortune 500 companies and small businesses have similar needs: how to price, how to sell, and how to make money. At SCORE, he says, “We truly help entrepreneurs start up, grow, or spin off their business, every step of the way.” 

SCORE mentors are a diverse bunch: from small business entrepreneurs to corporate CEOs, with expertise from social media strategy to human resources, financial oversight to risk assessment. And the subject matter expertise among mentors ranges all over the board, too. “These folks are so willing and able to help people with their businesses, even if it's not in their industry,” Jose says. When mentors get together for regional meetings, “It’s so impressive how much brainpower is in one room.”

Why Mentor with SCORE?

Giving back is a major motivation for SCORE mentors, says Jeffrey Mullikin. “We may not have called them mentors along the way, but we had folks that were standing with us and giving us guidance and moving us along.” For many recently retired professionals, mentoring with SCORE offers a structured way to share out the expertise built over a lifetime of working and learning in business settings. “Our motivations are about giving back, because we all prospered from that coaching as we came through our careers.”

Over eight years with SCORE, Jeff has mentored more than 100 business owners at different stages of building their companies. He currently has about 16 SCORE clients, with whom he meets as often as once a week or as infrequently as every month or so, depending on where they are in their journey and how much support they’re looking for. Jeff’s expertise is in information technology, but he’s also well-versed in the big picture of getting a business to where it wants to be. Over the course of his career, he’s consulted with businesses in hospitality, logistics, technology, and many more industries.

Today, he helps train new SCORE mentors. The one to three-month onboarding process helps potential mentors learn about the organization, decide if the commitment is for them, and how to best support new business owners. “I tell a lot of my folks when I bring them on: well, you've now elevated to full Yoda status,” Jeff says.

Another reason to mentor, he shares, is that it’s a chance to learn from mentees in different industries and keep up to date on business trends. “My very first mentoring request I got assigned to me was a person that wanted to break plates.” Like, literally? Yes, the client wanted to start a business offering “rage rooms,” where customers break things to relieve stress. “I knew nothing about breaking plates,” says Jeff, “but I used it as a learning opportunity. Not only did the client educate me, I got educated by doing some industry research.”

Finally, Jeff enjoys when the opportunity arises to work with an entrepreneur whose business takes flight and becomes a big success. “Every so often you get a golden nugget,” he says. “When those happen, not that the others aren’t fulfilling, but it hooks you.” It’s extremely satisfying to feel that, as a mentor, he’s contributed to realizing a client’s dream, and that his client, in turn, is transforming the industry.

Interested in connecting with your own mentor? 

At the SCORE website, prospective mentees can search for mentors by geographic area, expertise, and industry. Or, clients can reach out and describe the kind of support they need, and SCORE will match them with a mentor. The frequency and communication method for mentorship can be worked out between the two parties. Some mentorship arrangements may be targeted and short-term. Others, according to Jose, turn into holistic mentorships that last, in one instance, 19 years, continuing as thought partnerships even after the client doesn’t “need” a mentor anymore. 

Since SCORE was founded, mentors have supported an astonishing 17 million entrepreneurs. CSAs and their clients might find rewards on either or both sides of the SCORE mentor / mentee relationship.

Sources: 

https://www.score.org/naples/resource/article/what-does-score-stand-0

Blog posting provided by Society of Certified Senior Advisors

www.csa.us

Famous & 65

Look who's turning 65 this month

Find out which celebrities are turning 65 this month!

April 4 – Hugo Weaving, actor

British-Australian actor Hugo Weaving became a sci-fi and fantasy icon between 1999 and 2003 when he played prominent supporting roles in two of the era’s biggest hits: The Matrix and The Lord of the Rings franchises. He brought gravitas to both the villainous Agent Smith and the imposing Lord Elrond. He’s also well-known for playing V in 2005’s V for Vendetta alongside Natalie Portman. After taking on voice and screen roles in a couple of Marvel movies in the early 2010s, Weaving was quoted saying he had grown weary of blockbusters and decided to focus on his stage career and smaller productions. His extensive acting resume includes over 70 credits in film, television, video games, and the stage. Weaving was born in Nigeria to British parents; his mother was a tour guide and his father was a seismologist. Today, his on-screen projects include Slow Horses, a British spy thriller currently in its sixth season.

April 10 – Ruth E. Cater, costume designer

Ruth E. Carter has designed costumes for some of the most famous directors of the last half century, including Spike Lee and Steven Speilberg. Nominated four times for the Academy Award for Best Costume Design, she won twice, for both Black Panther movies. With those awards, she became the first African American to win the Oscar for Costume Design and the first Black woman to win multiple Oscars in any category. When creating the look of the costumes for the Black Panther films, Cater drew from the aesthetic of Afrofuturism and traveled to countries in southern Africa to source inspiration from traditional African designs including textile patterns of the Maasai and Ndebele peoples. Carter’s other costume design credits include Malcom X, Amistad, Do the Right Thing, Serenity, Selma, and Coming 2 America, for a total of 50 feature films. In 2021, she got her star on the Hollywood Walk of Fame.

April 14 - Brad Garrett, actor and stand-up comedian

Brad Garrett started out as a stand-up comedian in the 80s, and he’s still a stand-up comedian today, performing regularly at his own comedy club at the District at MGM in Las Vegas. The website of the Brad Garrett Comedy Club https://bradgarrettcomedy.com/ advertises it at the #1 comedy club in Las Vegas. By any standard, that’s a pretty long-running and successful stand-up career. Garrett is also known as a TV personality, starting with his role as Robert Barone on the CBS sitcom Everybody Loves Raymond. His other credits include leading roles as Jackie Gleason in the made-for-TV movie Gleason and Eddie Stark on the sitcom ‘Til Death. Viewers of the Night at the Museum movie trilogy may (or may not) recognize Garrett from his recurring role as the Easter Island Head. The three-time Emmy Award-winner is a California native and UCLA alum.

April 23 - Valerie Bartinelli, actor and TV personality

At age 15, Valerie Bertinelli joined the cast of One Day at a Time, and she went on to appear in 208 of the show’s 209 episodes between 1975 and 1984. She won two Golden Globes for her portrayal of Barbara Cooper. In the 90s and 00s, Bertinelli appeared in various TV shows and specials, joining the CBS drama Touched By an Angel for its last two seasons. She also became known for her Jenny Craig spokeswomanship and has published three memoirs on her weight-loss journey. Starting in 2015, Bertinelli worked with the Food Network as a host of four different baking and cooking shows, for which she won two Daytime Emmys. She was once married to and has a son with rock star Eddie Van Halen. 

Source:

Wikipedia

Blog posting provided by Society of Certified Senior Advisors

www.csa.us

Lasting Footprints: Creating Legacy of Love and Wisdom in Your Senior Years

As you navigate your golden years, seize the opportunity to imprint a lasting legacy that mirrors your values and profoundly influences your community and loved ones. Your unique experiences and wisdom equip you to make enduring contributions that will resonate across generations. Engage in activities that reflect your passions and ideals, forging connections that enrich and uplift those around you. By dedicating yourself to meaningful endeavors, you ensure that your impact will be cherished and remembered by those who follow.

Embracing Charitable Endeavors

One of the most direct paths to creating a lasting legacy is through active participation in charitable work or even establishing a charity yourself. By dedicating your time, resources, or expertise to causes you are passionate about, you help to address societal needs while setting a philanthropic example for others to follow. This could be anything from volunteering at a local food bank to starting a scholarship fund in your community. Such actions not only aid those in need but also cement your role as a community pillar.

Preserving Family Traditions

Harness the power of technology to create a video that immortalizes your cherished family traditions, ensuring these treasured practices are preserved for future generations. By capturing these moments, you provide a tangible connection to the past for your descendants. A free video editor can be a valuable tool in this endeavor, allowing you to add audio, change the video speed, animate elements, and enhance your recordings, making your family stories not only memorable but also captivating.

Nurturing Relationships

The time and love you invest in your family and relationships form the emotional cornerstone of your legacy. These bonds are often what loved ones will remember most fondly and what they will carry forward in their own lives. Regular interactions, sharing experiences, and providing support during challenging times are all crucial in strengthening these ties and ensuring that your legacy of love and care endures.

Participating in Community Projects

Active involvement in community projects can significantly amplify your impact on the world. Whether it's helping to beautify public spaces, participating in local planning committees, or leading initiatives that benefit the underprivileged, these efforts contribute to the societal fabric. Your leadership and participation become a beacon of generosity and community spirit, inspiring others to contribute as well.

Sharing Knowledge and Skills

Consider mentoring or teaching others about your skills or experiences. This could be through informal sessions with young people in your neighborhood, workshops at local community centers, or even online classes. By passing on your knowledge, you empower others with the tools to succeed and continue your work. This chain of inspiration is a profound component of your legacy, multiplying your impact far beyond your direct actions.

Supporting Environmental Conservation

Your active participation in environmental conservation, from local cleanup initiatives to championing sustainable practices, showcases your dedication to safeguarding our planet. By choosing to protect and preserve nature, you not only contribute to the well-being of future generations but also highlight the value of stewardship in your legacy. Each eco-friendly action you take is a testament to your commitment to a healthier, more sustainable world. As you advocate for and implement green practices, you inspire those around you to cherish and defend the earth's precious resources.

Expressing Values through Art and Music

When you channel your personal beliefs and aspirations into creating art or composing music, you craft enduring symbols of your spirit and ethos. Each brushstroke, note, and word serves not only as a reflection of your identity but also as a beacon to others, inspiring them with its depth and sincerity. Such works, rich with personal meaning, are often treasured by both your community and family, ensuring that your artistic voice resonates through time.

As you immerse yourself in your community, each interaction knits into a vibrant legacy that reflects your deepest values and beliefs. Cherish and cultivate your relationships; they are the cornerstones that support and enrich your enduring impact. Share generously of your passions and insights, for these are the gifts that enlighten and inspire others. By actively participating in the tapestry of community life, you ensure that your influence resonates through generations. Embrace each day with a willing heart, and observe how your legacy blossoms, enriching lives long after your journey has paused.

Learn more about our certification for professionals serving older adults by visiting the Society for Certified Senior Advisors today!

4 Strategic Measures Older Adults Can Take to Pay Off Debt

Discipline is a critical skill to master, especially for older adults. A single forgetful moment can turn your physical and financial health totally haywire.  

Managing money on a fixed monthly income can be somewhat difficult. After retirement, income associated with debt leads to at least three times as many financial problems. 

Sleepless nights, the chorus of debt collection calls, and plunging credit scores - all things an older adult needs to avoid at all costs. The complexities of later life - like medical bills and rising expenses - can really push a person into debt and eventually, to insolvency.

Here are some debt management techniques that may be helpful for older adults: 

1. Gather your financial details. 

It is important to gather all your documents about your financial situation. Review credit card statements, bills from doctors and hospitals, and papers from the mortgage. 

Compute your debts on credit cards, hospital bills, and mortgage loans. Compute the interest and total amount owed. Look through your bank statements to know how much money you have to help you carry out a comparative analysis of income and expenses. 

If you do have credit card debt, you might want to try going and getting a session with a charity organization in credit counseling. Select a nonprofit credit counseling agency that will help you create a financial plan for getting rid of your debt. 

Older adults who are chronic ill patients can hospitalized at least once during the course of a year. And, it goes without saying that huge bills can be incurred. It is ironic that even after having a policy, either health or disability, 4 million seniors incur some form of medical debt. 

Most people don’t know that you can go to your healthcare providers to negotiate a discount or reduction of costs. It would be better to ask for a discounted rate before actually going to the hospital. 

Older adults should check bills thoroughly to see if there are any mistakes; just one mistake can multiply the bill amount tremendously. Thus, checking carefully is very important to find out whether there is a discrepancy. At times, when the insurance companies refuse to pay for healthcare charges, hospitals send the bill to the patient. 

Once you get the itemized bill, look at the billing codes. Ask the insurance company why they didn't pay the charges. If there is an error in the billing code, then ask the hospital to send the right one to you. This may help in decreasing that bill amount. 

Only if the debt is too high can older adults negotiate settlements with hospitals. Hospitals may just sign off debts for lump-sum amounts if you can prove hardship. 

2. Create a smart budget plan. 

Creating a budget is crucial for older adults as it provides a clear financial roadmap that ensures they can maintain their independence and financial security throughout retirement. As individuals transition from earning a regular income to relying on pensions, Social Security, or savings, having a budget becomes essential for managing expenses and avoiding overspending. A well-structured budget helps older adults track their income and expenses, prioritize essential needs such as housing, healthcare, and utilities, and identify areas where they can cut costs. Additionally, budgeting can offer peace of mind by reducing the stress associated with financial uncertainty, allowing seniors to focus on enjoying their retirement years. It can also help plan for unexpected costs, like medical emergencies or home repairs, which tend to increase with age. Another significant benefit is that it ensures older adults can maintain their desired lifestyle without depleting their savings too quickly. By setting limits on discretionary spending, seniors can balance their immediate needs with long-term financial goals, reducing the risk of running out of money later in life. Furthermore, a budget can assist in managing debt or paying off outstanding loans, which is particularly important for maintaining good credit and avoiding financial hardship. Overall, budgeting empowers older adults to live within their means, safeguard their financial future, and ensure they have the resources needed to live comfortably in their later years. 

3. Consolidate debts 

Older adults can consolidate debts at a lower interest rate through a program or a loan. There are two kinds of debt consolidation loans - secured and unsecured. 

In contrast to unsecured loans, secured debt consolidation loans typically have lower interest rates and require collateral. So, older adults would take a substantial debt consolidation loan and pay off all their debts. After this, they would start making one monthly payment - a much lower amount due to the very low interest rate. 

Those who don't want to take out new loans can enroll in debt consolidation programs. In these programs, the debt counselors negotiate with creditors for lower interest rates on the loans. The negotiation process continues until an amicable agreement is reached. 

 As soon as the letter is on file with all the strokes, older adults can commence to make monthly payments into the debt consolidation company that would then disperse the funds to each creditor accordingly. The same would continue to go on until that debt is paid. 

Beware of debt consolidation scams. Never work with a debt consolidation company without checking their credentials, reviews and fee structure. If they ask for fees upfront, or "claim" to waive your interests, it is a red flag. Read the agreement carefully before signing it. 

Pros and cons of debt consolidation

Advantages of Debt Consolidation

Simple payments: Instead of paying several debts, there is only one loan simplifying and organizing finances.

Lower Interest: Consolidation loans charge interest rates lower than the usual high-interest credit cards making money over time saved.

Fixed Repayment Period: Debt consolidation loans have fixed repayment periods unlike a revolving balance on credit cards. This helps in budgeting.

Improved Credit Score: Timely payment of loans will gradually increase the credit score.

Reduced Stress: A single loan instead of many loans may reduce financial stress and give peace of mind. 

Risks of consolidation

Chances of Higher Overall costs: The payment duration is longer though the interest rate may be less; the total interest an individual pays in the long run may be more.

Chances of Blowing New Debts: Failure to exercise financial discipline enables one to use credit cards after loan consolidation and hence accumulate more debts.

Risk of Losing Collateral: Consolidation may be through a home equity loan. But, avoiding payment can result in foreclosure. 

Credit Score Impact: When you apply for a new loan, your credit score can temporarily decrease as a hard credit report inquiry is made. 

4. Apply for a reverse mortgage.

A reverse mortgage enables older adults (those above 62 years of age) to turn their home equity into cash. They can assume debts against home equity with an amount either to pay off debt or for other expenditures. The advantage lies in the fact that there are no immediate monthly payments due from the older adult. The interest and fees accrue on the loan depending upon time without payment. However, when a senior no longer lives in the house, they have to pay back. 

A reverse mortgage has advantages and disadvantages, and it's better to get in touch with HUD for details beforehand.

Risks > Reverse Mortgages

Reverse Mortgage Risks

High fees and charges: Reverse mortgages have high up-front fees like origination fees, mortgage insurance premiums, and closing costs.

Exhaustion of home equity: The homeowners gradually deplete their home equity, which may lessen the amount of assets passed on to the estate.

Payment of the loan upon the borrower's death or departure from the home: Mainly, upon either the borrower moving out of the home or upon the death of the borrower, the reverse mortgage is paid back usually after selling the house for proceeds to repay the loan.

Effects on Government Benefits: Payments under reverse mortgages may affect eligibility for Medicaid and Supplemental Security Income (SSI). Each state has an eligibility limit based on an individual's assets and income.

Foreclosure risk: Property taxes, homeowner's insurance, and maintenance fees must continue to be paid by borrowers; non-payment will invite foreclosure.

Alternatives to Reverse Mortgages

If all else fails, however, alternatives to a reverse mortgage include:

Home Equity Line of Credit (HELOC): A HELOC allows homeowners to borrow against their home equity with lesser charges and at a lower interest rate when compared to a reverse mortgage.

Refinancing: One could consider refinancing at a lower rate and attain lower monthly payments.

Downsizing: Selling your present house and moving into something smaller and more cost-effective will generate some cash and save on expenses.

Renting out part of the home: Owners can earn extra money by renting out portions of their home like a basement apartment or spare room.

Look for government assistance programs: State and federal programs out there help the elderly with housing grants, utility assistance, and some medical expenses.

Personal loans: Certain seniors may be assisted financially by relatives or private lenders, enabling them to raise cash without the prohibitive costs.

Smart Advice 

Debt should be avoided after turning 50. If your children require loans for their education, refrain from signing documents with them. If your children do not find a job or pay off debts, then creditors will come after you. Your credit score gets damaged. Above all, you will have to make arrangements to get money to offset debts.

Take your health seriously and get good health insurance so that you do not have any further financial issues. 

Avoid high-interest payday loans, no matter how much you need money. Instead, request a personal loan from your family under agreeable terms.

Final Thoughts

It's hard to talk about money with family members, yet older adults are the ones to gain from family support and cooperation. Family members can help with securing a loan or increasing budgeting discipline. Furthermore, they can help navigate through any challenging financial matters. 

Stay happy and blessed. Take care. 

Author Bio:

Attorney Loretta Kilday has over 36 years of litigation and transactional experience, specializing in business, collection, and family law. She frequently writes on various financial and legal matters. She is a graduate of DePaul University with a Juris Doctor degree and a spokesperson for Debt Consolidation Care (DebtCC) online debt relief forum. Please connect with her on LinkedIn for further information.

Improve Sleep Habits for Better Mental Health

   

 

How Seniors Can Improve Their Sleep Habits for Better Mental Health 

Sleep is extremely important for our physical and mental health. That should come as no shock — after all, we spend a third of our lives asleep for a reason. Besides the obvious fact that we need to be well-rested to function physically, proper sleep is also necessary for long-term and better mental health. That is especially true for seniors, who need as much energy as possible throughout the day. A phone needs its time on the charger, and so do our brains. We need enough rest to think and function properly — and to reduce the likelihood of anxiety and depression in the long run. With this in mind, we’ll examine the impact of sleep deprivation on seniors’ emotional wellness and mental health — and provide some tips to help seniors improve their sleep habits.

Why Does Sleep Matter?

We become irritable, easily distracted, and even foggy when we don't sleep enough. Furthermore, studies have shown that insomnia is tied to anxiety and depression — not feelings you want in your golden years. Simply put, a lack of sleep exacerbates daily stressors. Our emotional responses to negative stimuli are heightened when we sleep less than necessary. And while there’s still plenty of research to be done on the specific links between sleep deprivation and subpar mental health, one thing is sure — not sleeping isn’t good for you. We have plenty of anecdotal evidence and intuition to support this. Sleep is crucial to strengthening our cognitive skills, including memory and attention. A lack of sleep can result in a steeper decline in cognitive abilities.

How Much Sleep Do I Need?

Most experts agree that the amount of sleep we need varies with age. For instance, teenagers and kids should sleep more because their bodies are still developing and growing. They need that extra energy and rest. So, are there any specific guidelines for adults? The American Academy of Sleep Medicine says that a healthy adult needs at least 7 hours of sleep to function properly. Beyond this healthy minimum, general requirements vary slightly by age. As a senior, you should get between 7 and 8 hours of sleep per night — while younger adults need up to 9. How To Improve Sleep Habits as a Senior Okay, we’ve concluded that you need enough sleep to age healthily and gracefully and retain your cognitive abilities longer. The real question is, how do you achieve this if you’ve already got sleep issues? Depending on your habits in your younger years, you may never have had a particularly healthy sleep schedule. It’s a common issue, as around 50% of older individuals report insomnia issues. As anyone can attest, making profound changes gets tougher as you age. However, there are a few great ways to ensure you get a good night’s sleep as a senior. Create a Firm Sleep Routine for Better Mental Health As humans, we’re creatures of habit. We easily enter cycles of behavior that are difficult to break — but that’s a good thing if the behaviors are positive and healthy. Establish a firm sleep routine to improve your sleep quality. That means going to bed at the same time of day and getting up at the same time in the morning. In the first few weeks of this rigid schedule, you may get less sleep than before. However, once your body becomes accustomed to the new regime, it’ll naturally fall asleep when you go to bed. All you need to do is to develop this habit. To do that more easily, avoid staring at screens right before bedtime. Give yourself some time to unwind, even from the TV. Most modern screens emit blue light that is known to disrupt sleep patterns. Instead of staring at a screen, try to do something more relaxing before bed. Find some serene music you like, read a book, or take a bath — anything to get you sleepy without screen time.

Alter Your Sleep Environment

Most of us don’t actively examine our sleep environment, even when we have sleep issues. In reality, many bedrooms are simply not conducive to a good night’s sleep. If you want to maximize your sleep time, you can do many things to improve your environment. For example, you can ensure your bed and pillows are comfortable. The last thing you want is an uncomfortable mattress that makes you stiff the day after sleeping. Also, consider the temperature in your bedroom. As a senior, you probably don’t want it above 70 degrees for decent sleep. If you need to go to the bathroom in the middle of the night, you want this to be as unintrusive to your sleep as possible. If there’s clutter around the room or furniture in your way, you must be more alert as you go to the bathroom and back. As a result, you might jolt yourself and spend the rest of the night awake. So, ensure that the way to the bathroom has no obstacles or clutter.

Eating and Drinking Arrangements

Sure, caffeine can help you concentrate more when you need to — especially once you’re in your senior years. But you need to take care not to consume it before bedtime. That extra energy you get from caffeine might keep you awake for hours. Plus, it can increase nighttime urination — which is already a major issue for the elderly, reported by 80% of people over the age of sixty. The same goes for heavy meals, which you should avoid in favor of light, summery meals. While many of us get sleepy after a large meal, our bodies need energy to digest the food. As a result, naps or sleep after eating is never as high-quality as lying on an empty stomach. Nicotine should also be avoided for similar reasons to caffeine.

Wrapping Up

As a senior, you must do everything possible to get a decent night’s sleep. That means eating high-quality food, not sleeping during the day, and optimizing your sleeping arrangements. Yes, it takes time and effort — but it’s worth it. Once you regulate your sleep, your mental health will also noticeably improve. Author Bio: Joseph Carfi is a Business Development Executive at Little Creek Recovery, specializing in sales, marketing, and strategic partnerships. He is committed to expanding access to quality addiction treatment and helping individuals on their path to recovery. Meta: Wondering how you can improve your sleep habits as a senior? Learn how proper sleep improves mental health and how to achieve it!

Sources: 

https://www.sciencedirect.com/science/article/pii/S1389945721004196?via%3Dihub  

https://aasm.org/seven-or-more-hours-of-sleep-per-night-a-health-necessity-for-adults/  

 Image used: 

https://www.pexels.com/photo/an-elderly-man-sleeping-on-bed-8899465/  

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