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Dear Savvy Senior: I’ve been diagnosed with sleep apnea and have been trying to use a CPAP device for the past six months but can’t tolerate it. Are there any alternative treatment options you can tell me about? – Sleepy Sam Dear Sam: I’m sorry to hear your CPAP mask is keeping you awake at night, but I’m happy to hear that you’re addressing your obstructive sleep apnea (OSA) problem. Left untreated, OSA is linked to daytime sleepiness and an increased risk of anxiety, diabetes, hypertension and stroke. For those who aren’t familiar, OSA...
Dear Savvy Senior: I’m going to retire in a few months and need to get some temporary health insurance until I can enroll in Medicare at age 65. What are my options? — Early Retiree Dear Early: There are several places early retirees can find health insurance coverage before Medicare kicks in, but the best option for you will depend on your income level, your health care needs and how long you’ll need coverage for. Here’s where to look. Affordable Care Act. For most early retirees who aren’t yet eligible for Medicare, the Affordable Care Act...
Dear Savvy Senior: I need to hire a good in-home caregiver to help my elderly father who lives alone. What’s the best way to do this? —Searching Sarah Dear Sarah: Finding a good in-home caregiver for an elderly parent is not always easy. How can you find one that’s reliable and trustworthy, as well as someone your parent likes and is comfortable with? Here are some tips that can help. Know his needs Before you start the task of looking for an in-home caregiver, your first step is to determine the level of care your dad needs. For examp...
Dear Savvy Senior: Who should be screened for lung cancer and how is it covered by Medicare? I used to smoke but quit many years ago and am wondering if I need to be tested. – Just Turned 65. Dear Just Turned: Even if you haven’t touched a cigarette in decades, you could still be due for an annual lung cancer screening, based on new recommendations from the American Cancer Society. The new guidelines state that adults ages 50 to 80 who currently smoke or used to smoke the equivalent of one pack a day for 20 years should get an annual low...
Dear Savvy Senior: What types of funeral benefits are available to old veterans? My 83-year-old father, who has Alzheimer’s disease, served during the Vietnam War in the 1960s. - Planning Ahead Dear Planning: Department of Veterans Affairs’ (VA) National Cemetery Administration actually offers a variety of underutilized burial benefits to veterans as well as their spouses and dependents. Most U.S. veterans (both combat and non-combat) who didn’t receive a dishonorable discharge are eligible for burial benefits. To verify your dad’s dischar...
Dear Savvy Senior: What can you tell me about the eye disease glaucoma? My older brother was recently diagnosed with it and lost some of his vision, but never had a clue anything was wrong. Could I be at risk too? – Stressed Sibling Dear Stressed: Yes. Having an immediate family member with glaucoma significantly increases your risks of developing it, but there are other risk factors you need to be aware of too. Here’s what you should know. What is glaucoma? Glaucoma is a group of eye diseases that can damage the optic nerve and cause vis...
Dear Savvy Senior: I’ve been talking to my mobility-challenged mother, who lives alone, about automating her house with some smart home products to make it more convenient. She’s very interested but we’d like to get your opinion as to which types of smart devices are most helpful for seniors aging in place. –Searching Daughter Dear Searching: If your mother is game, smart home products—such as smart lights, video doorbells and voice-activated speakers—can be very useful for aging in place. These devices can add safety and convenience to a home...
Dear Savvy Senior: I’m interested in contributing to a health savings account to help boost my retirement savings but would like to better understand how they work. What can you tell me? – Almost 60 Dear Almost: A health savings account, or HSA, is a fantastic financial tool that can help you build up a tax-free stash of money for medical expenses now and after you retire. But to qualify, you must be enrolled in a high-deductible health insurance plan. Here’s an overview of how they work and how you can open one. HSA rules HSAs have becom...
Dear Savvy Senior: What retirement planning tips can you recommend to single women? I’m a divorced 58-year-old woman with a teenaged son and have very little saved for retirement. — Financially Vulnerable Dear Vulnerable: It’s an unfortunate reality, but many single women – whether they’re divorced, widowed or never married – face much greater financial challenges in retirement than men. The reasons behind this are women tend to earn less money, about 82 cents for every dollar that men make, on average, and they have shorter working car...
Dear Savvy Senior: Is it possible to collect Social Security benefits from my ex-spouse? We were married for 12 years but have been divorced for almost 20 years now. - Never Remarried Dear Never: Yes, depending on your specific circumstances, you may very well be eligible for divorced spouses Social Security benefits. Here’s what you should know. Who’s eligible? A divorced spouse can collect a Social Security retirement benefit on the earnings record of their ex-husband (or ex-wife) if you are at least age 62, were married for at least 10 years...
Dear Savvy Senior: Can you recommend some good reacher-grabber tools for seniors with back or hip problems who need help picking things up off the ground? I bought a cheap one a few months ago that doesn’t work very well but would like to find one that does. – Bad Back Betty Dear Betty: A good “reacher-grabber” is a very practical and popular tool for anyone who struggles with injuries, arthritis or loss of mobility. It works like an extension of your arm allowing you to reach down and pick things up off the ground without bending or stooping o...
Dear Savvy Senior: What are the IRS income tax filing requirements for retirees this tax season? My income dropped way down when I retired in 2022, so I’m wondering if I need to even file a tax return this year. – Recently Retired Dear Recently: Whether or not you are required to file a federal income tax return this year will depend on how much you earned last year, as well as the source of the income, your age and filing status. Here’s a rundown of this tax season’s IRS tax filing requirement thresholds. For most people, this is pretty...
Dear Savvy Senior: What are the most common scams today that target elderly seniors? My 75-year-old mother has been swindled several times over the past year, so I’m being extra cautious. –Paranoid Patty Dear Patty: Great question. While many scams today are universal, there are certain types of fraud that specifically target older adults or affects them disproportionately. And unfortunately, these senior targeted scams are on the rise. According to the Federal Bureau of Investigation (FBI), in 2021 there were 92,371 older victims of fraud resu...
Dear Savvy Senior: How do I go about looking for an old former company 401(k) plan that I think I contributed money to many years ago, but forgot about until recently? - Retired in Rochester Dear Retired: If you think you may have lost track of an old 401(k) retirement account, you aren’t alone. As Americans move from job to job, many leave scraps of their company sponsored 401(k) plans behind, believing they’ll deal with it later, but never do. In fact, according to a recent study, Americans have left behind around $1.35 trillion in retirement...
Dear Savvy Senior: What kind of changes can Medicare beneficiaries expect to see in the Inflation Reduction Act that was recently signed into law? I’m enrolled in original Medicare and have a Part D prescription drug plan but spent more than $6,000 out-of-pocket last year on medications alone. - Overpaying Paul Dear Paul: The climate, tax and health care bill known as the Inflation Reduction Act that was passed by Congress and signed into law by President Biden last month includes significant improvements to the Medicare program that will k...
Dear Savvy Senior: I just turned 65 and would like to learn more about the stronger flu shots I see advertised for older adults. What can you tell me about them and how are they covered by Medicare? – Senior Novice Dear Novice: There are actually three different types of senior-specific flu shots (you only need one) that the CDC is now recommending to people age 65 and older. These FDA-approved annual vaccines are designed to offer extra protection beyond what a standard flu shot provides, which is important for older adults who have weaker i...
Dear Savvy Senior: What types of financial resources are available to help seniors pay for long-term care? My 86-year-old mother will need either an assisted living facility or nursing home care in the near future, but she doesn’t have long-term care insurance and her savings are minimal. - Searching Daughter Dear Searching: The cost of assisted living and nursing home care in the U.S is very expensive. According to the Genworth cost of care survey tool, the national median cost for an assisted living facility today is over $4,600 per month, w...
Dear Savvy Senior: How do I go about selling unwanted burial plots in my hometown cemetery? When my parents died about 25 years ago, my husband (at the time) and I bought two plots near them in the same cemetery. But we’ve gotten divorced since then and have both moved out of state. Besides that, I would like to be cremated instead of buried. - Looking to Sell Dear Looking: Life changes such as relocating, family disputes and divorce, along with the growing popularity of cremation in the U.S., is causing more and more people to sell p...
Dear Savvy Senior: I recently saw a news segment on TV about a government funeral assistance program available to families who lost loved ones during the pandemic. What can you tell me about this? I lost my 78-year-old mother to COVID in 2021 and want to find out if I’m still eligible for any funeral funds, and if so, what I need to do to get them. - Still Sad Dear Sad: I’m very sorry about the loss of your mother. The government program you are asking about is the COVID-19 Funeral Assistance Program administered by the Federal Emergency Man...
Dear Savvy Senior: What can you tell me about atrial fibrillation? Every so often, I’ve noticed my heart starts beating rapidly for no particular reason. Is this something I should be worried about? - Anxious Annie Dear Annie: Heart palpitations can be harmless if they are brief and infrequent. But if you’re experiencing an erratic heart rhythm, you need to get checked out by a doctor for atrial fibrillation, or AFib. AFib – which is marked by rapid, fluttering beats – can lead to serious complications such as stroke and heart failure, when the...
Dear Savvy Senior: My wife and I planning to travel much more frequently in retirement and are very interested in educational trips and adventures. Can you recommend any groups or firms that specialize in this type of travel geared towards retirees? - Love to Learn Dear Love: Educational travel, which combines travel with in-depth learning opportunities has become a very popular way of travel among retirees. Here are a few good places to turn to find these types of trips in the U.S. and abroad....
Dear Savvy Senior: I am planning to retire and apply for my Social Security benefits in July. When can I expect my first check, and is direct deposit my only option for receiving my monthly payment? -- Almost 62 Dear Almost: Generally, Social Security retirement benefits, as well as disability and survivor benefits, are paid in the month after the month they are due. So, if you want to start receiving your Social Security benefits in July, your July benefits will be distributed in August. The day of the month you receive your benefit payment,...
Dear Savvy Senior: How effective is the shingles vaccine and what is the CDC recommendation for getting it? My older brother and sister, both in their fifties, got COVID a few months back followed by shingles. Do you know if there is a connection between these viruses, and would the shingles vaccine have protected them? - Scared of Shingles Dear Scared: Great question. Many healthcare professionals across the country have been urging their older patients to get the shingles vaccine (in addition to the COVID-19 vaccinations) during the pandemic...
Dear Savvy Senior: What is the IRS standard tax deduction for 2021? I didn’t file a tax return last tax year (2020) because I lost my job and my income in March due to COVID. But I got a part-time job in 2021 and am wondering if I made enough money that requires me to file this year. - Part-Time Retiree Dear Retiree: Whether or not you are required to file a federal income tax return this year depends not only on how much you earned last year (in 2021), but also the source of that income, as well as your age and your filing status. Here’s a r...
Dear Savvy Senior: When is it safe, or not safe, to split pills? I have a cousin who cuts almost all her pills in half in order to save money, but I’m wondering if she’s going overboard. What can you tell me about this? – Curious Cousin Dear Curious: Pill splitting – literally cutting them in half – has long been a popular way to save on medication costs, but your cousin, if she hasn’t already done so, needs to talk to her doctor or pharmacist because not all pills should be split. The reason pill splitting is such a money saver is because of...
