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⚕️55 & UpSides #0010: Mindfulness | Long-Term Care | Fresh financial tools

Author

Ronnie Mac James
November 25th, 2024

First time reading? Get your free subscription here. This newsletter’s goal is the extinction of information overload for folks like me who are aged 55 & up. Easily unsubscribe below if you got here by some freak interwebs mishap.
 
Happy Thanksgiving Week, 55&UpSiders,

Here’s what I’m covering for you today in a blink…
  • Quick visual breakdown on the Upsides of Mindfulness
  • Curated topics affecting us & Good News stories
  • Feature Story: Long-Term Care Insurance
  • Today’s Poll
  • Face The Facts (& do something about ’em)
  • Hidden solutions for our 55+ crowd
  • 🍩Reply to this email with “donut” for chance to win a Dunkin Donuts gift code!
 
 

Upsides Of Mindfulness

 

Practicing mindfulness doesn’t even require breaking a sweat. The benefits are as good as 6-pack abs, though.

 
Impact of Mindfulness Meditation on Pain and Opiod Misuse
 
Sources: Rand / JAMA / UCSD

See this woman’s success story using mindfulness.
 
 

Curated Countdown

 
🕙  Never Too Late To Bulk-Up Your Negotiation Skills

🕘  Mentoring: The Greatest “Hobby”? (Stats Show Huge Need)

🕗  Vacationing With Your Ex - A True Story

🕖  Heard Of Biophilic Design? (Feel Better At Home, All-Natural)

🕕  Tech Gift Guide Saves You Time On Decisions (19 Cool Items)

🕔  Protect Yourself From Online Scams - Think Like A Linebacker

🕓  Speed-Dating: Not Just For The Youngsters

🕒  Retirees Brake For Cheaper Car Insurance (By-The-Mile Policies)

🕑  Baby-Chasin’ Grandparents Packing Up U-Hauls

🕐  How To Travel Light (Infographic)
 
 

Feature Story

 

Long-Term Care Insurance

 
Long-term care insurance gives you financial protection, but thinking about it can give you a headache faster than a cheap bottle of wine. Let’s whittle it down.
 

The problem is...

  • Many seniors underestimate their need for long-term care
  • Policies can be expensive
  • Coverage options & costs vary wildly
  • Pre-existing conditions may limit eligibility
  • Premiums can spike over time
 
 

How you can get involved to help

  • Talk with friends & family to get their experience using long-term care insurance
  • Participate in community education programs about long-term care
  • Use Perplexity.ai to explain policies in simple terms
  • Support initiatives for alternative long-term care financing
 

Roadblocks

  • Confusion about policy terms & coverage
  • Uncertainty about future care needs
  • Limited options for those with pre-existing conditions
 

Upsides & ways to beat roadblocks

  • Hybrid policies combining life insurance & long-term care coverage
  • Long-term care partnership programs in some states
  • Tax deductions for premium payments in some cases
  • Shared care options for couples
  • Return of premium riders for unused benefits
 

5 takeaways

  • Start early - premiums are lower when you're younger & healthier
  • Carefully compare policies from multiple insurers
  • Consider inflation protection to keep up with rising costs
  • Understand elimination period & how it affects out-of-pocket costs
  • Review policy regularly, adjust as needed
Don’t know if this helps you but…

I always told my son, “Better to have it & not need it than to need it & not have it.” Times he didn’t listen & left his coat in the truck, he got pretty cold in that deer stand🥶.
 

Do you still have cable or satellite TV?

Login or Subscribe to participate in polls.

 

Face The Facts (then punch ’em in the nose)

Know the facts so you can overcome or take advantage of them.

 
5)  Mild cognitive impairment affects 15-20% of people age 65 or older

4)  Eye injuries are the leading cause of blindness for U.S. children (most occurring during sports activities)  

3)  Nearly 89,000 Americans were aged 100+ in 2022

2)  Only 3.6% of people over 65 live in nursing homes

1)  Nearly 68 million Americans will get Social Security benefits, totaling about $1.5 trillion in benefits paid during 2024 (SSA)

👊Let’s punch childhood blindness in the nose.

Ways to protect your grandkids’ vision include:
  • Use the right protective eyewear for specific sports.
  • Buy shatter-resistant polycarbonate lenses with UV protection. Ensure proper fit & comfort.
  • Get regular eye check-ups, especially for active kids in sports.
  • Use helmets with polycarbonate face masks for high-impact sports like baseball, hockey, & football.
  • Consider features like padded bridges, deep-grooved eye wires, & headband attachments for extra protection & comfort.
 
 

Solutions You May’ve Never Heard Of

 
It’s smart to listen to financial advice that “your own grandma would give ya.” Just don’t forget to use that advice alongside new tools when it makes sense. See below.
Which financial planning method should be chosen?
 
Robo-Advisors
  • Automated investment platforms that manage portfolios
  • Often have lower fees than traditional financial advisors
  • Can be a good option for folks comfortable with technology
 
Micro-Investing Apps
  • You can invest small amounts of money regularly
  • Some round up purchases & invest the difference
  • Can help build savings habits with a little dab of effort
 
Peer-to-Peer Lending
  • Online platforms that connect borrowers with individual lenders
  • Can offer higher returns than traditional savings accounts
  • Comes with risks, so it's important to diversify investments
Peer-to-peer lending can have a higher purpose too - see how here.
 
 
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The upside’s always worth looking for,
Ronnie Mac James
Ronnie Mac James

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