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Geriatric Care

The Growing Need for Geriatric Care Managers

The Growing Need for Geriatric Care Managers

The name can be misleading as professional geriatric care managers tend to a senior’s unique health care situation needs rather than being responsive to a particular age. The truth is aging is a complex, highly individualized process, and a geriatric care manager (GCM) may be appropriate at age 65 or 105 and any age in between. A geriatric care manager is a highly-skilled advocate for older adults and is specially trained to help identify resources to make managing your loved one’s daily life easier. A GCM is sometimes referred to as “aging life care professional” or “senior care manager,” as some find the term geriatric to be outdated. When is it appropriate to employ a care manager for your aging parent or loved one?

You live far away

Even if you leverage in-home technology and the internet of things to monitor and assess your loved ones well being, it isn’t easy to manage your older adult’s care if you do not live near to them. If you cannot frequently visit, a geriatric care manager can supervise care, alert you to potential or real problems, and work with you to arrive at the best decision for any issues that may prevent themselves.

Your loved one refuses to discuss their health with you

Many seniors, especially parents, do not want to burden their adult children with worries or problems. If you get the feeling your loved one is not telling you the full story about things affecting their health and well-being, hiring a geriatric care manager to check on them is a prudent strategy. Often, a senior is more willing to share their concerns with an expert outside of the family system.

There is a complex behavioral issue to address

Serious behavioral issues can manifest themselves in many ways, such as constant verbal abuse or being physically combative. These issues typically present themselves during the onset of dementia, and the root cause of the problem can be difficult to pinpoint. A geriatric care manager can connect you to an appropriate specialist to diagnose the problem.

You need to solve a problem in the senior living community

You might sense your parent needs more individualized care in their assisted living community, but the community’s administrator will not permit you to hire a private aide. A geriatric care manager understands how these communities work, the relevant state laws that may apply to the situation, and can negotiate on your behalf.  Because a GCM is an industry insider, they are more likely to find a solution in your loved ones’ best interest.

You do not know how best to help your loved one

There comes a time in your older family member’s care where you might feel utterly lost and unsure about what to do. A GCM can help you get unstuck by providing available options, tradeoffs, and costs. An initial assessment by a GCM can help navigate complex funding care options or uncover unknown resources for funding care.

Geriatric care managers can provide many services, including:

  • Evaluating, arranging for, and monitoring in-home care needs and the personnel that provide it
  • Coordinating medical appointments and arranging transportation to them
  • Identifying available programs and social services that can help your loved one
  • Making referrals to medical, legal, or financial professionals and suggesting ways to avert problems
  • Explaining difficult or complex topics to family members or care recipients
  • Creating short and long-term care plans that may include changes in living arrangements
  • Acting as a liaison to families who live far away from their loved one
  • Addressing and answering questions and emotional concerns of caregivers and their loved ones
  • Arranging for respite care providing relief to stressed-out caregivers

Medicare and Medicaid do not pay for a geriatric care manager’s services, so count on paying out of pocket. The initial assessment cost may range from 300 dollars in more rural settings to 800 dollars or more in larger urban areas based on a survey from 2017. After an initial assessment, a GCM bills by the hour and sometimes on a case-by-case basis. A reputable, certified GCM will have required degrees in one or more health care fields as well as several years of hands-on experience caring for the elderly. They will help assess, plan, coordinate and monitor your loved one’s insurance and entitlements, financial and legal matters, medical issues, involvement in activities, and family communication.

The National Institute on Aging (NIA), through the US Department of Health & Human Services, provides links on its webpage to locate geriatric care managers, as do many other organizations specializing in senior care like AgingLifeCare, and caring.com. You can also learn what to ask a potential GCM at caregiversamerica.com and other websites that provide senior information.

There is much to consider about your aging family member’s health and welfare, whether aging in place or an assisted living community. An experienced geriatric care manager, along with trusted legal counsel, can provide the best overall planning for a loved one. If you have questions or would like to discuss further how a GCM may help you or a loved one, please don’t hesitate to reach out.

Read more related articles at:

How Can a Trust Help You Avoid Nursing Home Costs?

Top 5 Strategies for Protecting Your Money From Medicaid

Also, read one of our previous Blogs at:

How Do I Keep My Assets from the Nursing Home?

Click here to check out our On Demand Video about Estate Planning.

Background checks

Pennsylvania Creating Uniform Background Check Process for Those Working with Older Adults

Pennsylvania Creating Uniform Background Check Process for Those Working with Older Adults

Pennsylvania’s Department of Aging is looking to update the Older Adults Protective Services Act. This law was enacted originally in 1987 to protect older people who are most vulnerable.

WKBN’s recent article entitled “PA working to decrease elder abuse by updating background check process” reports that Carolyn Green, a spokesperson with the Pennsylvania Department of Aging, said when the law was originally drafted it had a section that regulated criminal background checks for employees. However, that part of the law can no longer be enforced.

“The commonwealth court determined that the employment ban provisions in the Older Adults Protective Services Act was unconstitutional, so we are not able to enforce that portion of the act,” she said.

“Right now, facilities are interpreting it the best they can, so updating this act would allow for more uniformity and a clear understanding of what crimes should prohibit people from working with older adults.”

These criminal background checks assist senior care facilities in eliminating the applications of those persons who might commit elder abuse.

Elder abuse is on the rise.

The Pennsylvania Department of Aging says that cases of suspected elder abuse increased 80% over the previous five years.

Most of that, they say, goes unreported.

According to the Pennsylvania Department of Aging’s 2019-2020 annual report, women make up about 64% of victims. Their primary abusers? It’s usually a female caregiver.

“We see a lot of scams happening to older adults but, unfortunately, we do see family members taking advantage or caretakers taking advantage of older adults. Background checks could help eliminate staff that could currently be working with but have committed crimes the facility isn’t aware of,” Green said.

Changes are in the works, Green says.

Reference: WKBN (Feb. 12, 2021) “PA working to decrease elder abuse by updating background check process”

Read more related articles at:

State Requirements for Conducting Background Checks on Home Health Employees

STATES’ CRIMINAL BACKGROUND CHECK FOR LONG-TERM CARE WORKERS

Also, Read one of our previous Blogs at:

Where are the Worst Nursing Homes in America?

Click here to check out our On Demand Video about Estate Planning.

 

Selling your Life Insurance Policy

Should I Sell My Life Insurance Policy?

Should I Sell My Life Insurance Policy?

It is quite common to buy life insurance. It may have been to protect your family financially or as a vehicle to provide liquidity for estate taxes. As we grow older and laws change, it is critical to determine if your policy has outlived its intended purpose. The traditional strategy of “buy and hold” no longer applies to the ever-changing world. Today, it may be a good idea to consider selling your policy.

Forbes’ recent article entitled “What You Should Know Before Selling Your Old Life Insurance Policy” explains that a lesser-known alternative to abandoning or surrendering a policy is known as a life settlement. This gives the policy owners the chance to get a much bigger cash lump sum, than what is provided by the life insurance carrier’s cash surrender value.

Life settlements are not new. Third-party institutional buyers have now started to acquire ownership of policies, in exchange for paying the owner a lump sum of cash. As a consequence, the policy owner no longer needs to make future premium payments.

The policy buyer then owns the life insurance policy and takes on the responsibility of future premium payments. They also get the full death benefit payable from the life insurance carrier when the insured dies.

Research shows that, on average, the most successful life settlement deals are with policies where the insured is age 65 or older. Those who are younger than 65 usually require a health impairment to receive a life settlement offer.

Knowing what your life insurance policy is worth is important, and its value is based on two primary factors: (i) the future projected premiums of the policy; and (ii) the insured’s current health condition.

Many policy owners don’t have the required experience with technical life expectancies, actuarial tables and medical knowledge to properly evaluate their life settlement value policies. This knowledge gap makes for an imbalance, since inexperienced policy owners may try to negotiate against experienced and sophisticated policy buyers trying to acquire the policy at the lowest possible cost.

To address this imbalance, the policy owner should seek help from an experienced estate planning attorney to help them with the process to sell the policy for the highest possible price.

If you have an old life insurance policy that’s collecting dust, ask an experienced estate planning attorney to review the policy’s importance and purpose in your portfolio. This may be the right time to turn that unneeded life insurance policy into cash.

Reference: Forbes (Jan. 26, 2021) “What You Should Know Before Selling Your Old Life Insurance Policy”

Read more related articles at:

5 Tips for Selling Your Life Insurance

Can you sell your life insurance policy?

Also, Read one of our previous Blogs at :

Is Life Insurance a Good Idea for My Estate Plan?

Click here to check out our On Demand Video about Estate Planning.

DEATH OF SPOUSE

How Do You Plan for the Death of a Spouse?

How Do You Plan for the Death of a Spouse?

The COVID pandemic has become a painful lesson in how important it is to having estate plans in order, especially when a spouse becomes sick, incapacitated, or dies unexpectedly. With more than 400,000 Americans dead from the coronavirus, not every one of them had an estate plan and a financial plan in place, leaving loved ones to make sense of their estate while grieving. This recent article from Market Watch titled “How to get your affairs in order if your spouse is dying” offers five things to do before the worst occurs.

Start by gathering information. Make all of your accounts known and put together paperwork about each and every account. Look for documents that will become crucial, including a durable power of attorney, an advanced health care directive and a last will. Gather paperwork for life insurance policies, investment portfolios and retirement accounts. Create a list of contact information for your estate planning attorney, accountant, insurance agent, doctors and financial advisors and share it with the people who will be responsible for managing your life. In addition, call these people, so they have as much information as possible—this could make things easier for a surviving spouse. Consider making introductions, via phone or a video call, especially if you have been the key point person for these matters.

Create a hard copy binder for all of this information or a file, so your loved ones do not have to conduct a scavenger hunt.

If there is an estate plan in place, discuss it with your spouse and family members so everyone is clear about what is going to happen. If your estate plan has not been updated in several years, that needs to be done. There have been many big changes to tax law, and you may be missing important opportunities that will benefit those left behind.

If there is no estate plan, something is better than nothing. A trust can be done to transfer assets, as long as the trust is funded properly and promptly.

Confirm beneficiary designations. Check everything for accuracy. If ex-spouses, girlfriends, or boyfriends are named on accounts that have not been reviewed for decades, there will be a problem for the family. Problems also arise when no one is listed as a beneficiary. Beneficiary designations are used in many different accounts, including retirement accounts, life insurance policies, annuities, stock options, restricted stock and deferred compensation plans.

Many Americans die without a will, known as “intestate.” With no will, the court must rely on the state’s estate laws, which does not always result in the people you wanted receiving your property. Any immediate family or next of kin may become heirs, even if they were people you with whom you were not close or from whom you may even have been estranged. Having no will can lead to estate battles or having strangers claim part of your estate.

If there are minor children and no will to declare who their guardian should be, the court will decide that also. If you have minor children, you must have a will to protect them and a plan for their financial support.

Create a master list of digital assets. These assets range from photographs to financial accounts, utility bills and phone bills to URLs for websites. What would happen to your social media accounts, if you died and no one could access them? Some platforms provide for a legacy contact, but many do not. Prepare what information you can to avoid the loss of digital assets that have financial and sentimental value.

Gathering these materials and having these conversations is difficult, but they are a necessity if a family member receives a serious diagnosis. If there is no estate plan in place, have a conversation with an estate planning attorney who can advise what can be done, even in a limited amount of time.

Reference: Market Watch (Jan. 22, 2021) “How to get your affairs in order if your spouse is dying”

Read more related articles here:

‘When life goes sideways’ – how to prepare for the death of a spouse

Death Of A Spouse Planning Tips

Also, read one of our previous blogs here:

What Do I Need to Do after the Death of My Spouse?

Click here to check out our On Demand Video about Estate Planning.

social Security Surprises

Do You Know These Social Security Surprises?

Do You Know These Social Security Surprises?

If you don’t understand how Social Security works, you may get caught off guard by some of Social Security’s rules and nuances, says Motley Fool’s recent article entitled “Don’t Let These 3 Social Security Surprises Ruin Your Retirement.” Here are some things to keep in mind:

  1. Taxes on benefits. Many assume that Social Security is not taxed, but it may be, depending on your provisional income. Your provisional income is calculated by taking your non-Social Security income plus 50% of your annual benefit payments. If that total is between $25,000 and $34,000 for a single or between $32,000 and $44,000 for a married couple filing jointly, you could be taxed on up to 50% of your benefits. Moreover, if your provisional income is more than $34,000 as a single tax filer, or $44,000 as a joint filer, you may be subject to taxes on up to 85% of your benefits. Typically, if Social Security is your sole retirement income source, you will avoid having your benefits taxed at the federal level. However, there are 13 states that tax Social Security.
  2. Withheld benefits when you still get a paycheck. When you hit your full retirement age (FRA), which is when you are entitled to collect your monthly Social Security benefit in full, you can earn as much money as you would like from a job, without having that income impact your benefit payments. However, if you work and collect benefits at the same time before reaching FRA, you may have some of your benefits withheld if you exceed the annual earnings test limit.

You can earn up to $18,960 in 2021 without losing any benefits. Above that threshold, you will have $1 in Social Security withheld for every $2 you earn. If you will be attaining FRA this year, the earnings test limit is higher, $50,520, and after that you will have $1 in Social Security withheld for every $3 you earn.

These withheld benefits are not lost permanently. They are added onto your monthly benefit once you reach FRA. However, claiming Social Security before FRA will also reduce your monthly benefit for life. Bear that in mind, if you are planning to continue working.

  1. Ultra-low cost-of-living adjustments. Social Security benefits are subject to a cost-of-living adjustment (COLA), which is designed to help seniors keep up with inflation. However, in recent years, it has not. From 2002 to 2011, COLAs averaged 2.43%, but between 2012 and 2021, they averaged only 1.65%. As a result, many seniors on Social Security have had trouble paying their bills. COLAs are tied to fluctuations in the cost of goods and services, but this does not necessarily relate to seniors. Because of this, some lawmakers have been advocating for a better way of calculating them.

If you are planning to depend primarily on Social Security in retirement, be certain that you know the details of the program.

Reference: Motley Fool (Feb. 1, 2021) “Don’t Let These 3 Social Security Surprises Ruin Your Retirement”

Read more related articles at: 

6 Social Security Surprises

Social Security Basics: 12 Things You Must Know About Claiming and Maximizing Your Social Security Benefits

Also, Read one of our previous Blogs at:

Will the Pandemic Affect My Social Security?

Click here to check out our On Demand Video about Estate Planning.

Spring Estate Plan

Spring has Sprung. When Should I Start my Estate Plan? Now!

Spring has Sprung. When Should I Start my Estate Plan? Now!

According to an article by MerchantsBank.com entitled: Guide to Estate Planning by Age, You might think estate planning doesn’t apply to you. You aren’t old enough. You don’t have enough assets. Think again.

“Most people think they don’t need an estate plan until they are older or have more money – but that’s simply not true,” says Martin Oines, CFP ®, CTFA, Trust Officer. “People at every age should put together an estate plan that fits their needs – from something very simple for a 30 year old to a fully funded trust plan for a 60 year old.

Here are the typical estate planning documents and issues to consider by age.

In Your 20s

Once you turn 18, your parents no longer have authority to make healthcare or financial decisions for you. That’s why it’s important to visit with a lawyer and get a:

  • Healthcare Directive – Specifies which actions should be taken regarding your health if you are no longer able to make decisions.
  • Power of Attorney – Names someone to make decisions for you if you can’t. There are several different types, but specifically you’ll want to consider a healthcare Power of Attorney for medical decisions and a financial Power of Attorney for financial decisions.

In Your 30s

Typically by your 30s, you own a home, have started a family, and have some financial assets. To make sure you protect your children and spouse, this is a good time to review – with the help of your lawyer or our Trust team – which legal devices make the most sense for your situation:

  • Will – Specifies who will inherit your assets, who will take care of settling your estate and, if necessary, who will care for your children if you or your spouse are unable to.
  • Trust – Transfers ownership of your assets to someone you choose (called the trustee) and dictates who will manage your assets for the beneficiaries you designate. Trusts can include different kinds of assets, such as real estate and investment accounts. Trusts can also be set up in many different ways. You may have heard of living trusts, revocable trusts or irrevocable trusts. To find out which one is right for you, consult with your lawyer.

In Your 40s

If you have the above documents and decisions in place by your 40s – congratulations! If not, it’s time to catch up.

Now is also the time to talk to your parents about their estate plan. While these conversations can be difficult, understanding your parents’ long-term financial and healthcare wishes is usually best for everyone.

Specifically, check with your parents to make sure they have legal documentation for:

  • Distributing their assets (will, trust and beneficiary designations).
  • How medical decisions will be made if they become incapacitated, including their preferences and who can make the decisions.
  • Long-term care, including where they want to live and how they will pay for it. You parents may even have a long-term care insurance policy. Be sure to ask.

In Your 50s and 60s

If you haven’t done any estate planning by your 50s, you’re not alone. According to AARP, 42% of Baby Boomers do not have estate-planning documents in place.

Now is the time to get proactive and create these legal documents.

In Your 70s and Beyond

At this point, with your estate plan complete, you should focus on reviewing or updating your plan as appropriate. Make sure that your estate plan is as clear as possible and ready to be executed when necessary.

Read more related articles at:

When should I start my estate planning?

Do you need an estate plan?

Also, read one of our previous blogs at:

Estate Planning Needs for Every Stage

Click here to check out our On Demand Video about Estate Planning.

Social Security Increase

Can You Increase Your Social Security Benefits?

Can You Increase Your Social Security Benefits?

The desire to get the largest possible benefits from Social Security is a relatively new phenomenon. For decades, people received their monthly benefit check and that was it. However, in the late 1990s, a new law let seniors over age 66 work without any reduction in benefits, says the article “Social Security & You: Seniors obsess over ‘maximizing’ their Social Security” from Tuscon.com. The law led to loopholes that became known as “file and suspend” and “file and restrict.” In a nutshell, they allowed retirees to collect dependent spousal benefits on a spouse’s Social Security record, while delaying their own benefits until age 70.

Congress eventually realized that these loopholes violated the basic concept of the program. Benefits to spouses were always known as “dependent” benefits. To claim benefits as a spouse, you had to prove that you were financially dependent upon the other spouse to collect benefits on their record. However, the loophole let people who were the primary wage earner in the family claim benefits as a “dependent” of the other spouse. Five years ago, Congress closed that loophole.

More specifically, Congress closed the ability to file-and-suspend. It also put file-and-restrict on notice. If you turned 66 before January 2020, you could still wiggle through that loophole, and there are some people who are still eligible. That’s where the term “maximizing your benefits” originated.

Can you get a bigger Social Security check, if you don’t fit into the exception noted above? The only real strategy to maximizing your benefits is simply to wait. The equation is pretty simple. If you wait until your Full Retirement Age (FRA), you will receive 100% of your benefit rate. If you can wait until age 70, you’ll receive 132% of your benefit.

In some households, the higher income earner waits until age 70 to file for retirement, so that the surviving spouse will one day receive higher surviving spouse benefits.

But that’s not the best advice for everyone. If you or your spouse suffer from a chronic illness, it may not make sense to wait.

If you or your spouse have lost your jobs, as so many have because of the pandemic, then Social Security may be the safety net that you need, until you are able to return to some kind of paid employment.

There may be other reasons why you might need to take your benefits earlier, even earlier than your FRA. Some households start taking their Social Security benefits at age 62, as a way to augment other income.

If you don’t already have a “My Social Security” account set up on the Social Security Administration’s portal, now is the time to do so. The Social Security Administration stopped sending annual statements years ago, but you can go into your account and download the statements yourself and start planning for your future.

Reference: Tuscon.com (Feb. 10, 2021) “Social Security & You: Seniors obsess over ‘maximizing’ their Social Security”

Read more related articles at:

10 Ways to Increase Your Social Security Payments

9 ways to ‘life hack’ your way to larger Social Security benefits

How to Increase Your Social Security Benefits

Also, read one of our previous Blogs at:

What are the Major Social Security Changes for 2021?

Click here to check out our On Demand Video about Estate Planning.

Spouse dying in hospital

Get Estate Plan in Order, If Spouse Is Dying from a Terminal Illness

Get Estate Plan in Order, If Spouse Is Dying from a Terminal Illness

Thousands of people are still dying from COVID-19 complications every day, and others are dealing with life-threatening illnesses like cancer, heart attack and stroke. If your spouse is ill, the pain is intensified by the anticipated loss of your life partner.

Wealth Advisor’s recent article entitled “Your Spouse Is Dying: 5 Ways To Get Your Estate In Order Now,” says that it’s frequently the attending physician who suggests that your spouse get his affairs in order.

Your spouse’s current prognosis and whether he or she’s at home or in a hospital will determine whether updates can be made to your estate plan. If it has been some time since the two of you last updated your estate plan, you should review the planning with your elder law attorney or estate planning attorney to be certain that you understand it and to see if there are any changes that can and should be made. There are five issues on which to focus your attention:

A Fiduciary Review. See who’s named in your estate planning documents to serve as executor and trustee of your spouse’s estate. They will have important roles after your spouse dies. Be sure you are comfortable with the selected fiduciaries, and they’re still a good fit. If your spouse has been sick, you’ve likely reviewed his or her health care proxy and power of attorney. If not, see who’s named in those documents as well.

An Asset Analysis. Determine the effect on your assets when your partner dies. Get an updated list of all your assets and see if there are assets that are held jointly which will automatically pass to you on your spouse’s death or if there are assets in your spouse’s name alone with no transfer on death beneficiary provided. See if any assets have been transferred to a trust. These answers will determine how easily you can access the assets after your spouse’s passing.

A Trust Assessment. Any assets that are currently in a trust or will pass into a trust at death will be controlled by the trust document. See who the beneficiaries are, how distributions are made and who will control the assets.

Probate Prep. If there’s property solely in your spouse’s name with no transfer on death beneficiary, those assets will pass according to his or her will. Review the will to make sure you understand it and whether probate will be needed to settle the estate.

Beneficiary Designation Check. Make certain that beneficiaries of your retirement accounts and life insurance policies are current.

If changes need to be made, an experienced elder law or estate planning attorney can counsel you on how to best do this.

Reference: Wealth Advisor (Jan. 26, 2021) “Your Spouse Is Dying: 5 Ways To Get Your Estate In Order Now”

Read more related articles at:

How to get your affairs in order if your spouse is dying

Planning During Terminal Illness

Caring for someone with a terminal illness: Planning for deterioration and death

Also, read one of our previous Blogs at:

Surviving Spouse Needs An Estate Plan

Click here to check out our On Demand Video about Estate Planning.

 

 

Newest Alzheimer's Treatment

The Latest Treatments for Alzheimer’s Disease

The Latest Treatments for Alzheimer’s Disease

A two-year study monitored 272 people, whose brain scans showed Alzheimer’s. They discovered that patients who took the drug had a 32% slower rate of decline than those who were given a placebo, according to AARP’s recent article entitled “The Alzheimer’s Drugs Showing Early Promise.”

“It’s very encouraging because this is the first time a drug of its kind has had positive results in early-stage trials,” says Lon Schneider, M.D., Della Martin Chair in psychiatry and neuroscience at the Keck School of Medicine of the University of Southern California.

The drug, known as a monoclonal antibody, works by attaching to the hard plaque in the brain made from amyloid (a protein associated with Alzheimer’s).

While these initial findings are promising, Schneider says more data is required. “It may have been everyone just had a small cognitive decline, in which case the results aren’t as significant,” he says.

However, this is not the only news from Alzheimer’s researchers.

“There are several new drugs either close to getting FDA approval, or in development, that promise to really change the playing field when it comes to treatment of Alzheimer’s disease,” says Marwan Sabbagh, M.D., director of the Cleveland Clinic Lou Ruvo Center for Brain Health in Las Vegas.

Here are some of the most promising drugs in trials:

  • Aducanumab: This drug is seeking FDA approval. It is another monoclonal antibody similar to donanemab that binds to the hard amyloid plaques. “It will be a game changer if it’s approved, because this will be the first drug shown to actually slow down the progression of Alzheimer’s disease,” Sabbagh remarked.
  • Pimavanserin: This antipsychotic drug is already approved to treat hallucinations and delusions in people with Parkinson’s disease, but it is now under FDA review for the treatment of some of the behavioral and psychological symptoms of all dementias. “Research shows that it’s very effective also in treating dementia-related psychosis or hallucinations,” Sabbagh says. “This is important because these sorts of episodes are the main reason patients with Alzheimer’s get placed in memory care facilities. If caregivers can manage these symptoms, more people will be able to stay at home.”
  • Atuzaginstat: Studies show that the bacteria P. gingivalis (the cause of gum disease) can impact the brain and cause Alzheimer’s disease. This drug is in clinical trials to determine if it can stop gingipains—the toxic proteins the bacteria release—which can damage healthy brain cells.
  • NDX-1017: This is administered as a daily injectable. It is a small molecule that improves the activity of hepatocyte growth factor (HGF), a protein found in your body’s tissues, including your brain. HGF hopefully will strengthen the synapses or connections between your brain cells, thus reversing some of the damage caused by Alzheimer’s. Research shows that it works quickly, making an impact in as little as eight days.
  • ALZ-801: This medication is taken orally rather than as an injection. Unlike monoclonal antibodies, which latch onto amyloid plaques and eliminate them, ALZ-801 attacks earlier in the process, blocking the amyloid from ever forming.
  • Lenalidomide (Revlimid): This is used to treat leukemia or multiple myeloma but is now being studied for its potential to treat Alzheimer’s.

Reference: AARP (Jan. 22, 2021) “The Alzheimer’s Drugs Showing Early Promise”

Read more related articles here:

Alzheimer’s Treatments: What’s on the Horizon?

A new Alzheimer’s drug: From advisory panel to FDA — what’s at stake here?

New approaches to symptomatic treatments for Alzheimer’s disease

Also, read one of our previous Blogs at:

New Blood Test May Make Alzheimer’s Diagnosis Easier

Click here to check out our On Demand Video about Estate Planning.

Scariest issues of Retirement

What are the Scariest Statistics for Retirement?

What are the Scariest Statistics for Retirement?

Think Advisor’s recent article entitled “11 Scariest Retirement Statistics: 2020” says that there is a lack of preparation, savings difficulty and general uncertainty that American retirees are facing. Here are those scary stats:

  1. Just a quarter of Americans are on a trajectory to maintain their lifestyles in retirement. The other 75% will need to work longer, move to lower-cost housing and cut spending to maintain their standard of living, largely due to the coronavirus downturn.
  2. The Social Security trust funds would be empty by 2023, without the payroll tax. While President Trump let employers temporarily defer the employee portion of payroll taxes, he said the deferred taxes could later be forgiven, or the cut made permanent. When he signed the order, he vowed to “terminate the tax,” if reelected. Republican lawmakers subsequently debuted a plan to fund any shortfalls from the Treasury.
  3. Social Security benefits will be decreased by 21% if the trust fund runs out. Congress will have to intercede, or it could happen 10 years from now, if not sooner.
  4. Those born in 1960 will have a big problem because of the complicated formula the Social Security Administration uses to calculate benefits. Pre-retirees born in 1960 will see a nearly 15% cut to their lifetime benefits from Social Security when it’s time to collect. If the pandemic suppresses the economy into 2022, those cuts will impact more pre-retirees. The impact to their Social Security benefits will also be permanent.
  5. The 2021 Social Security cost of living adjustment, or COLA, will be just 1.3%. Retirees should note that rising health care costs and a potential 6% increase in Medicare Part B premiums may absorb that benefit increase.
  6. More than 50% of Americans think the economy is worse now than in 2008, with 51% of Americans seeing the COVID slowdown as worse than the 2008 recession. A survey from Edelman Financial Engines also found that 26% had withdrawn money from retirement or savings for living expenses.
  7. About 60% of retirement savers have fallen behind, according to a TIAA study. Among these, 30% said it was directly due to the pandemic.
  8. Internet searches for “move out of the U.S.” have increased 16 times. International Living magazine says it had seen the jump in search traffic around the phrase since May. A total of 20% of respondents in a survey it conducted also said they wanted to move due to the pandemic. However, just 45% cited a desire to save money.
  9. Approximately 42% of investors sold stock, and most of them (88%) of them regretted it. In response to the drop in stocks in mid-March last year, 42% of investors in a survey by MagnifyMoney sold at least one stock and 24% sold all their holdings. About 69% of those who sold stock at the start of the pandemic greatly regretted it, and 19% said they were somewhat regretful.
  10. Roughly 80% of older Americans don’t understand retirement planning and don’t know the basics of how to successfully plan for a financially secure retirement, according to a study by The American College of Financial Services. The survey also found only 30% of respondents had a plan in place to fund long-term care needs, and just one in four actually had long-term care insurance.
  11. About 3 million workers may have been driven into early retirement due to the pandemic. From March to August of 2020, 2.8 million older workers might have been pushed out of their jobs prematurely, with economic turmoil and poor health making it hard for them to resume their careers elsewhere, according to by the Schwartz Center for Economic Policy Analysis at the New School. The report found that 38% of unemployed older adults stopped looking for work and left the workforce, and an additional 1.1 million were expected to do likewise.

Reference: Think Advisor (Oct. 30, 2020) “11 Scariest Retirement Statistics: 2020”

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