Securities regulators estimate that at least 5 million elderly Americans become victims of financial fraud and other scams each year. With this kind of abuse only expected to increase, these regulators are strongly recommending that seniors formally appoint one or more children, relatives or friends as “trusted contacts” with their bank, brokerage company, financial advisor and other financial institutions. These trusted contacts can’t make transactions or even view their friends’ or parents’ accounts. They’re simply additional people the institution or advisor can reach out to if they’re unable to reach the account owners to inform them about suspicious activities or other account-related red flags.

For further research:

• Next Avenue, Elder Financial Abuse: Why Banks and Advisers Are Stepping Up
• Terrysavage.com, Fighting Elder Fraud
• The Federal Bureau of Investigation: File a complaint on the FBI’s reporting website or call 1-800-CALL FBI
• National Academy of Elder Law Attorneys: A nonprofit resource to help people seeking the services of elder law and special needs attorneys.
• North American Securities Administrators Association: Search for information about trust contacts at America’s oldest international investor protection organization.

The S&P has been very volatile since January, after reaching many record highs over the past seven years. It’s hard for any investor not to feel overwhelmed and worried during these turbulent times. Watch nationally known financial commentators and co-hosts of the award-winning podcast Friends Talk Money, Terry Savage, Richard Eisenberg and Pam Krueger discuss how to stay focused during this market storm of inflation, the prospect for higher interest rates and global political and economic uncertainty in the aftermath of Russia’s invasion of the Ukraine.

Video link: https://vimeo.com/684698371

Mental health studies have shown that those who do nothing after retirement increase their chances of suffering from clinical depression by 40%. That’s why many retirees are choosing to “unretire.” This doesn’t necessarily mean going back to work full-time. Instead, it’s about filling your day with activities that bring you satisfaction.  But to unretire successfully, you need to plan ahead, perhaps even before you retire. Here are five tips to get you started. 

1. Know what you will retire to. Create a vision of what you want your life to be like and what will bring you joy and fulfillment. 
2. If you want or need to work part-time, don’t be afraid to say "no" to opportunities. If you don’t want to work for someone else, consider freelancing or starting your own business.   
3. Maintain an ongoing schedule filled with appointments and activities over the next two to four weeks to encourage you to keep busy. But don’t overfill it.   
4. Find ways to “declutter” your life by trying to spend as much time as you can doing the things you love.  
5. Fully understand your financial picture. Knowing how much income you’ll receive from Social Security, pensions and retirement accounts and what your living expenses will be will help you determine whether you’ll be able to live the way you want to during retirement.  If you're not sure, consider meeting with a fee-only financial advisor.

When it comes to COVID tests, vaccines and medical treatments, the way traditional Medicare Parts A and B pay for these expenses is not always clear cut. For example, right now Medicare only pays for four at-home COVID test kits that you order directly through covidtest.org. However, the Biden administration recently announced that in early spring Medicare will cover the costs of eight free test kits per month, the same number covered by private health insurers. Medicare covers the full costs of vaccines and boosters and the costs of having a healthcare professional administer the vaccine in your home. And if you get infected and need medical treatment in a hospital, Medicare Part A will cover hospital-related costs but you’ll still be responsible for any deductibles, co-pays or co-insurance. In some situations, Medicare might cover some home care costs related to COVID-19 but the rules are complicated. And traditional Medicare offers limited coverage for telehealth services. That’s why if you’re not sure of what is and isn’t covered contact the Medicare administration or your State Health Insurance Assistance Program.

For further research: 

• Covidtests.gov: Order your four free at-home COVID test kits here.  
• Medicare.gov: The official Medicare web site.
• Shiphelp.org: Use this site to find contact information for State Health Insurance Assistance Program consultants in your location.

If you think that the stock market has been going through extreme positive and negative price swings over the past few weeks, you’re not imagining things.  When volatility occurs, however, it’s important to resist the urge and flee to safety. Remember that, over the long term,  stocks have delivered better long-term returns than bonds and cash. The question is: What percentage of your portfolio should be invested in stocks when you’re still saving for retirement or after you’ve retired? If you don’t feel that you have the knowledge or confidence to make these decisions on your own, consider seeking guidance from a fee-only fiduciary financial advisor.  .