All Posts in "Personal Finance/Consumers"

Managing Social Security benefits for a loved one

The aged and people with disabilities may need extra assistance to manage their finances. If you have a loved one who needs your help, you may be able to become a representative payee who receives the beneficiary’s payments and is given the authority to manage them on the beneficiary’s behalf.

We recognize that turning someone’s finances over to someone else is a big deal, so we make sure that the beneficiary needs the help and that the representative is the best person to offer that help. We may also monitor that the benefits are spent appropriately on behalf of the beneficiary. If we choose you to serve as a representative payee, that appointment is only to manage Social Security and SSI funds, not to manage non-Social Security money or medical matters.

A representative payee must know what the beneficiary’s needs are so you can decide the best use of benefits for their care and well-being. Each year, Social Security may ask you to complete an annual Representative Payee Report to account for the benefits you’ve received and spent on their behalf. You can either fill out the form and return it to Social Security or go online at www.socialsecurity.gov/payee to file the report.

Due to a recent change in the law, we no longer require the following payees to complete the annual report:

  • Natural or adoptive parents or legal guardians of a minor-child beneficiary who primarily reside in the same household as the child.
  • Natural or adoptive parents of a disabled-adult beneficiary who primarily reside in the same household with the beneficiaryMa
  • Spouse of a beneficiary.

We’ve also made it easier for caregivers who are representative payees to do business with us. If you’re a representative payee, check out our new Representative Payee Portal at www.socialsecurity.gov/myaccount, which lets representative payees conduct their own business or manage direct deposits, wage reporting, and annual reporting for their beneficiaries.

More about becoming a representative payee is at www.socialsecurity.gov/pubs/EN-05-10076.pdf.

Source: Social Security regional public affairs.             

srmedia by — March 11, 2020 in Personal Finance/Consumers

Are you thinking about moving into a retirement community but just don’t know where to start looking or even what questions to ask? During the past six years, five Tacoma senior living communities have hosted a combined senior living tour and toured over 1,000 seniors that had questions about senior living just like you. The next Tacoma Senior Living Community Tour is on March 11 from 9:45 a.m. to 3 p.m.  The participating communities are Franke Tobey Jones, Merrill Gardens, Narrows Glen, Tacoma Lutheran Retirement Community and the Weatherly Inn.

“Most seniors who have taken this tour have never stepped inside a retirement community before,” says Christine Hall, senior director of marketing and public relations at Franke Tobey Jones. “When most people think about retirement communities, they conjure up all kinds of terrible images and smells from visiting their mom and grandma in a nursing home decades ago.  Retirement living is not like that any more.  Our communities are beautiful, vibrant, active and offer wonderful chef-prepared meals, classes, trips, tours and the opportunity to meet new friends and have fun.”

Each tour is informative, and attendees walk away having learned a lot about living in a retirement community. You will get an overview of each community, walk through common areas and see actual apartments. You will also have the opportunity to taste the food at each community, compare prices and ask as many questions as you want in a friendly, relaxed environment.

Linda Lee, community relations director at Merrill Gardens, says attendees “walk away at the end of the day with a totally different perspective than what they started with at the beginning of the day.  We can’t emphasize enough that there is a lot of walking on the tour, so wear comfortable clothing and shoes.”

You might have questions such as, What is the monthly rent and what does it cover? Is a community pet-friendly, and does it cost more to have a pet? Is there a waiting list? What is a “buy-in,” and is there one? What is the difference between assisted living and memory care, or memory care and skilled nursing? What is the highest level of care? Is therapy offered? What happens if my spouse needs memory care and I don’t–can we still live in your community? The vans fill up very fast and seats are limited, so please RSVP to reserve a seat on one of the community vans.  Or, if you’d like to drive yourself, please still RSVP so the organizers will have a good head-count for food, brochures, and so on. To be on one of the vans you must RSVP by March 9 by calling 253-320-4216.

The program of the day is as follows:

• 9: 45 a.m. Start at one of the five communities. Hear a short presentation about Senior Living Communities and about today’s activities.Tour that community.

• 11 a.m. to 3 p.m. Get aboard the community van or drive your own car to the next community. Each van will have a representative from that community to answer questions. Vans will stop at all five locations, or drive yourself and visit the communities you choose. Tour ends. We’ll get you back to your starting community.

For information or to RSVP, call 253-756-7562 by March 9.

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srmedia by — March 2, 2020 in Personal Finance/Consumers

Mary and Pete saved every penny for retirement.  They never went on vacations, they rarely went out to eat, and they lived a frugal lifestyle secure in the knowledge that when they retired, they would be able to live comfortably. In short, they worried so much about retirement that they forgot to experience all that life has to offer.

Saving for retirement is a worthy goal, but there must be a balance between that and living life to the fullest.  

I have clients who scrimped and saved all their lives so they would have plenty of money for retirement.  But when they do retire, they still don’t want to spend any money to enjoy themselves because they have been so programmed during their working lives to save every penny until the day they die.  The trick is to find that balance between saving to have a good retirement and managing your money so you can be rich in experiences. 

This concept was driven home to me when a 20-year-old friend died in a traffic accident while driving across the country to start a new church. She lived a life of kindness and joy and had wonderful adventures in her life. I saw the people she had impacted and it really hit home to me that life is short.

Saving for retirement is a worthy goal, but it shouldn’t be the only goal. We need to know that if we died tomorrow, we would be happy because we lived richly, not that we died rich.

Have a comprehensive plan. Design a life plan around all your financial goals – short term and long-term – and how you plan to reach them. If you are unsure how to devise such a comprehensive plan, seek the advice of a qualified financial planner.

Those who experience life to the fullest sometimes have to take risks, both professionally and personally. You will only regret the risks you never took. Everything else is just a learning experience.

We should ask ourselves what is the worst that can happen when taking a big gamble, such as moving to another city for a job. Once people ask themselves that question, many are able to overcome their fears because they know they can handle that worst-case situation.

Yes, it’s important to be able to have a comfortable retirement. But we only go around once in life, and it is also important to live richly while our health is good so we don’t have any regrets when we do retire.  You don’t want to be short of money, but you also don’t want to be short on experiencing life.

John Hagensen is the founder and managing director of Keystone Wealth Partners.     

srmedia by — February 20, 2020 in Personal Finance/Consumers
Nursing and memory care center opens in Tacoma

The Franke Tobey Jones retirement community in Tacoma has received state approval to open its new care center, which will be home to 43 skilled-nursing residents located on the top floor and 28 memory care residents on the lower portion of the building.

In late 2019, Franke Tobey Jones began transitioning its current skilled-nursing and memory care residents into the new center, as well as moving in new residents.

“What an exciting time,” said Bob Beckham, Franke Tobey Jones’ chief operations officer. “This highly anticipated move has gone very smooth. It’s especially gratifying to see so many happy residents and family members throughout our new care center.”

The new skilled-nursing and memory care areas are designed with small “suites” of rooms clustered around open living spaces where residents and family can gather. Nearly all the rooms are private, including a full private bathroom with shower in each room.

Other features of the new building include chef-prepared meals prepared on-site and served in dining rooms, and secure outdoor courtyards for memory care residents.

“This year, as we celebrate our 95th anniversary, we are proud to have a legacy of adding services, reaching out to the community to meet changing needs, and continually adapting to fit with the growth of the region,” said Judy Dunn, president of Franke Tobey Jones. “Our new care center will help increase services and programs to seniors on and off campus, making us one of the most comprehensive and integrated senior living communities in the region.”

Established in 1924, Franke Tobey Jones is located on 20 acres near Point Defiance Park. It offers independent and assisted living, along with skilled nursing and memory care.

srmedia by — February 6, 2020 in Personal Finance/Consumers