Age-Related Decline is Slowing

COLUMBIA UNIVERSITY STUDY SHOWS POSITIVE TREND

New research conducted by the Robert N. Butler Columbia Aging Center at Columbia University found that there has been significant slowing of decline due to age-related issues in older adults compared to previous generations. Studying data from individuals from the UK and China over the course of the 20th century, the study did not measure health through “the presence or absence of disease.” Instead, it used a model that examines trends in people’s functioning – including “their cognitive, locomotor, psychological, and sensory capacities,” as well as having the ability to do the things they value. The research, published last month in Nature Aging, determined that older adults today experience higher levels of physical and mental functioning than previous generations did at the same age. The researchers acknowledged that these improvements were likely influenced by education, nutrition, sanitation as well as medical advances, and that they may may slow in the future due to unhealthy trends like the prevalence of obesity. Still, Dr. John R. Beard, who authored the study noted “Overall, the trends were very strong and suggest that, for many people, 70 really may be the new 60.”

Thinking About Retirement?

EXPENSE AND COMFORT SHOULD BE CONSIDERED

The current cost of retirement is thought to be at least $1 million in nearly half the country. According to a new analysis by GOBankingRates, 23 states require at least $1 million in savings to fund a “comfortable” retirement. Of course, what is “comfortable” is subjective. The GOBanking article calculates the monthly savings that are necessary assuming a retirement age of 65 and a life expectancy of 85 (20 years). A WealthManagement.com analysis of 23 states where a comfortable retirement is most expensive included state data on groceries, healthcare, housing, utilities, transportation and other expenses. Not surprisingly, Hawaii topped the list, requiring over $3 million in savings for 20 years of comfortable retirement. Other states referenced in this evaluation, listed from least to most expensive, are: Delaware, Virginia, Florida, Vermont, Maine, Arizona, Maryland, Nevada, Idaho, Montana, Connecticut, New York, Alaska, Rhode Island, Oregon, Utah, New Hampshire, Colorado, New Jersey, Washington, Massachusetts and finally, Hawaii.

GOVERNMENT/LEGISLATIVE UPDATE

SOCIAL SECURITY AGE IS POISED TO CHANGE THIS YEAR

The Social Security Administration’s full retirement age is set to increase in 2025. The full retirement age will increase to 66 years and 10 months for people born in 1959. That is up from 66 years and 8 months. The full retirement age is increasing gradually if you were born from 1955 to 1960, until it gets up to 67.

In 2025, the full retirement age is 66 years and 10 months. For those who turned 66 in 2024, the full retirement age is/was 66 years and eight months.

According to Kiplinger.com, here is when you will reach your FRA (full retirement age) by birth year:

• If you were born in 1958, your FRA is age 66 and six months and was reached in 2024
• If you were born in 1959, your FRA is age 66 and 10 months and is reached in 2025
• If you were born in 1960 or later, your FRA is age 67 and will be reached in 2026 and after

NOTE: Individuals born on January 1 of any year, refer to the previous year.

You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

SCAM ALERT

BE AWARE OF HOME REPAIR SCAMS

Scammers posing as roofers, driveway pavers, and repairmen are more common than ever and will only increase as the weather gets warmer. A victim who recently handed over nearly half a million dollars to scammers posing as contractors has shared his story in hopes of preventing others from being victimized by similar tactics. David, who asked to only use his first name, was one of four victims in the recent case against two brothers: Patrick and Matthew McDonagh. They pleaded guilty last month to federal charges of conspiracy to commit wire fraud and received 18-month prison sentences. “They told me they had seen a hole in my roof and it needed to be repaired,” said David. “I said ‘that can’t be, the roofing is roughly two years old’. They did exactly what they’re good at and that’s convincing you something needs to be done and they are going to do it, whether I want it or not.” Over the course of several weeks, David gave the McDonagh brothers $435,000 in checks and a wire transfer.

You can watch his story here:
https://youtu.be/kVoJEzGM7Sk?si=eCMdMwh2fJUXnjeH

Maddie Weirman, from JW Surety Bonds, a nationwide provider, offers some of the following tips to avoid contractor scams in Realtor Magazine:

• Ensure the contractor is licensed and insured. Don’t be afraid to ask the contractor for proof of insurance. By hiring contractors who are licensed and bonded, homeowners can have extra security; surety bonds provide financial security against contractor scams.
• Get everything in writing and review the contract carefully. Make sure that this contract includes the contractor’s name and information and when the project is projected to start and end.
• Never pay the full amount up front. While a deposit is common, homeowners should not pay the full, agreed-upon amount until the project is complete to their satisfaction.

Tips for a Long Life?

EAT PAPAYA AND STAY POSITIVE

TODAY.com ran a great piece last month in which they interviewed a number of extraordinary centenarians from around the country on how they lived such a long and healthy life. Some are still living on their own, “working, driving and falling in love.” Interestingly, many mentioned “home cooking” as a factor in their longevity. Other tips included: not retiring – and continuing to work, eating papaya and practicing self-love, and not wasting time on regrets. You can read more about these inspiring elders here.