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Joe Lucey

Improving Chronic Health of the Elderly

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According to one researcher, people age 60 years and older tend to have a lower quality of life — which is ironic, considering we work hard so we can achieve financial independence by that time in our lives.

Recent developments in regenerative medicine are designed to help older people live a higher quality of life with less reliance on medical care. The idea is to transition away from medicine-based health care, in which we are diagnosed with a condition and take drugs for the rest of our life to manage its progression.

A new solution, proposed by scientists who specialize in regenerative medicine, is to personalize health care by solving problems at an early stage to help prevent the disease from deteriorating.

The Untapped Potential of Senior Innovations

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Aging can be big business for companies that find ways to tap into it. People in the U.S. age 50 and up collectively spend as much as $7.1 trillion a year, and that amount is expected to double by 2020 as more people age.

However, there’s still a need for innovations that would help millions of Americans age more gracefully, more comfortably and, preferably, in place. There’s a big push right now to tap into the aging market to provide those goods and services.

Demographic experts believe the aging boom has created a transformational business opportunity that will permanently change the commercial landscape. This is because after baby boomers have entered retirement, they’ll eventually be followed by Generation X and then millennials — currently the largest demographic. Each of these generations is expected to live progressively and measurably longer than the one before. As such, there is a huge demand, and thus far a small supply of companies, focused on serving the needs of the oldest Americans, who yearn to live an enriched lifestyle in retirement.

The next generation of older adults doesn’t want to simply live longer; it wants to live better. The latest trends in aging studies innovation call for more focus on transportation, housing and fun – and less on pill reminder systems and home security systems.

One such innovation is the housing development plan for Margaritaville-themed retirement communities — the brainchild of singer-songwriter Jimmy Buffett, who himself is age 70. The idea is to update the tired old idea of retirement communities with a paradise-themed setting. The first two Buffett neighborhoods, complete with beachfront access, live entertainment, lap pools and spas, are planned for Daytona, Florida, and Hilton Head, South Carolina.

Another type of innovation involves generational engagement. A nursing home in Great Britain recently embarked on an experiment to place a preschool inside a nursing home, where children interact with elderly residents. The benefits were remarkable for both groups. Children enjoyed one-on-one attention while putting together puzzles, making crafts, drawing, singing and dancing. Retirees worked right alongside the children, enjoying the questions, the creativity, the small-hand coordination and the joy of engagement — including the gentle touch of just holding hands with little ones. Elderly participants showed improvements in alertness, social connection, physical mobility and mood.

Whether engaging with young folks or hanging out with peers, the challenge moving forward is on ways to improve the quality of life for millions of aging Americans. And with so much consumer money at stake, you can bet corporate America will find a way to do it.

Challenges and Perks of an Aging Population

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The nice thing about growing older with such a large generation is there’s plenty of company. Whether in supermarkets, restaurants, fitness centers or recreation venues, it usually isn’t hard to find others nearby in their 60s, 70s, 80s and beyond.

In fact, there are now more people over age 60 than under age 15. So, you could say youth no longer rules.

However, this aging shift has yet to really transform the way we live. It needs to, and it will eventually, but for now, there are some growing pains. Traditions from the past, such as retiring in the early 60s, just may not make sense for the masses anymore. For one thing, we’re living longer. That means we either need to save more throughout our career to provide for a longer retirement, or we need to work longer so retirement isn’t so long.

Regular reassessments of health and long-term medical needs is also a must. Health care expenses and the number of aging Americans are increasing at the same time, which creates a need to deliver more care, to more people, and make treatment sustainably affordable.

Some may also need to re-evaluate where they live. In the mid-20th century, the suburbs grew to accommodate the rising number of young families. But suburbs rely on cars, and at a certain point, the older population will need more transportation options. We may need to create more urban spaces for mass housing that can accommodate elder needs, family compounds to house extended family members, or small, walkable villages devoted to elderly living.

We have a lot of needs that will require a shift in thinking that affects every aspect of society, including our institutions, economy, legislative policies, Social Security, Medicare and communities — which were all designed for an aging paradigm that no longer exists.

The American population has grown older — and will continue still. When you consider some of the possible changes that will bring about, it’s an exciting time to be alive.

New Year’s Resolutions

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This is the time we start thinking about setting New Year’s resolutions for the coming year. However, consider for a moment that this tradition may be a bit shortsighted.

Did you know that J.K. Rowling created a detailed outline of all seven Harry Potter books before she began writing? And George Lucas envisioned at least six Star Wars movies before filming the first. The point is, success takes time – particularly financial success. It’s good to set goals each year, such as increasing the amount you invest and finding more ways to reduce expenses.

But ultimately, having a plan is what can help you work toward your financial success. If you haven’t developed a solid plan for your retirement income, or if you believe your plan needs to be revised or at least reviewed by an independent and knowledgeable financial professional, please give us a call. There are many ways to position assets to get them to work harder, to diversify future retirement income sources and to help mitigate the potential impact of market volatility and long-term inflation.

We’re happy to sit down with you to review your current plan or help you develop a new one. It’s good to have New Year’s resolutions to work on in 2018, but it’s more important to help ensure your incremental goals can lead to long-term success. That’s where we can help. As an independent financial services firm, we help people create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives.  Contact us at info@securedretirements.com or call us at (952) 460­-3260 to schedule a time to discuss your financial situation and the potential role of investments in your financial strategy.

Investing for the Long Term

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What does the phrase “long term” mean to you? For children, long term can mean waiting for Christmas or summer vacation that feels like a million years away. For young adults, long term may reference how long it takes to pay off student loans. As we get older, we begin to understand that long term can be a really long time – even decades. We may wonder where the years went. Suddenly we’re in our 50s, 60s, 70s or older. Long term tends to be a subjective phrase depending on what stage you have reached in life and what your goals are.

When it comes to investing, its meaning is only marginally clearer. In other words, if we’re encouraged to invest for the long term, how long is that – 10 years, 20, 30? It largely depends on what your financial goals are – a house, college tuition for the kids, retirement and so on. We take the time to help clients define their financial goals and then create strategies using a variety of investment and insurance products to custom suit their needs and objectives. Give us a call so we can work with you to help you pursue your long-term goals.

It’s worth noting that even an experienced investor can’t say for sure whether they’ve got the right mix of investments for the long term. Take, for example, Jack Bogle, the founder of The Vanguard Group. He recently responded to a question he received from a young investor concerned about how potential catastrophes would impact his portfolio. Bogle replied by sharing his own portfolio mix (50/50 indexed stocks and short/intermediate bond indexes) but said that half the time he worries that he has too much in equities, and the other half that he doesn’t have enough. “We’re all just human beings operating in a fog of ignorance and relying on our common sense to establish our asset allocation,” he wrote to the investor. 

The S&P 500 has nearly quadrupled in annualized returns since its low in 2009. Several prominent market analysts and investment firms suggest this means it’s about time for a market downturn. The question is, if you’re a long-term investor, do you sell in anticipation of a correction? After all, if the point is to buy low and sell high, it makes sense to take gains while prices are at their highest before they begin to drop. Or does it?

That’s not what long-term investing is about. The reason returns over 30 years tend to outperform those from, say, five years, is that time is what typically smooths out those periods of volatility. If we continue investing automatically, we may end up buying during those periods of price drops and we can potentially make stronger gains as prices rise again.

If we base our investment decisions on when the market will take a turn for the worse, we could end up missing out on the future gains that could have been made. Long-term investing may involve patience, unlike children who anxiously await the holidays.

Investing involves risk, including the potential loss of principal.  No investment strategy can guarantee a profit or protect against loss in periods of declining values. It’s important to consider any investment within the context of your own goals, risk tolerance, investment timeline and the composition of your overall portfolio. This information is not intended to provide investment advice. Contact us at info@securedretirements.com or call us at (952) 460­-3260 to schedule a time to discuss your financial situation and the potential role of investments in your financial strategy.

Don’t Forget to Leave Time for Leisure

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Sometimes it seems like there aren’t enough hours in the day. We make lists and check off the activities we manage to complete — because that makes us feel productive. We might even put fun things on that list — like yoga class, reading for an hour or calling a friend — in case we get too busy to remember to have fun.

But while we’re cramming our days with taking the dog to the vet, picking up prescriptions and dropping by the grocery store on the way home, are we getting enough leisure time? Although it may feel lazy, and maybe even costly, to schedule yourself leisure time, consider that some experts say we can be more productive — do more in less time — if we designate a specific time for leisure.

Keep in mind, there is a difference between leisure time and wasting time. Although it’s nice to be idle on occasion, it may be more beneficial to stay active in your leisure activities. For example, playing golf or a casual game of tennis helps you stay in shape. If you’re indoors, reading a good book could provide intellectual stimulation that an afternoon surfing social media might not.

It’s also OK to allow time for leisure on a whim. If the urge strikes, stop whatever you’re doing and go for a walk. The more unplanned that walk is, the more likely you are to enjoy it. And when you get back to your lists, your chores and office duties, you’ll be all the more refreshed because of it.