Mental Exercise

Who says retirement has to be boring? Just because you no longer “work” for a living, there are so many exciting things to do now that you have extra time. Actually, some people feel busier in retirement than they were when they worked!

We all understand how important physical exercise is, but not to be overlooked is the importance of mental exercise. One very interesting program that we are fortunate to have in Ashland, Oregon is called OLLI. http://www.sou.edu/olli/ Now that’s a funny name, but it stands for:

Osher Lifelong Learning Institute. Here’s a quote from their web site:

“Eager to continue learning? Osher Lifelong Learning Institute at Southern Oregon University offers intellectually stimulating classes and social functions for adults who want to know more about the world and the people who inhabit it. Volunteer instructors, most often OLLI members, share their expertise and passions in areas such as literature, art, history, science, natural history, politics, games, health, music, writing, film, theatre, dance, technology and travel. All this at a very modest cost of only $100 per academic year to members. Classes are noncredit - that means no tests and no grades!”

There are also OLLI’s at the following colleges and universities, so I hope you’re lucky enough to live near one:

Aquinas College
Auburn University
American University (D.C.)*
Arizona State University*
Berkshire Community College (MA)
Boise State University (ID)
Bradley University
Brandeis University (MA)*
Cal Poly - San Luis Obispo (CA)*
Carnegie Mellon (PA)*
Casper College (WY)
Clemson University (SC)*
Coastal Carolina University
Colorado State University
CSU Bakersfield
CSU Channel Islands*
CSU Chico*
CSU Dominguez Hills
CSU East Bay*
CSU Fresno
CSU Fullerton*
CSU Long Beach*
CSU Los Angeles
CSU Monterey Bay
CSU San Bernardino*
CSU San Marcos*
Dominican University (CA)*
Duke University (NC) *
Eckerd College (FL)*
Emory University (GA)*
Florida International University
Florida State University
Furman University*
George Mason University (VA)*
Granite State College (NH)*
Hampton University (VA)
Humboldt State University
Indiana State University
Iowa State University
Johns Hopkins University
Kennesaw State University (GA)*
Louisiana State University
New York University
Northwestern University (IL)*
Oklahoma State University
Pennsylvania State University
Rochester Institute of Technology (NY)*
Rutgers University (NJ)*
Saginaw Valley State University (MI)*
San Francisco State University (CA)*
San Diego State University (CA)
San Jose State University (CA)
Santa Clara University (CA)*
Sierra College (CA)*
Sonoma State University (CA)*
Southern Oregon University*
Stony Brook State Univ. of New York
Temple University
Texas Tech University*
Towson University (MD)
Tufts University (MA)*
UC Berkeley
UC Davis*
UC Irvine*
UC Los Angeles*
UC Riverside*
UC San Diego*
UC Santa Barbara
UC Santa Cruz
University of Alabama in Huntsville*
University of Alabama in Tuscaloosa
University of Alaska at Fairbanks*
University of Arizona
University of Arkansas
University of Cincinnati
University of Connecticut
University of Dayton (OH)*
University of Denver (CO)*
University of Georgia
University of Hawaii at Hilo
University of Hawaii at Manoa*
University of Illinois
University of Iowa
University of Kansas*
University of Kentucky*
University of Maryland
University of Massachusetts – Boston*
University of Miami
University of Michigan*
University of Minnesota*
University of Missouri – Columbia*
University of Montana
University of Nebraska*
University of Nevada, Las Vegas
University of Nevada, Reno
University of New Mexico
University of North Carolina Wilmington*
University of North Dakota
University of North Florida
University of Oklahoma
University of Oregon*
University of Pittsburgh (PA)*
University of Rhode Island
University of Richmond (VA)*
University of South Carolina Beaufort*
University of South Dakota
University of South Florida*
University of Southern Maine*
University of Southern Mississippi*
University of Texas at Austin*
University of Texas at El Paso
University of Texas Medical Branch at Galveston
University of the Pacific (CA)
University of Utah*
University of Vermont*
University of Virginia*
University of Washington
University of Wisconsin, Madison
University of Wisconsin, Milwaukee
Vanderbilt University (TN)
West Virginia University
Widener University (PA)
Yavapai College (AZ)

Walk On!

Retirement hard on your waist line? Spending a little too much time at your computer or in front of the TV? Walk away those retirement blues! And enjoy the benefits of a regular exercise program that is easy and inexpensive, and can be performed in almost any kind of weather.

Your first and only serious investment is a good pair of walking shoes. Here in Ashland, Oregon, we are fortunate to have a great shoe store called Rogue Valley Runners. http://www.roguevalleyrunners.com Despite the name, they also are a great resource for walkers. Here’s a quote from their web site:

“Here at Rogue Valley Runners, we are committed to properly fitting each foot that walks or runs through our doors. Every employee is trained to talk with you about your specific needs, concerns, or goals ensuring you that the shoe that you are fitted for is the right shoe for your foot. We also offer a free video camera/stride analysis service at the store to help with your footwear selection.”

Don’t be afraid to spend around $100 for a good pair of shoes. They will last you at least 6 months to a year. You can also add orthotics, either the over-the-counter kind, or custom ones that a physical therapist can fabricate for you.

Your second investment might be an inexpensive pedometer. I got one for my couch potato husband a few months ago, and he loves the challenge of trying to meet or exceed his goal each week by counting those steps. If that’s the kind of motivation that gets you out there walking every day, then you can buy a pedometer at any department or discount store that has athletic equipment. I bought one at BiMart http://www.bimart.com/ for under $4.00.

Of course it’s a good idea to consult your physician or physical therapist before initiating any kind of exercise program to make sure you don’t have any medical condition or disorder of your joints or muscles that would make walking contraindicated.

One way to insure your continued participation in a walking program is to enlist a fellow walking buddy, or join a group of walkers. The Rogue Valley Mall http://www.roguevalleymall.com has a dedicated group of walkers that stride out in all kinds of weather (it’s nice to have air conditioning in the hot Medford summers as well as shelter from winter rain and snow), and enjoy a cup of coffee together afterward. It’s a great way to meet new friends, and stay in touch with old ones.

So far Mark has lost 6 pounds of holiday flab, doing very little else in terms of changing his eating and drinking habits, just by walking every day. He figures he burns approx. 100 calories in a 30-minute walk, so with everything else being equal, that would amount to almost one pound a month, or 12 pounds in a year. And Mikey the Border Collie is ecstatic to have regular walks to look forward to!

Be fit in retirement

One benefit of escaping the 40-hour-per-week grind is having more time to attend to physical fitness. Haven't you often looked at those trim, sprightly people streaming in and out of the gym and wistfully said to yourself, "If only I had more time to work out..." Well, now that you're enjoying retirement, you do have the time!

That's the good news. The bad news is, you're feeling guilty that you are wasting these "golden years" of retirement. Those lengthy aerobic workouts and the washboard abs are not spontaneously just happening.

How do you develop a fitness program that becomes part of your daily routine, like brushing your teeth? For most folks, it means joining some kind of health club or spa, like Gold's Gym (www.GoldsGym.com), 24-Hour Fitness (www.24hourfitness.com), or Curves (www.curves.com).

Two very popular clubs who specialize in programs for Ashland, Oregon retirees are Baxter's and the YMCA. Of course, before embarking upon a new exercise program, you should probably check with your physician or physical therapist to screen for any medical conditions that would make an exercise program contraindicated. You might also want to hire a personal trainer to help you set up your program and give your workout a structure.

One advantage of "The Y" is the great variety of programs and classes that cater to seniors. To To name a few: Best-Bones (to help guard against osteoporosis), water exercise, Tai Chi for Better Balance, and Senior Circuit as well as Low Impact Aerobics, spinning (and I don't mean something you do with wool!), and Yoga which can be wonderful for older adults.

In addition to the many benefits a regular exercise program bestows upon our physical bodies, it can also be a social outlet, and a fertile source of new friends. Retirement can mean a new type of social isolation when we no longer have our daily work contacts, so joining an exercise class can meet that need as well. Plus, it's just a lot more fun to work out with other people.

In short, find something that you can do every day, and above all - Have Fun!

Let me know your favorite technique for keeping your exercise routine fresh and fun.

Reverse Mortgages

Such challenging times for those of us who thought we were retired, or about ready to retire, and then discovered our stock portfolios decimated. So now we find ourselves scrounging for other ways to raise passive income. Starting a new career or returning to a previous one is not an option for many of us.

One promising area for homeowners is the Reverse Mortgage. This is a product that allows you to access the equity in your home without taking on a new payment like a Home Equity Line of Credit, or Second Mortgage. Basically you take out a new mortgage, and the interest accrues as with a regular mortgage, but you don't have to pay this interest until you sell the home. That's a very simple description of a complicated instrument, but if you intend to remain in your current home for at least 5-10 years, and you have a big chunk of equity in it, you might want to consider this idea. The ceiling on the amount you can borrow has recently been raised, which opens this type of mortage up to many people.

Of course the first place to start is by talking to a Reverse Mortgage specialist in your area. I found Tricia Smith of http://golfsavingsbank.com/loanofficers/triciasmith.htm
to be extremely helpful. She has offices in Medford and Ashland, Oregon.

The second step is to arrange for a session with a HUD-approved agency that offers counseling. This is required in order for you to take out one of these loans, and is very helpful in helping you understand all the fine print. And since these 3rd party agencies do not make any money from the loan, they have no vested interest in talking you into anything. Reverse Mortgages are not for everyone, and you need to clearly understand if it meets the needs of your individual circumstances or not.

The fees are hefty, especially the insurance policy you pay to FHA, but this is a way to make sure that you or your heirs never end up "upside down" when it comes time to sell your house. FHA insures that the amount you owe will never exceed its fair market value. So while you may not have a lot of equity left when you sell your house, at least noone will owe money as is the case with some mortgages where the property has declined in value. But be prepared to pay for this peace of mind!

The following are nation wide agencies that can profide face-to-face OR phone counseling:
1) AARP - http://www.aarp.org 1-800-209-8085
2) National Foundation for Credit Counseling - http://www.nfcc.org/ 1-866-698-6322
3) Money Management International - http://www.moneymanagement.org/ 1-877-908-2227

Pensions and Retirement

For many of us retirement finances are very much related to our current or expected pension, and in these economically troubled times you'd be well advised to make sure you understand not only what you *probably* have coming to you in terms of a pension but what your rights are in the case that things don't turn out as planned.

Here, from the US Department of Labor, are some guidelines and definitions about Pensions and retirement:

Retirement Plans, Benefits & Savings

Types of Retirement Plans

• DOL Web Pages on This Topic

The Employee Retirement Income Security Act (ERISA) covers two types of pension plans: defined benefit plans and defined contribution plans.

A defined benefit plan promises a specified monthly benefit at retirement. The plan may state this promised benefit as an exact dollar amount, such as $100 per month at retirement. Or, more commonly, it may calculate a benefit through a plan formula that considers such factors as salary and service — for example, 1 percent of average salary for the last 5 years of employment for every year of service with an employer. The benefits in most traditional defined benefit plans are protected, within certain limitations, by federal insurance provided through the Pension Benefit Guaranty Corporation (PBGC).

A defined contribution plan, on the other hand, does not promise a specific amount of benefits at retirement. In these plans, the employee or the employer (or both) contribute to the employee's individual account under the plan, sometimes at a set rate, such as 5 percent of earnings annually. These contributions generally are invested on the employee's behalf. The employee will ultimately receive the balance in their account, which is based on contributions plus or minus investment gains or losses. The value of the account will fluctuate due to the changes in the value of the investments. Examples of defined contribution plans include 401(k) plans, 403(b) plans, employee stock ownership plans, and profit-sharing plans.

A Simplified Employee Pension Plan (SEP) is a relatively uncomplicated retirement savings vehicles. A SEP allows employees to make contributions on a tax-favored basis to individual retirement accounts (IRAs) owned by the employees. SEPs are subject to minimal reporting and disclosure requirements. Under a SEP, an employee must set up an IRA to accept the employer's contributions. Employers may no longer set up Salary Reduction SEPs. However, employers are permitted to establish SIMPLE IRA plans with salary reduction contributions. If an employer had a salary reduction SEP, the employer may continue to allow salary reduction contributions to the plan.

A Profit Sharing Plan or Stock Bonus Plan is a defined contribution plan under which the plan may provide, or the employer may determine, annually, how much will be contributed to the plan (out of profits or otherwise). The plan contains a formula for allocating to each participant a portion of each annual contribution. A profit sharing plan or stock bonus plan include a 401(k) plan.

A 401(k) Plan is a defined contribution plan that is a cash or deferred arrangement. Employees can elect to defer receiving a portion of their salary which is instead contributed on their behalf, before taxes, to the 401(k) plan. Sometimes the employer may match these contributions. There are special rules governing the operation of a 401(k) plan. For example, there is a dollar limit on the amount an employee may elect to defer each year. An employer must advise employees of any limits that may apply. Employees who participate in 401(k) plans assume responsibility for their retirement income by contributing part of their salary and, in many instances, by directing their own investments.

An Employee Stock Ownership Plan (ESOP) is a form of defined contribution plan in which the investments are primarily in employer stock.

A Money Purchase Pension Plan is a plan that requires fixed annual contributions from the employer to the employee's individual account. Because a money purchase pension plan requires these regular contributions, the plan is subject to certain funding and other rules.

A Cash Balance Plan is a defined benefit plan that defines the benefit in terms that are more characteristic of a defined contribution plan. In other words, a cash balance plan defines the promised benefit in terms of a stated account balance. In a typical cash balance plan, a participant's account is credited each year with a "pay credit" (such as 5 percent of compensation from his or her employer) and an "interest credit" (either a fixed rate or a variable rate that is linked to an index such as the one-year treasury bill rate). Increases and decreases in the value of the plan's investments do not directly affect the benefit amounts promised to participants. Thus, the investment risks and rewards on plan assets are borne solely by the employer. When a participant becomes entitled to receive benefits under a cash balance plan, the benefits that are received are defined in terms of an account balance. The benefits in most cash balance plans, as in most traditional defined benefit plans, are protected, within certain limitations, by federal insurance provided through the Pension Benefit Guaranty Corporation (PBGC).

Department of Labor Web Pages on the "Retirement Pension" Topic

Consumer Information on Pension Plans
Publications and other materials providing information about your rights as pension plan participants under federal pension law.

Compliance Assistance
Provides publications and other materials designed to assist employers and employee benefit plan practitioners in understanding and complying with the requirements of ERISA as it applies to the administration of employee pension and health benefit plans.

A Look at 401(k) Fees for Employers
Provides information to help you ask the right questions to better understand and evaluate the fees and expenses related to your plan.

Understanding Retirement Plan Fees And Expenses
Provides information about plan fees, including ten questions to help you gather information about your 401(k) plan.

401(k) Plan Fees Disclosure Tool (PDF)
Provides employers with a way to get uniform information on fees from prospective plan service providers to make apples to apples comparisons of prospective plan service providers.

Cash Balance Plans: Questions and Answers
Provides answers to commonly asked questions about cash balance plans.

Pension and Health Care Coverage: Questions and Answers for Dislocated Workers
Provides answers to commonly asked questions from dislocated workers about their pension and health plan benefits.

QDROs: The Division of Pensions through Qualified Domestic Relations Orders
QDROs are domestic relations orders that recognize the existence of an alternate payee's right to receive benefits payable to a participant under a pension plan. This fact sheet provides questions and answers on QDROs.

ERISA Filing Acceptance System (EFAST)
The EFAST system streamlines filing and processing of the annual return/report forms through the use of computer scannable forms and electronic filing technologies. This Web site provides assistance on using this system.

Simplified Employee Pensions: What Small Businesses Need to Know
Describes an easy, low-cost retirement plan option for employers.

Easy Retirement Solutions for Small Businesses
Provides information about retirement plan options for small businesses.

Savings Incentive Match Plan for Employees of Small Businesses
Provides information about the basic features and requirements of SIMPLE plans that involve individual retirement accounts or annuities (SIMPLE IRAs).

What You Should Know About Your Pension Rights
Provides information to help answer many of the most common questions about pension plans.

Your Employer's Bankruptcy: How Will it Affect Your Employee Benefit?
Provides information on bankruptcy’s effect on pension plans and group health plans.

Retire USA full site launching .... soon.

Here at Retire USA we are hoping to launch our full website soon. The site will eventually have over 7500 listings featuring Retirement Communities all over the country as well as Real Estate, Financial and Health services information for most of the major communities in the USA.

Senior Discount? You might save more....

Senior Discounts are a great feature for many retirees,, but as this USA Today report notes you may get even better discounts elsewhere.

In the meantime remember that the age to join AARP is only 50 and can give you some discounts, your spouse can be an AARP members even if they are under 50.

Best Places to Retire Version XXIV

US News and World Report has profiles of 1000 places for retirement, and lists the following "Best Places to Retire" in a feature from 2007:

• Bozeman, Mont.
• Concord, N.H.
• Fayetteville, Ark.
• Hillsboro, Ore.
• Lawrence, Kan.
• Peachtree City, Ga.
• Prescott, Ariz.
• San Francisco, Calif.
• Smyrna, Tenn.
• Venice, Fla.

Of course you need to use great caution when interpreting these "best lists" because your personal retirement priorities are likely to differ from those of the magazine editor, but lists ofter a good "starting point" from which you can jump off to more information about areas and cities.

Retirement in Bridgeville, Delaware

Bridgeville is located in Sussex County in the southwestern part of Delaware. It is located on U.S. 13 approximately 30 miles south of Dover, the capital of Delaware. Bridgeville is one of the oldest surviving communities in western Sussex County. Bridgeville is a pleasant agricultural-oriented community known for fine homes and broad tree-lined streets. In my research on this great little town, I enjoyed looking at all the beautiful photos of this charming spot in Delaware.

Population: According to 2006 Census Bureau estimates, the population of the town is 1,578.

Housing Costs: Estimated median house/condo value in 2005: $132,800 (it was $79,900 in 2000)

Health Care:
Hospitals/medical centers near Bridgeville:
NANTICOKE MEMORIAL HOSPITAL INC (about 7 miles; SEAFORD, DE)
DEER'S HEAD CENTER (about 25 miles; SALISBURY, MD)
HEALTHSOUTH CHESAPEAKE REHAB HOSPITAL (about 25 miles; SALISBURY, MD)

Transportation:
Airports certified for carrier operations nearest to Bridgeville:
DOVER AFB (about 28 miles; DOVER, DE; ID: DOV)
SALISBURY-OCEAN CITY WICOMICO REGIONAL (about 29 miles; SALISBURY, MD; ID: SBY)
NEW CASTLE COUNTY (about 64 miles; WILMINGTON, DE; ID: ILG

Colleges and Universities:
Colleges/universities with over 2000 students nearest to Bridgeville:
DELAWARE TECHNICAL AND COMMUNITY COLLEGE-OWENS (about 20 miles; GEORGETOWN, DE)
SALISBURY STATE UNIVERSITY (about 25 miles; SALISBURY, MD)
DELAWARE STATE UNIVERSITY (about 30 miles; Dover, DE)
UNIVERSITY OF MARYLAND-EASTERN SHORE (about 39 miles; PRINCESS ANNE, MD)
UNIVERSITY OF DELAWARE (about 57 miles; NEWARK, DE)
WILMINGTON COLLEGE (about 59 miles; NEW CASTLE, DE)
DELAWARE TECHNICAL & COMM COLL-STANTON-WILMINGTON (about 62 miles; NEWARK, DE)

Retirement Communities: Heritage Shores 23 White Pelican Court Bridgeville, Delaware 19933 Telephone (302) 337-1040 Toll Free (866) 684-3348 heritageshores@brookwash.com

Delaware has a unique tax structure. It may be an consideration when choosing that retirement spot! Delaware Tax Structure: Delaware is a uniquely affordable place to live with no state, personal property or inventory taxes, very low local real property taxes, and no state or local general sales taxes.

Retirement in Dover, Delaware

The city of Dover website says it best "Dover offers an ideal location along with a quality of life second to none. Conveniently located halfway between Washington and New York, Dover is within a few hours of one third of our nation's population, yet without the hassles and problems of large cities. Living in Dover, you will experience a vibrant downtown, a very attractive historical district and well established neighborhoods as well as brand new subdivisions.You will feel connected to your community, be able to enjoy its natural beauty as well as attend arts & entertainment activities. The Schwartz Center for the Arts and Dover Downs brings in national acts on a regular basis. Dover was chosen as one of the 10 Best Small Cities by Employment Review Magazine based on employment rates, cost of living and overall quality of life."

The City of Dover is located in Central Delaware in Kent County and is the capital of Delaware .It is located on the St. Jones River in the Delaware River coastal plain.

Population: As of the censusof 2000, there were 32,135 people.

Universities and Colleges: Dover is home to Delaware State University (a land-grant university and Delaware's only historically black university), and Wesley College. It is also home to the Terry Campus of the Delaware Technical & Community College and that college's administrative offices. Dover also has satellite locations of the University of Delaware and Wilmington University.

Things to See and Do: The former Dover Opera House, , was recently renovated and converted to the Schwartz Center for the Arts, which hosts performances by the Dover Symphony Orchestra, ballet, and classic films.
The Delaware State Library, Delaware State Museum, and the Delaware State Archives are located in downtown Dover and are open to the public for research and browsing.
In Dover's historical district is the Sewell C. Biggs Museum of American Art, featuring collections from the Colonial days to the present. Dover may not be a huge city, but it seems it has big city culture!

Housing Costs: Estimated median house/condo value in 2005: $156,000 (it was $111,300 in 2000) I read that Dover was one of the fastest growing cities in Delaware because of the relatively low cost of living.

Retirement Communities: Heritage at Dover, www.genesishcc.com Westminster Village, www.wmvdover.org