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About Cottage Grove sentinel. (Cottage Grove, Or.) 1909-current | View Entire Issue (Sept. 21, 2016)
10A COTTAGE GROVE SENTINEL September 21, 2016 Retirement saving for late bloomers Today’s young profession- als hear about the importance of saving for retirement seem- ingly from the moment they are hired. In addition to dis- cussions with human resourc- es personnel about employer- sponsored retirement plans, young professionals are learn- ing about the importance of saving for retirement thanks to the abundance of fi nancial- planning advertisements on television, the radio and the Internet. Older workers may not have been so lucky, and many may fi nd themselves trying to play catch up as retirement age draws closer. While it’s important to begin saving for retirement as early as pos- sible, late bloomers whose re- tirement dates are nearing can still take steps to secure their fi nancial futures. • Pay down debts. Eliminat- ing debt is good for men and women of all ages, but espe- cially so for those nearing re- tirement. Substantial debt may delay your retirement and can greatly reduce your quality of life during retirement. If you still have substantial debt, eliminate that debt before you start saving additional money for retirement. Once your debt slate has been wiped clean, you can then increase your re- tirement contributions. • Eliminate unnecessary ex- penses. If your retirement sav- ings are low (many fi nancial advisors now advise men and women that they will need at least 60 percent of their pre- retirement income each year they are retired), start cutting back on unnecessary expenses and reallocate that money to- ward retirement saving. Cut- ting out luxury items, such as vacations to exotic locales or country club memberships, is one way to save money. But don’t overlook the simpler ways to save, such as cancel- ing your cable subscription or dining at home more often. • Downsize your home. Many empty nesters down- size their homes as retirement nears, and doing so can help you save a substantial amount of money. If the kids no lon- ger live at home or if you simply have more space than you will need after retirement, downsize to a smaller, less ex- pensive home. Monitor the real estate market before you decide to downsize so you can be sure to get the best deal on your current home. Downsiz- ing saves on monthly util- ity bills, property taxes and a host of additional expenses. Downsizing also means less maintenance, which gives you more time to pursue your hob- bies upon retiring. • Take on some additional work. While you may have long felt you would slowly wind down in the years imme- diately preceding retirement, taking on some additional work outside of your current job is a great way to save more for retirement and per- haps even lay the foundation for a post-retirement career. Workers over the age of 50 can be invaluable resources to startups or other businesses looking for executives who have been there, done that. Look for part-time jobs that seek such experience. Even if the initial jobs don’t bowl you over fi nancially, part-time consultant work in retirement can make up for lost retire- ment savings and may even make your retirement years more fulfi lling. Men and women on the verge of retirement can take many steps to grow their re- tirement savings and make their golden years that much more enjoyable. It's easy to fi nd the right nursing home Medicare’s Nursing Home Compare website now has the long-awaited star ratings. An- nounced months ago, the site has added six more quality mea- surements and has added the star features, making it easier to do comparisons when the time comes to pick out a nursing home. To fi nd the nursing home rat- ings, go online to www.medi- care.gov and put “nursing home compare” in the search box. Put in your ZIP code, and you can compare up to three at a time. The devil is in the details, as always. Look for tiny items like the number of minutes of physi- cal therapy per resident per day, dates of last inspections, resi- dents rights defi ciencies, any mistreatment complaints, phar- macy service defi ciencies and any penalties and fi nes in the past three years. Be sure to click Grab a BITE of Cottage Grove R estaurant G U I D E FIESTA CANTINA SPECIALS M-MARGARITA MONDAYS T-TACO TUESDAYS W/FRESH MADE TORTILLAS W-WELLLS DOWN CALLS UP TH-TRIVIA NIGHT FRI. & SAT. DJ & DANCING SUN FOOTBALL PRO SPECIALS, GIANT TV EL TAPATIO Mexican Restaurant & Cantina (541) 767-0457 and read the actual inspection re- ports. You might fi nd that clean- ing materials and foods were comingled, or that food was left uncovered in the freezer. What’s concerning is that not all the inspection reports are there. You’ll need to know if a facility has eight fi re-code defi - ciencies, or that the ceiling over the food-prep area has peeling paint, or that insulin wasn’t kept at the correct cold temperature or had expired. One thing lacking in the rat- ings is that nowhere will you fi nd resident or family satisfac- tion. The data is mostly self- reported by the nursing homes themselves and the measures aren’t necessarily comparable between facilities, especially the ratings that don’t include full inspection reports. While the star rating is a good place to begin, it shouldn’t be the end of your research into a good nursing home. Ask for rec- ommendations from your doctor or people you know. 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