The Columbia Press
June 4, 2021
Senior Moments
with Emma Edwards
7
Financial Focus
with Adam Miller
Some choices easier than others Discussing financial goals with your family
There are so many deci-
sions to make in a lifetime,
especially for seniors.
You know, like whether
to order the entrée called
chicken roulade stuffed with
spinach and feta or just a
salad. Or maybe a hamburg-
er?
It’s fun to sit in a restau-
rant again, for sure! But,
of course, that means de-
cisions -- including which
restaurant on what day and
at what time.
In psychology, decision-
making is the cognitive pro-
cess resulting in the selec-
tion of a belief or a course of
action among several pos-
sible alternative options; it
could be either rational or
irrational. (Wikipedia)
I like to think that most of
my decisions are rational.
As seniors, decisions can be-
come more difficult as our
years multiply.
I guess I have decisions on
my mind because I made the
momentous decision this
week to turn in my car keys.
I’ve concluded that giving
up one’s car keys has little to
do with age. I think in one’s
mind people generally know
when it’s time.
And no, I’m not criticiz-
ing my friends near or older
than my age for still driving
on their own.
One of my closer friends
once said her world would
end if she could not drive.
Suddenly, she was put in
such a situation and has sur-
vived surprisingly well.
We have many transporta-
tion options as seniors in our
area. To begin with, there
are reliable taxi companies a
phone call away.
Perhaps this is a good time
to remind ourselves that
Sunset Empire Transporta-
tion District has an amazing
array of options available to
seniors.
Many are surprised at all
the convenient routes set up
especially for seniors who no
longer drive on their own or
who just want to eliminate
some of their driving.
Call Sunset Empire Trans-
portation District at 503-
861-7433 for schedules,
routes and fares or just call
for more information. On
the computer, go to ridethe-
bus.org for most of the need-
ed information.
You can glean a lot of in-
formation about Ride Assist
Paratransit, Ride Assist Di-
al-A-Ride, Ride Pal, safety
and security and on and on.
My goodness, they even
have rider information vid-
eos.
It’s fun to be a senior with
organizations such as Sunset
Empire Transportation Dis-
trict.
I’m not sure where to fit
this in to our subject today,
but I read some advice on
how to stay young.
“Throw out nonessential
numbers. This includes age,
weight and height. Let the
doctors worry about them.
After all, that is why you pay
them.”
Proverbs 3:6 tells us “In
all your ways, submit to
him and he will direct your
paths!”
So, with that, I’ll close with
“See you on the bus!”
June is Effective Communi-
cations Month.
It’s a good reminder to rec-
ognize the importance of
good communications, be-
cause it plays a role in almost
every aspect of living – in-
cluding your finances.
You’ll want to clearly com-
municate your financial
goals to your loved ones
– and you’ll want to hear
theirs, too.
Let’s look at some of the
communications you might
have with family members:
• Your spouse – You and
your spouse may have differ-
ent thoughts about a range of
financial topics – how much
to save, how much to spend,
the level of debt with which
you’re comfortable and so
on. Try to reach some type of
consensus on these issues.
However, in regard to in-
vesting, you don’t necessarily
have to act in unison all the
time.
You each may have differ-
ent investment styles – one
of you may be more aggres-
sive, willing to take on more
risk in exchange for poten-
tially higher returns, while
the other would rather invest
with an eye toward mitigating
risk, even it means accepting
a lower return.
Of course, there’s nothing
stopping each of you from
pursuing your individual in-
vestment strategies in your
own accounts – IRA, 401(k)
and so on.
Still, if you are going to
work toward common goals
– especially toward a shared
vision of your retirement life-
style – you each may want to
compromise in your invest-
ment choices. And this ac-
commodation is even more
necessary in your joint ac-
counts.
• Your parents – If you may
someday be involved with
your parents’ financial plans
– which is highly likely – you
should know in advance what
to expect. This may not be the
easiest conversation to have,
but it’s an important one.
So, for example, ask your
parents if they have a durable
power of attorney, which al-
lows them to designate some-
one to manage their financial
affairs if they become physi-
cally or mentally incapacitat-
ed.
You might also inquire
whether they’re protected
against the potentially enor-
mous costs of long-term care,
such as an extended nursing
home stay. If not, you might
suggest they contact a finan-
cial adviser, who can offer
solutions.
Once you begin communi-
cating, you may well want to
go further into your parents’
estate plans to determine
what other arrangements, if
any, they have made.
If it seems their plans ar-
en’t fully developed, you may
want to encourage them to
contact an attorney specializ-
ing in estate planning.
• Your grown children
– Just as you talk to your
parents about their estate
plans, you’ll want to discuss
the same topic with your own
grown children.
Let them know who you’ve
named as a durable power
of attorney, what’s in your
last will and testament and
whether you’ve established a
living trust.
If you’re already working
with a financial adviser and
an estate planning profes-
sional, make sure your chil-
dren know how to contact
these individuals.
Of course, you don’t have
to confine your communica-
tions to estate plans – if you
want to help your children
financially, such as loaning
them money for a down pay-
ment on a home, let them
know.
By talking with your loved
ones about key financial mat-
ters, everyone benefits. So,
keep those lines of communi-
cation open.
This article was written by
Edward Jones and submit-
ted by Adam Miller, financial
adviser at the Astoria office,
632A W. Marine Drive. To
reach him, call 503-325-7991.
Special columns in The Columbia Press
Every week: Senior Moments with Emma Edwards
Week 1: Financial Focus with Adam Miller
Week 2: Here’s to Your Health from CMH
Week 3: Off the Shelf by Kelly Knudsen
Final week: Mayor’s Message by Henry Balensifer