May 2009


In today’s The Savvy Senior blog, author Jim Miller brought out very helpful information about safety devices for seniors (and just about anyone) who live alone.  This information is also very relevant to Baby Boomers too, whether you live by yourself,  you’re concerned about a parent or loved one, or you have an infirmity that may prevent you from calling for help.  Read on:

Dear Savvy Senior,

I’m interested in getting my mother one of those emergency call systems with a wearable push-button for her home in case she falls or needs help, but could use some help. What can you tell me?

SOS
 

Dear SOS,

The product and service you’re inquiring about is known as a “personal emergency response system” or PERS. But with so many on the market, it can be a bit confusing figuring out which system is best for your parent. Here’s what you should know.

Senior Lifeline

Each year, one-third of seniors in the U.S. suffer a fall, often with serious consequences. Add in the fact that 11 million Americans age 65 and older live alone and we’ve got a serious problem on our hands. The solution: A PERS – which is essentially a wireless hotline to help.

A PERS is a home-based emergency alert service that will connect your mother to a 24-hour call center with the push of a button. The transmitter (SOS button) is typically worn as a neck pendent, wrist band or belt clip. When pushed, it sends a signal to a receiver console that’s connected to the home telephone line. They don’t work with cell phones. When your mom pushes the button, the dispatcher at the call center evaluates her situation and will notify you, another relative, a caregiver or 911, as needed. With most PERS set-ups, your mom can talk with the dispatcher from anywhere in the house through the system’s receiver which works like a powerful speaker phone.

While a PERS can be a wonderful home device for elderly seniors, it does have its drawbacks. Many seniors don’t wear their SOS button regularly and if they do have it on and fall, they still have to be alert enough to actually hit the button.

Where to Look

With all the different PERS options available today, the Internet is the best place to start your search. PERS is available through national companies (such as www.lifelinesys.com, www.rescuealert.com, www.lifefone.com and www.lifestation.com) as well as local or regional providers. Local providers are usually run by hospitals or social service agencies. A typical Internet search will bring up only the national companies. Adding a town, county, or state to your search will help you find local or regional options. Also check with your Area Aging Agency (call 800-677-1116 to get your local number). It’s worth checking out both local and national providers because features, pricing and quality will vary.

Options and Costs

In most cases, PERS equipment (receiver console and SOS button) is rented but some companies offer the option to buy. Costs, too, will vary but you can expect to pay a small set-up or activation fee along with a monthly service/monitoring fee, usually around $1 per day. Most companies give discounts for longer-term agreements, but be careful of contracts that lock you in. Some services may even offer discounted pricing options for lower-income seniors. You’ll need to ask. And some companies may provide extra services (in addition to the basic PERS) such as check-in calls, wake-up calls and medication reminders for an additional cost. When choosing a service, pay attention to the small print and always ask for a detailed price quote. Most health insurance plans, including Medicare, don’t cover PERS.

Home Monitoring

If you’re looking for a more thorough service, check out “home monitoring systems.” These services combine the PERS with motion detectors (not cameras), placed in key areas of your mom’s home, that will let you know (via phone or e-mail) if something out of the ordinary is happening. For example, if she didn’t get out of bed at her usual time, or went to the bathroom and didn’t leave, this could indicate a fall or other emergency. The great thing about this type of system is it requires no input from your mother and you can check in on her anytime through their password-protected Web site. These monitoring systems, however, are more expensive than a PERS and are not covered by insurance. To find and compare systems visit QuietCare (www.quietcare.com; 877-822-2468), Healthsense (www.healthsense.com; 800-576-1779) and GrandCare (www.grandcare.com; 262-338-6147).

Joan Jackson

Publisher and Information Consultant
JMJ Information Services

Boomer information website: Baby Boomer Resource Center

Author and Contributor of e-booklets:

~101 Online Financial Calculators Every Entrepreneur (and Everyone!) Needs

~70 Tips – Thrive in Business in Any Economy: From a Collection of Experts

If you have been blessed to have a pension after retirement, AND, are going to seek some form of employment after retirement, then here’s a great tax tip that I discovered after reading the May 2009 edition of Kiplinger’s Retirement Report, p. 12:

If you’re a pensioner who is returning to work, you may need to adjust your tax withholding to account for the new source of income.  Getting your withholding on your pension and your paycheck in sync can avoid an unexpected tax bill next year.

Generally, you file Form W-4P if you have money withheld for tax from your pension payout.  When returning to work, a former retiree will file a Form W-4 to withhold money from employer pay.

Use IRS worksheets to figure out how many allowances to claim.  Then choose how you want to divide up those allowances between the two sources of income.  For example, you could claim all your entitled allowances on your Form W-4 so you can take home most of your check and put zero allowances on your W-4P so that your pension will cover your tax bill.

For more information, refer to ‘Retirees Returning to the Workforce’ in IRS Publication 919.

Joan Jackson, Publisher

Author of e-booklets:

~101 Online Financial Calculators Every Entrepreneur (and Everyone!) Needs

~70 Tips – Thrive in Business in Any Economy

 

If you’re thinking about becoming a business owner, there’s an important decision to make about the entity of your business.  Whether for tax purposes or personal preference, it’s wise to know the pros and cons of each business entity type.

Below is a simplified chart of the basic tax entities, and information about each one:

 

 Choosing a Business Entity

  Sole Proprietorship General Partnership Limited Partnership C Corporation
Limited Liability No No Yes 2 Yes
Pass-through Tax Treatment 3 Yes Generally yes Generally yes No
Difficult to Form/Maintain No Not very Not very Yes
Continuity of Life No No No Yes
Centralized Management Yes Generally no, but partners can elect a committee of managers Yes Yes
Interests Freely Sold/Transferred Yes 5 Generally no Generally no Yes
Available in All States Yes Yes Yes Yes
Minimum Number of Owners One Two Two One
  S Corporation Limited Liability Company (LLC) 1 Limited Liability Partnership (LLP)  
Limited Liability Yes Yes Yes  
Pass-through Tax Treatment 3 Generally yes Yes Yes  
Difficult to Form/Maintain Yes Somewhat Somewhat  
Continuity of Life Yes State law may limit LLC life to a set number of years 4 No  
Centralized Management Yes Generally yes, since members can elect a committee of managers The partnership agreement can centralize management  
Interests Freely Sold/Transferred Not to ineligible S shareholders Yes, but transferee often has more limited rights unless all other members approve of a sale/transfer No  
Available in All States Yes Yes No  
Minimum Number of Owners One Generally two Two  

1 Assumes that the LLC opts for tax treatment as a partnership.
2 Limited liability is available only to the limited partners.
3 In certain circumstances, partnerships and S corporations may be taxed at the entity level.
4 Generally, termination dates for LLCs provided for under state law may be overridden in the LLC agreement.
5 Sole proprietor sells business assets rather than an interest in a business entity.

Joan Jackson, Publisher

Author of e-booklets:

~101 Online Financial Calculators Every Entrepreneur (and Everyone!) Needs

~70 Tips – Thrive in Business in Any Economy

 

70 Tips – Thrive in Business in Any Economy  is an e-booklet packed with choice tips for any business owner!  As one of the featured  14 experts in this booklet, I’d like you introduce you to a resource that will certainly provides “golden nuggets” of business tips for now, and in the future.

This booklet brings you practical and immediately useable insights in bite-size pieces from fourteen entrepreneurial experts, each sharing tips from their own particular expertise. These well-tested tools and techniques will get you thinking about what works best for you right now!

Buy this now for only $4.77 by clicking here,  and this invaluable e-booklet can be available to you immediately!  Own this essential booklet to use as a marketing tool for your existing or potential clients, as well as for your own educational ad inspirational needs!

 In addition, if you prefer hardcopies of this booklet, then please email me at: joan@jmjinfo.com.

Joan Jackson, Publisher

Author of e-booklets:

~101 Online Financial Calculators Every Entrepreneur (and Everyone!) Needs

~70 Tips – Thrive in Business in Any Economy

 

I’ve been reading a book called, Stay Rich for Life! Growing & Protecting Your Money in Turbulent Times (2009)  by Ed Slott. Ed Slott, a nationally recognized retirement account tax expert and professional speaker.  He also has a wonderful website, IRA Help.com.

What’s great about this site, is that Slott lists financial planners and asset managers in the U.S. who have gone through his Master Elite IRA Advisor Group

This means that they have the tools and training materials they need to stay up-to-date on the fine pointsof the “second half” of the savings and investment game: retirement plan distribution, protection, and preservation. 

So, if you’re looking for a financial planner now or in the future, check out this site!

 Joan Jackson, Publisher

Author of e-booklet, 101 Online Financial Calculators Every Entrepreneur (and Everyone!) Needs

Buy Now

With the Organic Vegetable Gardening Ebook, even a novice can start an organic garden with this simple, complete step-by-step gardening guide!

What a great Boomer e-book!

You”l find this and other Boomer and older senior-related e-books at:

Baby Boomer Resource Center: Boomer e-Books 

and Baby Boomer eProducts

Joan Jackson, Publisher

Baby Boomer Resource Center

101 Online Financial Calculators Every Entrepreneur (and Everyone!) Needs
Buy Now