finances

How to Age in Style

September is a time to think about something most adults would like to forget – getting older! September is Healthy Aging Month as well as Falls Prevention Awareness Week (this year it’s September 22-26). In the U.S., people are living longer than in previous years and may experience several changes to their minds and bodies as the years go by, both good and bad. It is possible to enjoy all the years of our lives in health, happiness, and vigor, but the key is to start healthy aging habits early in life.

What are some healthy aging habits?

A group of older adults standing together and smiling

Nutrition and Physical Activity

As we age, it’s important to eat a variety of foods from all five food groups, limiting our intake of sugar, saturated fats, and sodium. Concentrate on eating enough protein to maintain muscle mass and make sure you are eating food and beverages with calcium for strong bones. Sometimes as we age, we may lose some of our sense of thirst, so be sure to make time to keep yourself hydrated.

Don’t forget to exercise too! Regular physical activity can keep older adults strong and independent. Start the habit today of at least 150 minutes of moderate activity each week.

Financial Health

We also want to keep our finances healthy as we get older. It’s important to keep an eye on your budget at any age, but also consider the financial changes that could be coming your way in the future. Review your medical insurance plan each year for changes in your deductible and out-of-pocket coverage. Know what procedures and medications will be covered under your private insurance or Medicare. Also take time to review your estate with a professional so that you know how your money will one day be distributed to your heirs.

When you are out shopping, dining, or seeing sites, don’t be shy – ask about the senior discounts, if you qualify! This can help you save money to use for other experiences!

Social and Mental Well-being

With aging comes times of life transitions – moving to new homes, retirement, and the loss of loved ones. Making sure to keep socially active through these transition periods can have huge health benefits. Schedule regular times to visit with friends each week/month or take time to talk on the phone with one another. Talk to your neighbors as you are getting your mail, or take a class at your local library.

Keep up on regular hearing checks – hearing loss is a common reason people begin to socially isolate themselves as the loss of hearing makes it harder to keep up with conversations. Hearing aids are an easy fix to ensure you stay part of the discussion.

Lastly, don’t worry if you feel you are behind in beginning healthy aging habits – it is never too late to make a positive change in your lifestyle. As the saying goes, “the best day to start was yesterday, the second best day is today.”

Resources:

University of Minnesota Extension. https://extension.umn.edu/later-life-decision-making/healthy-aging

CDC, Healthy Aging at Any Age. https://www.cdc.gov/healthy-aging/about/index.html

MyPlate, Older Adults. https://www.myplate.gov/life-stages/older-adults

NCOA, Money Matters. https://www.ncoa.org/article/money-matters-top-10-budgeting-tips-for-older-adults/

Mayo Clinic. https://mcpress.mayoclinic.org/healthy-aging/a-surprising-key-to-healthy-aging-strong-social-connections/

NCOA, Falls Prevention Awareness Week. https://www.ncoa.org/professionals/health/center-for-healthy-aging/national-falls-prevention-resource-center/falls-prevention-awareness-week/

Written By: Jessica Lowe, Family and Consumer Sciences Educator, Ohio State University Extension, Pickaway County, lowe.495@osu.edu

Reviewed By: Aaron Fowler, Family and Consumer Sciences Educator, Ohio State University Extension, Greene County, fowler.440@osu.edu

Schedule your Financial Wellness Checkup

Each year, it’s a good idea to review your financial health, and summer can be a great time to check a few things off your list. Here are some ideas of tasks and accounts to check into to get you started:

  • Request your credit report. Check your report for errors and get an updated score.
    • You can check your credit report for free in a few easy steps. Here’s how:
      • Visit the official website
      • Go to AnnualCreditReport.com — this site is authorized by federal law to provide free credit reports from all three major credit bureaus:
        • Equifax
        • Experian
        • TransUnion
      • Fill out a request. You’ll provide:
        • Your full name
        • Date of birth
        • Social Security number
        • Current and previous addresses (if you’ve moved in the last 2 years)
        • Choose which reports to view. You can request reports from one, two, or all three credit bureaus.
    • You can get a free report from each bureau once a year, but through December 2026, you can get one free report from each bureau every week.
  • This can also be a great time to review your budget and spending habits to adjust for changes in income or expenses that may be coming up.
  • Reassess your savings goals, including emergency funds and retirement contributions
  • Evaluate your insurance policies (health, auto, home, and life) to ensure adequate coverage
  • Review your investment accounts
  • Confirm that your will and beneficiary designations are up to date
  • Look over your tax contributions to plan for deductions or changes

These tasks don’t have to be done in summer, but plan to complete them once a year.  Doing them once a year can help keep you prepared and on track financially.

Written By:

Alisha Barton, Family and Consumer Sciences Educator, Ohio State University Extension, Miami County, barton.345@osu.edu

Reviewed By:

Zoie Clay, Family and Consumer Sciences Educator, Ohio State University Extension, Lawrence County, clay.256@osu.edu

Sources:

Dohn, K. (2019, October 24). Get money smart. 25 tips to improve your financial well-being. Consumer Financial Protection Bureau. http://www.consumerfinance.gov/about-us/blog/get-money-smart-25-tips-improve-your-financial-well-being/

Home Page. Annual Credit Report.com – Home Page. (n.d.). https://www.annualcreditreport.com/index.action

 

According to Plan-Finances in Later Life

There is an old adage that states, “Life can’t go according to plan, if you don’t have a plan.” This rings true when you think about later life planning. Planning for later life issues is not only; such planning can give you control of your affairs while you are living and after your death. When preparing for the discussion about later life, one crucial topic to focus on is your finances.

checklist and calculator
Calculator and checklist of finances

When determining the future of your finances, you will want to create a plan so that you know what resources will be available to you and your family. This knowledge will help shape decisions on things such as living arrangements and medical care. One such plan is a retirement income plan, outlining your anticipated income and expenses. To figure out if you will outlive it or not, you should also analyze your nest egg savings. When creating this plan, it is recommended that you hold off on receiving your social security benefits for as long as you can.

Another important aspect is to plan for role reversal. There may come a time when someone else will need to take over the responsibility of paying your bills and managing your assets. Deteriorating health, mobility, and cognition may result in a change in the handling of your finances. Unfortunately, all too often, when a health crisis occurs, an older person is faced with the fear of losing their independence. As a result of this fear, they recant what they previously expressed as their wishes.  This wavering can result in a burden and stress on your loved ones.  It can make them wonder if they are doing what is right for you. This lack of clear communication can also result in turmoil within your family.

As part of your plan, it is recommended that you choose a financial power of attorney. This document allows you to name a trusted person, to handle your financial matters if you become unable to manage them on your own. Durable powers of attorney for finances are mainly preventive documents. If you don’t have them and you become mentally incompetent, a judge will have to appoint someone to manage your finances for you—even if the appointee is unfamiliar with you or your money matters. Ohio Legal Help is an excellent resource with forms to help you designate your financial power of attorney.

It is never too early to start planning for your future. Drafting documents before a crisis occurs, such as advanced directives, can prevent the discomfort of family members and make the end of your life more enjoyable for the entire family.

Written by: Kathy Tutt, Family and Consumer Sciences Educator, Ohio State University Extension, Clark County

Reviewed by: Laura Halladay, Family and Consumer Sciences Educator, Ohio State University Extension, Greene County

References:

     Ohio Legal Help, Financial Power of Attorney Form, https://www.ohiolegalhelp.org/letters-forms/fpoa

     Prosch, T. (2014). The Other Talk: A Guide to Talking with your Adult Children About the Rest of Your Life. United States: McGraw-Hill Education.

     Scholten, G., Bourguignon, S., Delanote, A., Vermeulen, B., Boxem, G.V., & Schoenmakers, B. (2018). Advance directive: does the GP know and address what the patient wants

     Tutt, K. (2022). The Gift of Planning, Retrieved from https://livehealthyosu.com/2022/12/05/the-gift-of-planning/

It’s Time to Rethink Packaging and Recycling

Plastic bags overflowing with empty plastic bottles

I used to pride myself on my recycling efforts. I would compare my overflowing recycling bin with my neighbors and wish more people recycled. I felt it was our duty, responsibility, and obligation to protect our planet.

However, my recycling pride was deflated when I read a report from the Department of Energy that showed only 5% of plastics were recycled in 2019. A whopping 86% of plastics end up in landfills and the rest is burned to generate electricity. I finally realized that just because a product has a recycling arrow on it, does not mean it’s being recycled, especially if it is plastic.

So how do we reduce our plastic consumption? Let’s examine four common household purchases and see why plastic should be avoided.

1. Food: Paper Box Rather Than Plastic Cups
Sometimes, there is a hefty economic and environmental cost to convenience, like this example with macaroni and cheese. Turns out mac and cheese from the box is 17 cents/ounce, while the plastic cups cost 61 cents/ounce. Even worse, the consumer is left with four #5 plastic containers, which are one of the least recycled post-consumer plastics, at a rate below 1%. Compare this to paper and paperboard, which have a recycling rate of 68%.

Box of Mac N Cheese next to 4 plastic cups of Mac N Cheese

2. Fruit: Metal Cans Rather Than Plastic Cups
The cost difference between pears in a metal can and in plastic cups is negligible. However, the environmental cost is substantial. As mentioned above, #5 plastic has a recycling rate of less than 1% while the recycling rate for steel cans is 71%. Of course, fresh pears are package free. To have the smallest environmental impact possible, shop with reusable produce and grocery bags, then throw the pear core in a compost bin.

A metal can of pears next to pre-packaged cups of pears

3. Soda Pop: Cans Rather Than Bottles
There is little cost difference between pop cans and bottles. But once again, the environmental difference is noteworthy. Aluminum cans are the most recycled category of aluminum at 50%, compared to the recycling rate of #1 plastics which is 29%.

Aluminum can of Diet Mountain Dew next to a plastic bottle of Diet Mountain Dew

4. Soap: Bar Rather Than Liquid
Again, the cost between bar and liquid soap is minimal, so let’s compare the packaging. Soap bars are often packaged in paper, which have a recycling rate of 68% while liquid soap is often packaged in #2 plastic containers, which have a recycling rate of 29%. This information also applies to laundry detergent. If you are looking to avoid the large, #2 plastic jugs of laundry soap, consider plastic-free laundry powder, bars, tablets, or sheets.

Body wash in a plastic bottle next to 6 bards of soap

Stay Informed
The dos and don’ts of recycling changes frequently. Stay up to date on what you can recycle curbside and look for additional opportunities to recycle in your community, through zero-waste organizations or your solid waste district.

Final Thoughts
As summer winds down, it’s a great time to start planning waste-free lunches for your kids. The goal is similar: reduce waste and reliance on convenient, single-use, hard-to-recycle items. The next time you are at the store, reach for the apple sauce in the glass jar rather than the plastic one. Mother Earth will thank you.

Note: Item descriptions, prices, and photos were retrieved by the author at a local grocery store that is affiliated with a national supermarket chain on 7/18/2022.

For more information about plastic and recycling, visit:

Written by: Laura M. Stanton, Family and Consumer Sciences Extension Educator, Warren County. Email: stanton.60@osu.edu

Reviewed by: Courtney Warman, Family and Consumer Sciences Extension Program Specialist, Healthy Finances. Email: warman.44@osu.edu

Photo Credits: Cover image by rawpixel.com. All other photos by Laura M. Stanton, 2022.

References:

Bollas, B. (2021). Reducing your single-use plastic waste. Ohio State University Extension. https://fcs.osu.edu/sites/fcs/files/imce/PDFs/Single_Use_Plastics.pdf

Leblanc, R. (2019, May 9). An overview of polypropylene recycling. The Balance Small Business. https://www.thebalancesmb.com/an-overview-of-polypropylene-recycling-2877863

Milbrandt, A., Coney, K., Badgett, A., and Beckham, G. (2022). Quantification and evaluation of plastic waste in the United States. Resources, Conservation & Recycling, Volume 183. https://doi.org/10.1016/j.resconrec.2022.106363

Stanton, L. M. (2021). Ten tips for packing waste-free lunches. Ohio State University Extension. https://go.osu.edu/waste-free-lunches

Stanton, L. M. (2021). How to pack waste-free lunches. Ohio State University Extension. https://www.youtube.com/watch?v=wv_zyW-WzZY

United States Environmental Protection Agency. (2021, November 15). Ten ways to unpackage your life. https://www.epa.gov/trash-free-waters/ten-ways-unpackage-your-life

United States Environmental Protection Agency. (2022, July 9). Facts and figures about materials, waste, and recycling. https://www.epa.gov/facts-and-figures-about-materials-waste-and-recycling

Woelfl, C. (2021, June 7). Our plastic problem. Ohio State University Extension. https://livehealthyosu.com/2021/06/07/our-plastic-problem