Reno Gazette-Journal Sunday, October 30th, 2022

For senior adults, the thought of planning for a trip can sometimes be overwhelming. As we age, we sometimes believe that we are too old to travel and even lament missed opportunities in our youth. Not to mention the notion that travel must be expensive.

The benefits of travel, whether it’s a refreshing weekend getaway or a month-long trip to a new destination, are undeniable. And for retirees or seniors who have time and a travel budget, the opportunities are nearly endless. The world and even their own city, state, or country are waiting to be explored.

“When did you last take a fun trip?” asked monthly seminar series organizers Annette & Brett Junell. “The good news is there are fun travel opportunities for us no matter our age or budget,” Annette continued. “Let’s have some fun and discover all that is available in travel for seniors.”

That’s their plan for this month’s Retired Living Truth Seminar Series topic, “The Truth About Planning Travel in Retirement.”

Seniors travel to visit family, learn about the countries of their ancestors, or explore new destinations. Many seek immersive experiences, educational opportunities, or adventure. And travel companies are responding to their needs and wishes with tours, from independent to guided options, budget to luxury, and group to individual.

Age doesn’t diminish wanderlust, but it sure affects the way we travel.

For starters, as we get older, we travel a lot. An AARP study of Baby Boomer Travel Trends found that older travelers anticipated taking four to five trips the following year. Most respondents (97%) planned at least one domestic trip and nearly half (45%) planned international ones. While most research on over-50 travelers focuses primarily on boomers, data on the Silent Generation (those born between 1925 and 1945) suggests that with improved health and increased longevity, these folks, too, are opting to travel – as opposed to retreating to recliners.

How does travel change as we get older? Many older travelers feel they no longer have to “see it all” – so the pace of travel becomes more leisurely. They have more time to dig more deeply into a destination, perhaps staying for weeks or a month, rather than days.

But, do you need to travel far? Are you missing travel opportunities in your own backyard? Travel Nevada reminds us of the many wonders the Silver State has to offer with its own personality, wildly different landscapes, and prospects for unique new experiences. What are the best ways to learn about these local opportunities? Are there group travel opportunities to make the excursions even more fun?

What are the best resources for planning and going on a trip? To start, look for organizations which offer senior travel discounts. Americans who join the AARP can often get senior discounts on plane tickets, hotels, and other travel-related costs.

What are some other ways to learn about travel options for seniors?

Are there ways to travel on a limited budget?

Senior discounts still exist, although they tend to be small. Most major hotel chains in the U. S. offer senior discounts of 5 – 15 percent off their rack rates. You may find that you can save more money by looking for a weekend hotel package or staying in a suburb.

Seniors often qualify for discounts, again of the 10 to 15 percent variety, on train travel. Do some research before you buy tickets to make sure you are getting the best deal. A travel agent may be able to help you take advantage of senior train discounts in other countries.

Before you buy a multi-day museum pass, decide how many museums you can realistically see in a day and add up the individual museum admission charges. If you visit only one museum each day, you may find that the pay-as-you-go approach will save you money over the multi-day pass.

What about booking an Airbnb? Is it safe? Are there owners who cater to senior adults? You can save significant amounts of money on hotel costs and meet some wonderful new friends by using Airbnb.com. It connects travelers with people who are willing to rent a room in their home. You can also rent people’s apartments while they are out of town.

Airbnb.com reports: “Empowering all generations to connect has never been more important. While the COVID-19 pandemic has drastically upended all of our lives, there is no doubt that older adults have faced some of the most severe changes over the past year and a half. Many older persons – facing even higher risk for serious complications from COVID-19 – have faced unprecedented and prolonged separation from their loved ones.

“As the world recovers, people are seeing travel on Airbnb as a primary way to come together again and reconnect, as part of a larger travel revolution – including older adults. Over the past year, the number of older adult guests on Airbnb in the US has grown by nearly 20 percent. Like many, they are also increasingly turning traveling into living on Airbnb: from 2019 to 2021, we have seen a more than 90 percent increase in the number of bookings by older adult guests for long-term stays.”

For those interested in answers about travel after retirement, the upcoming seminar, “The Truth About Planning Travel in Retirement” will provide many of the answers.

Want to know how technology is providing options for global, low-cost travel? Join us at the seminar to find out.

The free seminar, “The Truth about Planning Travel in Retirement” will be held on Thursday, November 10 from 10-11:30 a.m. at the RSAR Building at 5650 Riggins Court, Reno (near Meadowood Mall).

The seminar is free for seniors and their guests. Pre-registration is required because seating is limited.

Seat reservations can be made online at www.RetiredLivingTruthSeries.com or by calling (775) 432-6398.

by Eddie Roach

Reno Gazette-Journal Sunday, October 2nd, 2022

Everyone knows that financial and legal awareness and planning are important. So how and why do tax planning and legal documents become even more important as we age? And, how do you plan for living your best life now as well as the best outcome for your heirs?

Some people believe a will is all they need to handle their personal affairs. Others think they don’t have enough assets to justify creating a trust. Most retirees don’t even consider the ramifications of a guardian being appointed to make decisions on their behalf as a result of failing to plan.

Then there is tax planning, especially for married couples. What is the tax implication of selling a home when downsizing and how does this differ after the death of a spouse? If there are capital gains, do they pass through to heirs? Does a surviving spouse have to pay capital gains? Are there ways to avoid paying taxes on inherited property? What is the time limit for selling a home after a spouse’s death to avoid capital gains? What about tax implications with social security, retirement accounts, maximizing different streams of income and minimizing taxes. And what about those Requirement Minimum Distributions (RMDs)?

What about the best way to get help maintaining financial independence as you age? Are there reputable individuals who will help with day-to-day finances such as paying household bills or balancing a checkbook?

Is the standard list of will, power of attorney and a trust sufficient?  How do these work together and what are the loopholes that are easily overlooked in many wills and trusts? Are all legal documents created equal?

These are just some of the questions that will be addressed by panelists in the upcoming Retired Living Truth Seminar Series on October 13. Titled “The Truth about A CPA and an Attorney Walked into a Bar …and meet you!” the 90-minute session will cover many areas of tax and estate planning.

“There are many myths surrounding tax planning, trusts, wills and guardianship,” said seminar series organizer Brett Junell. “The upcoming seminar is intended to dispel some common myths and to help educate seniors about their options.

Panelist, Ryan Gutierrez, a local Certified Public Account (CPA), whose expert experience is in assisting individuals with their tax planning and accounting needs, will share some of the common challenges clients encounter and corresponding solutions. “There is definitely overlooked wisdom in the old saying, ‘If you fail to plan, you are planning to fail.’” said Gutierrez

For instance, keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home.

These records include your purchase contract and settlement papers if you bought the property, or other objective evidence if you acquired it by gift, inheritance or similar means. You should also keep any receipts, canceled checks, and similar evidence for improvements or other additions to the basis.

“This seminar is an opportunity to learn more about how taxes and law become even more important as we age,” Junell  added. “From tools that will help family members and other loved ones close out your estate, to protecting and maximizing your financial resources while living your best life. Hopefully we all want to be fully informed as it relates to our life, possessions, finances and other personal affairs.”

Another panelist is Richard Schulze of the Schulze Law Group. Schulze’s practice emphasizes Elder Law, tax, and estate planning for individuals. He is a frequent lecturer to the public on estate, Medicaid, business, asset protection and tax planning matters.

“A key to making informed decisions about what you want in retirement is advanced planning and education,” Schulze said. “It’s important to know your options and take action while you have the ability to do so on your own terms.”

“Most people think these documents are for when we are no longer here; however, many are very important for the living,” Schulze added.

There are so many questions that seniors  haven’t even asked themselves. What if you have a serious fall and you can no longer climb upstairs to the bedroom you’ve enjoyed for the past 30 years?  Or worse yet, you are incapacitated in some way and can’t return to your home.  And what’s in store for your spouse in either scenario? And what if you don’t have a spouse to help with these decisions?

“Unfortunately, a will won’t help in this situation or many other common situations.  A trust won’t help either,” Junell said. “Do you need a medical power of attorney? What about an advanced directive?”

So what documents are necessary and most appropriate? Expert panelists will discuss the differences between trusts and wills, as well as how these and other important documents can impact both you and your heirs.

“We want to make sure that seniors are armed with the right information and tools to be able to live the lifestyle they desire and be prepared should plans change due to health or other circumstances. It’s all about educating and empowering people to stay in charge,” said Junell.

For those interested in answers to these and many more questions about financial and legal awareness and planning, the upcoming seminar, “The Truth about A CPA and an Attorney Walked into a Bar …and meet you!” will provide many of the answers along with time allocated to direct your questions to the CPA and Attorney.

The free seminar, “The Truth about A CPA and an Attorney Who Walked into a Bar” will be held on Thursday, October 13 from 10-11:30 a.m. at the RSAR Building at 5650 Riggins Court, Reno (near Meadowood Mall).

The seminar is free for seniors and their guests. Pre-registration is required because seating is limited.

Seat reservations can be made online
at www.RetiredLivingTruthSeries.com or by calling (775) 432-6398.

by Eddie Roach