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Finding resources for a retirement questions
Tough economic times have left some elderly people thinking about their retirement as the onset of doomsday.But it doesn't have to be all fire and brimstone. The future doesn't have to be daunting, experts say.
Saving money is one of the best ways to ensure a secure future. Several resources are available in Clarke and Frederick counties to help smooth the way for seniors as they retire.
Saving money for the future
Investment was the topic of conversation at a recent coffee meeting at Jane's Lunch in Berryville. The meeting was organized by Betty Schutte-Box on behalf of Edward Jones Investments.
"The moral of the story is to start putting money [in a savings account] at a younger age,” said a Hartford Investment Management Company representative named Dan who attended the meeting.
"Inflation's not going to go away, and we have to have something in our portfolio to account for it,” he said.
Save, save, save. The expert advice doesn't go away and neither does the money you save.
The next step is to invest savings into a diverse investment portfolio, said Dan.
Three components make a diversified portfolio: stocks, bonds and cash. This is a system of checks and balances that helps ensure when one area of a financial portfolio is down, another is up.
"We're not a country of savers. We're a country of spenders," Dan said.
He explained that banking on Social Security, which was meant to supplement personal income or savings, is a problem.
"People are using [Social Security] as a crutch," said the Hartford representative. "That was never the intention."
Instead of pulling money out of Social Security or disability checks, there needs to be a systematic withdrawal from a portfolio, he said.
It's also recommended to keep three to six months worth of cash on hand in the event of an emergency. Obtaining a part-time job to cover health costs is another option, he said.
Health-care services
Saving money carefully, however, doesn't always cover unplanned medical costs, many seniors say.
Winchester Medical Hospital, American Red Cross and Shenandoah Area Agency on Aging provide a variety of assistance programs for the elderly.
WMC offers free health screenings for depression, seven-minute memory tests, blood pressure and diabetic retinopathy, among others.
“Truly our mission is to take care of the people regardless of whether they can pay or not,” said Carol Weare, WMC public relations manager.
In addition to home-health services, WMC has a Telehealth program for home-monitoring ailments.
“They feel like somebody's helping them,” Weare said.
Devices such as the Healthbuddy monitor record patient answers to questions concerning weight, blood pressure and overall health, and send them to the Valley Health Systems office to diagnose a need outside of the office.
“[The program] helps everyone because it keeps everyone on track,” Weare said. “It prevents issues from developing and it is proactive in health care.”
Local agencies for senior care
There are various groups in the Shenandoah Valley which can provide help to seniors. These organizations include:
United Way of Northern Shenandoah Valley
Coordinating, fund-raising and community building organization.
(540) 536-1610
Free Medical Clinic of NSV
Health care for those who could not otherwise afford it.
(540) 536-1680
Adult Care Center of NSV
Program for adults requiring supervised care
(540) 722-2273
American Red Cross - Clarke County Service Unit
Preparation, prevention and response to emergencies.
(540) 662-5412
Shenandoah Area Agency on Aging
Provides services that enhance the dignity and independence of older persons.
(540) 635-7141
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