Senior Issues Vol. 3, No. 6
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SENIOR ISSUES NEWSLETTER
Vol. 3, No. 6
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"Senior Issues" is written by the following Penn State Cooperative Extension
agents who comprise the Northwest Pennsylvania Aging Cluster Team: Janice
Alberico (Lawrence County), Nancy Covert (Jefferson County), Holly Hedstrom
(Erie County), and Janet McDougall (Mercer County).
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CLEARING OUT THE ATTIC
Sooner or later the urge or need comes to clean out the attic. We must make
decisions about the stacks of books, the wedding dress, framed pictures, odd
pieces of furniture, trunks, old magazines, school pictures and all the rest.
Surely some of the family would like to have some of these treasures, but how
could this be organized so the attic is relieved of its contents and the
contents reach enthusiastic owners? Here are a few suggestions:
1. Face facts. Your children and grandchildren will probably have
selective interests and may have limited storage space.
2. Take the attic contents down-stairs. When your children come to
visit, tell them to take all that they want and make it known that
you will get rid of all that they don't take.
3. If no one wants your wedding dress, send it to a college or library
that is collecting period costumes and dresses. This can be a loan,
so family members can speak for it later. You may also feel better
about this arrangement.
4. Keep and file information related to your family tree ... for
genealogy buffs. File important letters, pictures marked with names
and dates, and selected clippings from newspapers.
5. Divide up the beautiful tablecloths, embroidered doilies and linen
towels and give them to children and grandchildren. Tell them they
must take them and can do as they like with them. Some may keep them
and appre-ciate them more as time goes on.
6. Divide up silver pieces you want to keep in the family. Perhaps
these would make good gifts for holidays or special occasions.
7. Put the books out for first selection by family members. Then look
for other places where they would be appreciated: an underprivileged
school or college, the local library, or a book sale that benefits a
local organization.
8. Decide which pieces of furniture you could use and which ones you are
ready to part with. If there is someone in particular who has eyed a
certain piece, make it a gift. Then, let others make their
selections. If two or more want the same desk or chair, you could
have them draw lots.
9. Have a yard or garage sale. A small amount of advertising about
"heirlooms" can increase your buyers and profits. Or you can donate
the materials to community groups that sponsor yard sales.
10. Don't get too carried away with cleaning out the attic. Keep enough
things for your own use and enjoyment.
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FINANCIAL RECORDS: TROUBLE-FREE KEEPING AND RETRIEVING
As a new year approaches and the holiday flurry of activities winds down, you
may decide that long winter days and evenings are a good time to organize your
financial records. It can be a big help at tax time, it can help avoid the
loss of important papers and it can make for a smoother transition if another
family member has to take over your paperwork due to an emergency. Better
record keeping is one way to save time, energy and undue anxiety.
Creating an efficient filing system is the first step to improving your record
keeping. A filing system for your financial records doesn't have to be
elaborate, costly, or time consuming. Setting up a series of folders,
envelopes or large brown paper bags cut down, is really three-fourths of the
work. Use labels that make sense to you and will help you find the
information when needed.
Include in your current household files: account books, bank statements,
canceled checks, receipts and receipted bills.
Permanent household filing systems should contain receipts and receipted bills
for the past six years, your safe deposit box number, key and list of
contents, warranties, letters of instruction and copies of your will,
household inventory, health, education and employment records. All of these
items may be needed in a hurry in the event of accident or financial crisis;
be sure all your family members are acquainted with the files.
A personal records file should be a part of this permanent file and should
include the following information:
* Full legal name
* Social Security number
* Legal residence
* Date and place of birth
* Names and addresses of spouse and children (or location of death
certificates if any are deceased)
* Location of will or trust
* Location of birth certificate and certificates of marriage, divorce,
and citizenship
* List of employers and dates of employment
* Education and military records
* Religious affiliation, name of church or synagogue, and names of
clergy (if desired)
* Memberships in organizations and awards received
* Names and addresses of close friends, relatives, doctors, and lawyers
or financial advisors
* Requests, preferences, or prearrangements for burial
In your permanent file be sure to have a financial records section where you
list information about insurance policies, bank accounts, deeds, investments,
and other valuables, using this outline:
* Sources of income and assets - pension funds, interest income,etc.
* Social Security and Medicare information
* Investment income (stocks, bonds, property)
* Insurance information (life, health, and property) with policy numbers
* Bank accounts (checking, savings, and credit union)
* Location of safe deposit boxes
* Copy of most recent income tax return
* Liabilities--what is owed to whom and when payments are due
* Mortgages and debts
* Credit card and charge accounts
* Property taxes
* Location of personal items such as jewelry or family treasures
Certain financial records do not belong in your home. Your auto title and
bill of sale, birth certificates and marriage and divorce records, government
securities, corporate securities, insurance policies, mortgages, property and
real estate papers, and for Pennsylvanians, the original copy of your will
should all be secured in a safe deposit box.
In your filing system, include a separate envelope for anything concerned with
taxes. As well as last year's return, file records of items that may be used
as deductions that year. Include incidental expenses, such as miles traveled
on a trip to the doctor or the cost of a lunch purchased for a business
client.
Having a good record storage and retrieval system will prevent potential
deductions from being lost in the shuffle and save you time, energy and
frustration whenever financial records need to be located.
Involve family members in designing a center and system. Devise your own
system now and follow through with it throughout the year; have your financial
picture at your fingertips.
GIFTS AND GIVERS...FROM A SENIOR POINT OF VIEW
We often wonder what to give for gifts. Sometimes we hear, "Don't spend any
money on me." Other times the state-ment is "I really don't need anything."
However, the gift is usually meant to say "I care; I'm thinking about you."
The following is a partial list of possible gifts. You may have even better
ideas. Remember to keep the receiver in mind.
Coffee mugs with sayings; note paper and stamps; books with large print;
personal gift certificates (pet sitting, visits, yard work, floor waxing,
etc.); sheet music, records, cassettes; a tape recorder/player;
earphones/headset; plants, gardening equipment; placemats; games or mobiles;
magazine or news-paper subscription; pill cutter or pill box; night lamp or
bedside light; indoor-outdoor thermometer; bible in cassettes; grocery or
restaurant gift certificates; bird feeder, seed, identification guide; gourmet
coffee, tea; calendars; phone gift certificate; telephone for hearing
impaired; personal TV set with remote control; personal photo albums; small
afghan or knitted slippers; homemade baked articles; ingredients for one meal
or a casserole; gift boxes of meat for the freezer; gift certificates for car
care or gasoline; gift certificate to travel agency; special diet foods; paper
products; clothes for special handicaps; concert tickets and a ride there;
craft supplies (e.g. knitting yarn); magnifying glass.
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Penn State encourages persons with disabilities to participate in its programs
and activities. If you anticipate needing any type of accommodation or have
questions about the physical access provided, please contact the extension
office in advance of your participation or visit.
This publication is available in alternative media on request.
The Pennsylvania State University is committed to the policy that all persons
shall have equal access to programs, facilities, admission and employment
without regard to personal characteristics not related to ability, performance
or qualifications as determined by University policy or by state or federal
authorities. The Pennsylvania State University does not discriminate against
any person because of age, ancestry, color, disability or handicap, national
origin, race, religious creed, sex, sexual orientation or veteran status.
Direct all inquiries regarding the nondiscrimination policy to the Affirmative
Action Director, The Pennsylvania State University, 201 Willard Bldg.,
University Park, PA 16802-2801; (814)863-0471 VOICE; (814)865-3175 TDD.
Where trade names are used, no discrimination is intended and no endorsement
by the Cooperative Extension Service is implied.
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Dr. Dan Lago, Ph.D., Penn State Extension Aging Specialist
Penn State College of Agricultural Sciences
323 Ag Administration Building, University Park, PA 16802
(814) 863-7871
Internet Address: djl@psu.edu