Pennies and nickels get counted by senior residents who live on fixed incomes when figuring living costs in today’s slow economy.
Sulphur native Phil Stumpf quickly gained some key insights to senior living almost 50 years ago when he opened Brookside Manor, a Madill nursing home that continued as a family-owned operation following his death until it sold recently. Stumpf was active in the community, civic and activities affairs.
When the Madill council proposed a 1-cent sales tax, Stumpf shared a story about the impact the penny tax would have on “folks down at the home.”
Social Security was the primary income source for most seniors at that time. Stumpf said the first thing seniors at the home did when their monthly check arrived was grab a pencil and paper and calculate how much would be needed to pay local and state sales taxes. The balance would be their “spending money.”
“That additional penny (sales tax) means someone isn’t going to get a letter from Aunt Minnie or Uncle Bill this month,” he said.
Unlike those still working, seniors and other fixed-income individuals must be more stringent when deciding where and how they spend.
There is no “extra” money. A limited survey of seniors visiting the Lone Grove Senior Citizen Center and a bingo party at Ardmore Village provided a variety of suggestions to help make ends meet and prepare for retirement.
Basically, live so there’s not too much month left at the end of the money. Summarized, suggestions include:
“Work to retire as soon as you can,” said James Baxter.
“Determine your income ... plan to work if there’s no income,” said Archie Welch.
“Hope your health holds up ... keep active and buy things on sale,” said Melvin, a truck driver who retired at 55 for health reasons and had to file for workers compensation for an income source.
“Pay off your home, save as much as you can,” said Rob Morrison.
“Make sure you have saved money to supplement Social Security,” Joan Kendall, Senior Center director who works daily with older residents.
The survey indicates more people today are in a better position to retire, thanks to company retirement plans, profit sharing, 401(k) plans, military retirements and other such programs.
However, there are still those with the single income source. Three of 10 people in one survey group checked Social Security as their only income source with one saying they’re not old enough to collect benefits. Others list military, government and company retirement benefits.
Only one derives money from stocks while others have rental property. A few are still working. Eight of 10 have supplemental insurance for Medicare coverage.
A national survey published by USA Today said the lack of savings creates a “severe” problem for 36 percent of the nation’s seniors with less than $10,000 for retirement, only 21 percent reported savings exceeding $100,000. Part of the strain is attributed to people living longer and needing $40,000 a year for living expenses.
One source says working toward retirement is like doing 50 pushups ... “when it hurts, you quit.”
Senior volunteers needed
Seniors suffering from the teenager syndrome (“nothing to do”) can find help with a telephone call to RSVP.
Patsy Knappage, Carter County coordinator, said the Retired and Senior Volunteer Program has more service opportunities than people ready to serve.
“We have 250 volunteers,” Knappage said. “We could use 100 more.”
Locally, RSVP has a waiting list of projects in a variety of areas that need help. Those with questions can stop by 220 13th Ave. SE in Ardmore or call (580) 226-8478.
Seniors should stay on meds
Scam artists aren’t the only threat seniors face. Deflated dollars can create hazardous situations, especially for those who have health problems that require daily maintenance medications.
Senior center workers and others who work in senior services say costs and limited income sometimes cause those on prescribed schedules to miss taking them. This could have dangerous consequences.
Officials with the Southern Oklahoma Development Association’s Area Agency on Aging said the practice can have dangerous consequences and family members need to intervene.
As an alternative, assistance can be obtained or recommended through www.eldercare.gov or by calling (800) 677-1116, a toll free service.
An equal concern surfaces with protecting retirement assets and using resources to supplement the income. In all circumstances, threats can be averted by careful investigation before making a commitment, a USA Today report states.
Investment recommendations:
n Put available monies in hard assets, federal investments, federally-backed bonds.
n Set aside an amount (for investment) that won’t affect your lifestyle.
n Be wary of unscrupulous advice — fast talkers promising high returns, safe accounts, secret investment tips and other promises.
n Exercise extreme caution and be skeptical about where the investment is placed and investigate carefully before signing any plan.
Coupons can help seniors save
Freebies and shopping around are two ways to cut costs when buying a “few basics” makes you wonder where your money went.
An AARP report estimates the average shopper can trim $1,000 a year off the grocery bill by clipping coupons. Savings can be maximized, according to the Promotion Marketing Association Coupon Council, by picking up those found in stores to supplement those clipped from the newspaper. PMACC said 20 minutes of clipping coupons can trim 20 percent off the weekly grocery bill.
When the average grocery bill has increased 5.7 percent over two years, disciplined buying becomes more equipment, Melissa Gotthardt, writes in “Stop Paying Full Price at the Checkout Line” for AARP. The recommendation is to create an “evergreen” list of items — a master list of weekly purchases such as meat, milk, produce and personal staples. Replenish and add to it weekly.
Sale cycles can be used to calculate trends that take place weekly through approximately 12 weeks. Shopping exclusively for weekly needs may lead to savings on three of 15 major categories, according to www.thegrocerygame.com. By scanning weekly circulars, savings can be realized on cereals, frozen foods and cheese from the load up list. The grocery game Web site says shoppers can stockpile everything from every category in about 12 weeks and “never pay full price.”
Savings can be found on staple goods — produce, meat, bread, milk and items making up the bulk of food budget. These items are found on the store’s outer perimeter. Visiting the perimeter of the store first, can cut spending on pricier prepackaged food items.
Unit price lists posted on shelves tell the shopper if the larger box of cereal is the best bargain. Looking up and down from eye level can reveal a cheaper price on similar items.
Perhaps the most important shopping area is the checkout counter. Costly mistakes can happen at the register. Shopping with a partner can allow one person to check the price of scanned items while the other loads. If there’s a question, don’t leave the store, one expert advised.
Services and costs can also be trimmed with other plans. Senior nutrition centers offer free health check services regularly. Mays Health Care, for instance, visits the Lone Grove senior center to provide blood sugar, blood pressure and pulse checks. Those getting the checks are provided a card to track results.
