Senior Q & A - July 2015
Senior Q & A: Answers to Common Questions about Senior Living
Q. What is a QLAC annuity?
A. A Qualifying Longevity Annuity Contract (QLAC) isn’t a new type of annuity.
It’s a new tax treatment for certain types of annuities (specifically, certain types of deferred annuities) when they’re purchased inside tax-deferred IRAs or tax-deferred employer-sponsored retirement plans. On July 1, 2014 the U.S. Department of the Treasury and the Internal Revenue Service issued new rules regarding longevity annuities, which can help retirees manage their savings and ensure they have a stream of regular income throughout their advanced years. With a QLAC, you can delay taking required minimum distributions (“RMDs”) from your IRA for up to 15 years, to as late as age 85. By delaying RMDs you gain a significant tax advantage. Without a QLAC, one must begin taking RMDs at age 70-1/2.
Q. How can I help protect my vision as I age?
A. There are a few simple ways to safeguard your vision as you age.
1. Wear sunglasses when you’re outside to protect your eyes from the damaging effects of the sun’s ultraviolet (UV) radiation.
2. Eat antioxidant-rich foods. The vitamins in leafy vegetables (spinach, kale), berries, citrus fruits, nuts and sweet potatoes can help guard against damage from free radicals and can lower your chances of developing cataracts.
3. Stay away from smoke. Smoking can up a person's risk for cataracts and age-related macular degeneration, according to the Office of the Surgeon General.
4. Keep blood sugar and pressure in check. Fluctuating blood sugar and blood pressure levels can harm the miniscule blood vessels in the retina, potentially leading to vision problems, and even blindness.
5. Lastly, if you’re over 50 years of age, get an annual comprehensive eye exam.
Q. What is AFib?
A. Atrial fibrillation (also called AFib or AF) is a quivering or irregular heartbeat (arrhythmia)
that can lead to blood clots, stroke, heart failure and other heart-related complications.
Some people refer to AF as a quivering heart. An estimated 2.7 million Americans are living with AF. The prevalence of atrial fibrillation increases steadily with age (from 0.5% of those aged 50-59 years to 8.8% of those aged 80-89 years), as do the associated risks. Even in the absence of rheumatic heart disease, there is a six-fold increase in thromboembolic phenomena, and atrial fibrillation accounts for up to 36% of all strokes in elderly people. It’s the most common arrhythmia requiring admission to hospital and is the primary diagnosis in 20% of all new outpatient cardiology appointments. The most effective way of minimizing the increased thromboembolic risk and treating symptoms is to return the heart rhythm to sustained sinus rhythm by electrical or chemical cardioversion.
Q. Where can I find proper daily care for my father who’s been diagnosed with Alzheimer’s disease?
A. If you’re a caregiver for a loved one who’s suffering from dementia or Alzheimer’s disease, there are a great number of senior living options available to help, including senior residences with Alzheimer’s specialty services. To begin your search for senior living residences, visit alternativesforseniors.com. There, you can easily find a senior apartment, independent-living, assisted-living, or other continuing-care community where seniors with Alzheimer’s can remain safe and in great care. You can also call a Senior Specialist at Alternatives for Seniors at (888) WE-ASSIST (888-932-7747) to ask questions and receive free placement assistance.
BLOG Date: Tuesday, July 7, 2015
Writer: Ryan Allen