Take a Break
June 25, 2020
Are you a full-time caregiver for someone with Alzheimer’s or dementia? A little breather may be just what you need.
Alzheimer's disease is life-changing for both those who are diagnosed and those close to them. Having a helping hand when you need it is key to keeping yourself, and your loved one living with dementia, healthy and happy.
When you need a break, consider adult day services.Not only is it good for you, but it’s good for your loved one. Adult Day Services offer people living with Alzheimer's and other dementias the opportunity to be social and to participate in activities in a safe environment.
Adult Day Services may be for you if:
- You are a full-time caregiver: Adult Day Services can provide a much needed break. While your loved one is at adult day, you'll have time to rest, run errands or finish other tasks.
- You work during the day: Adult Day Services can help you to balance a job with caregiving duties.
- You want a safe, caring environment for your loved one: Adult Day Service is a chance for your loved one to share time with their peers. It provides a chance for them to be social and to participate in engaging activities such as music and exercise programs, as well as fun outings.
Did you know that Woodside Place of Presbyterian SeniorCare Network offers Adult Day Services at its campuses in Oakmont (412-828-5600) and Manchester Commons (814-838-9191)? We are here to help!
Ways to Bolster Your Finances Due to the Coronavirus
May 1, 2020
Timely advice on money emergencies, debt and your retirement Part of the The Coronavirus Outbreak: What You Need to Know Special Report The coronavirus outbreak, we know, is a health crisis and a national economic crisis. It’s also, for many Americans, a personal-finance crisis. Many of us, especially those in our 50s or 60s, are now very worried about our money due to the pandemic. The 22% drop in the Standard & Poor’s 500 stock index since late February has shrunk retirement funds for those who had any. A MagnifyMoney survey found that 38% of investors are worried they’ll lose all their retirement savings due to the COVID-19 outbreak. Millions have lost their jobs or on the brink of a layoff. More than 6.6 million Americans filed unemployment claims last week, which is a record. And in a SimplyWise survey, 40% of respondents said they’ve had their income reduced or lost due to the coronavirus. Yet there are still mortgages, rents and utility bills to pay, not to mention groceries, gasoline and prescription drugs. What’s more, the Kaiser Family Foundation estimates the average cost of COVID-19 treatment for someone with employer-based insurance and no complications would be nearly $10,000. I not only feel your pain, I’m living it. My income has been slashed due to cancelled (hopefully rescheduled) speaking events. And, although my retirement accounts are well-diversified, they’ve taken a hit. I’m a dedicated long-term investor, but I confess that I’m deeply concerned how long it might take the stock market to recover. Our Commitment to Covering the Coronavirus We are committed to reliable reporting on the risks of the coronavirus and steps you can take to benefit you, your loved ones and others in your community. Read Next Avenue’s Coronavirus Coverage. That said, I’m a personal-finance writer and my job is to offer helpful advice. So, here are some ways to bolster your finances during the pandemic; I hope you find them useful. Take advantage of what the recent coronavirus stimulus laws offer you. Soon, you’ll likely receive a recovery rebate: up to $1,200 for most individuals and $2,400 for married couples. And if you’ve lost your job or have been furloughed due to COVID-19, you may be eligible for enhanced unemployment benefits. They include an additional $600 weekly payment above your state’s maximum, for up to 4 months. Unemployment benefits have also been extended by 13 weeks. If your income has dwindled or evaporated, you may need to pull some money out of a retirement plan just to pay the bills and put food on the table. Look for ways to slash your spending if you can. “Conserve and cut back on nonessential expenses,” advises Rob Williams, vice president of financial planning at Schwab Center for Financial Research. He acknowledges that doing so may not be easy. “But now might be a time to cancel subscriptions or memberships,” he notes. Check your latest credit card statements; you may be being charged automatically each month for some subscriptions and memberships. Call your cable provider and ask about discounts it may be offering due to the circumstances or switch to a less expensive plan. Your cell and landline phone provider might let you convert to a lower-cost service, too. And hold off making non-essential purchases online. Work on building up your emergency fund. Ideally, you have at least six months of living expenses set aside in a bank- or money-market account. If not, do what you can to add to your cash reserves to help you through this rough patch. Take any extra money you’ll have from spending cutbacks and put it in your emergency fund. Rob Williams of Charles Schwab If you must, make a withdrawal from a retirement account. I generally strongly recommend against doing this. But if your income has dwindled or evaporated, you may need to pull some money out of a retirement plan just to pay the bills and put food on the table. My Next Avenue colleague Richard Eisenberg recently wrote about ways the $2 trillion stimulus law — the CARES Act — has removed tax penalties on some retirement-plan withdrawals. I encourage you to read his piece, “3 Ways the COVID-19 Stimulus Law May Help Your Financial Problems.” The CARES Act also raises the amount you can borrow against your 401(k) plan to $100,000 or 100% of the account balance, whichever is less. And loan repayments due before Dec. 31, 2020 can be suspended for a year. Voya Financial just started waiving its fees for 401(k) and other retirement plan withdrawals associated with the coronavirus and allowed under the CARES Act. Other financial firms may follow. Consider taking money out of non-retirement investments you own. For instance, short-term or intermediate-term bond funds could come to your rescue, said Williams. You may owe commissions on these sales, but you’ve probably already paid taxes on the income distributions. Look into tapping a home equity line of credit (HELOC). If you own a home, you probably have accrued equity — your home’s value minus what you still owe on your mortgage. You could get quick cash by borrowing against it through a HELOC, a line of credit for a set time period of, say, 10 years. The interest rate is often lower than on other loans. Recent average rate: 6.12%, according to Bankrate.com. Refinance your mortgage. This will take some time and you’ll need a solid credit history. And you’ll want to run the numbers to see if the amount you’d save over time by refinancing would justify the closing costs. Financial experts generally recommend considering refinancing if you can get a 0.5 to 1 percentage point drop in your mortgage rate. Ask about a mortgage deferment. Most mortgage lenders want to help struggling homeowners through this crisis. In fact, some banks are deferring mortgage payments up to 120 days due to financial hardship. Your lender might agree not to report any missed payments to the credit agencies during the pandemic. According to the Consumer Financial Protection Bureau, the CARES Act requires lenders to tell credit bureaus that consumers are current on their loans if the borrowers have sought relief from lenders due to the pandemic. Try to find lower-rate credit cards. If yours has a high interest rate, you might be able to find one charging less to keep your payments low. Consider applying for a balance-transfer card that doesn’t charge a fee for moving over your debt. Look for one with a year or more of a 0% Annual Percentage Rate (APR) and aim to pay it off before that 0% grace period ends. You’ll typically pay a transaction fee of 3% to 5% of the transferred amount. However, the long-term savings from the reduced rate can compensate for this fee. Ask your credit card issuer about getting a higher credit limit. Sign in to your account and look for an option to make a request. Or call the number on the back of your card and ask a customer service rep. Negotiate with lenders, if necessary. You may be panicked about not being able to make your bill payments due to a loss of income. If so, contact your creditors about a reduced interest rate or deferring or extending loan payments. Explain your situation and why you can’t make your regular payment. If you’ve racked up late fees from missed payments, ask if they’ll be forgiven due to the pandemic. Some creditors might excuse fees if you’ll agree to make your monthly payments going forward or if you’ve always made timely payments in the past. Investigate tapping your life insurance cash value. If you have a permanent life insurance policy, you typically can access part of your cash value (the savings part of the policy) through a withdrawal or loan. You have to pay interest on a policy loan, but there is no repayment schedule. If you die with a loan outstanding, that amount gets subtracted from the death benefit, but is not taxable. 2 Big-Picture Tips Finally, let me make two big-picture points: First, emotions run wild when there are market swings like we’ve seen lately, and fear can tempt you to pull out all or much of your stock-market holdings. Don’t. “If you are still working and healthy, stay the course,” said Williams. “Markets do recover.” Try not to pull back on 401(k) contributions at work, even if your employer is one of the growing numbers cutting back or temporarily halting investment matches for employees. In short, stay focused on your long-term financial objectives and how to reach them. Second, talk to a financial adviser who can help you weather the storm. I recommend working with a fee-only financial adviser, rather than one who charges commissions, and one who is a fiduciary (which means the adviser puts your interests first). My adviser helps ease my mind when markets gyrate. “These are clearly stressful times,” Williams said, “and investing is stressful even in the best of times. So, having a plan, talking with someone and getting a roadmap can boost confidence right now.” |
By Kerry Hannon Kerry Hannon is the author of Never Too Old to Get Rich: The Entrepreneur's Guide to Starting a Business Mid-Life. She has covered personal finance, retirement and careers for The New York Times, Forbes, Money, U.S. News & World Report and USA Today, among other publications. She is the author of a dozen books including Money Confidence: Really Smart Financial Moves for Newly Single Women and What's Next? Finding Your Passion and Your Dream Job in Your Forties, Fifties and Beyond. Her website is kerryhannon.com. Follow her on Twitter @kerryhannon. |
Trouble Sleeping Due to the Pandemic? Try These Suggestions
April 8, 2020
A variety of techniques can help calm the mind for better sleep
By Patricia Corrigan
Part of the The Coronavirus Outbreak: What You Need to Know Special Report
Sleep is always important for good health, and that’s especially true in this challenging time. When you rest well, you’re better equipped to face the day. But right now, in the midst of the coronavirus pandemic, heightened anxiety and unstructured time may cause insomnia even in those accustomed to a full night’s sleep.
That’s not good, for more than the obvious reason.
“It’s possible that sleep plays a role in strengthening the immune system and its response to infection,” says Dr. Rachel Darken, the sleep medicine fellowship director in the Department of Neurology at Washington University School of Medicine in St. Louis. “That could be part of the reason why sleep has been preserved in our evolutionary development.”
These days, many people who are used to going to work and living active lives are spending more time at home, and that has consequences. Darken says that scientists think there is a “bi-directional relationship” between insomnia and anxiety.
“Anxiety influences sleep and sleep deprivation influences anxiety — they feed on each other.”
“Anxiety influences sleep and sleep deprivation influences anxiety — they feed on each other,” she says. And, “even if you’re not particularly anxious about the new coronavirus, the disruption in your routine can lead to difficulty sleeping,” Darken adds.
More bad news for insomniacs: Losing sleep can lead to a level of immune dysregulation, “a kind of pre-inflammatory situation,” Darken says. “That can put the body in a bad state and keep it from responding appropriately to infection or make you more prone to chronic diseases. That’s not good for you.”
An Expert’s Tips on How to Sleep Better
What can you do about insomnia?
First, establish a routine, even if there is no reason to get up or go to bed at your usual time each day. “It’s important to maintain consistency,” Darken notes. “That may decrease some anxiety and help you sleep better.”
She also recommends these standard “sleep hygiene” practices:
- Spend time in the sunlight or use a lightbox (of 5,000 lux or higher) each day
- Exercise early in the day
- Reserve your bedroom for sleep
- Spend time winding down before bedtime
- Put clocks out of sight once you’re tucked in
At the end of your day, Darken suggests, keep the lights dim and avoid anything that involves the outside world. That means social media, news reports and emails. Read a book, she says, take a relaxing bath or listen to music you enjoy or a soothing podcast.
Our Commitment to Covering the Coronavirus
We are committed to reliable reporting on the risks of the coronavirus and steps you can take to benefit you, your loved ones and others in your community. Read Next Avenue’s Coronavirus Coverage.
“Maybe your mind is going all day, being anxious about the virus, your bank account or whether you will run out of toilet paper, but it’s not helpful to think about all this at bedtime,” Darken says. “If you start to think about your anxieties, tell yourself to stop, that you’ll think about them tomorrow instead, say at 10 a.m.”
Set Aside a ‘Worry Hour’
Leslie Davenport agrees. A licensed integrative psychotherapist based in Tacoma, Wash., Davenport recommends setting aside a “worry hour” each day to address anxieties.
“That helps us develop a strength, just as you would strengthen a muscle, over our mental habits,” she says. “Designate a specific time to let yourself be with your fears, a time when you can write, think or talk with a friend. That allows you to honor your feelings and give them an outlet, and it also gives you more influence over your feelings.”
If your mind is reluctant to restrict gloomy thoughts to just an hour each day, Davenport cautions, you’re not likely to get a good night’s sleep even if you follow the recommended sleep hygiene steps.
She recommends staying attuned throughout the day to when your mind starts to race and then “reeling yourself back” to the present moment.
Davenport offers this metaphor: “If you’re driving 60 miles per hour all day, you don’t keep going at that speed as you pull into your garage,” she says. “Whenever you catch yourself making up a doom story about the future, slow down. Try to let go of projecting, and just be in the moment.”
That can be a challenge, especially because we’re all subject to the “negativity bias,” Davenport says. “Research shows our brains are more tuned in to bad news than good news. And a negative event is amplified five times over a positive one in terms of how our brains or bodies react. That’s another reason why being intentional at this time is so important, so we can get our thoughts and feelings back to a neutral place.”
Try Relaxation Exercises Just Before Bed
A master yoga teacher based in Oakland, Calif., Margi Young teaches classes, trains yoga teachers and leads retreats all over the world. But sometimes, when she slides under the covers at night, her fears for the future rise up.
“Just as we lie down, ready for sleep, sometimes our minds wake up and race toward terrifying thoughts,” Young says. “It’s so easy to put ourselves in a contorted posture and start catastrophizing.”
Young knows how to call a halt to that and her tips are useful for anyone, whether or not you’ve ever practiced yoga. “To calm anxiety and avoid insomnia,” Young says, “I recommend a quieting of the body and the mind through a yoga pose called “shavasana,” which brings mindful relaxation.”
You can do the pose on the floor or in your bed. “With a pillow under your head, lie on your back in a neutral position, with your arms resting slightly away from your body and your legs a little apart,” Young says. “Then scan your body, noticing places that feel tense. Let that tension release until you feel your body softening, melting into the bed or the floor.”
Next, Young recommends, pay attention to your breathing. “This is science; breathing mindfully helps calm your nervous system and helps slow your heart rate and your metabolism,” she says. “Inhale deeply to a count of four, breathing all the way to your fingertips and to the tips of your toes. Then exhale to a count of six. Do this six times, and you should feel yourself sinking into sleep.”
Some people fall asleep easily enough, but awaken long before morning. Others can’t get back to sleep after getting up at night to use the bathroom. “That’s when I always want to think terrifying thoughts, but I make myself breathe with the longer exhale again,” Young says. “Without fail, I put myself back to sleep.”
Rest well.
Patricia Corrigan is a professional journalist, with decades of experience as a reporter and columnist at a metropolitan daily newspaper, and a book author. She now enjoys a lively freelance career, writing for numerous print and on-line publications. Read more from Patricia on her blog.