Ask Our Experts
By: Source: AARP Bulletin Today Date Posted: 2005-01-21 15:31:00-05:00
The AARP Bulletin's Ask Our Experts column provides answers to important questions affecting older Americans. Read below for this month's column, or review our archive of previously published questions and answers sorted by topic. (Note: Recent news or changes to regulations may affect the guidance offered in this previously published column.)
Submit your own question to the Ask Our Experts column via our easy-to-use online form.
Q. My father, who is 86, has had a heart attack and has been diagnosed with Parkinson’s in the last year. My sister and I have taken away his driving privileges because we feel he cannot manage safely. How can we help him accept that he can no longer drive?
Persuading someone that it’s time to stop driving is rarely easy. But a trusted family physician may be able to help by talking to your father about how health problems can affect driving safety.
You might also urge your father to try other ways of getting around, such as public transportation (many systems offer reduced fares for older people) and carpooling with friends and relatives.
For more guidance, get a copy of "Family Conversations With Older Drivers" by the Hartford Financial Services Group and the Massachusetts Institute of Technology’s AgeLab, online at www.thehartford.com/talkwitholderdrivers, or by writing to The Hartford, We Need to Talk, 200 Executive Blvd., Southington, CT 06489.
AARP offers a free handbook, "Older Driver Skill Assessment and Resource Guide: Creating Mobility Choices." Write to AARP Fulfillment EE01668, 601 E St. NW, Washington, DC 20049, and specify stock number D14957.—Expertise provided by Brian Greenberg
Q. When I retire in a few years, I’ll be eligible for a traditional defined benefits pension, which I can take as a lump sum or in periodic payments. How do I choose?
Which payment is right for you depends on your financial needs and on your tolerance for volatility. Would you be comfortable with the inevitable ups and downs of managing the lump-sum payout yourself? Or would you prefer a regular payment that is backed by the federal Pension Benefit Guaranty Corp. or an insurance company?
Another consideration is your heirs. Periodic payments stop when the surviving spouse dies. A lump-sum payout enables you to leave a legacy if the money is managed to preserve principal.
A financial planner can help you decide. For a list of fee-only planners, call the National Association of Personal Financial Advisors at (800) 366-2732.—Expertise provided by Craig Hoogstra
Q. My father lives in an assisted living facility in Pennsylvania. What will happen when his finances are exhausted and Social Security is his only income? What are his options?
If your father lived in a nursing home and depleted his resources, then Medicaid would help pay his bills. But Medicaid generally does not cover assisted living, and unfortunately Pennsylvania is not one of the states that provide limited support under federal waivers.
So your best bet is to talk with the administrators at your father’s residence to see if they can reduce their fees or suggest sources of funding. Contact your local agency on aging, too. Don’t wait until a crisis occurs.—Expertise provided by Don Redfoot
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