Increasingly in this post-lockdown society, many of us are realising life’s too short to spend most of it at work. Sharing time with loved ones, looking after our mental wellbeing and enjoying our hobbies have all taken on greater importance as we mature in years and seek true fulfilment.

And while we can’t all afford to retire at 50, there’s a perfect compromise to be found in the world of part-time work. A vast range of jobs from painting and gardening to tutoring and childcare can earn you a bit of money on the side to pay the bills and keep you active without the burden and burnout of a 40-hour working week.

You might not find all these opportunities on the Bermuda Job Board, but Mercedes Pringle-DeSilva, executive director at Age Concern Bermuda, said you don’t have to look too hard to spot them:

“Childcare is an easy one,” she said. “You have a lot of grandparents and aunties who do that before the age of 50 anyway and just carry on. It shouldn’t be a free service. It can be a hard job, especially if you look after more than one child. But, you already have that built-in trust and it also gives you the chance to spend time with the little ones, which all of us enjoy.”

Many older people turn to gardening as a rewarding pastime in their later years – but why not make some money out of it? “You could do a neighbourhood garden and get paid for your services by your neighbours,” Ms Pringle-DeSilva said. “That’s being creative. You have to be comfortable asking your neighbours to pay you, but that’s what a lot of people are doing.”

Being creative and bold, indeed, is the key to finding flexible work.

“Freelance work is still out there,” Ms Pringle-DeSilva said. “It’s about social connection. If you’re a photographer, even for fun, you can still link up with places like hotels who have the interests of the job you want to do. You’ve got to be willing to be get out there and ask; go to those events where that’s going to be a thing.”

Seniors have also tried their hand at part-time work that involves learning new skills, such as security work and dog-walking. Others seek to cash in on their vast experience, such as retired teachers who become tutors, and former lawyers who take on consultancy work: “Passing on that institutional knowledge is necessary,” Ms Pringle-DeSilva said.

Steph Brown, a recruitment partner at the Bermudian company, O My Word, said jobseekers of all ages are looking for more flexibility since the Covid-19 pandemic: “People have woken up to how short life is,” Ms Brown said. “They no longer want to work in toxic environments or 60 hours a week. They value their time with loved ones much more. Plus, companies are now offering more flexible working environments to compete for talent and this is attracting candidates to move around.”

Salary is a critical factor in choosing our career path when we’re young, but our needs change as we make our journey through life.

Ms Brown explained: “Once you get older and can choose more about where you spend seven hours a day, it’s certainly good to take a break and explore all of the thousands of career paths and opportunities available. We start to choose fulfilment over things like fancy offices, free lunches, job titles and large salaries. Working long hours and not having time or energy for other things eventually takes its toll and people pull back and find the balance.

“Our bodies need more care as we age, and we need less stress and more rest. Finding a fulfilling job where you can balance your home life too is the golden ticket – and many people are now winning in that raffle!”

What about those people who have spent much of their adult lives looking after their children and now want to return to the workforce at an older age?

“It isn’t as hard as it sometimes seems,” Ms Brown said. “I would recommend targeting smaller employers and speaking to people at these organisations who work in the same area. Not a lot of part-time roles get advertised and, when they do, the world and his wife will apply. So, jobseekers need to focus on actively contacting companies who are making money, have a good reputation and who may need someone with your skillset.”

You should also be strategic with your applications, be proactive with tools such as LinkedIn and avoid waiting for the perfect role to come up. You have to show the company what the value is by hiring you,” Ms Brown said. “Being clear in your resume on how your skills, experience and qualifications will benefit that company is essential in creating opportunities.”

If you can’t find an employer, you could start your own company so you can make money doing something you love, or try volunteering. “I have seen volunteer jobs turn into paid ones,” Ms Brown said. “Working for free is a way of being interviewed and impressing people who may have other jobs for you or know people who can use your skills.”

And, while it’s still an employer-driven market, Ms Brown predicted a bright future for workers: “We are seeing a shift from the norm and more people are quitting or moving jobs and trying new things because they are not scared anymore,” she said. “Being in your 40s and working full-time most of your life is a little like being institutionalised. It’s all you’ve ever known so it can feel scary to quit and go part-time.

“You’re not used to the extra time in the day, and it takes a good while to adjust, but if you can make it work financially I’d recommend anyone to take the leap and enjoy their home life more now than waiting wait until retirement when they might not be healthy enough to appreciate it as much.”

The post Improve Quality of Life With A Flexible Job appeared first on RG Magazines.

As a retired ‘big city’ lawyer my frugal grandfather sported a paisley ascot and shiny black dress shoes with well-worn dress pants every day and saw little reason to purchase new clothes, reasoning that if this attire was good enough for the courtroom, surely his herd of twenty cattle wouldn’t mind.

With a clean shave and Aqua Velva rounding out his farmhouse ensemble I wouldn’t call his look ‘typical’, but I would say that he had much in common with many other older men in that he maintained the ‘go with what you know’ approach to wardrobe and style in later life.

For men ‘of a certain age’, keeping up appearances by updating their wardrobe and personal style is not just a mood elevator, it can bolster confidence and actually make you look like you’ve lost a pound or two without even working up a sweat.

While there is certainly nothing wrong with sticking to your comfort zone, on a daily basis, the following guide might be just the thing to consult if you have a hankering to change things up a bit or even just tuck away in the sock drawer for future reference:

FIT IS VITAL

The brutal truth is baggy or oversized outfits can make you appear older. Instead, opt for well-tailored garments that flatter your body shape. “Despite the fact that many older men feel self-conscious wearing slim-fitting trousers, they can actually make you look slimmer,” advised Sharon Bartram, owner of 27th Century Boutique on Reid Street.

Before you head out (or are dragged out) to go shopping, take a good look at what you already have in your closet and then try to purchase an item that will co-ordinate with or extend their use.

“Particularly if you have an event to go to and you need to work within a budget, I ask men to think about what dress pants they already own and then help them pick out a new dress shirt to go with them,” Ms Bartram explained.

If possible, it is best to keep your eye out for a few timeless pieces that will never go out of style and then try to purchase them on sale when there is not an urgent use for them – that way you can choose things you actually like without overspending.

Items like a well-fitted blazer, tailored trousers, a quality pair of jeans and a couple of dress shirts will serve as the foundation for any man’s wardrobe, and not leave you scrambling when that invite to your granddaughter’s graduation comes along.

ACCESSORIZE STRATEGICALLY

Even though chunky gold chains and ID tags might have been ‘de rigueur’ in your disco dancing days, they are perhaps less essential in this modern era. But, a stylish watch might be worth the investment. As is the case with a classic leather wallet, belt, cotton pocket square, or sun-protecting hat, all of which can be found at Flatts Menswear.

Originally purchased in 1979 by her beloved father Mickey Adderley, daughter Jennifer Lindo is continuing the family tradition of outfitting the island’s men with quality clothes for work or recreation. “At the moment we are the only supplier of Big and Tall items in Bermuda,” said Ms Lindo, “and we also stock a great range of sportswear and work clothes”.

KEEP AN OPEN MIND

When it comes to updating your wardrobe both women agree that styles do change and it’s important to keep an open mind when you head out shopping. “A lot of men are used to wearing the same thing for a long time and they come in looking to replace an item with something that is exactly identical,” explained Ms Lindo. “That can be a little challenging when the item is 20 years old, and the original supplier has gone out of business!”

TRY BEFORE YOU BUY

Older men also tend to prefer not to try things on in the store because they just want to get their errand over with as quickly as possible, but that frequently just wastes time in the long run said Ms Lindo. “It’s very important to try things on before making a purchase to ensure you are actually buying the correct size.” Whenever possible it is also best to come to the shop in person instead of sending someone else to choose for you.

“Not only do older men tend to wear a different size than they once did, but the way clothes are sized and labeled has also changed,” said Ms Bartram. “I can’t tell you how often people wind up having to make a second trip to the store to exchange sizes because they insisted on purchasing the size they used to wear years ago.”

A FEW SIMPLE SKIN STEPS

When it comes to skin care however, older men tend to fall into one of two categories – those who get that it is important and those who don’t. Nevertheless, taking care of your skin becomes increasingly important as you age.

Andrea Fubler, owner of Salt + Cedar on Front Street, which carries a whole range of products specially formulated for men recommends the following simple steps:

Consistency is key when it comes to daily skincare – developing a daily routine and sticking to it will achieve the best results.

Recognise that men’s skin tends to be thicker and oilier than women’s skin, and products specifically formulated for a man will work better.

If you are only going to do one thing, make sure you wear sunscreen whenever you go out. It is essential to protect against UV rays and slow aging from sun damage.

Applying moisturiser to your face at night is another easy step as it will soak in properly while you sleep.

Using an all-over body wash formulated for hair, face and body is a great way to treat yourself and still keep things simple.

Even making sure that you are staying hydrated by drinking plenty of water can improve the appearance of your skin.

The post Good Fit Makes it Fabulous appeared first on RG Magazines.

Luckily, those in the financial industry have thought long and hard about the demographic of older adults that may approach these new technologies with trepidation.

When Clarien Bank moved away from traditional teller services in January of 2022 there was a fear that certain segments of the population who did their banking at the local financial institution would no longer be able to easily access their money.

Partnering with Age Concern, volunteers worked with Clarien’s client service team to make the transition smoother for seniors who were new to digital banking tools to help them feel a little more comfortable, whether it was help completing iATM transactions, using internet banking or opening new accounts online.

“This is a segment of the population we have thought about significantly” explained Simon Van de Weg, Clarien’s chief banking officer. “We have an executive committee at Clarien that is significantly Bermudian, so when we think about our policies and procedures we do filter it through our own needs, along with the needs of the ageing community here, so that is prevalent in everything we do.”

With the right guidance, Clarien found its older clients incredibly capable when provided with the right support and tools. The bank decided to make a shift away from “do this for me” to instead focus on “teach me how” he added.

“When you come into our branch on Front Street and look at our digital concierge you see customers being coached, trained and empowered with information and tools. The tools are there to help them manage their affairs more efficiently,” Mr Van de Weg said.

Many of the services available through Clarien can now be done from the comfort of home, including digital onboarding for opening new accounts, which can be done in less than 20 minutes and avoids having to drive into town and wait in long lines. For those who are without devices or Wi-Fi, the Digital Lounge at Clarien’s Point House location is available for free client use with the guidance from the team of banking concierges. There are also tutorials, demonstrations and tips available on the bank’s website.

“We no longer advertise our seniors’ hours but they are always there and seniors just need to ask or they can make an appointment. We’re happy to work with groups, if clients want to come in with friends or individually, to get support with tasks such as bill payment day. If ever a customer needs extra assistance, they are welcome and we are happy to accommodate to use our concierge area and have someone available to just lean over their shoulder and give them a bit of advice or the help they need to be comfortable, whether that be with logging on, payment authentication or setting up templates,” said Mr Van de Weg.

The important takeaway is that a shift is taking place and the adoption of digital tools and tech solutions means the people who continue to educate themselves and utilise the tools available to them will reap the benefits, as many of the best customer service and the best offers will be through these digital channels.

“Ask for help if you’re nervous about something. We provide access to people who can help empower you with information or advice on a wide range of client needs,” he added.

Along with providing help with digital tools, Clarien also offers advice for seniors in need of financial planning services specific to their needs and ensuring they have the means to reach their goals and live comfortably as they age.

Mr Van de Weg encouraged older adults to prepare and educate themselves as early as possible about managing their affairs and availing themselves with legal advice to help with making those decisions before the potential for cognitive decline or other ailments in which they find they need assistance with their finances and are stuck, or put themselves in a position to be exploited.

Clarien is also currently undertaking training for staff to help identify if a client is having trouble that goes beyond forgetfulness and best practices for how to handle such cases, which is why the bank continues to invest in affiliations with local organisations like Age Concern.

Along with preparing for any future age related challenges, Mr Van de Weg also encouraged older adults to continue to educate themselves on scams and cyber security: “There is an acknowledgement of responsibility to make sure that you are informed because it’s almost impossible to get away from online fraud,” he said. “If in doubt, wait before clicking on any suspicious links, and ask. There’s nothing that will ever need to be that rushed.”

In protecting yourself from cyber crime, the new technology has incredible benefits including alerts and controls through banking apps and tools: “All of our online banking tools or security devices have that level of security. If you’re guarded with your personal information and use the digital service channels, you’ll be fine.

“There will always be some variation of an online scam, and it’s something that requires education. A good financial institution will be your partner and make sure that information is made available on a regular or as-needed basis, so you’re empowered about the things you can do to be safe.”

For more information, visit www.clarienbank.com.

The post Navigating Modern Financial Services appeared first on RG Magazines.

The ‘oxygen mask’ principal is also true when it comes to self-care. No matter our age, we have to take care of ourselves in order to take care of those around us, too. So, as we are here plodding along ‘adulting’, let’s not forget to treat ourselves well also.

You can practice self-care in many ways. According to academics at the University of Kansas, self-care fits into one of seven pillars: mental, emotional, physical, environmental, spiritual, recreational, and social. Try a combination, or all, of these to maintain a well-balanced self-care routine:

MENTAL

Create a healthy mindset through mindfulness and curiosity by journaling, meditation, thinking outside of the box, creating a brain dump list at the start of each day, and taking an intentional break from screen time.

EMOTIONAL

Create healthy coping strategies for any stresses that might occur in your daily life by watching your favorite movie, listening to music, writing positive affirmations for yourself, asking others for help when you need it, and setting boundaries to protect yourself and your heart.

PHYSICAL

Physical self-care involves taking care of your body with rest, nutrition, and movement. This includes eating meals at regular times, drinking plenty of water each day, taking a daily multivitamin, getting a good night’s sleep, and trying a new group fitness class.

ENVIRONMENTAL

Take care of the places around you and the places you love. To do this, rearrange your workspace with a peaceful arrangement, explore new places, de-clutter your living space, go for walks outdoors, and appeal to your five senses.

SPIRITUAL

Give yourself a sense of meaning by spending time in nature, finding a community, identifying the values that are most important to you, and volunteering.

RECREATIONAL

It’s important to make time for hobbies and activities that interest you. Some activities include taking time for hobbies, going on an adventure, taking time to relax and do nothing, playing board games or video games, and switching up your daily routine.

SOCIAL

Build relationships and make connections with healthy boundaries by connecting with friends, calling your relatives, writing a letter to a friend, talking to a support group, and chatting with an online community.

When you’re feeling down or stressed, listen to your body and the type of self-care it needs. Taking time for you is crucial to maintain overall health and wellness and now that we know that, how do we engage in self-care here in Bermuda? Here are some ideas from the medical to the relaxing:

For those of us living in the west end, there’s a handy machine there that aids greatly in the maintenance of your health. Caesar’s Pharmacy has a ‘RoboDoc’ – a machine capable of providing measurements of your weight, height, body tissue composition and water percentage, pulse rate, blood oxygen level, temperature and blood pressure.

“The service is easy to use after the first time and also extremely low priced to ease access to it,” encouraged Krzysztof Puciaty, Head Pharmacist. “The measurements stay on the database under your login number and so you can access them at any time and compare your progress.

“It is a very simple tool but already has helped to identify high blood pressure to some of our patients who subsequently visited their GPs and got put on antihypertensive therapy. Some patients try to lose weight and they come regularly to check their weight and fat tissue percentage.”

What a convenient way to start your self-care journey!

If you’re looking for simpler lifestyle changes, consider a little retail therapy. Bermuda has plenty to choose from for a variety of budgets. To treat yourself, consider the variety of options available at Exotica Fashion & Fragrances. While looking for some fashionable undergarments or lingerie options, take a look at the body mists, fragrances, and oils as well. They can do wonders for mood, mindset and self-image.

Think you need a break from it all, but can’t afford a full day to yourself? For all you hard-working professionals out there, consider Ani’s Nail and Beauty Lounge. Located centrally in the City of Hamilton, Ani’s offers everything from full massages and facials to quick mani/pedis.

Massages have excellent health benefits that go beyond the physical. Although your breathing slows, and stress dissipates, and tension disappears, massages have also been known to offer such powerful stress relief that it’s helpful for mental health as well.

“We have people from all walks of life,” the team at Ani’s divulged. “Everyone from lawyers, hairdressers, teachers, reinsurance professionals – you name it. People benefit from stress relief and pain relief.”

It’s true you feel better about yourself when even just your hair and nails get done. No matter your walk of life, looking and feeling good is important.

“A massage is more than a massage,” the team reiterated. “It’s professional help both physically, mentally and emotionally. It’s almost like going to the gym – you look good and feel good about yourself.”

Ani’s encourages folks to give them a call if you need a last-minute appointment, to consider gift certificates for your staff or loved ones, or to take a quick dip out on your lunch break to get rid of that migraine or to get your nails done. No matter what you choose, you’ll feel better for it.

Lastly, there are a variety of complementary and alternative medicines to add to your arsenal of self-care techniques. Bermuda has practitioners of homeopathy, acupuncture, chiropractic care, and even herbal medicine to help you in your journey.

Taking time to do things that help you live well and improve your physical and mental health is the definition of self-care. Do you, and take care of yourself, as you’re the only you you have.

The post Treat and Take Care of Yourself appeared first on RG Magazines.

At the King Edward VII Memorial Hospital (KEMH), a Delayed Discharge most often occurs when a patient, particularly the elderly or those with complex care needs, is unable to return to their home safely or be transferred to an appropriate care facility, such as a nursing home.

I sat down with chief of nursing, Judy Richardson and operations performance manager, Maurizio Privatelli, to get a better understanding of the current situation at KEMH:

“The number one thing that everyone needs to understand is that the hospital itself never blocks beds,” said Ms Richardson. “We are a continuum that operates on a non-stop basis. When it comes to Delayed Discharges, what people seem to have lost sight of is the fact that behind every person is a story of complex illness, social or financial issues, or the required incidental services being unavailable. But when these stories reach the media, the hospital can never comment on individual cases for reasons of patient confidentiality.”

“On average, KEMH receives 32,000 visits a year and about 40 percent of the people currently coming through the door in need of care are over the age of 65,” said Mr. Privatelli. And, as is too often the case in these tough economic times, many of these seniors have limited incomes, are underinsured, or without insurance, which causes them to delay seeking medical treatment until they are seriously unwell.

It is important to keep in mind that Bermuda has an aging population – and this situation will likely increase if nothing changes.

Unlike what often happens in the American and British healthcare systems, “In Bermuda, it is not the hospital’s policy to wheel people out to the curb simply because the hospital has done its part,” said Ms Richardson. “Equally, the hospital is the one place that never says no. We never turn anyone away regardless of the situation.”

The island does not currently have an acute rehab facility for long-term rehabilitation so even though a patient may be ‘well enough’ to leave the hospital, they often wind up continuing to occupy a hospital bed if it is not safe for them to return home and there are no suitable care home beds available.

“The hospital has 110 beds, and they are full all the time,” said Mr Privatelli.

On average, there are 12 new admissions a day so when discharges are delayed for any reason, this directly contributes to longer wait times for Emergency Department patients who need to be transferred to a ward, which in turn impacts the amount of time that new in-coming patients must wait to be seen.

In a small community, all of this has an impact on public perception, but more importantly, it impacts patient well-being and healthcare outcomes. It goes without saying that the hospital works tirelessly to ensure that every patient has the earliest, safe discharge but this is only possible when partners inside and outside the hospital work together to achieve this goal.

As part of their ongoing initiative to improve patient flow, KEMH now has three geriatric specialists on staff who assess every person over the age of 65 who comes to the hospital.

“Regardless of what acute geriatric episode brought them through the door, the discharge plan starts at admission,” explained Ms Richardson. “Our geriatricians can consult with the emergency room staff, create daily exercise goals for patients on the ward, or advise family members on making immediate adjustments to make going home more feasible”.

The geriatric team is also available to provide round-the-clock telemedicine to help nursing homes and other care facilities determine whether a resident needs to be sent to the hospital immediately or whether a physician can see them where they reside and avoid taking a bed at the hospital.

The hospital also works with a large range of dedicated social workers, community services and integrated healthcare stakeholders for better patient outcomes including, but not limited to: Ageing and Disability Services (ADS) within the Ministry of Social Development and Seniors, the hospital auxiliary, medical gas suppliers, Meals on Wheels, PALS, Age Concern, TB Cancer & Health, Agape House, and Government and private nursing homes.

“Early intervention is the key to moving the goalposts,” said Ms Richardson. “The hospital is only one part of the island’s healthcare community. We need everyone, and everything in the community to work together seamlessly on all aspects of pre-hospital care, as well as post-discharge care.”

One of the greatest ways that members of the public can help is simply to help ensure that their loved ones are having their health assessed and visiting the doctor regularly to help them stay healthy in the first place.

Never lose sight of the fact that while the hospital is critical for acute illness, it is not the best place for seniors mentally, emotionally or physically once they are medically fit, and it is essential to make every effort to ensure that loved ones are picked up on time on the day of discharge so that people being admitted through the emergency department can receive a bed in a timely manner.

When it comes to follow-up care, anyone who is under-insured or non-insured can also take advantage of The Patient-Centered Medical Home (PCMH) programme which is an out-patient service originally established for those living with chronic diseases such as asthma, diabetes, and hypertension, who are not currently seeing a GP. The PCMH is headed by a nurse practitioner who co-manages treatment plans with the patient with the goal of achieving holistic care for complex needs.

Our hospital may continue to be a very busy place but by working together we can ensure that all patients receive the appropriate care in a timely manner.

The post It Takes A Village appeared first on RG Magazines.

The Psychology of Money

By Morgan Housel

Taking a different perspective on how we spend money, Morgan Housel shares 19 short stories that look at the psychology behind our relationship with money. Housel, a partner in the Collaborative Fund – a leading source of capital for innovative entrepreneurs – explores how it is that our behaviour towards money can dictate our financial success and unique view of the world mixed with many other influences. The Psychology of Money was Royalty Bookstore’s May pick for their Money Matters Book Club that takes place at the Bermuda National Library. Visit @royaltybda on Instagram for more information.

Anatomy of a Breakthrough

By Adam Alter

If you’re finding yourself stuck in a rut, maybe it’s a mid-life crisis or you’re feeling trapped and uninspired in your current job, this may be the book for you. Adam Alter guides readers through his two decades of research and through hands-on, practical examples helps you break free from thoughts, habits, jobs and relationships that are potentially holding you back from achieving your full potential. With a mix of stories, anecdotes and interviews, all backed with scientific studies, this book will help you see some of the greatest tools, many in plain sight, to help get unstuck and reach your goals.

Perfectly Good Food: A Totally Achievable Zero Waste Approach to Home Cooking

By Margaret Li and Irene Li

It can be pretty discouraging to open up the fridge and try to figure out putting together a decent meal with the bits and bobs of leftovers, wilted veggies and almost-empty-jars. But along with reducing our waste and saving money, this cookbook is full of tips and adaptable recipes that will make opening the fridge endlessly inspiring instead of a drag. Written by two sisters who have worked in the restaurant business for a decade, they put the professional know-how of reducing restaurant waste and therefore cutting costs into this bright and informative book but make it easily adaptable for home cooks.

Baking Yesteryear: The Best Recipes from the 1900s to the 1980s

B. Dylan Hollis

If you haven’t yet had a chance to watch Bermudian and TikTok sensation B. Dylan Hollis make some of the wackiest historical recipes and be completely and hilariously surprised by some of the results (both the good and the bad), make sure to spend some time enjoying his social media channels. Then enjoy the fact that he’s baked hundreds of recipes from many old and antique cookbooks, and picked the best of the best from each decade, and included only a few of the flops, in his first cookbook all done with his trademark wit and perfectly timed puns.

The post Educational and Entertaining Reads appeared first on RG Magazines.

Studies have shown that age-related financial decline is something that happens to all of us.

According to the National Endowment for Financial Education: “It is inevitable that people will see a decline in their financial skills and decision-making ability as they age. No one is exempt: Everyone experiences normal cognitive aging in their later years, which in turn affects various financial skills. In some cases, normal cognitive aging may be compounded by other disorders, such as Alzheimer’s disease, thereby accelerating cognitive decline and also financial skill decline. Thus, cognitive decline in aging could be as benign and gradual as commonplace forgetfulness, or as severe as full-blown dementia. The key is to be prepared for when — not if — this decline occurs.”

We can help our loved ones protect themselves against financial exploitation by recognising the signs of financial decline, and putting specific measures in place to alleviate the effects of it. The warning signs of financial decline are generally easy to spot. If you have an aging family member, you should look for the following signs:

They take longer to complete everyday financial tasks like paying bills, checking out at a cash register, or filling out important financial papers.

They show reduced attention to key details on financial documents, especially bills that may be overdue, or bank statements.

They exhibit a decline in everyday math skills related to their finances such as difficulty calculating a medical deductible, a return on an investment, or correct change for the bus or a vending machine.

They understand financial concepts less and less, showing difficulty with bank statements, especially interest rates, balances and investment risks.

They cannot comprehend risks in an investment opportunity, choosing to focus on the potential returns instead.

Of course, these warning signs are only significant if they represent a marked change from a person’s prior financial functioning. I, for example, probably show a few of these indicators right now. This is not because I am in age-related financial decline, but because I have always been a mess.

So, for fifty-somethings like me, who want to get their own finances in order, and simultaneously watch out for the elders in our lives, here are some ways to arrest the slow encroachment of age-related financial decline.

The most obvious way to help alleviate financial decline is to address the health concerns that may put elders at risk. Monitor medications, and try to encourage a diet that feeds the mind.

When elders reach retirement age, which is 65 in Bermuda, help them to simplify their finances. Get on top of legal tools like power of attorney and living trusts. Authorise your lawyers and financial planners to contact a trusted relative or friend if they suspect that financial moves are being informed by diminished cognitive abilities. Find a trusted person to monitor the elder’s accounts. This can be a family member, friend or a professional fiduciary.

The ways to assist elders with managing financial decline are timing, trust, and care. Act early, as soon as the signs appear. Choose individuals who have integrity, who you know won’t take advantage of an elder whose money management skills are slipping. And, be gentle. It’s not easy to lose control of your financial life at any age, so show compassion.

The post Arresting Financial Decline appeared first on RG Magazines.

Well, it’s 2023 now, and all those restrictions and protocols are behind us, so getting back to those bucket-list travel plans is more exciting than ever. This is especially great news for folks around retirement age, who want to see the world after a lifetime of making their mark and contributing what they could to life on earth.

Robin Warren is one such person; a sixty-something primary school teacher, and mother of adult kids, who has maintained a robust spirit of adventure into her senior years. Not even Covid-19 slowed her down, and she has plans to keep going well into her twilight time.

“I have only been 60 for (almost) five years. Age has not slowed me down – I have travelled to Canada, the US, and Brazil since 2019; all during the world’s Covid issue. I like being a tourist wherever I go, as it seems that tourists have more interest in seeing the things that locals take for granted.”

This is definitely true, as meeting locals at world renowned attractions is not really common. If you do want to meet locals, and indulge in local cultures, however, there are plenty of tours and programmes available to do just that. Food tours, shopping tours, and local guides are readily available in many popular locations, and they offer a taste of what the locals consider the best of what their homeland has to offer.

Many seniors travel to seek alternative medical treatments. Treatments that are often informed by culture, and time-tested methodology that western medicine has left behind in favour of pharmaceutical solutions. Organic, homeopathic, and herbal medical treatments are certainly worth traveling for – as are quality modern treatments that just happen to be significantly more economically viable in other parts of the world.

Ms Warren has plans to sort out a medical need in Brazil this summer.

“I am going to Brazil over the summer. This trip will be one that will pay for itself, as I am having dental work completed there at a fraction of the cost that I would have to pay here. Fortunately, I do have some acquaintances in Brazil that I want to get to know better (my son’s in-laws). Also, our summer is their winter, but comparable to Bermuda’s winter – all good for me!”

Travel is something that can truly replenish the human soul. Medical travel, food, music, and culture exploration, romance, holiday-making, and simply seeing more of the world we live in can all enhance our lives in sublime and magical ways, especially when we’ve reached a stage in our lives where we know what we like, and we’re not afraid to pursue it.

Travel agents and airlines will often incentivise travel for seniors, and people traveling with family alike. Offering all-inclusive packages that include such conveniences as ground transportation in your destination country, and access to exclusive amenities like guided tours by local experts and scheduled visits to local markets.

Another way to save on travel is to engage with frequent flyer programmes, which every airline does these days, or only travel when you have enough time to switch travel dates at a moment’s notice. Ms Warren advised flexibility with your travel dates – if you want to catch a last-minute deal.

“I have had many good deals. I have had many free tickets offered to me, and have taken many trips using them. I usually book way ahead of time, and that saves, but my travel dates are usually flexible, so that gives me the opportunity to let others go to their destination on overbooked flights. And flying anywhere for under $200 round trip is always a deal.”

Of course, if you’re traveling with a group, you’d all have to agree to get the deal. So, traveling alone is certainly more flexible, but is it safe?

“I don’t mind travelling alone; I actually prefer it unless I have a very relaxed travelling companion that doesn’t have to have everything planned out all the time. I like to plan outings, but I am not going to put myself in harm’s way. I am going to see whatever the place has to offer – be it the largest strawberry field, the smallest church, anything that sparks my interest is fair game to me.”

If you trust yourself, and know what your interests are, there’s no reason to fear traveling alone as a senior. Plan activities in safe environments – avoid slums, favelas, shantytowns, and similar areas, unless you go with a trusted local who can keep you safe. Only do things that interest you – don’t be ‘encouraged’ to indulge in something that a stranger recommends; trusted locals only! Be kind, but never overly generous with tips. Trust your gut – you’re a well-seasoned grown up.

Before long, you’ll be a world traveller, like Ms Warren.

“I have travelled to all but three states in the USA, Japan, Europe, and several islands. This, summer I will travel to Brazil and, while there, I plan on seeing the rainforest and going to see the Christ statue in Rio de Janeiro.

“I lived in England for almost two years. The three states I have not visited are Washington, Oregon, and Alaska. It seems that there is a cruise to Alaska that I may go on if the timing is right – I want to see the northern lights. I have travelled by planes, trains and automobiles. Never been on a cruise, but some say it’s cheaper to go on cruises as a lifestyle when you are older.

“Maybe I will meet someone who likes to travel, or get a job as a traveling companion with someone – who knows – life is for living, and one never knows what will happen.”

The post See the World Like a Seasoned Pro appeared first on RG Magazines.

Detective Inspector Paul Ridley is head of the Bermuda Police Service (BPS) Financial Crime Unit and has been working in financial crime for over 17 years. In the last 12 months, he has seen a “large increase in the number of cyber events” occurring in Bermuda. A cyber event, he explained, is “anything involving the loss of funds via an electronic communication of some sort.”

SUCCESSFUL SCAMS

A current scam that particularly targets seniors is a phone call from someone claiming to be from a local bank who will identify themselves with a western name:

“Typically, the name Sam Parker has been used, and they inform the would-be victim that their account is at risk of compromise, that this senior employee has identified two unauthorised transactions on their account, and that they’ve identified a suspect who’s an employee of the bank,” explained DI Ridley.

The story will go that they are trying to catch the criminal employee and they must therefore keep this secret. Victims will be persuaded to download legitimate software such as Team Viewer or Any Desk, and in doing so will give ‘Sam Parker’ access to their account. He can then transfer funds. They will be told that their funds aren’t at risk and that they will be recovered as soon as the employee is caught.

“Being seniors, they want to help, they’re trusting,” he said. Seniors are also more likely to have a landline and be at home.

Other scams he sees regularly include phishing, ‘sextortion’ and false competitions to obtain credit card information, which can then either be used or sold on the dark web.

“Phishing is relentless,” he continued. “There’s generally two kinds of emails and that is either ‘I want to assist you’, or threatening emails.” Such emails will appear to be from your bank warning you that your account is at risk. You are then persuaded to click on a link that takes you to a ‘phishing site’ where you submit your data.

The threatening emails could be claiming to have hacked your computer, and saying they will install malicious software or circulate compromising photographs of you unless you pay a sum of money.

Such emails may also suggest you have ‘won’ something, but in order to claim that ‘prize’, you have to invest. Or, you may see an advert on, for example, Facebook, seemingly from a local business whereby you have to buy a ticket for as little as $1, but in order to buy that ‘ticket’ you have to submit your credit card details, including CVC number. Then, the fraudsters have everything they need.

PREVENTION

With scammers becoming more sophisticated and ubiquitous, what can we do to protect ourselves?

Understanding the ways in which they manipulate people is vital. DI Ridley said they will often have a sense of urgency: “You must complete this,” or “only one remaining, you must put your details in now.”

Another trick, he continued, is confidentiality: “It’s the ‘don’t say anything to anyone’, because if a senior was to say that to a family member or a trusted friend, they’d say, ‘this is a scam, back out of it.’”

Another technique is to use religion to imply honesty, for example: “’I’m a religious man, I’m a God-fearing man, you can trust me’. All complete rubbish,” he said. This is just a way to build up trust with the victims.

Spelling and grammatical errors in the emails, advertisements or text messages can also be a giveaway, but DI Ridley warned that the fraudsters are “getting much better” in this respect.

If you are inputting your credit or debit card details online, he said you must make sure there is a “little padlock in the web address”. This means your data will be encrypted.

WHAT CAN VICTIMS DO?

Victims are often embarrassed by what they have done and are therefore reluctant to report the fraud, but he emphasised, that is exactly what you should do, and quickly:

“If you’re reporting that to the bank within 24 to 48 hours, they can put a freeze on that wire so it isn’t sent to whichever country it’s going to,” said DI Ridley. “The banks have informed me that the earlier it’s reported to the bank, generally within 24 – 48 hours, there is a good chance of recovery.”

But, what if someone has been coerced into doing something embarrassing online, which has been recorded, and they are now being blackmailed?

He said no one should ever feel too embarrassed to speak with him because, he continued, “if it involves fraud, I’ve likely seen it.” You should therefore report it to the police, block the email or ‘unfriend’ them from social media, and never give them any money:

“These persons don’t care for you. They don’t care for any victim. They’re only satisfied when they take every last dollar from you.”

In the case of blackmail, he added: “I’ve never seen one instance where the fraudsters have actually posted anything, because they’ll think: ‘I could still get a couple of hundred dollars down the line’. Not to say that they wouldn’t, but I’ve never known one instance where the scammers have done what they threatened to do.”

If you think you’ve become a victim of digital fraud the priority is to get your money back. Call the BPS first, said DI Ridley, and your bank second. This is because the bank will often ask for a crime reference number to confirm that it has been reported to police. If you’re quick enough, you could save your money.

The post Be Aware of Digital Fraud appeared first on RG Magazines.

Financial circumstances, family considerations, risk appetite and ambitions are unique to each person. And all are essential considerations for any investment plan. Mr Dooley said there are two basic approaches that LOM takes with clients planning to grow a retirement nest egg.

“We can run through it based on what you think you can put away every month or year between now and when you want to stop work,” Mr Dooley said. “Or alternatively, we can work with what you think you’re going to need in your first ten years of retirement, and then work backwards to calculate how much you will need to save.”

Inflation is a critical variable to consider. The past year alone has been a harsh lesson of how the cost of living can rise over time.

“You have to save enough for the years after work and make sure your savings at least keep pace with inflation, because in ten or 20 years, $1 million will not buy what it does today,” Mr Dooley said. “Inflation eats away at the value of your savings.”

The effect can be significant. For example, if inflation averaged a relatively modest 2.5 percent over the next 20 years, cumulative inflation over the period would amount to almost 64 percent. In other words, in order to have the purchasing power of $1,000 today, one would need about $1,640 in 2043.

Time is an investor’s friend — the earlier you start the better. Mr Dooley’s LOM colleague Jason Chlup, an investment adviser, offered an enlightening perspective on this during a local radio interview in June.

Based on average stock market returns over time, Mr Chlup said that to save $1 million in 10 years, one would need to invest $5,200 a month. Over 20 years, the same target would require $1,500 a month and over 30 years, about $580 a month.

While the numbers are approximate and the past is not an indication of future returns, the estimations make clear the value of starting early and the power of compounding returns. In the 30-year example, about 80 percent of the $1 million would be made up of investment gains and only 20 percent actual contributions.

As a rule of thumb, Mr Dooley recommended saving a proportion of income equivalent to half your age. “If you’re in your 30s and you’re in a position to save, then try to think about putting away 15 percent of your income. In your 50s, maybe if your children have flown the nest and you’ve paid off most of your mortgage, maybe you can try to save 25 percent. If you can, it’s good to save more as you approach the ‘golden years’.”

The investment landscape has changed markedly with the rise in interest rates, making fixed-income securities, such as bonds, more appealing than they have been for more than a decade. In mid-June, the yield on a 10-year US Treasury bond was trading at close to 3.8 percent, having climbed from less than 0.7 percent three years earlier.

Bonds tend to be less volatile than stocks, but generate lower returns over time. Getting the correct balance between the two in an investment portfolio is partly about age, Mr Dooley suggested.

“Since the great financial crisis of 2008, interest rates have been unusually low and holding bonds was only slightly better than burying your money in the backyard,” Mr Dooley quipped. “Having some bonds was still useful as a safety net, or a balance to your overall portfolio.

“But now we can get higher yields, it’s possible to make more than inflation on bonds, so I believe we can go back to the 110-minus-your-age rule — it used to be the 100 rule, but that has changed because we’re living longer.

“So, if you’re 40, 110 minus 40 is 70, so you could have 70 percent of your portfolio in equities and the rest in bonds and cash. If you’re 60, then maybe you should dial back to 50 percent in stocks.”

Diversification is another critical element of investing. Mutual funds that invest in multiple different securities are one way of avoiding the all-your-eggs-in-one-basket risk. LOM manages several funds with differing strategies, from money-market and fixed-income funds to equity growth, innovation and opportunity, and emerging-markets funds.

LOM’s Stable Income Fund is one Mr Dooley suggested could be especially attractive to retirees. It invests largely in what he calls “boring equities”, such as electric utilities, oil giants and pharmaceuticals, and makes monthly payouts that amount to an annualised dividend yield of 3.9 per cent.

“These are mature companies that may not grow as fast as younger ones, but they are more stable and throw out a lot of cash to shareholders,” Mr Dooley said. “Also in the fund, we have some longer-duration hybrid securities, such as preferred shares with a $25 par value, an area of the market that most people don’t pay too much attention to, but where we have found some good yields.”

So, what should a rookie investor look out for in an investment adviser? Mr Dooley, who is a chartered financial analyst, suggested it should start with credentials.

“I’m not saying that everyone with credentials is a stand-up person, but I do know that to become a CFA, you have to go through a rigorous three-year process that shows you are dedicated to your profession and it includes an ethics element,” he said.

“Then I would look at the firm and the reputation it has in the community, how long it’s been around and who their clients are. Then it comes down to whether you have chemistry with your adviser and whether they’re asking the questions that really matter to you.”

This article is for information purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument, investment product or service. Readers should consult with their brokers if such information and or opinions would be in their best interest when making investment decisions. LOM is licensed to conduct investment business by the Bermuda Monetary Authority.

The post Time is an Investor’s Friend appeared first on RG Magazines.