Knowledge Is Power

When I was in first grade, I remember looking at what then seemed like a gigantic announcement engraved in our school building that said “Knowledge Is Power.” I didn’t know what that meant at six years old, but it became abundantly clear as the years went by — and it’s certainly true today.

As baby boomers are aging and getting ready to retire, or are managing the affairs of their parents, they have to be armed with good information. That’s a fact. As our economy tips between those who say we’re in a recession and those who say we’re only near one, many of the first boomers who had expected to quit work are reconsidering — and rightfully so.

The stock market is currently a bit better, but certainly not where it had been. For those boomers whose futures are tied up in company stock that went down like a steep rollercoaster descent (think Bear Stearns), the future could be bleak. Tack that onto boomers whose home values are going south due to the housing bust.

So some who might have retired this year are now thinking of holding off for a few more years at least, waiting for the economy to get legs or waiting to acquire more years to earn a higher defined benefit pension check. For boomers whose retirements are tied up in 401(k) plans, the option of waiting for the higher defined benefit pension check is not one. Some potential retirees are evaluating buyout packages from employers looking to downsize. They need good information and advisors to make those kinds of life-altering decisions.

There was a great article in the March 31, 2008 edition of Newsweek titled “Retirement Postponed” that is worth reading and talks more about all of this. I’ve also mentioned in earlier blogs about useful information available from the State of Ohio. Check out the Ohio Department of Insurance Web site at www.ohioinsurance.gov and look over lots of information on consumer services.

One of the topics on that Web site is long-term care planning. That subject is also covered in the latest issue of Aging Connection at www.goldenbuckeye.com. We’ll peruse that in a future blog, since it’s important. I’m a big believer in long-term care planning and long-term care insurance.

In wrapping up this blog edition, I want to call your attention to a conference that is coming up on Saturday, April 19 from 10 a.m. to 2 p.m. at Summa Health System in Akron. Titled “Caring for Your Parents,” it promises to be full of important and useful facts. Call 800-544-4549 or register online at pbs4549.org. It’s free. All you had to do was watch the national PBS program Caring for Your Parents that aired on April 2 on PBS 45 & 49 to know that there are many twists and turns in this important journey of caregiving. The better prepared you are and the more you reach out for help can make all the difference.

Remember the importance of that sentence first seen through the eyes of a six-year-old that is even more significant today: Knowledge Is Power!

[editor’s note: Full-length panel discussions of the PBS 45 & 49 production Caring for Your Parents: A Local Follow-Up are available for viewing on demand at pbs4549.org/caringforyourparents.]

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Past Post

Getting on the Same Page (March 10, 2008)

Ticking Toward 100 (Feb. 25, 2008)

Smart Aging Requires a Full Dance Card (Feb. 11, 2008)

Time on your hands (Jan. 28, 2008)

Getting Ready for Retirement — Can You Hear Me Now? (Jan. 14, 2008)

Karen Talbott

President, Visiting Nurse Service and Affiliates

I am a native of Cadiz, Ohio (the infamous birthplace of Clark Gable), a resident of Fairlawn, Ohio, and am the president of Visiting Nurse Service and Affiliates, which is the largest comprehensive home health care system in Ohio. I am also a Fellow of Hospice and Home Care, one of only a few so designated in the United States by the National Association for Home Care. At Kent State University, I received both bachelors and masters degrees.

I’ve always been interested in the health care industry and especially as that relates to services for the senior population. That has led me to be involved in many community organizations such as the Senior Independent Living Coalition and Social Services Advisory Board in Summit County.

I’m privileged to have been recognized for my professional work over the years, including Crain’s Cleveland Business’ Woman of Note; Northern Ohio Live’s Top Woman Rainmaker Award; 2006 Extraordinary Woman Award from the Akron Beacon Journal; and more.

I’m a baby boomer. One of 78 million in fact. Lost in a crowd — no way! Baby boomers and those before us will leave and have left their mark on America for generations to come. Now that’s exciting.