The SD-PFS*Ticker

Vol 4, Issue 3

September 2014

Dear Clients and Friends:

I scream, you scream, we all scream for ice cream! Such a simple pleasure, but most of us take for granted the ease with which we satisfy our craving for this everyday treat. Have you thought about who will change your light bulbs when you can no longer climb a ladder? How will you remain socially active later in life?

Vicky Rogers' article below talks about the groundbreaking work being done at MIT's AgeLab concerning the needs and challenges faced by our aging population. It even includes a special suit!

We hope you'll find something useful in the information that follows. As always, please feel free to call us with any questions or comments at 412-261-3644.

How will I get an ice cream cone?

... Victoria Rogers

As summer winds to a close, it's time to reflect on the simple pleasures. A warm Saturday evening at the local ice cream stand, friends and neighbors, a little league team, damp children coming from the local pool - all queuing up for a quintessential American treat. Sitting on a slightly sticky bench chatting with those nearby, watching the little ones try to master the challenge of licking, but not toppling, the ice cream. Now fast forward, you are 87 years old. Due to health and safety considerations, a simple summer pleasure may no longer be simple. How do you get an ice cream cone on that lazy summer evening?

The Massachusetts Institute of Technology (MIT) has a cutting edge program to address this question. The MIT AgeLab was founded by Joseph Coughlin, PhD. Dr. Coughlin, along with his team, is focusing considerable expertise in developing new and innovative technology to improve the lives of older adults. He reminds us that "Retirement planning must go beyond money alone..." The appeal lies in the fact that although the AgeLab has statistics and research, they can create simple, thought provoking illustrations. The ice cream question comes from their recent research series, Three Questions That Predict Future Quality of Life.

Part of the research deals with perceptions. You may know that Grandpa has problems seeing and walking, but to actually experience the difficulties of aging may encourage empathy and lead to innovation. MIT's AgeLab has created AGNES: the Age Gain Now Empathy System (pictured above). A bodysuit equipped with weights, goggles and resistance bands that enable the user to experience the friction, fatigue and frustration that afflict many older adults. Results from using the system are already providing benefits. For example, CVS, the pharmacy chain, recently made the news by banning the sale of tobacco in their stores. CVS has committed to reinventing the pharmacy concept, including changing their name to CVS Health. The pharmacy giant also contracted with the MIT AgeLab. Using AGNES, researchers suggested a store layout more sympathetic to older adults which includes lower shelving with better sight lines and fewer, better organized product brands to reduce confusion.

We've had the pleasure of attending presentations given by AgeLab's partner, Hartford Funds. Hartford utilizes their research and consults with the AgeLab in the Finance and Longevity Planning research projects. As we are living longer and healthier lives, retirement planning has transformed into longevity planning. Remember when the most important aspect of retirement planning was to determine the "number" you needed to safely fund your retirement? Today, we ask how you envision your retirement. Traveling? Volunteering? A home in a warm climate? The proper focus is on quality of life. These are questions that should be answered during the working years. The need for lifetime planning becomes clear. You are not striving for a number. You are structuring life, step by step, around achievable goals.

The AgeLab research is not only for the aged. Multi-generational research topics include Investment Anxiety as a result of the recent "great recession" and Investor Perceptions, how the experiences, economics and technologies shape perceptions across generations.

Intrigued? You can volunteer for a study here.

Take a few minutes and visit the sites mentioned. You'll be amazed at the depth and breadth of research.

Visit the MIT AgeLab to explore the research and technology utilized.

Read Dr. Coughlin's blog "Disruptive Demographics" for more insights.

Coming Soon!

We will soon be mailing out our resource guide for
eldercare needs. Over the past year we've been meeting with professionals dealing with many aspects of advanced care. We've created a short guide for your use. For even more information, please visit the Schneider Downs Wealth Management Advisors' Eldercare page.

Also, please visit our newly refreshed website!

The Schneider Downs Wealth Management Team

Don, Nancy, Beth, John, Vicky, Theresa, Karen, and Julie Ann.

"Aging is not lost youth but a new stage of opportunity and strength"

~ Betty Friedan

SD Toolbox
Links to tools, calculators and web apps we like.

Brain Training

Pittsburgh Transportation Services for Seniors

Estate Planning Booklet

Articles of Interest

How to Stay Socially Engaged as You Age

Ten Warning Signs of Alzheimer's

What We're Reading

"Thelonious Rising"
by: Judith Richards

Thelonious Rising is the story of a young boy named Thelonious Monk DeCay and his life in New Orleans, before, during and after Hurricane Katrina. The characters and locations are so well-written, you'll feel like you lived through the storm as well. It's a story full of love, loss, joy, pain and hope. We all saw the news reports during the storm, but too often we lose sight of the individual experiences of such an event. This book brought it all to life. In the spirit of full disclosure, I read it because it was written by a friend's mother. I'm so glad I did, and you will be, too. Judith Richards is now one of my favorite authors!

We've had reports of clients receiving IRS inquiries via email or phone. The IRS will always send a notice via U.S. mail first. Do not click any links. Do not offer personal information. If you have questions call your local IRS office. In Pittsburgh that number is
412-395-5667.

Links within this newsletter are for informational purposes only. Material does not necessarily represent the views of SDWMA, and all information is believed to be from reliable sources; however, we make no representations as to their completeness or accuracy.