Here's what you saw on Good Day Alabama for March 31, 2015:
JEH JEH LIVE - Jeh Jeh joins us live from the McWane Science Center for Spring into Science: Five Days of Fun. McWane has a full week of excitement for Spring Breakers! Get lost in Mindbender Mansion, the newest travelling exhibit that will put your brainpower to the test. Enjoy public demonstrations featuring the brain and other science experiments or take in one of the IMAX movies in the DOME theater. It is open each day from 9 a.m. until 6 p.m. For complete details, visit mcwane.org.
MONEY TUESDAY - Long-Term Care insurance- Generally, Stewart would not recommend a hybrid long-term care policy and life insurance unless there is a need for the life insurance. If you have no children and few heirs, paying for life insurance is not a good fit. Remember, there is a cost for the life insurance and the life insurance company is in the business of making money so don't buy it unless you really need it. Your alternatives are to self-insure or purchase a traditional long-term care policy.
• Self-insure. The average cost of nursing care is about $70,000 per year. If you have around-the-clock in-home care, you can expect annual costs of $100,000. The average nursing home stay is less than three years. With your level of assets and income, you can afford to self-insure. In the highly unlikely event that you ran through all of your assets, Medicaid would pay 100% of your nursing home costs.
• Buy a LTC policy. When you buy LTC insurance, what you are doing is buying a 'block of money'…a policy that pays a daily benefit for a certain number of months. Again, the insurance company has calculated the premium costs so that on the pool of policyholders, they will make a profit. If you needed to protect assets for a surviving spouse or children, buying a LTC policy might make perfect sense. You can certainly afford to pay the premiums on a policy and for some people this provides peace of mind and, therefore, is worthwhile.
Power of Attorney- One thing Stewart would be concerned about is making sure that you have a Power of Attorney document where you have nominated someone to act as your 'agent' for financial matters should you become incompetent due to an accident or sickness. Be sure this document conforms to the new language passed by the Alabama legislature on January 1, 2012.
Advanced Directive for Healthcare- Similar to the power of attorney, the advanced directive for healthcare allows you to nominate someone to make healthcare decisions for you should you be incapable of doing so yourself. It also allows you to indicate the level of care you desire such as feeding tubes, hydration, pain relief, etc.
Last Will & Testament- You didn't mention having a will but I assume you do and that it reflects your current thoughts on how to distribute your assets at your death. You have a wonderful opportunity to benefit one or more charities. If you plan gifts to charities and individuals, use retirement accounts for charities and non-retirement assets for individuals in order to maximize tax efficiency.
Annuity in your retirement account- Typically I don't advise purchasing a retirement annuity. One of the primary advantages of an annuity is tax-deferred growth which you receive with or without the annuity inside an IRA. The result is often increased and unnecessary expenses. Review all of the expenses in your annuities and consider rolling your annuities over to your IRA account. Be careful to avoid surrender charges that often last five to seven years from the date of purchase.
Delay taking Social Security- You indicated that you plan to begin taking Social Security based on your own earning at age sixty-nine. If you wait until age seventy, your benefit amount will rise by 8%. This is quite a nice boost for waiting one year, particularly considering the higher benefit will last the rest of your life! Since you're already receiving $1,700 per month in Social Security widow's benefits which you'll give up, the lower amount for one year will likely not affect your lifestyle at all.)
BETH K - Let's take a look at what researchers know and how you can help them find out more!
• When you're stressed out for a short time, you might find your appetite dropping. Who hasn't been through a bad breakup or experienced a death in the family and found it hard to eat?
• But what about that daily, long-term stress? Money problems, getting the kids to school on time, and too much work to do? You may have heard that this everyday kind of stress can make your body make more cortisol. Cortisol is a stress hormone. If you make extra cortisol for short periods of time, it probably won't hurt your health. But over the long term, it could make it harder for your body to handle processed, simple carbohydrates like high sugar foods. You might also crave these same sugary foods – the same ones your body is having a hard time handling! This vicious cycle of craving and eating unhealthy foods could and your body's inability to handle them could lead to weight gain. It could also lead to weight gain around the middle of the body (that annoying belly fat!). This fat around the middle is particularly unhealthy for you.
• BUT, much of this is speculation and we need more research to figure out what's really going on.
• This is where you come in! Dr. Doug Moellering, a research in my department, is doing a study find out more about the relationship between stress and what you eat and he needs your help!
Join the Stress and Eating Study:
• African-American & Caucasian Women
• 20 – 45 years old
• Do not have diabetes
• Normal to Obese body weight
• Willing to come to UAB for 2 visits
• Call 205-975-5664
Here's what you get if you qualify:
• Up to $125
• Full diet analysis with dietary advice
• Stress Analysis
• Body fat and location analysis
• Microbiome Analysis
• Call 205-975-5664
This study is funded by the Minority Health Research Center.
GENE SIMMONS - Gene Simmons sold more than 100 million albums with KISS and roughly $1 billion worth of merchandise, including his bestselling books, KISS and Make-Up and Me, Inc. Now, the founder of Monster Mini Golf and Gene's business venture partner Christina Vitagliano pays homage to rock's living legend in the new authorized parody - 'Gene Simmons Is a Powerful and Attractive Man: and Other Irrefutable Facts.' Based on a phrase Gene himself uses, this book is fully authorized by Gene, who also contributed the foreword. Christina Vitagliano is the envy of all women. Her rare access to Gene allows her a unique perspective on his awesomeness. She shares more than 250 outlandish "facts" about everything from Gene's stage persona to his legendary sex life, love, his fans, finances, self-promotion, and, of course, that tongue. In a hilarious foreword by the man himself, Simmons recalled how watching The Beatles' U.S. television debut launched his path to greatness.
ASK THE ANGLER - Reed Montgomery answered viewer questions about fishing. you can contact him with your questions at 205-663-1504 or on his website fishingalabama.com - there you can find lake reports, fishing tips, upcoming events, and more.