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Fearful of outliving their savings, many older homeowners are making difficult lifestyle choices to cut expenses, according to a national survey of 1,500 people 60 to 75 years old.

The survey conducted last November by American Advisors Group (AAG), which works with older adults on financial planning involving the use of home equity, also provided evidence that despite inflation and economic concerns, some seniors have managed to weather the storm without making lifestyle changes. However, some seniors have had to cut back.

“The retirement savings crisis is a real thing. Our (survey) data highlights the severity of the crisis and the actions seniors are taking to make ends meet,” said Chris Moschner, AAG’s chief marketing officer.

“In inflationary times like these a reverse mortgage is one option seniors can utilize to generate increased cash flow by unlocking their home equity and easing the pressures on everyday expenses.”

Of the seniors who responded to the survey:

  • 89 percent believe there is a retirement savings crisis.
  • 43 percent rated the condition of their retirement savings as fair or poor.
  • 47 percent find it difficult to save for retirement.
  • 44 percent haven’t saved enough to retire comfortably.
  • 57 percent are somewhat optimistic or not optimistic at all that their savings will last through retirement.
  • 40 percent are worried about making ends meet, and almost 60 percent are cutting back on non-essentials to save money. The latter includes less dining out, travel, and entertainment.
srmedia by — March 16, 2023 in Personal Finance/Consumers
A bridge for Foothills Trail

County and local government officials participated in a groundbreaking ceremony Jan. 18. When completed, the steel bridge across the White River will connect Buckley and Enumclaw and be part of the trail that extends from Enumclaw to Puyallup.

Doing the honors at a groundbreaking for the Foothills Bridge between Enumclaw and Buckley were (from left) were Shayla Miles, executive director of Foothills-to-Trails Coalition; Pat Johnson, a former mayor of Buckley; Liz Reynolds, ex-mayor of Enumclaw; King County Executive Dow Constantine and Pierce County Executive Bruce Dammeier.

The project is funded by the voter-approved King County Parks, Recreation, Trails, and Open Space Levy, a grant from the Washington Wildlife and Recreation Program, and contributions from the Foothills Rails-to-Trails Coalition, the city of Buckley, and Pierce County.

The new bridge will double as an alternative emergency route for pedestrians and vehicles if the State Route 410 bridge at Buckley becomes impassable during a catastrophe. Without the alternative route during such an emergency, access to the area’s nearest hospital (in Enumclaw) could take much longer, officials said.

srmedia by — March 16, 2023 in News

Property tax statements for 2023 were mailed in mid-February to 174,000 owners of residential and commercial land and buildings in Pierce County, bringing news of mostly “moderate” increases in tax bills.

Real estate values surged again in 2022, but statutory limits on property tax rates reduced the rate (per thousand dollars of assessed value) by over a dollar in nearly every taxing district, with “significant tax increases” where voters approved new levies or bonds, said county Assessor-Treasurer Mike Longergan.

“As a result,” Lonergan said, “we see moderate tax increases in most of Pierce County,” and even “small decreases” in Edgewood and Sumner, where a school bond was paid off.

Countywide, property taxes this year total $1.8 billion, a 5 percent increase over the amount billed in 2022, for an average tax bill this year of $5,579. The taxes pay for city and county governments, fire districts, emergency medical service (EMS), parks, libraries, roads, Port of Tacoma, Sound Transit, and flood control. Fees are also included for conservation programs, noxious weed control, and surface-water management.

Taxes are determined by multiplying property value by the combined rate of all taxing districts where the property is located. Unless new taxes have been approved by voters, most taxing districts are limited to receiving 101 percent of the previous year’s property tax revenue, plus taxes resulting from new construction.

Seventeen new levies in 10 school districts, plus levy lifts or EMS levies in five fire districts, were approved by voters last year.

Tax payments are due in two halves by May 1 and Oct. 31. For some homes, the payments are made through a mortgage escrow account with a bank or mortgage company. Taxpayers with questions may contact the assessor-treasurer’s office online or by calling 253-798-6111.

 

OVER 61 OR DISABLED? TAX EXEMPTIONS COULD APPLY

Property tax exemptions are available for qualified landowners who are at least 61 or retired because of a disability, and have an annual income of $45,708 or less. The exemptions, which are for six years and can be renewed, freeze the value of a home as of Jan. 1 of the initial application year and free the owner of excess levies and a portion of regular levies. The assessor-treasurer will continue to establish the market value of the property on an annual basis.

Additional information is available at 253-798-6111 for Pierce County landowners and at 206-296-7300 for King County landowners.

srmedia by — March 16, 2023 in News
Rain, rain, come and stay

By Melinda Myers

Elevate your rain barrel for easier access to the spigot for filling containers and to speed water flow with the help of gravity. (Photo credit: melindamyers.com)

 

Put rainwater to use in your landscape with the help of rain barrels. This centuries-old technique allows you to capture rainfall to use for watering ornamental gardens and containers.

Always start with a call to your local municipality. Some have restrictions on water-harvesting, but most encourage this practice and some even offer rebates or rain barrels at a discounted rate.

Purchase a rain barrel or make your own from a large, recycled food grade container. In either case, there are some features to consider when purchasing, creating, and adding a rain barrel to your landscape.

  • Make sure the top is covered to keep out bugs and debris. Some come equipped with a solid lid with an opening just big enough to accommodate the downspout. Others use a screen to keep out debris, while letting in the rain.
  • Don’t worry about mosquitoes breeding inside your rain barrel. Just use an organic mosquito controls like Mosquito Dunks and Mosquito Bits(SummitResponsibleSolutions.com..They are safe for people, pets, fish, wildlife, and beneficial insects.

 

  • Look for one with the spigot near the base of the barrel so water doesn’t stagnate in the bottom. Use the spigot to fill watering cans or attach a hose for watering. Include an overflow outlet near the top of the barrel to direct excess water away from the house or for connecting adjacent barrels. A downspout diverter is another way to manage rain barrel overflows.  When the rain barrels are full, this device diverts the water back to the downspout where it is carried away from your home’s foundation.
  • Elevate your barrel on cement blocks, decorative stands, or similar supports. This provides easier access to the spigot for filling containers and speeds water flow with the help of gravity. A water pump will boost water pressure for a nice steady flow of water.

Dress up your container with a bit of paint suited for outdoor use on plastic surfaces. And don’t worry if you are not an artist, you can hide your rain barrels with some decorative screens or plantings or upright shrubs, perennials or ornamental grasses. Just make sure you have easy access to the spout for retrieving water.

Start your conversion to rain barrels one downspout at a time.  You can capture as much as 623 gallons of water from 1,000 square feet of roof in a one-inch rainfall.  This can be a lot to manage when first adjusting to this change of habit.  Disconnecting one downspout at a time allows you to successfully match the use of rain barrels and other rain harvesting techniques to your gardening style and schedule.

The choices are many, making it easy for you to conserve water and grow a beautiful landscape.

 

Melinda Myers has written more than 20 gardening books, including The Midwest Gardener’s Handbook, 2nd Edition and Small Space Gardening. She hosts The Great Courses “How to Grow Anything” DVD series and the nationally-syndicated Melinda’s Garden Moment TV & radio program. Myers is a columnist and contributing editor for Birds & Blooms magazine and was commissioned by Summit for her expertise to write this article. Her website is www.MelindaMyers.com.

srmedia by — March 16, 2023 in Lifestyles