Notes from Steve
Ok, so I'm going to be 62 in a matter of weeks. I met with my lawyer a couple of weeks ago and did all the will/trust stuff. I identified my Powers of Attorney for my finances and health (family members) and reviewed all the retirement stuff. I was surprised by a lot of things. 1. I didn’t realize that IPERs (our retirement benefits at the hospital) when paid out are exempt from State of Iowa taxes*. And (according to my friends getting ready for retirement this is HUGE), Iowa Specialty Hospitals & Clinics employees** can keep their health insurance until Medicare age if they retire early at the cost they are paying now (plus increases if the cost goes up yearly). This was a lot of information for me to digest.
So, on the power of attorney thing - if you have parents or loved ones, it makes sense to designate powers of attorney who can make decisions for them if they are incapacitated. We all get asked these questions all the time, but unless they’ve actively done something (like sign a paper or .. something), it’s not done. Don’t wait until it’s too late. (When my dad was in hospice - he signed over everything possible so it was easier in the end. This is/was emotionally hard, but he knew at the time, it was the right thing to do.)
I saw this TikTok last night, and I sent it to a friend. The guy (who had a white lab coat, so he was probably an expert) said that movement is the most important thing as you get older. Like when you have an orthopedic procedure, and they get you up to walk right away? That’s important. The guy said if you don’t move, you wither and die (that’s my interpretation). As you age, move a lot daily. Engage socially and walk. Do that pickleball thing.
*IPERS benefits are subject to federal income taxes, but they are excluded from Iowa state income taxes if you qualify.
**Check out the “VOLUNTARY EARLY RETIREMENT PLAN” on the intranet for specifics (like 62 years old and at least 15 years of employment or 55 years old and 33 years of employment … and there’s other stuff)
