Willamette Living Oct/Nov 2019

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REAL ESTATE PROFESSIONAL HELP: Tips from local leaders in their industry Ask Annette Talk about Radon! By Annette Seivert When buying a home you can order a number of inspections. Other than the obligatory whole-house inspection, there are the options for roof inspections, sewer scopes, well and septic inspections (unless you are on city water and sewer), boundary surveys – and Radon. So what is Radon and why would you spend the money to test for it? Radon is a naturally occurring gas. 13000- 15000 years ago, giant glaciers melted and enormous amounts of water, called the Missoula Floods, pushed huge amounts of sediments and stone down into what is now Oregon (and probably elsewhere as well, but that is what is important for our exploration here). These sediments and granite contained uranium from which, Radon is a break-down product. Because rocks and sediments are not distributed evenly, whether or not your future or current home has a Radon problem does not necessarily depend on the surrounding risk levels and test results. Radon is a known cause of lung cancer. People who never smoked but used a basement room extensively, unaware of its high Radon levels, were diagnosed with late stage lung cancer. Often, the children’s rooms are on the daylight basement level. If for nothing else than peace of mind, measuring the Radon level is simply good practice. Readings will be different in different seasons, temperatures, etc. You can have it measured professionally by an inspector or do it yourself with a kit you can get at a hardware store. Self-test kits can be long and short term. A reading over the EPA max level of 4 pCi/L should be mitigated. For this a reputable radon mitigation company will install suction points and vent the Radon out with a fan system. The mitigation company should guarantee they will lower the reading below the EPA level. For the price quoted, make sure they do even if they have to use multiple suction points. Tests should be repeated every few years. Ask a specialist! I often hear hesitation when I recommend additional inspections but Radon should really be tested in any case. Better safe than (very) sorry. Annette If your property is listed with a real estate broker, please disregard. It is not our intention to solicit offerings of other real estate brokers. We are happy to work with them and cooperate fully. © 2018 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each office is independently owned and operated. © 2018 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity . Each office is independently owned and operated. Information deemed reliable, but not guaranteed. Do you have a real estate question? Ask Annette, at Coldwell Banker Valley Brokers in Corvallis 541-207-5551 38 Willamette Living Magazine October / November 2019
On the Money PROFESSIONAL HELP: Tips from local leaders in their industry Does Your Retirement Plan Account for Inflation? Here’s Why You Need to Make Sure It Does – And What to Do About It YOUR FINANCES By Sten Carlson Today it’s common for Americans to spend 2, 3 or even 4 decades in retirement. This means people have ample time to relax and achieve a bucket list of dreams. However, the flip side is that retirees need to ensure they have enough savings to last through their lifetime. One complicating factor is that inflation is a fact of life, and it can result in meaningfully higher expenses over time. Living costs increase even with modest inflation By historical standards, the impact of inflation on Americans’ expenses has been relatively low, rising less than three percent annually over the last quarter century. Yet, even modest inflation adds up. A three percent annual increase means living costs would double in less than 25 years. Consider this example: a retired couple planning to live on $60,000 in 1994 would require $103,842 today to maintain their standard of living.1 Some costs can grow more quickly What this reality means is that if you are preparing for or are in retirement, you need to account for inflation, regardless of how modest it may be. And, while you should plan for inflation to affect all your retirement expenses, you can expect some costs to make a bigger impact: • Health care – as you grow older, it’s likely that you will require more medical attention. Health care costs are rising, which is affecting both out-ofpocket expenses and insurance premiums, including Medicare and longterm care policies. • Housing costs – by the time you’ve reached retirement, you may have paid off your mortgage. But other expenses like insurance and property taxes can sometimes rise significantly, putting more stress on your retirement budget. If you plan to move to a different home, it might cost more than you expect depending on the real estate market in your area. • Miscellaneous expenses – in retirement, day-to-day expenses such a groceries, gas, and utilities bills, as well as travel and entertainment costs will increase – all of which can add up quickly. There are steps you can take today to help prepare for the impact of inflation. If you still have time left before you retire: 1. Increasing your retirement plan contributions annually – recognizing that living costs will rise throughout your retirement, consider boosting your retirement savings each year. If you can, maximize your contributions, or at least save enough to match the rate of inflation. Doing so will put you in a better position to manage higher costs in retirement. 2. Own a tax-diversified retirement portfolio – along with your tax-deferred workplace retirement plan or IRA, focus on building savings in other vehicles. This includes Roth IRAs and Roth 401(k)s (if available) that can potentially generate tax-free income in retirement. Any income you can generate that is tax-free will reduce your total withdrawal amount since no taxes are due. That can help your retirement savings last longer. 3. Keep working – this is not the answer everybody wants to hear but staying at your job for a little longer than originally planned can help boost your nest egg and reduce the amount of time you need to live off your savings. If you are retired: 1. Invest to keep up with inflation – while it’s important to take some risk Sten Carlson, CFP®, CLTC, CKA, MBA, is a Financial Advisor with PacWest Wealth Partners, a financial advisory practice of Ameriprise Financial Services, Inc. in Corvallis, Oregon. He offers fee-based financial planning and asset management strategies and has been in practice for 25 years. To contact him, visit the team website at www.PacWestWealthPartners.com or call at 541-757-3000. Office address is 2396 NW Kings Blvd., Corvallis, OR. off the table in retirement and move to more conservative investments, it is possible to be too conservative. At a minimum, make sure your investments are returning enough to keep pace with inflation. Depending on your circumstances and retirement goals, you may want to continue investing a portion of your portfolio for growth. 2. Understand your income streams – knowing what sources you have to draw from, such as a workplace retirement plan, IRA, annuities, and Social Security – and which ones you will withdraw from first – can help you make tax-efficient decisions that preserve your savings. 3. Consider working in retirement – returning to work may not be ideal, but if your savings come up short, working part-time or as a consultant can help solidify your financial picture. Whether you’re preparing for retirement or have already stepped away from your primary career, it’s important to have a solid plan that realistically estimates your financial need for retirement – which means taking inflation into account. If you need help getting started or deciding if you need to adjust your existing plan, consult a financial advisor in your area. 1 Bureau of Labor Statistics, Consumer Price Index (CPI-U) with dollar amounts determined using BLS Inflation Calculator (https://data.bls.gov/cgi-bin/cpicalc.pl) Sten Sten Carlson PacWest Wealth Partners in Corvallis, OR. Contact him at Sten.E.Carlson@ampf.com 541-757-3000 Ameriprise Financial Services, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation. Investment advisory products and services are made available through Ameriprise Financial Services, Inc., a registered investment adviser. Ameriprise Financial Services, Inc. Member FINRA and SIPC. © 2019 Ameriprise Financial, Inc. All rights reserved. www.willametteliving.com 39
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