Cedar Crest	UPDATED: Friday, May 16, 2008
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Keep your nest egg safe

Posted on Friday, May 16, 2008

Make sure the money you’ve saved will be there when you need it

By Joel Keller
THE ERICKSON TRIBUNE

You’ve worked hard. You’ve clipped coupons. You’ve put away every cent you could. And now that you’ve retired, you’re going to need that money to pay for everything from health care to vacations. And you want to leave something for your kids and grandkids.

Now comes the hard part: holding on to your savings. If your nest egg has any chance of staying intact—or even growing—you need to protect it from any number of hazards.

Keep your money for heirs, yourself
Fredric Azrak of Azrak & Associates, a Pompton Plains, N.J.-based law fi rm that frequently deals with cases involving seniors, recommends that people who want to make sure their children are able to inherit what they’ve been able to save contact a lawyer and have an estate-planning conference. There, the attorney and client can reveiw the client’s will and discuss other options that will help protect their money. The attorney will then recommend financial planners and insurance agents to help their clients set up these structures.

“Remember, the government can tax upwards of 40% to 50% on your estate, if it is not planned properly,” he says. “There is new legislation that will be considered before 2010 which will alter all estate plans that are presently in effect. Those changes are important, and you need to know how they affect you.”

Make smart financial investments
One of the biggest decisions that will help you maintain control of your nest egg, though, is where you decide to spend your retirement years. Jim and Bobbie Duke looked at various retirement communities when they were considering a move from their Chatham, N.J. home five years ago. What they found out was that many retirement communities who charge entrance fees don’t pay your estate back what you’ve put in it.

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The Dukes finally decided on Cedar Crest, where the entrance deposit is 100% refundable and paid back when the apartment home is resold. Given Cedar Crest is currently 90% sold out, the apartments are generally resold quickly.

But an added benefi t to living at Cedar Crest is that all incidental costs—utilities, maintenance, repairs—are taken care of through a monthly service package, which does not change throughout a particular year. “Seniors live on a fixed income,” says Raymond Guarino, Cedar Crest’s marketing director. “Here, they don’t have to worry if their roof leaks or if a pipe bursts. It’s all included in the monthly service package. It’s peace of mind.”

“I felt funny the first time I called to ask someone to change a lightbulb,” says Bobbie Duke. However, not having to worry about unforeseen housing expenses “has paid off in spades” for her and her husband.

Understand what you sign
Guarino recommends that incoming residents bring Cedar Crest’s residential contract to a lawyer before signing it; he wants to make sure they completely understand what they’re signing before they commit to moving.

Azrak, who has clients who have moved to the community, has nothing but praise for Erickson and its refundable entrance deposit. “It is a breath of fresh air that seniors now have a choice to buy into a community while maintaining the asset value of their apartment for their children,” he says.