FocusMature2-21-13

Long-term care insurance Offering piece of mind for future needs

BY EMILY HEDGESCONTRIBUTING WRITER

Former Columbia Heights Mayor Ju-lienne Wyckoff believes in long-term care insurance. Although the 57-year-old is still healthy and working as a fl ight attendant, she knows from experience that now is the time to prepare.

Before Wyckoff was mayor (2005-06), she served on the Columbia Heights City Council. At that time, city staff and offi -cials were offered the chance to purchase long-term care insurance. Because she was in her late 30s, the cost to her was only $32.78 per month.

“It seemed like a good investment in the future,” she said.

Wyckoff took care of her mother until the end of her life, so she understands from experience how important it is to plan for the time when in-home care is needed.

“She was a stubborn woman. It was a matter of pride and dignity for her to stay in her home,” said Wyckoff. “She didn’t have long-term care insurance, but she had me. As much as I miss my mother, I wouldn’t do to anybody what she did to me.”

Purchasing long-term care insurance is one way Wyckoff hopes to stay in her home without depending solely on a loved one.

“This is one of the routes I could take that allows me to stay in my home,” she said. “I know it’s not going to cover ev-erything, but it will help to have someone come into my home to help me without dipping into savings or social security,” she said.

Minnesotans’ biggest concern about their retirement years is losing health and needing care, according to results of the

2012 State Fair Survey of Retirement and Long-term Care. A large share of the 2,400 survey respondents also said they did not know how they would pay for long-term care.

The Minnesota Department of Hu-man Services hopes more people will fol-low Wyckoff’s example. Own Your Future is a state and federal initiative to promote long-term care planning. It was launched this past fall with a letter from Governor Mark Dayton and Lt. Governor Yvonne Prettner Solon urging Minnesotans ages 40 to 65 to plan for the often expensive long-term care many will need as they grow older.

Long-term care includes medical and non-medical care to meet health and personal care needs. It includes help with bathing, dressing and other personal care, as well as memory loss such as Alzheimer’s Disease.

In 2013, AARP Minnesota will en-

courage its members to learn about Own Your Future, using social media, tele-town meetings, email and direct mail.

“If enough people save or purchase long-term care insurance, they reduce costs to the system, the government and taxpay-ers,” said Michele Kimball, AARP Min-nesota state director and executive director of the Own Your Future Advisory Panel.

“The purpose of Own Your Future is to encourage and enable Minnesotans to have a plan for their long-term care, includ-ing how to pay for it,” said LaRhae Knat-terud, director of Aging Transformation for the Minnesota Department of Human Services. “Many people mistakenly believe that Medicare will cover long-term care costs but Medicare only pays for long-term care under very limited circumstances.”

According to Knatterud, Own Your Future addresses the dramatic increase in the number of Minnesotans who will need long-term care by 2030 – because of

the tripling of people over age 85 as the large boomer generation grows old – and the need to increase the numbers of indi-viduals using private fi nancing options to pay for their long-term care. Without addi-tional private fi nancing, the state could see signifi cant, and unsustainable, increases in Minnesota’s public long-term care budgets in the future.

“For individuals, planning for long-term care means choice of care options – including where you live – control over fi nances and peace of mind for the future,” said Knatterud. Own Your Future identi-fi es 12 different fi nancing options available to individuals, including several insurance options, savings and home equity options.

For Wyckoff, long-term care insur-ance was the right choice. Although her premium hasn’t risen over the years, Wendy Zakariasen, LTCI specialist with Newman Long Term Care in Richfi eld, explained that rates aren’t necessarily locked in.

“This is meant to be similar to life insurance, but with life insurance, they’ve had 150 years to understand how to price it. Long-term care insurance is relatively new,” said Zakariasen. “They can raise rates, but they can’t raise rates on an indi-vidual, only policy series. It doesn’t happen because someone gets older or because of their health.”

Zakariasen said that the process of raising rates on long-term care insurance is a lengthy process requiring extensive studies. Once an increased rate on a policy series is determined, the insurance com-mission of each affected state must then approve it.

For Wyckoff, it’s a small price to pay for peace of mind.

“This will keep me independent lon-ger. That’s so important,” said Wyckoff. “It’s like putting money into a savings ac-count destined for an important use.”

For more information on Own Your Future, go to mn.gov/ownyourfuture.

JULIENNE WYCKHOFF

Page 2 Mature Lifestyles • Thursday, February 21, 2013 Focus.mnsun.com

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Focus.mnsun.com Mature Lifestyles • Thursday, February 21, 2013 Page 3


Those looking to bring greater wealth and fi nancial abundance into their life might be surprised to learn that knowing where to declutter your home or business, a water image, or perhaps the right shade of purple could do the trick.

Minnetonka resident and feng shui practitioner Hinda Abrahamson believes that connecting to fi nancial prosperity and abundance is no accident; it’s all about understanding how the energy and place-ment of your home supports the practical aspects of your life.

“I look at feng shui as another tool that we have in our tool kit, accumulated through experience, wisdom, and helpful guides in our lives,” she said.

Abrahamson began studying feng shui in the mid-1990s. She is a founding member and current president of the Feng Shui Society of the Midwest (FSIM), a Minnetonka-based professional and so-cial organization, open to the public, serv-ing as a community resource for the art and science of feng shui.

Feng shui, pronounced “fung shway” in English, is the Chinese art of arranging buildings, objects and environment in such a way as to achieve harmony and balance. The objective is to assist people in creating a space that supports and nurtures their needs, desires and overall well-being.

Debbie Miller, who has worked in in-terior design for 32 years, is another feng shui practitioner and member of FSIM.

She became fascinated by feng shui while working with a practitioner on an Asian-themed designer showcase home. She brought in a certifi ed feng shui prac-titioner to make suggestions on a design scheme.

“The adjustments that she was mak-ing actually changed the way the room felt. I knew I needed to learn more about that,” said Miller.

She went on to complete a master’s program in feng shui.

“In space planning for design clients, and in my own home, I always use feng shui. I feel it makes my life and my fam-

ily’s life healthier and more balanced,” she said. “Fellow feng shui practitioners call it looking at everything with ‘feng shui eyes.’”

When it comes to building a person’s abundance and wealth, Abrahamson ex-plains that most people only pursue the “mundane” steps, such as seeking a fi nan-cial planner for assistance. Feng shui offers a “metaphysical” component that looks at your environment to see how energy, col-ors, furniture and design of a room, can support you fi nancially.

“There may be a missing piece. If it is in the wealth area, I might say to a client, ‘Your home isn’t supporting you in wealth and abundance. Let’s do something to fi n-ish that missing piece,’” said Abrahamson.

Practitioners of Western feng shui, like Abrahamson and Miller, identify ar-eas of the home using a compass, and an energy map, called a Baqua, which they align with the front door of the home. The southeast corner of the home is as-sociated with wealth and prosperity.

“One of the things we can do to en-hance wealth or prosperity in this area in-volves adding wood (one of the fi ve feng shui elements) such as healthy plants and trees, or things that support that element, like adding water,” said Miller. “Water is also an ancient symbol for wealth and abundance. Images of fl owing water and fountains work well as wealth energizers.”

Miller says you want to stay away from destructive elements to wood in this area, like fi re or metal. You wouldn’t want a fi replace there, but if you do, there are feng shui adjustments that can be made.

For Abrahamson, the wealth or abun-dance area of her home presented a chal-lenge because it is the garage. The fi rst thing she and her family did was to de-clutter and write the intentions for wealth and abundance on the wall.

“We painted the back wall a gorgeous shade of red-ish purple. We then had a large storage closet built,” she said. “We painted those walls green to support the wood element. When the area was fi n-ished, we did a blessing and then hung a wind chime. Every time we drive into our garage, we are delighted with the energy of that space and know it is supporting our

intentions.” The use of symbols, like wind chimes,

fountains and crystals; and the use of col-ors, like purple, blue and green for abun-dance; are used to attract chi and balance energy.

Miller points out that making these physical changes impacts the way you think.

“You are shifting the way you’re try-ing to improve your fi nances and your business,” she said. “It’s not so much the placement of crystals as it is the way you change your mindset. It’s all about your intention to make a change in your life.”

For more information about FSIM and to fi nd a local practitioner, go to www.fsim.org.

Hinda Abrahamson is photographed here with the front door of her Minnetonka home. Feng Shui practitioners like Abrahamson believe that the energy of your front door assures good feng shui Chi fl owing into your home.

Feng shui – a tool in the kit of life


Edina fi nancial advisors help seniors plan for decades ahead


Susan Stiles loves business and man-aging money. The Edina-based fi nancial advisor recalls at 11 years old sitting on her bed at midnight piling up her cash from her thriving babysitting business. When her father came in and told her to go to sleep, she said, “I know this is bad, but I just love money!”

“I loved to collect it, pile it up, save it, and hide it. I was always meant to be in the money business,” said the New York native.

Even then, her entrepreneurial bent was evident. Her babysitting/house clean-ing business became so popular that she hired her brother and several close friends to work for her. At 13, while managing that enterprise, she worked as a hostess and bus girl at a popular, high-end res-taurant where the boss soon had her lo-cating, training and managing extra help during busy times.

“Even as a little girl, all my friends came to me for fi nancial advice and guid-ance,” said Stiles. “People are comfort-able confi ding in me. They are looking for common sense advice without judg-ment.”

After graduating from the business school at Cornell University with a MBA in fi nance and accounting, it didn’t take her long to strike out on her own again. In 1999, she opened Stiles Financial Ser-vices, Inc., an independent fi nancial con-sulting and wealth management fi rm. Every year since 2008 she was named a Five Star Wealth Advisor for best client satisfaction in the Twin Cities.

“When I work with my older clients who are nearing or already in retirement, they know I can be trusted. Elderly cli-ents can sometimes be vulnerable and taken advantage of, particularly if they don’t have a good grasp of fi nancial issues

and topics,” said Stiles, who is passionate about education and volunteers her time toward fi nancial and economic literacy in the Minneapolis Public Schools. “If you don’t have a strong understanding of money, how can you really know the person you’re working with has your best interest at heart?”

Janel Goff of The Goff Investment Group with Benjamin F. Edwards Inc., also in Edina, shares Stiles’ commitment to education.

When she started her career in fi -nance 20 years ago, she launched a se-ries called “Invest in yourself,” an infor-mal gathering of clients to learn basic fi nancial concepts. Over the years, it has evolved into an opportunity for business executives and small business owners to provide education and insight on issues of interest, along with the opportunity to network professionally.

Her love of education grew during a television stint delivering weekly econom-ic reports for WCCO-TV.

“I love the education piece of it. The most important key to fi nancial success is to be educated,” she said.

Although she has always enjoyed the market and staying on top of strategies, for Goff it’s the planning piece that keeps her in the business.

“I enjoy helping people understand what they needed to be doing and what

decisions they need to be making to achieve their goals,” she said. “Instead of selling them a bond, I want to help them determine if they should be investing in bonds.”

She points out that fi nancial plan-ning is trickier these days than it was when she began her career.

“Most people don’t have pensions, and health care plans are not crossing over into the last decades of life. This

makes planning even more important,” she said.

Goff concentrates on helping clients plan in decades of life and how to create income fl ow to meet lifestyle needs. She believes that one of the biggest challenges these days is the pressure to make short-term decisions on your long-term goals.

“You’re always hearing about what’s going on in the market. Decisions are made every minute. It’s created frustration in planning for fi nancial futures,” she said.

Although it can be frustrating, Goff admits she loves what she does, and she’s good at it. Like Stiles, she has earned mul-tiple Five-Star Wealth Manager awards over the years.

“When I started, if I wasn’t able to be successful in the planning part, I would not have stayed in this business. I love be-ing able to meet with people and fi gure out income fl ow to meet their lifestyle needs,” said Goff.

Stiles also relishes the role she plays in helping clients pile up their own money for the future.

“Working as a fi nancial advisor puts you in the role of confi dante. People share sensitive issues with me. We discuss their lives, dreams, goals, and disappointments. It’s a privilege,” she said.

For more information on The Goff Investment Group, go to benjaminfed-wards.com/goff.investment.group, or on Stiles Financial Services, go to stilesfi nan-cial.com

For the love of money ....

Edina fi nancial planner Susan Stiles is passionate about educating clients on money issues and topics.

Janel Goff of The Goff Investment Group with Benjamin F. Edwards Inc., also in Edina, shares Stiles’ commitment to education. (Sun Current staff photo by Lisa Kaczke)


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Club makes investing easy and rewardingArea women fi nd fun, friendship in lucrative venture

BY EMILY HEDGESWCONTRIBUTING WRITER

For many people, investing in the stock market can be mysterious and daunting. They don’t know where to begin or how to avoid losing savings during the learning curve. That’s why many Boomers are choosing to join investment clubs, a safe place to learn, grow your nest egg, and have a lot of fun in the process.

“There’s safety in numbers. It takes something frightening and makes it easier,” said Lynn Ostrem, founder of the Crow River Investment Club. “Investment clubs can make saving money more fun than spending it. If I can get my hands on an extra $100, I go buy stock.”

The Crow River Investment Club has members in New Hope, Min-netonka, Champlin and St. Michael. They are between the ages of 50 and 65 years old. The group meets monthly, usually over coffee, to review stocks, decide what to buy and sell, hear pre-sentations on new ideas, and discuss the economy.

When Ostrem moved to the Twin Cities, she decided to start an invest-ment club. She took out an ad in the local newspaper for members.

“The ad came out on September 11, 2001,” she recalled. “I thought it would be a waste of money, but believe it or not, we got seven new members off of that ad.”

Ostrem remembers the early days of the club were diffi cult ones.

“At the same time the country is dealing with this horrifi c thing of 9/11, we’re trying to start our little club,” said Ostrem.

In October 2001, the group was ready to register as a partnership with the State of Minnesota.

“That’s when the state government shut down for a month. We couldn’t get our bank account open. That was our rough start 12 years ago, but we’ve

survived it.”In the beginning of the clubs, dues

were $25. “We made mistakes in the beginning, but $25 a month is a cheap education,” said Ostrem.

At its largest, the group had 15 members. Now four women comprise the Crow River Investment Club.

“We’re lean and mean and dedi-cated,” said Ostrem. “We’ve been club-bing for so many years, we’ve grown in our sophistication.”

In the investment club, each mem-ber gets a capital account and owns a percentage of the club based on the amount put in.

“Even though money is comin-gled into one dollar amount, we each

own a portion of that nest egg. What-ever dues you put in and whatever you make is yours,” said Ostrem. “You get to learn something in a group. A few people can make it more interesting. Everybody takes a small piece of it. You don’t have to learn so much on your own that way.”

Beth Silverwater of New Hope heard Lynn give a presentation on in-vesting and wanted to know more.

“I knew she was knowledgeable about investing. When I heard there were openings in the group, I immedi-ately got in touch with her,” she said.

Silverwater was excited to apply the things she learned in the club to her own personal portfolio to improve her

retirement nest egg.“The club is both a hobby and an

essential part of our fi nancial plan-ning,” said Silverwater. “The money that my husband and I invest for our-selves is what we’ll be living on the rest of our lives.”

Ostrem believes that investing is an economic necessity.

“I don’t believe there will be social security for me when I’m 67, or at least not in the shape it’s in today. I don’t calculate social security into my re-tirement,” said Ostrem. “We’ve turned into a society that expects everyone to take care of us. People need to get in and take responsibility for retirement sooner than 50.”

She would like to see more young people get involved in groups like theirs.

“If a young person gets in an in-vestment club at 25 years old and spends $25 a month, in 30 years they’re going to be a millionaire,” said Ostrem.

Ostrem loves to help others start their own investment club, which is the reason she’s offered a class on how to do it for a number of years.

Pictured (left to right) are three members of the Crow River Investment Club: Beth Silverwater, Myra Snyderman and Lynn Ostrem.

“Investment club has made saving money more fun than spending it. If I can get my hands on an extra $100, I go buy stock,” said Ostrem.

INVESTMENT CLUB - TO NEXT PAGE


Lynn Ostrem speaks at InvestEd about investment clubs.

She estimates that over the last 12 years, she’s helped more than 100 new clubs across the country get started.

Although Ostrem and Silverwater won’t say how much money they’ve made through the club over the years, overall

they’ve done well.“We’ve beat the market,” said Os-

trem. “We took a bath in 2008, but dur-ing that time we learned how to protect our money to make sure it doesn’t happen again.”

For more information on the Crow River Investment Club, or on starting your own club, go to bivio.com/crowriver.

INVESTMENT CLUB - FROM PREVIOUS PAGE

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tion, Supplemental Secu-rity Income, at socialsecu-rity.gov/pubs/11000.html.

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FocusMature2-21-13