The Seasoned Life

For more than 30 years I was known as “The Tapelady” and considered an expert in the adhesive tape industry. When I was about to close on the sale of my tape business and move forward with my plans to start Seasoned Life Transitions, I felt it was important that my new role of helping people recognize and sell things of value needed to be supported by a level of expertise beyond just a hobby or interest turned into a business. On New Year’s Day, I enrolled in Asheford Institute of Antique’s online course to become a certified antique appraiser.

It had been 35 years since I had any kind of formal classroom education and taken exams, so I was a bit nervous as to whether I could do well.  The course plan stated that the amount of time it takes to complete the course ranges from 8 months to 2 years.  I was committed to studying and completing the course by the end of the summer.  After studying how history and the progress of people and industry are intertwined with the ever changing styles and periods of furniture; how cultures evolved and new items came into being; how to care and restore antiques; different types of business structures within the antiques community; buying & selling antiques; and the appraisal process, I am happy to say that I have completed the course!  I made A’s on all of my 6 exams and submitted my final essay. Once my essay is graded (and I passed), I will receive my official diploma and PACC (The Professional Appraiser Code of Conduct) certification.  I have also committed to taking an additional 15 hour course to receive my USPAP (Uniform Standards of Professional Appraisal Practice) certification, once I have received my diploma.

My hope is that with the training and credentials I have received, I can add the same level of expertise to future clients of Seasoned Life Transitions. It is my goal to help people feel confident that I am capable of helping them and accessing the true value of their cherished possessions. To start more real world experience, I am setting up a free informal appraisal table at various events over the next month. I will be at the Royce City Senior Center on Wednesday, Sept. 13; Rockwall Senior Health Fair at The Center in downtown Rockwall from 9 am – 2 pm on Wednesday, Sept. 20; Fate Senior Center on Wednesday, September 27; and the Rockwall Housewives Event at The Landing at Chandlers in Rockwall the evening of Wednesday, October 4. Bring your favorite collectible (smalls only please) for a free assessment and valuation!

 

There is frequent misuse of the terms antique, vintage, and collectibles by people who post things for sale on the internet or display things in antique malls and fairs. A large percentage of what we see are truly just second hand merchandise. I thought I would share some facts about collectibles and antiques and help clarify the differences.

Question:  Why do people collect things?

Answer:  There are many reasons a person desires to collect something and why they choose the items they collect. The most common reason is the type of item triggers emotions from a time or place, which is often from childhood. The items they desire to collect could remind them of the past and provides an avenue to relive that cherished time. Others may collect out of a need to have nice things to covet. There may have been a tragic event that triggers the need and having these newly acquired items comforts them.  Collectors have an appreciation for craftsmanship, quality, and historical significance. Many collectors learned the art of collecting and the thrill of the hunt from a friend or family member. In any case, collectors appreciate the process and are always keeping an eye out for that prized piece to help complete their collection.

Question:  What qualifies as a collectible?

Answer:  A collectible can be anything one desires to collect. They do not have to be old or vintage, but just a group of items a person acquires because they love them.

Question:  What is a true antique?

Answer:  The North American government considers a  “duty free” antique as items before 1830, carpets before 1700, string instruments before 1800, etc. These were periods before the machine age and made from hand craftsmanship. Other experts use the 100 year rule to classify an article as an antique. If an item has been restored, at least 60% of the item must be original to still be considered an antique. There are also three key factors that compose an antique, which are (1) Beauty, (2) Rarity, and (3) Historical Significance.

Question:  What is the difference between vintage and antique?

Answer:  The term vintage refers to post Victorian era items and can be desired collectibles. Most experts consider items up to 99 years old as “vintage” and antiques as 100+ years old.

There are so many categories of collectibles. You can name just about anything and someone or a group of people collect it! It is way more than just furniture, coins, stamps, and art. Some of the types of items that are expected to become more popular as a collectible in the near future are items related to photography, telephones, radios, and other “electronics”. The technology has changed so much over the decades that the older forms are becoming more extinct.

In photography, for example, when film became obsolete in the last couple of decades, the cameras of old became more desirable. A collector will want those early forms of cameras and photos to show the progress of the media and its equipment. Old cameras and photos of interesting subjects, especially if historically significant, will become increasingly more valuable in the future. Prices for these items are fairly attainable for beginning collectors, so now may be a good time to get one started. This same school of thought can apply to some of those other items, too.

Then there is the opposite side of collecting, which is knowing the value of items you have before you sell them. Dealers are going to garage sales and estate sales, as well as, watching listings for sale on the internet through Ebay and Craigs List. They are looking for items that people are selling that they can resell for a nice profit. Why should they be the only ones making money? If you have something that you are unsure about what it is or whether it has any value, it may be worth your time and trouble to do a little research. You can, of course, always contact someone like me who can appraise your items, but just a little research on the internet may give you enough information to know if something is of value.

For appraisal questions, you can ask a question in our Advice Column or contact me at seasonedlifetransitions@gmail.com .

Did you know that nearly 10,000 people in the United States turn 65 each day? The total number should reach 83.7 million by 2018. This trend is expected to continue until 2030.

Since many seasoned life people are on Medicare or will be signing up within the next decade, I thought I would share some information from someone who knows much about the subject. Guadalupe “Lupe” Gonzales, a licensed independent insurance agent specializing in Life and Health insurance with clients in Rockwall, Dallas, Tarrant and Collin counties, is considered by many companies who serve seniors in Northeast Texas to be the local expert. Lupe and his wife Diane reside in Rockwall, Texas. He is also bilingual, an active member of his church and his community, several veteran’s organizations and a retired veteran of the United States Marine Corps.

Many people have the misconception that you are automatically enrolled once you turn 65. That is not correct. I asked Lupe when is the best time to start checking into enrolling in Medicare and any supplemental policies for the first time?

Answer:  “That is a vast question with many possible considerations. In a word, as early as a year is certainly not too soon.”

In researching for a little more information, I found that 3 months before your 65th birthday is the most recommended time. It allows for the time it takes for the enrollment to take effect with the most minimal time one may go without coverage. Some people who are still working at age 65 and receive other health insurance and are not taking social security payments, will want to look into holding off enrolling until beyond 65. It all depends on the insurance company and your group plan. Check with your agent or human resources manager.

Lupe said the most frequently asked question he receives concerning Medicare is, “WHY DOES IT HAVE TO BE SO COMPLICATED?”

Answer:  “Knowing where to look and what questions to ask will focus your inquiry and may reduce the stress and make your life much easier. That being said, everyone at every stage of Medicare beneficiary status, to include those of us who care for loved ones, should consider their individual statuses and needs.  I believe these 7 tips that I included may be the most immediate concerning Medicare.”

Lupe’s 7 Tips for Simplifying Medicare

1. Review your Medicare insurance plan yearly.
   1. Has your situation or that of your loved one’s living conditions recently changed?
   2. Has your financial situation or medical condition changed in the past year?
   3. Does your current plan meet your needs?
   4. Has my plan changed? If so, how?
   5. Is your doctor or that of your loved one going to continue accepting your current insurance plan?

2. Review your prescription drug plan’s formulary, at least
   1. Even if you’re happy with your Medicare insurance plan, your prescription drug coverage may have changed. It is not uncommon for drug plans to add, modify or discontinue co-pays and coverage of some prescription drugs.

3. Read all mailings from Medicare and your insurance plan.
   1. If you’re in a Medicare plan, your plan will send you a “Plan Annual Notice of Change” (ANOC) each fall. The ANOC includes any changes in coverage, costs, or service area that will be effective in January.

4. The Annual Enrollment Period (a.k.a. “Open Enrollment Period”) is October 15^th through December 7^th.
   1. This is the annual period for enrollment, making changes to your Medicare Advantage Plan (Part C) and/or your Prescription Drug Plan (Part D).
   2. Medicare beneficiaries who have maintained (only) their Original Medicare
   3. (Parts A and/or B only) and have enrolled in an individual Part D, Prescription Drug Plan are also affected by this enrollment period. (See attached weblinks)

5. If you are a Veteran you be eligible for additional healthcare options.
   1. Having both Medicare and the V.A. greatly broadens the veteran’s medical coverage and will give you broader coverage when it comes to the doctors, hospitals, and providers you can use.
   2. Veterans are entitled to use both VA and enrollment in a Medicare Advantage or stand-alone Prescription Drug plan. If you ever need to use a non-VA hospital or pharmacy, you’ll have more options available.

6. If you are a caring for a loved one, get organized and be proactive.
   1. Is your loved one now receiving Low Income Subsidy (Extra Help)?
   2. Could they now qualify for Medicaid?
   3. Become familiar with basic Medicare terms, definitions and resources (see below web links)
   4. Locate your loved one’s insurance card, Social Security cards, medical documentation and have them readily available.
   5. Go online or contact a trusted insurance agent and setup an insurance review of any changes that may affect them. Most are happy to help.
7. Helpful websites, links & phone numbers:

https://www.medicare.gov/Pubs/pdf/11034.pdf

http://eldercare.gov/Eldercare.NET/Public/Index.aspx

https://www.medicare.gov

https://www.medicaid.gov

http://benefits.va.gov/benefits/

https://explore.va.gov/health-care

http://www.mpmoaa.org/documents/TFL_Handbook_rev_08.pdf

http://www.aarp.org/health/medicare-qa-tool/does-medicare-work-with-veterans-coverage/

I hope this is helpful information. If you have more questions or need an insurance review, please reach out to Lupe. He can be contacted directly via email (GonzalesInsurance71@gmail.com) or by phone (972) 514-2160.

He also asked me to add the following disclaimer:

“I am a licensed and commission-paid insurance agent that represents the various carriers with whom I am contracted to represent. As a professional insurance agent, I do my best to answer all questions regarding Medicare plans however, I do not represent Medicare nor any of its affiliates. Furthermore, For the most up to date information I urge readers to refer to the attached links.”

If you have never experienced a live auction, I highly recommend you add that experience to your bucket list. I attended my first auction as a kid when we had calves to sell or buy. I do not remember much about them, since I probably didn’t pay much attention. As a young adult, I started going to antique auctions looking for that great piece to add to my home or collection. I enjoyed learning the process and the thrill of winning a bid on something special for a good price.  There are many different types of auction houses and the type of merchandise they sell can vary. The majority of the auction houses will take anything from antiques, collectibles, art, and household items that a client wishes to sell. The items can be vintage, new, slightly used, or genuine antiques. Some clients may have only a few items to sell and some may have an entire household or container they need to move. The auctioneer will catalog the items and display them at the auction site until the sale. In many cases, it may be weeks or even months before the items actually go under the gavel. If you are in a hurry, this option may not be the best avenue for you to clear out your items.

The auctioneer will charge you a commission for selling your merchandise. This typically ranges from 20-35%. The auction may or may not market any specific items before the sale. The better quality items in the higher end auction houses or unique collectibles in a specialty sale can often see the most pre-sale attention. The more interest the auction house can stir will most likely result in more people bidding, which in most cases, drives up the pricing and the auction house’s commission.

My attendance at auctions has been extremely limited the last 20 years due to a lack of desire to keep acquiring more things. My antique appraisal class from Asheford Institute assigned a field trip to go out and attend an antique auction and visit some of the local antique stores or malls. I went to several in the last week. What I learned is that the vast majority of what people are selling as “antiques” or not anything but vintage pieces or items that have passed their day. There is so much stuff out there for sale, it will blow your mind. These items will some day be antique and even may be collectible now, but 80% is just someone else’s junk. Much of the furniture out there that is becoming antique is the Victorian and Art Deco period. I saw some beautiful pieces, but most of them were apparently not selling. Prices in most places were slashed to 50% or more off.

The one place that did seem to be selling their pieces was actually taking these old vintage furniture pieces and modifying them in ways that make them more appealing to the younger shopper. The craze right now seems to be refinishing furniture and accessories in chalk paint to make them more rustic or shabby chic. I have to wonder how much of this has been influenced by Joanna Gaines from Waco. She has this “modern meets rustic” country decor that she demonstrates on the HGTV show, “Fixer Upper”.

The auction was even more astonishing in the lack of interest in furniture and most items that were up for sale that night. The auction house had reservation signs on most of the seats, so it appeared the place would be packed. It was not. Most of the seats were empty. There were some deals to be had, if you were looking for the type of items on the block that night. I previewed the items the day before and picked out what I thought were some of the nicer pieces. My assignment was to do my own assessment of the items and write down what I thought was the value. When the items actually sold, I could compare how accurate or not my appraisals were.

I was pretty dead on with what items I thought were the best quality and desirable. Even with that said, the prices were very low. As a buyer, that is great for profit potential. As a seller, that was bad news. The most expensive piece of furniture was actually a pair of early Victorian chairs from the 19th Century. They sold for $250 each. One very important thing that I noticed was the lack of proper identification and presentation of some of the items. I noticed on preview day, three serigraphs that were quite large in size and framed by an artist named Lillian Shao. Since they were a style that appeals to me, I did some research on them and found that several of her pieces were being sold online and in art galleries for $600 (unsigned smaller prints) to over $2000 for signed prints. These prints were custom framed and more than 50″ tall. When the auctioneer had them on the block, he called them “really nice Erte’s” and told a brief story that a lady in Dallas had brought them in to sell at auction in addition to “some others in the back for a future sale”. He mentioned that “she paid a lot of money for them”. Two of them sold for about $495 each and one of them for about $600. I am quite sure that “lady in Dallas” was regretting her decision to sell them at auction (or at least this auction).

Not all auctions will yield such disappointing results, nor is it likely that most of your cherished belongings are going to create a bidding war and sell for above appraisal. Just because you paid $1200 for that sofa 20 years ago, you cannot expect that you can sell it for that now and certainly not more. It is even hard to get charities to take furniture that you want to give them in today’s market.

Be realistic about what you have and whether it is something that is still desirable by the public. Is it something that is now considered a vintage collectible or true antique? Can it be modified to be more appealing to a buyer? Are you willing to take time to find the right buyer? All of these factors will play a big role in its true value today.

P.S. Be sure and check out some of the collectibles for sale on my consignment website, www.collectiblesclearinghouse.com .

Are You Ready for a Life Event? What is a Life Event?

• Marriage
• Divorce
• Children Arriving
• Children Leaving
• Illness
• Disability
• Loss of Income
• Economic Downturn
• Death

Combing two households later in life happens more than you think. Here are a couple of facts:

1. 70% of people who get a divorce will wind up getting married once again at some point in their life
2. Census Bureau estimates that 10 times as many widowers as widows over 65 remarry, though there are fewer older men than older women.

Splitting up a household statistics:

1. 40 to 50 percent of married couples in the United States divorce
2. 60 percent of all second marriages fail

Not good news for those 70% who went down the aisle a second time!

Your kids are becoming adults and moving out, so now what?

1. 36% of Boomers will move or plan to move when they become Empty Nesters
2. 44% of Boomers who moved or will consider moving from their old Empty Nest cite wanting a smaller house and one that requires less maintenance

Believe those kids that graduated from school and left the nest are on their own? What about your parent? Look at this:

1.  26% of adult children move back home
2.  40% of Boomers anticipate that their adult children will move back in  with them.
3.  30% anticipate that their parents will move in with them

Changes in our own or a loved one’s health can occur at any time. Illness, Disability, or Death are definitely important events one should properly prepare to handle:

1. 1 in 1.7 people will experience a traumatic event in their life
2. 70 percent of people over age 65 need some long-term care
3. 37 million Americans are classified disabled
4. 50% of these disabled Americans are 18-64 years old
5. 1 in 4 people become disabled before retirement
6. 1 in 265 people die of an heart attack every  year
7. 1 in 1.5 adults do not have a living will
8. 1 in 135 people will die within a year

All of these events in addition to forced early retirement, layoffs, and economic downturns can lead to financials stresses and loss of income. Take a look at these statistics:

1. 42% were forced into retirement because of health problems
2. 4% were forced into retirement due to company downsizing and company closures
3. 18% were forced into retirement to care for a sick spouse
4. 13% were forced into retirement due to an outdated skill set
5. 22% were forced into retirement for other reasons
6. Only 64% of private-sector workers have any formal retirement plan, and fewer than half sign up for one
7. The U. S. has experienced 33  recessions in its history. That means that one occurs about every 5 years.
8. American household wealth is $7.7 trillion less than it was before the last recession

Now I know you are saying, “You have sufficiently stressed me out and I hope you have some solutions for all of this!” All of these statistics are why I started this blog and my company, Seasoned Life Transitions. I want to educate people about what they can do to prepare for these life events and help them find the resources needed to prepare in advance, so that when life comes knocking, you are less stressed and can more easily navigate through the tough patch. To start with, you need the following:

• Proper Insurance
• Will, Living Will, or Living Trust
• Power of Attorney
• Adequate Savings
• Income Sources
• Future Care Wishes
• Appropriate Living Accommodations
• Allocation of Personal Possessions
• Designate a Primary Caregiver

I am in the process of developing a network of professionals in the area that have expertise in all of these areas. My plan is to put together a seminar for clients and potential clients of all of these professionals to come and get valuable coaching and education in one place at one time to help people start the process. Let me know what you think and if you are interested in attending one of these seminars or being a part of the network.

Many seasoned life people struggle with the decision of how long to remain working. Is retirement for me? Retirement used to be the ultimate goal in a person’s life. You have put in your years of hard work and now it is time to rest, play, and travel. There may also be other factors that lead a person to retire including illness, disability, spouse or other family member illness, or just plain old burn out.

In any case, retirement should be planned and thought out. The number one thing to do before deciding is to evaluate your financial situation and determine whether you can afford to retire. This will probably mean meeting with your accountant and financial advisor. If you don’t have either of those, I highly suggest you seek one out. These professionals can review your current income, savings, retirement savings, expenses, and future expenses versus income to determine if you can afford to retire or if you still have more preparation to do.

Another important thing to evaluate is your lifestyle. Does your travel plans, hobbies, and current living situation match with the amount of income you will have after you retire? Will retiring mean sacrifices? Travelling around the world and supporting expensive hobbies costs money and not everyone has set aside enough savings to cover all this on top of every day living expenses, health insurance, taxes, and children’s college education.

Let’s say you can afford to retire and travel a few times a year. What about the rest of the time? Especially if you had a career that was high level or involved being social with others, you may find life after retirement boring and meaningless. Unless you keep yourself busy socially or stay active in your community through clubs or volunteering, continuing to work may be important in order to feel like you have a purpose in life. Determining whether this will apply to you will require some self evaluation and awareness.

I have spent 34 years of my life in a career that involved interacting with people on a daily basis. I always had goals, deadlines, quotas, and expectations to strive towards. I am also a person who enjoys a routine and structure. I do not see myself retiring. Money has always been a motivator for me. Not earning an income is something that makes me extremely uncomfortable. I also have a high energy level and do not think of myself as unable to do physical things. Staying still for very long is hard for me. I still feel like I have things to accomplish and to offer, so that is why I do not see retirement for me any time soon.

What about you? Do you know if you are ready or soon will be?

No matter what end of the spectrum you are located among the generations included in the “seasoned life person” category, I think the importance in planning ahead should be considered. Early baby boomers and pre-baby boomers often have the idea that their children or grandchildren will eventually divide up their things when they are gone, so why should they divest now? Later baby boomers think that they have plenty of time to deal with that issue. In this blog, I will hit some of the hard facts that both groups need to consider seriously.

You can hang your hat on the fact that life is very unpredictable. You can think that because your parents or other relatives lived to a ripe old age, that you will, too. This you cannot hang your hat on. Genetics can play a role in predicting one’s future, but there are plenty of other factors that can affect that future. Lifestyle, stress, amount of exercise and physical activity, smoking, drinking, diet, exposure to risk, and frequency of health checks all play a role and can be a game changer. Another big factor we do not often consider is what we cannot control – actions of others that cause harm. Any of these can create what I call a “life event”. “Life events” are an illness, accident, disease, disability (permanent or temporary), or death that occurs to a loved one or yourself.

My father was an active man who exercised and did not smoke most of his adult life. His father, grandfather, brother, and several uncles were heavy smokers and all died in their sixties of heart attacks. He always thought he would never live beyond 65. He lived until he was 76. What he did not expect was that cancer would be his life event. My mother was a woman who lived independently and seemed to be going strong all the way up to 79, when a stroke happened. With the exception of her older brother, stroke was not something other relatives suffered. Cancer was what she feared. My sister-in-law is only 58 years old and her parents are both living in their mid-eighties. She never expected to find she had a clogged artery known as “the widow maker” and needed treatment immediately.

Have a discussion with your spouse, parents, or children about expectations and plans if something were to happen to you. Take control of how you want things to be concerning your care, finances, home, business, pets, and belongings. Make a plan and visit with professionals who can assist in the preparation of documents or executing a plan. Part of this plan should include what to do with your cherished possessions.

Seasoned Life Transitions can help you consign those valued collectible pieces that you may find out your loved ones do not want after all. We can market your items to collectors, including telling the history and story of the piece, in hopes of finding them a new home where it will continue to be cherished. You can use the money to fund your future.

Our consignment website, www.collectiblesclearinghouse.com is now live. Check it out! We are also accepting consignment collectibles to add to the website. Please contact me if you have items you would like to consign. The toll free number is 866-653-9669.