Happy Hump Day! In this week's newsletter, we delve into a hot topic debate on the age of politicians, highlighting concerns and benefits of experienced leaders in governance. Be sure to answer our poll- we are curious to hear your thoughts! Plus, can you guess how many times a human walks around the earth in their lifetime?
-The Editors

🏥Insights

Who “Foots” The Bill- Does Medicare Cover Podiatry?

Healthy feet are essential for maintaining balance, posture, and overall well-being. Our feet endure a lot of stress from daily activities like walking and running, and neglecting them can lead to severe issues such as chronic pain and mobility limitations. Regular foot care helps in early detection of problems and aids in preventing long-term issues like arthritis, contributing to a better quality of life.

Medicare does cover podiatry care when it's deemed medically necessary, such as surgeries for bunions or hammertoes, and treatments for conditions like arthritis or diabetes-related foot problems. However, Medicare does not cover routine foot care, including nail trimming or callus removal, unless the patient has a chronic condition like diabetes that necessitates these services to prevent complications. Some Medicare Advantage plans may offer additional benefits for podiatry services, making it essential to review your specific plan details.

Seeing a podiatrist regularly is vital for seniors, especially those with existing foot conditions. Podiatrists treat various issues, from chronic conditions and deformities to injuries and skin disorders. 

Incorporating regular foot care into your routine can significantly impact your independence and overall health. Prioritize your foot health to stay active and enjoy a better quality of life as you age.

🔥Hot Topic

Age and Leadership: The Growing Concern Over Aging Politicians

The recent debate has raised concerns about President Joe Biden's cognitive ability to lead the country, prompting a broader discussion on the age of many American politicians. With the median age of Americans around 39 years old, there is a notable contrast with the age of many leaders in high office. President Biden is 80 years old, while former President Donald Trump, the leading Republican candidate for the 2024 election, is 77. The average age of U.S. senators is 64. (After which most of them retire and join our newsletter🙂 over64.com)

Health issues among some of the oldest Senate members have also garnered attention. Minority Leader Mitch McConnell, 81, experienced two public incidents where he appeared to freeze momentarily. Senator Dianne Feinstein, who passed away at 90, had a series of health problems that kept her from the Senate for an extended period before her death.

Sheldon Jacobson, a professor at the University of Illinois Urbana-Champaign, commented on the tendency of politicians to cling to power. "People like to have power and hold on to their power as long as possible," Jacobson said. "We often delay making difficult decisions, particularly regarding our own situations, due to an inability to accurately assess risk."

Casey Brown, an assistant professor of psychology at Georgetown University, emphasized that aging impacts individuals differently. "Aging is not a one-size-fits-all phenomenon," she noted. "Different people have varying strengths and weaknesses at different stages of life." This means that many older individuals maintain strong cognitive functions and can perform their duties effectively.

Biden's extensive political career, which spans decades, provides him with a unique perspective on national and international issues. His ability to navigate complex political landscapes is a testament to the value of experience in leadership. Similarly, Trump's tenure as president and his continued influence in politics highlight the importance of seasoned leaders who understand the intricacies of governance.

Senator Mitt Romney, 76, who announced his intention to leave office in 2025 to make way for a new generation, exemplifies how older politicians can gracefully transition while contributing to the stability of the political system. "It's time for guys like me to step aside," Romney remarked, demonstrating a commitment to fostering new leadership while acknowledging the value of experience.

In fact, older leaders often exhibit remarkable resilience and adaptability. Americans are living longer and healthier lives, with nearly 100,000 centenarians in the U.S. in 2021, almost double the number from 20 years ago. The National Institutes of Health suggest that healthy habits can keep people active and engaged well into their senior years. This longevity means that some older leaders can continue to contribute effectively, drawing on their extensive knowledge and experience. But when is it time to call it quits?.

The minimum age requirements for U.S. presidents, House representatives, and senators are 35, 25, and 30, respectively, but there is no maximum age limit. Jacobson highlighted that if Biden were reelected, he would enter uncharted territory regarding the age and capability to serve as president. "Ultimately, voters will decide," he said, noting that legislative attempts to impose an age limit might face resistance.

In conclusion, it is essential to recognize the benefits and concerns that older leaders bring to the table. Their experience, wisdom, and dedication to public service are invaluable assets that contribute to the effective governance and stability of the nation (regardless of the party you vote for).  As Americans continue to live longer and healthier lives, the contributions of older leaders will remain an essential part of the political landscape.

🦶Fun Fact

Did you know that the average person walks the equivalent of five times around the Earth in their lifetime? That’s roughly 115,000 miles or 184,000 kilometers! It's a reminder of just how much we rely on our feet every day.

🤝Community Corner:

Q: As retirement approaches, I find myself transitioning from a lifelong savings mindset to contemplating a spending mindset. Throughout my career, I've diligently saved and invested to build a nest egg for retirement. Now, as I near this milestone, I'm grappling with the shift from accumulating wealth to potentially depleting those savings to fund my lifestyle and retirement goals. How can I navigate this transition effectively? What steps should I take to ensure I strike the right balance between financial security and enjoying the fruits of my labor? 
Vanessa, Age 64, Carson City Nevada

Over 64: Transitioning from a savings to a spending mindset in retirement can indeed be challenging after a lifetime of accumulating wealth. Many retirees struggle with this shift, fearing they might outlive their savings or not adjusting to a new financial reality.

To ease this transition, consider these steps:

1. Financial Planning: Review your retirement plan with a financial advisor to ensure your income sources cover expenses comfortably.

2. Budgeting: Set a realistic budget that includes regular withdrawals from your portfolio, treating it like a paycheck to manage expenses.

3. Mindset Shift: Instead of seeing spending as depleting savings, view it as enjoying the fruits of your labor and achieving your retirement goals.

4. Automate Withdrawals: Automate regular withdrawals to simulate a paycheck, helping normalize spending.

5. Adjust as Needed: Monitor and adjust your budget as circumstances change, ensuring financial stability and peace of mind in retirement.

These strategies can help you embrace a new phase of financial management in retirement, balancing enjoyment with financial security.

Do you have a question you'd like one of our experts to answer?
Shoot us an email at [email protected]! Each week, we feature one question from our readers. We'd love to hear from you!

This response is for educational and informational purposes only. It is not financial advice. Always seek the advice of a qualified financial advisor regarding your individual financial circumstances before making any investment decisions. The authors and publishers are not liable for any decisions made based on the information provided.

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