Myths, Facts and Beekeeping

Happy third of July! Bet no one wished you that yet! What do beekeeping, elections, and Social Security have in common? Not much, at first glance. But this week's articles cover a wide range of topics: from strategies to outsmart election scammers, to debunking common Social Security myths, and even exploring the joys of starting a beekeeping hobby. Dive into these diverse subjects to learn how to protect yourself, plan for retirement, and embrace a new hobby that's both rewarding and environmentally beneficial.
-The Editors

🏥Insights
Staying Sharp: How to Outsmart Election Scammers This Season

While browsing for a Christmas tree at a Kiwanis lot in Austin, Texas, 65-year-old Michael Bruemmer got an unexpected surprise. A "volunteer" approached him with an iPad, offering to register him for the next election. Sounds helpful, right? Not so fast. This was no Good Samaritan—this was a scammer in action. But the scammer picked the wrong target. Bruemmer is a fraud expert and VP of data breach resolution at Experian. He immediately noticed the misspellings on the fake registration page and called out the scam.

That was two years ago, and scammers have only gotten savvier. With advancements in AI, they're gearing up to use this year's election to snag your data and cash. Here's a quick rundown of common scams and how to dodge them like a pro.

1. Voter Registration Scams
Scammers love posing as helpful volunteers ready to register you by phone, email, or text. Spoiler alert: You can only register online, by mail, or in person at official locations.

Quick Tips:

• Hang up on unsolicited voter registration calls.

• Register at government offices or through official websites.

• Avoid filling out forms in public where your info could be seen.

2. Robocalls
Picture this: Days before the January New Hampshire primary, 25,000 residents get a robocall from a leading candidate telling them not to vote. Spoiler alert: AI-generated robocalls can spread misinformation or solicit fake donations.

Quick Tips:

• Verify robocall information with your local election office.

• Hang up on calls trying to influence your vote or asking for donations.

• Be skeptical of calls from "politicians" or "celebrities."

3. Donation Scams
Scammers might use convincing audio or emails to ask for campaign contributions.

Quick Tips:

• Donate through official candidate websites only.

• Don't click on links in unsolicited emails or texts.

• Verify PAC legitimacy on the Federal Election Commission’s website.

4. Fake Surveys, Petitions, and Polls
Be wary of scammers using surveys or petitions to gather your personal info.

Quick Tips:

• Don’t share personal details like your birth date or Social Security number.

• Avoid survey links from unsolicited emails or texts.

• Decline surveys offering prizes—real political polls don't give rewards.

🌟Retirement Tips

Debunking Social Security Myths
Deciding when to claim Social Security benefits is a big deal and can greatly impact your finances. Let's clear up some common misconceptions to help you make the best decision.

Myth 1: Claim Early to Avoid Benefit Cuts
With talks of Social Security funds depleting, some think they should claim early to avoid missing out. But don’t panic—experts like Sita Slavov from George Mason University say cuts are unlikely for those nearing retirement. The program might pay reduced benefits in the future, but drastic cuts for soon-to-be retirees aren't on the table.

Myth 2: Stop Working = Claim Benefits
Many believe they must claim benefits as soon as they stop working. Not true! According to Jason Fichtner from the Bipartisan Policy Center, you can stop working and delay claiming benefits. Waiting can significantly increase your monthly check and help with future health costs. Remember, you can claim anytime you need to.

Myth 3: Focus on Your Break-Even Date
Some use the break-even date to decide when to claim benefits. This calculation shows how much you'd get if you take benefits early versus later. But Fichtner advises against it since it doesn’t consider the long-term impact. Waiting until 70 can boost your benefits by up to 76%, giving you more financial security in the long run.

Key Takeaway
Your Social Security claiming decision should be based on your personal situation, not myths or fear of potential changes. Waiting can often result in higher benefits, which can make a significant difference down the road.

🐝Bee Happy

Ever thought about picking up a new hobby that’s not only rewarding but also helps the environment? Enter beekeeping! This fascinating pastime is perfect for those looking to stay active, engage with nature, and contribute to ecological balance. Here's why beekeeping could be your next favorite activity.

• Getting Started
  Research: Before diving in, read up on beekeeping. Books, online resources, and local beekeeping associations are great places to start.

• Take a Class: Many communities offer beekeeping courses. These classes cover the basics, from setting up your hive to managing bees throughout the seasons.

• Get the Gear: Essential equipment includes a beekeeping suit, smoker, hive tool, and, of course, your bee hive. Invest in good-quality gear for a safe and enjoyable experience.

• Choose Your Bees: Decide whether to start with a nucleus colony (nuc) or a package of bees. Local suppliers can provide bees acclimated to your area’s climate.

• Tips for Success
  Start Small: Begin with one or two hives. This allows you to learn the ropes without feeling overwhelmed.

• Stay Patient: Beekeeping requires patience. Bees work at their own pace, and it takes time to see results, especially when it comes to harvesting honey.

• Observe and Adapt: Regularly check your hives and observe bee behavior. Be prepared to adapt your approach based on what you see.

• Respect Nature: Always handle bees gently and respectfully. They’re fascinating creatures doing vital work for our planet.

Join the Buzz
Beekeeping is a fulfilling hobby that offers numerous benefits for seniors. It’s an excellent way to stay active, mentally stimulated, and connected to nature. Plus, you’ll be contributing to the vital task of supporting our planet’s pollinators. So why not give it a try? Your garden—and the bees—will thank you!
Check out this great write up on beekeeping here.

🤝Community Corner:

Q: This may seem silly, but what is a safe option on what to do with 401k as I get closer to retirement. I am 55 and have no idea. I am great at putting money into my 401k- but now that I am getting older I am willing to take less risk. I want it to to grow and I understand taking distribution from it— Take less then it gains— but where do you put it? Just leave it? Annuity?
Barrie, Age 55, Raleigh North Carolina

Over 64: Thanks for writing in. As you get closer to retirement it seems that you are interested in shifting to a safer investment strategy. Fair and wise! Here are a few points to consider for a shift to a more conservative investment strategy.

1. Consider Target Date Funds: These funds automatically adjust asset allocation based on your retirement date, shifting from stocks to bonds over time. They offer a convenient hands-off approach to managing risk as you age.

2. Rule of 55: If retiring early at 55, leaving money in the 401k may be beneficial due to the Rule of 55, which allows penalty-free withdrawals from the employer's plan.

3. IRA Rollover: Rolling over your 401k into an IRA post-retirement can provide more investment options and potentially lower fees, enhancing flexibility in managing your retirement funds.

4. Consult a Financial Advisor: Given the complexity of retirement planning and individual financial situations, seeking advice from a financial advisor is recommended. They can provide personalized guidance based on your specific goals, risk tolerance, and financial status.

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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