The Press-Dispatch
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Financial fitness—Wellness resolutions for February 2021 By Jo Gilreath Purdue Extension Educator Warrick County In honor of "America Saves" week Feb 22-26, lo- cal Extension Educators are delivering weekly work- shops at no cost to communi- ty members. Workshops will be every Monday, noon EST and 11 a.m. CST. The work- shop will be approximate- ly 45 minutes in length, de- livered in a live and virtual format. Each session will be recorded and available after- wards for those unable to at- tend live. Pre-registration is required to access the work- shops. Register by going to bit.ly/ FinancialFitness2021 Topics include: Feb. 1: Empower Me to be Clutter Free-Paper. Feb. 8: Preparing For Tax Time—CPA from Brown, Smith and Settle, LLC. Feb. 15: Protect Yourself from Scams and Identity Theft. Feb. 22: Alternative Ways to Save—America Saves Week. If you have questions about this Purdue Extension webinar series, contact Kris- ten Lowry at 812-838 -1331 or Jo Gilreath at 812-897-6100. \Unmanned aerial vehicles (UAVs), commonly referred to for better or worse as drones, have been utilized in the agricultural industry for years now. Since 2016, the Federal Avia- tion Administra- tion (FA A) has registered UAVs for commercial and recreational flight. At the start, agricul- ture saw potential for drone use in checking crop health and observing livestock. Adoption began slowly due to the rules around flight, but farmers and advisors have not waned in their use over time. If one decides to purchase a UAV for personal use, one has to commit to recreation- al or commercial flight. Rec- reational flight is rather lim- ited, as one can use the drone only for the love of flight or per- sonal photogra- phy. Farm use falls firmly in the commercial flight category, as would flight for insurance or real estate pur- poses. In either event, the drone has to registered with the FA A, and the registra- tion number must be promi- nently displayed on the UAV. If using for commercial pur- poses, a Remote Pilot certifi- cation must also be obtained by passing a test and register- ing for the certification. The test is not easy, as knowledge of sectional charts, METAR, and other traditional aviation skills must be mastered. Last year, the FA A announced that recreational fliers will also have to pass a knowledge test at some point, although the test and certification require- ments has not been unveiled as of this writing. In the agricultural indus- try, certified pilots are be- coming easier to find. Co- ops, seed and chemical com- panies, research stations, and other organizations in the industry generally have a pilot within their ranks, and more and more farmers themselves are becoming li- censed pilots. Identifying crop diseases, nutrient de- ficiencies, weather-related damage, and just avoiding walking through knee-high beans are all reasons UAVs have been widely adopted for row crop use. On a more limited scale, pasture-based operations can use UAVs to inspect livestock from a dis- tance, determine any errat- ic behavior, or simply scout over a large area. As of Jan. 11, the FA A noted over half a million drones reg- istered for commercial use, with over 208,000 registered commercial pilots. To learn more about UAVs or prepare to become a pilot, a two-day class has been scheduled to begin at the Posey County Community Center on Feb- ruary 25. To register, head over to https://www.cvent. com/d/v7qt3v. For more in- formation on UAVs or for as- sistance in registering, con- tact Hans at the Purdue Ex- tension — Posey County of- fice via hschmitz@purdue. edu or 812-838 -1331. A-4 Wednesday, Januar y 27, 2021 The Press-Dispatch The Press-Dispatch 812-354-8500 | www.pressdispatch.net *By enrolling in the Birthday Club, you agree to have your name, town and birth- day, or the person's name and town and birthday of whom you are enrolling, printed in e Press-Dispatch on the week in which the birthday occurs. Joining is easy! Visit pressdispatch.net/birthday or send your full name, address, city, state, zip code, phone number and birthdate to birthdayclub@pressdispatch.net.* Each week, a list of birthdays will be published in the paper! You could win a FREE PRIZE from area businesses and a three-month subscription to e Press-Dispatch. MUST RE-ENROLL EVERY YEAR! Join the One WINNER is drawn at the end of each month Down on the Farm By Hans Schmitz, Purdue Extension Views from the skies Social Security Matters By Rusty Gloor Should I wait until age 70 to claim? AREA HAPPENINGS Celebrate Recovery–Will meet every Monday at 6 p.m. at the River of Life Church, 342 E. CR 300 N., Petersburg. For more information, contact Pastor Jim at 812-354-8800. Pike County History Center—Will meet the fourth Monday of each month at the History Center, 1104 Main Street, Petersburg at 6:30 p.m. New members welcome. History Center hours Friday and Saturday from 9 a.m. to 1 p.m. until further notice. DAR—Local chapter of the Daughters of the Ameri- can Revolution meet the second Monday of each month September through June at 6 p.m. at the History Center in Petersburg. Free Clothing Bank–Oak Grove Church in Oakland City offers a free clothing bank each Tuesday 9 -11 a.m. (Oakland City time) for everyone. They carry new and used clothing. Location is on Morton Street, just past Chuckles. Come to the gymnasium door located at the back of the church. Winslow Alcoholics Anonymous – will meet every Tuesday at 7:30 p.m. Call 812-789 -8535 for location of the meeting. Narcotic Anonymous – Every Wednesday at 7 p.m. at River of Life Fellowship Church. Odd Fellows IOOF Pacific Lodge #175 meeting–the second Monday of each month at 7 p.m. All area members are encouraged to attend. Otwell Ruritan–will have its monthly meetings the sec- ond Monday of each month at 7 p.m. Pike Lodge #121 F&AM regular stated meeting–the second Tuesday of each month at 7:30 p.m. All area Masons are invited to attend. Jefferson Township Community Center of Otwell– will have its monthly meetings the first Monday of each month at 6:30 p.m. All members are urged to attend. Perinatal Loss Support – Expectant parents who sud- denly lose their child often experience a wide range of emo- tions and grief. Memorial Hospital and Health Care Center offers "Perinatal Loss Support" to assist those who have ex- perienced the loss of a child (conception to one month of age) through the grieving process, and provide an atmo- sphere of confidentiality and comfort. For more information about Perinatal Loss Support, con- tact Theresa O'Bryan, Pastoral Care, at 812-996 -0219 or to- bryan@mhhcc.org. Alzheimer's Disease and Dementia Caregiver Sup- port Group-Alzheimer's disease is the most common form of dementia among senior Citizens. It involves the parts of the brain that control thought, memory and language. Memorial Hospital's Caring Hands Senior Services spon- sors an Alzheimer's Disease and Dementia Caregiver Sup- port Group. Meeting dates have changed to the first Tues- day of every month. The next meeting is Tuesday, February 2, from 6:30 to 8 p.m. in the Medical Arts Conference Cen- ter, located in the lower level of the Medical Arts Building at 721 W. 13th St. in Jasper. This support group allows caregiv- ers to come together to share knowledge and experiences in caring for loved ones who are affected by these illnesses. For more information, visit Memorial Hospital's website at www.mhhcc.org and click on "Classes & Events." If you are not comfortable attending due to COVID-19, but would like more information on dementia and being a caregiver, contact Mallory Thimling, at 812-996 -2915 or mthimlin@ mhhcc.org. Pre-registration is not necessary. Note: You must wear a mask and temperature checks will be administered. We will follow CDC guidelines for safe attendance; however, if you are part of the at-risk popula- tion for COVID-19, use discretion when deciding to attend. REAL ESTATE TRANSFERS Joseph M. Tepe conveys to Tom Culbertson and Josalen Parayno, real estate as recorded in Pike County. Amy R. Barber conveys to Omar L. Warnell and Rhian- non Mary Louis Warnell, real estate as recorded in Pike County. Archer Daniels Midland Company conveys to Gray Farms, Inc., real estate as recorded in Pike County. Elijah V. Loveland quitclaims to Eli V. Loveland and Sa- mantha S. Loveland, real estate as recorded in Pike Coun- ty. Estate of Larry Gene Bolin and Larry Gene Bolin Es- tate, deceased, convey to Jason W. Bolin, real estate as re- corded in Pike County. Lincoln A. Baker and Lincoln A. Baker, upon death, con- vey to The Blinkenod Irrevocable Trust DTD 10/25/2020, real estate as recorded in Pike County. Don R. Rumble Revocable Trust DTD 01/04/2008 con- veys to Robert E. Rumble Co-Trustee and David J. Rum- ble Co-Trustee, real estate as recorded in Pike County. Dear Rusty: I have read your answers to the common- ly asked question of "When should I claim social se- curity benefits." You always say one should wait as long as possible (up to age 70) to get the maximum monthly bene- fit. But I have not seen you address the matter of all the money you could have collected if you start drawing sooner and how many years it will take, if you wait, to recoup all that money. I am now 64. I have always planned to wait until at least 66 and possibly to 70 to start collecting. I have no health is- sues and expect to live well in- to my 90s. When I tell people this, they question why I am leaving so much money on the table by waiting. At age 66 I'd get $1,671 per month and, at 70, $2,161. Between those two ages I could collect $73,524. It will take me many years to recoup all that money if I wait until 70 to begin, right? When I consider this, I question why I am waiting. Help clear up my confusion and tell me wheth- er I am doing the right thing by waiting to claim. Signed: Confused Se- nior. Dear Con- fused: You are correct that I always try to make people aware of their option to get a bigger Social Security bene- fit by waiting longer to claim. But I also always stress that the decision to do that should consider several things - most notably, current need for the money, health and anticipated longevity. Said another way, delaying until age 70 doesn't make much sense if you won't live long enough to at least "break even." Nevertheless, your point is very well taken – not a lot is written about ben- efits not taken when you wait until a later age to claim. I ac- tually have written about that before, but I'm happy to eval- uate your specific personal sit- uation. Using the numbers you provided, if you were to claim your $1,671 benefit starting at your full retirement age (FR A), you would collect $73,524 over the 44-month pe- riod to age 70, when you could get the $2,161 benefit. So how long would it take to break even if you wait until age 70 to claim? Well, the difference be- tween your age 70 benefit and your FR A benefit is $490. So, if you wait and get the higher benefit at age 70, it will take you about 12.5 years to recov- er that $73,524 ($73,524 divid- ed by $490 = 150 months = 12.5 years). So, here's where lon- gevity comes in. According to Social Security, average lon- gevity for a man your age to- day is about 84, so if you meet or exceed average longevity, you'll collect more in cumula- tive lifetime benefits by wait- ing until age 70 to claim. And you'll be getting that high- er monthly benefit amount throughout your later years, a good way to offset inflation. In- deed, that higher benefit lasts for the rest of your life, and it also means a larger survivor benefit for your wife if you predecease her. As your wid- ow, your wife will get 100 per- cent of the amount you are re- ceiving when you pass, if she has reached her full retire- ment age and if her widow's benefit is more than her own. And 100 percent of your age 70 benefit is quite a bit more than 100 percent of your ear- lier benefits. I hope this helps clarify your confusion about whether to claim now, or at your FR A, or to wait even longer to age 70. Here is a link to an article I previously published on this topic: www.socialsecurityre- port.org/ask-rusty-doing-a- breakeven-analysis/. But from what you've shared with me, I don't see anything wrong with your plan to continue waiting until at least your FR A - and possibly until age 70 - to claim, especially since you expect to live well into your 90s. To submit a question, visit our website (amacfoundation. org/programs/social-securi- ty-advisory) or email us at ss- advisor@amacfoundation.org. How to prepare for tax season April is synonymous with many things. Many peo- ple get their first glimpse of spring blooms in April, while families of faith look forward to gathering for Passover and Easter. Sports fans may wel- come the return of profes- sional baseball in April, while scholastic athletes may asso- ciate April with the return of spring sports. Though each of those things tends to be wel- comed with open arms, one day in mid-April may not be greeted so warmly. Each year in the United States, April 15 marks the of- ficial deadline for taxpayers to file their tax returns. Tax- payers in the United States must file their returns by this day or face penalties. Though the filing deadline may be in mid-April, it's wise for taxpay- ers to begin preparing to sub- mit their returns much earlier than that. For those who have not done so in the first two months of the year, March is a great time to begin prepara- tions to ensure returns are ac- curate and filed on time. The Internal Revenue Ser- vice offers the following ad- vice to taxpayers who want to get a head start on their re- turns so they make sure they file on time in 2021. • Gather and organize your records. Many people rely on a professional to work on their returns, and April is such pro- fessionals' busiest time of year. As a result, it's imperative that taxpayers have all their nec- essary documents ready pri- or to their appointments. Any delays could force appoint- ments to be rescheduled, and there's no guarantee tax pro- fessionals will have any open dates on their calendar as the filing deadline draws closer. The IRS notes taxpayers will need their W-2s from employ- ers, forms 1099 from banks and other payers and other in- come documents and records of virtual currency transac- tions. In addition, people who received an Economic Impact Payment in 2020 should make sure they have Notice 1444, which includes the amount of the payment and how it was re- ceived, as they will need that to file their returns. It's also important that people who re- ceived unemployment income recognize that such income is taxable, so they will need a re- cord of that income, especial- ly if they did not pay taxes on it when it was received. • Where applicable, con- firm your Individual Taxpay- er Identification Number has not expired. The IRS issues ITINs to individuals who are required to have a U.S. taxpay- er identification number but who do not have, and are not eligible to obtain, a Social Se- curity number from the Social Security Administration. The IRS notes that all ITINs not used on a federal tax return at least once in the last three years expired on December 31, 2020. In addition, all ITINs issued prior to 2013 with mid- dle digits of 88 expired at the end of 2020. ITINs with mid- dle digits 90, 91, 92, 94, 95, 96, 97, 98 or 99 that were assigned before 2013 and have not al- ready been renewed also ex- pired at the end of 2020. Vis- it www.irs.gov to learn more about ITINs. • Contact your tax profes- sional. 2020 was a complicated year, and that figures to cre- ate some unique challenges as people file their 2020 tax returns. So it pays to contact your tax preparation profes- sional with any questions you have well in advance of April 15. That's true for all taxpay- ers, but especially so for any- one who filed for unemploy- ment, received an Economic Impact Payment or dealt with any other abnormal circum- stances in 2020 that could af- fect their tax returns. Taxpayers may face unique challenges as they begin to work on their 2020 tax re- turns. More information is available at www.irs.gov.