My wife and I have been thinking about preplanning our funerals now so our kids will not have to later, but we would like to find out if it is a good idea to prepay. What can you tell us?

Planning funerals in advance is a smart move. Not only does it give you and your wife time to make a thoughtful decision on the type of service you want, it also allows you to shop around to find a good funeral provider. Additionally, it will spare your family members from making these decisions at an emotional time.

Preplanning a funeral does not mean you are required to prepay. In fact, the Funeral Consumer Alliance, a national nonprofit funeral consumer protection organization, does not recommend it unless you need to spend down your financial resources to qualify for Medicaid.

Preneed Arrangements

Most funeral homes today offer what is known as "preneed life insurance plans," which allow you to arrange for the type of funeral services you want and prepay with a lump sum or through installments. The funeral home either puts your money in a trust fund with the payout triggered by your death or buys an insurance policy naming itself as the beneficiary.

If you are interested, make sure you are being guaranteed the services you specify at the contracted price. Some contracts require additional payments for final expense funding, which means that if the funeral home's prices increase between the time you sign up and the time you pass away, somebody will have to pay the difference. Here are some additional questions you should ask before committing:

• Can you cancel the contract and get a full refund if you change your mind?
• Will your money earn interest? If so, how much? Who gets it?
• If there is an insurance policy involved, is there a waiting period before it takes effect? How long?
• Are the prices locked in or will an additional payment be required at the time of death?
• Are you protected if the funeral home goes out of business or if it is bought out by another company?
• What happens if you move? Can the plan be transferred to another funeral home in a different state?
• If there is money left over after your funeral, will your heirs get it, or does the funeral home keep it?

If you decide to prepay, be sure to get all the details of the agreement in writing and give copies to your family so they know what is expected. If your family is not aware that you have made plans, your wishes may not be carried out. Make sure you inform your family that you have prepaid for your funeral costs, so they do not end up paying for the same arrangements.

Other Payment Option

While paying for your funeral in advance may be a convenient option, there may be other options available.

For example, if you have a life insurance policy, many policies will pay a lump sum to your beneficiaries when you pass away, which may be used for your funeral expenses. The payment is made soon after you pass away and does not have to go through probate. Any excess funds not used for funeral expenses will be part of the inheritance to your heirs.

You could set up a payable-on-death (POD) account at your bank or credit union, naming the person you want to handle your arrangements as the beneficiary. POD accounts are also called Totten Trusts. With this type of account, you maintain control of your money while you are living, so you can access the funds in an emergency, collect the interest and change the beneficiary. When you pass away, your beneficiary collects the balance without the delay of probate.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

What can you tell me about prediabetes, and how can you know if you have it? My 62-year-old husband, who is in pretty good shape, was surprised when he was recently diagnosed with prediabetes. Could I have it too?

Underlying today's growing epidemic of type 2 diabetes is a much larger epidemic called prediabetes. Prediabetes occurs when an individual's blood sugar levels are higher than the normal range but are not high enough to be called diabetes.

The Center for Disease Control and Prevention (CDC) estimates that as many as 84 million Americans today have prediabetes. Untreated prediabetes frequently leads to type 2 diabetes within 10 years. If you have prediabetes, long-term damage to your heart and circulatory system may have already started.

The good news is that if you are diagnosed with prediabetes, it does not mean you are destined to become diabetic. Prediabetes can be treated and potentially reversed by making some simple lifestyle changes. Suggested lifestyle changes include losing weight, exercising, eating a healthy diet and cutting back on carbohydrates. You should consult with your physician to determine safe diet and exercise options for your circumstances. If you need more help, oral medications may be an option.

Get Tested

Because prediabetes typically causes no overt symptoms, most people who have it do not realize it. The only way to know with certainty is to get a blood test.

Everyone age 45 years or older should consider getting tested for prediabetes, especially if your body mass index (BMI) is above 25. See CDC.gov/bmi to calculate your BMI.

You should get checked for prediabetes if you are younger than age 45 and are overweight, have high blood pressure or a family history of diabetes. Individuals who are of Latino, Asian, African or Native American descent may also be at higher risk for diabetes and may benefit from early testing.

To help you determine your risk of diabetes, the American Diabetes Association (ADA) has a quick online risk test you can take for free at DoIHavePrediabetes.org.

Diabetes Tests

If you are at risk for prediabetes, there are three different diagnostic tests your doctor can use. The most common is the "fasting plasma glucose test," which requires an eight-hour fast before you take it. There is also the "oral glucose tolerance test" to see how your body processes sugar, and the "hemoglobin A1C test" that measures your average blood sugar over the past three months. It can be taken anytime regardless of when you last ate.

Most private health insurance plans and Medicare cover diabetes tests. You can also purchase a blood glucose meter and test yourself at home. They cost approximately $20 at most drug stores.

If you find that you are prediabetic or diabetic, you should see your doctor to develop a plan to control it. The ADA recommends losing weight and moderate exercise, such as 150 minutes a week of brisk walking. When lifestyle changes alone do not work, medication might be helpful. The ADA recommends the generic drug metformin, especially for very overweight people younger than age 60.

For more information on diabetes and prediabetes, or to find help, join a lifestyle change program recognized by the CDC at CDC.gov/diabetes/prevention. These programs offer in-person and online classes in more than 1,500 locations throughout the U.S. Over the course of a year, a coach will help you learn how to eat healthy, increase your physical activity and develop new habits.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

How much does your claiming age affect your Social Security benefits, and what are the most popular ages people start taking their retirement benefits?

You can sign up for Social Security at any time after age 62. However, your monthly payments will be larger for each month you delay claiming them up until age 70. This adds up to around 6% to 8% higher payments every year you delay.

To get a breakdown on exactly how much your claiming age affects your benefits, visit Social Security's Retirement Age Calculator at SSA.gov/benefits/retirement/planner/ageincrease.html. This tool provides your official full retirement age (FRA), which is between ages 66 and 67 depending on your birth year. The tool shows you how much your benefits will be reduced or increased if you take payments before or after your FRA.

In the meantime, here is the rundown of when most people start receiving retirement benefits (according to 2019 SSA statistics), and how signing up at each age impacts your payout.

Age 62: This is the earliest you can sign up for Social Security and the most popular age to start taking benefits. Around 29% of women and 26% of men signed up for Social Security at age 62. If you sign up at this age, your payments will be 25% lower if your FRA is 66 and 30% lower if your FRA is 67.

Age 63: About 6% of all workers start drawing benefits at this age. Monthly payments are reduced if you sign up at age 63, but by a smaller amount than if you claim at age 62. A worker with an FRA of 66 will see his or her benefits reduced by 20% by signing up at age 63. Workers with an FRA of 67 will receive 25% less.

Age 64: Around 7.1% of women and about 6% of men claim benefits at age 64. Social Security payments are reduced by 13.3% for those with an FRA of 66, and 20% for people whose FRA is 67.

Age 65: This is the FRA for people born before 1938 and the enrollment age for Medicare. Around 10.5% of workers begin their retirement benefits at age 65. By starting at this age, you will see your monthly payments reduced by 6.7% if your FRA is 66, and by 13.3% if it is 67.

Age 66: This is the FRA for people born between 1943 and 1954. If you fit into this age group, you are eligible to claim unreduced Social Security benefits. Nearly 29% of men and 22% of women sign up for benefits at age 66. If your FRA is 67, you will receive 6.7% less if you sign up at age 66.

Age 67: People born in 1960 or later will be able to claim unreduced Social Security payments starting at age 67. Individuals born between 1943 and 1954 will receive an 8% increase if they wait to claim their benefits at age 67.

Age 68: Those with an FRA of 66 will receive 16% more if they claim Social Security payments at age 68, while those with an FRA of 67 will receive an 8% increase.

Age 69: Those with an FRA of 66 will receive a 24% boost in benefits by waiting until age 69. While those with an FRA of 67 will increase their benefits by 16%.

Age 70 and older: Waiting to receive Social Security payments until age 70 offers the biggest possible payout. Around 7.2% of women and 5% of men sign up at this age. Those with an FRA of 66 can increase their benefits by 32%, while those with an FRA of 67 will receive a 24% increase. After age 70, there is no additional increase for delaying your payments.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

What tips can you offer on helping a parent with his or her finances? My 84-year-old father is having trouble keeping up with his bills and insurance, and I just found out that he has been making contributions to a suspicious charity.

Many adult children serve as financial helpers to their elderly or ill parents. They help with paying bills, handling deposits and investments, filing insurance claims, preparing taxes and more. Here are some tips and resources that can help you help your dad.

Start with a Conversation

Taking on the task of helping a parent with finances can be a sensitive and difficult topic. The first step in helping your dad is to have a respectful talk with him expressing your concerns and offering to help with his financial chores. If you have siblings, it can be a good idea to get them involved too. This can help you head off any possible hard feelings. Plus, with others involved, your dad will know everyone is concerned.

Get Organized

If your dad is willing to let you help manage, monitor or take over his financial affairs, your first order of business is to get organized by making a list of his financial accounts and other important information. Your list should include his:

• Contact list: Names and numbers of key contacts like his insurance agents, financial advisor, tax preparer, family attorney, etc.
• Monthly bills: Phone, cable, water, trash, gas, electric, credit card accounts, etc.
• Financial accounts: Including bank accounts, brokerage and mutual fund accounts, safe-deposit boxes and any other financial assets. Make sure to get usernames and passwords for online financial accounts.
• Company benefits: Any retirement plans, pensions or health benefits from his current or former employers.
• Insurance policies: Life, home, auto, long-term care, Medicare, etc.
• Taxes: Copies of your dad's income tax returns over the past few years.

Locate Important Documents

This is also the ideal time to find out if your dad has the following essential legal documents: a will; an advance directive which may include a living will and health-care proxy and will allow you or another family member or friend to make medical decisions on his behalf if he becomes incapacitated; and a durable power of attorney, which gives you or a designated person similar legal authority for financial decisions, if needed.

If he does not have these important documents prepared, now is the time to prepare them. If they are prepared, make sure they are up-to-date and you know where they are located.

Simplify Financial Tasks

The quickest way to help your dad simplify his monthly financial chores is to set up automatic payments for his utilities and other routine bills and arrange for direct deposit of his income sources.

If your dad has savings and investments scattered in many different accounts, you should consider consolidating them. You can also set up your dad's bank system and investment accounts online, so you can pay bills and monitor his accounts anytime.

Set Up Protections

To guard against scams and risky financial behaviors, consider getting your dad a prepaid credit card. With a prepaid credit card your dad would have access to money, but with restrictions on the amount he can spend. Some prepaid cards allow you to block certain types of unwanted transactions, such as wire transfers or online purchases. Additionally, some web-based services allow you to automatically monitor your dad's accounts, track suspicious activity and alert you when a problem is detected.

Seek Help

If you need help or live far away, consider hiring a daily money manager who can come in once or twice a month to pay bills, make deposits, decipher health insurance statements and balance his checkbook. Fees range between $60 and $150 per hour.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

I just turned 60 and would like to find out the best way to go about locating discounts.

Among the best perks of growing older in the United States are that many discounts are available to older adults.

There are thousands of discounts on a wide variety of products and services including restaurants, grocery stores, travel and lodging, entertainment, retail and apparel, health and beauty, automotive services and much more. These discounts – typically ranging between 5% and 25% off – can add up to save hundreds of dollars each year.

If you do not mind admitting your age, here are some tips and tools to help you find discounts.

Ask!

The first thing to know is that many businesses do not advertise their discounts, but many offer them when asked. Some discounts become available when you turn 50, but many cannot be claimed until later ages, such as 60 or 65.

Search Online

Because discounts for older adults frequently change and can vary depending on where you live and the time of the year, the internet is an easy way to find information on current discounts.

A good place to start is to use your favorite search engine and type in "senior discounts" or "senior coupons." You may find websites with large lists of discounts in categories such as restaurant dining, grocery stores, retail stores, prescription medications, travel discounts and more.

You can also search for discounts by provider. Go to an online search engine and type in the business or organization you are curious about followed by "senior discount."

If you use a smartphone, there are also apps you can use that consolidate lists of discounts. These discounts are categorized by age and type.

Join a Club

There are some membership organizations that offer its older adult members a wide variety of discounts. The organization may specifically offer discounts to older adults based on the member's age and for use at the organization's affiliated businesses.

Types of Discounts

Here is an abbreviated rundown of some of the different types of discounts you can expect to find either through a membership organization or your online search engine.

Restaurants: Discounts for older adults are common at national chain restaurants and fast-food establishments. These discounts range from free or discounted items to discounts off your total order.

Retailers: Many large thrift stores and major retailers offer various savings to older adults. These stores may offer age-related discounts or discounts for certain days of the week, sometimes both.

Grocery Stores: Many locally owned and national chain grocery stores offer senior discount programs. These discounts may be offered on certain days of the week, but may vary by location.

Travel and Lodging: Many large airlines provide special fares in the U.S. to passengers 65 and older or may offer discounts to members of certain membership organizations. Some railway travel services offer percentage discounts to travelers over a certain age, such as 62. Many car rental companies offer discounts to customers over age 50 or to those who belong to certain organizations. Some of the large cruise lines offer discounted fares to cruisers age 55 and older. Many hotels offer senior discounts, usually ranging from 10% to 20%.

Entertainment: Many movie theaters, museums, golf courses, ski slopes and other public entertainment venues provide reduced admission to seniors over age 60 or 65. Some of these venues may offer annual passes at discounted rates for adults over a certain age.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

What can you tell me about balance exercises? I have fallen a few times over the past year and have read that balance exercises can help me regain my steadiness, but I am not exactly sure what to do.

Most people do not think much about practicing their balance, but good balance can be important to staying healthy. As we age, our balance may decline if we do not stay active. Poor balance can lead to falls that may cause injuries.

Every year, more than one in four people age 65 and older fall. This risk increases with age. Here is what you should know about balance, along with some exercises that can help you improve balance.

Aging Affects Balance

Balance is something many people take for granted until it is challenged by a medical condition, medication or advanced age. These factors can affect a person's balance and make one less stable over time.

Poor balance can also lead to a vicious cycle of inactivity. If you feel a little unsteady, you may curtail certain activities. If you are less active, you may not be challenging your balance systems or using your muscles as much. As a result, both balance and strength suffer. Simple acts like strolling through a grocery store or getting up from a chair become trickier. If your confidence suffers, you may become even less active.

Balance Exercises

Some individuals have balance problems tied to illness, medication or some other specific causes. If you are experiencing problems with your balance, you should always consult your doctor first. Here are four simple exercises some people use to help preserve and improve balance:

• One-legged stands: Stand on one foot for 30 seconds or longer, then switch to the other foot. Stand near a wall or chair for assistance if needed. For an extra challenge, try closing your eyes or standing on a throw pillow.
• Heel-to-toe walking: Take 20 steps while looking straight ahead. Try to walk in a perfectly straight line.
• Standing up: Without using your hands, get up from a straight-backed chair and sit back down 10 to 20 times. This improves balance and leg strength.
• Tai chi: Research has shown that the practice of tai chi – which uses a combination of slow, graceful movements, meditation and deep breathing – can help reduce the risk of falls.

For more information on different balance exercises you can do at home, there are a variety of balance and strength exercises and beginner tai chi instructional videos you can purchase or stream online. Some senior fitness programs offer online classes that guide you through exercises you can do at home.

See a Doctor

If you have already fallen, are noticeably dizzy, unsteady or have a medical condition affecting your balance, you need to see a doctor. The doctor might refer you to a physical therapist or to an appropriate balance-training class in your community. It is important to know that many medicines and medical conditions – from Parkinson's disease to diabetes to inner-ear disorders – can affect balance.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

I misplace everything including car keys, eyeglasses, cell phone and more. Do you have tips or tricks to help with tracking down misplaced items?

There is a wide variety of tracking devices that can help you find commonly misplaced items. Here are some top options to consider.

Tips and Memory Tricks

To help you remember where you have misplaced an item, it is most important to stay calm, take a breath and have patience with yourself. There is no reason to beat yourself up over it, because losing things happens to everyone! If you live with others, ask if they may have seen the missing item.

You may want to retrace your steps from the last place you remember seeing the item. That will often help you remember and find it. To limit losing track of an item try using a designated space, such as, an ornamental bowl or a hanger and return the item to that space after each use. It will take some time to build this habit, but it should eventually become second nature. Eventually, every time you come home or are done using the item, you will put it where it belongs. You may find that you will be able to locate your previously lost items much quicker and easier.

Practical Ideas

You may want to use a decorative hanger for storing your keys on when you get home. Also, add a brightly colored keychain or lanyard to make your keys more visible. Misplaced eyeglasses are another common cause of frustration. Try to remember to return your eyeglasses to a protective case and keep that case in the same area. You may want to purchase a brightly colored protective case to make it easier to locate. Most protective eyeglass cases come in dark colors and can be easily misplaced at night when you may need them the most.

For your cellphones and tablets, try to keep them charged and leave the ringer or sound on. It may be easier to locate your device if you can hear it. Some devices are equipped with a "find my device" tool that will trigger a sound, even if it is in silent mode. A cellphone docking station will charge your phone and keep it in the same location for easy retrieval.

Higher Tech Options

If you have a smartphone or tablet, you can use a Bluetooth tracker to easily locate lost or misplaced items like keys, purses, wallets, remote controls, smartphones, tablets or even laptops. There are several types of tracker products on the market today. Many pair with mobile device apps to help you locate missing items. Some of these devices also work with voice-activated assistants.

In many cases, all you need to do is attach a small battery-powered tracker to the items. You may have the option to attach the tracker with an adhesive sticker or a key ring. For larger items, such as a purse or wallet, you can store the tracker inside the item. When a tagged item goes missing, you simply access the app on your smartphone or tablet to see how far away you are from the item or to find the last known location on the map. If you are nearby, you can usually trigger the device's alert sound so you can easily find it. If a smartphone is lost nearby, some of the tracking devices can work in reverse. The user may press the tracker's button twice to make the phone ring, even if it is on silent mode.

You may find similar options for glasses as well. You can purchase a tiny rechargeable Bluetooth device that sticks to the inside arm of the glasses so it is not noticeable. When the glasses are missing, but nearby, an app on your mobile device can be used to make them ring. If the item is out of Bluetooth range, you can check the last known location on the map.

Radio Frequency Finders

There are also radio frequency devices that can help you find misplaced items and do not require a smartphone or tablet. These devices typically come with an item locator remote and four to six tags. Attach a tag to the items you want to keep track of with a key ring or adhesive sticker. Each tag is color-coded and corresponds to a colored button on the remote.

When an item goes missing, you simply press the colored button on the locator remote and the tag will flash and beep. The signal has a tracking range of around 100 feet. Make sure you keep the finder remote in a safe spot. If you misplace the remote, you will not be able to find the tagged items.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

I have been told that my two children, ages 14 and 16, may be eligible for Social Security when I file for my retirement benefits. Is this true? What can you tell me?

If you are age 62 or older and are still raising young children, there is a Social Security benefit strategy that you may be able to claim.

Here is how it works. When you file for Social Security retirement benefits, your minor children can get money based on your work record equaling half of what you would receive at full retirement age. Even if you were to take a smaller benefit by claiming earlier, your kids will get half of your full-retirement benefit.

To qualify, your child – whether biological, adopted or a stepchild – must be unmarried and under age 18. Kids over 18 but still in high school can collect until they graduate or for two months after they turn 19, whichever comes first. Special rules apply to children with disabilities.

Because your youngest child is 14, if you are married, your spouse can collect Social Security benefits on your work record too. The spouse's age is irrelevant to this benefit. The minimum age requirements to collect retirement benefits at age 62 or survivor benefits at age 60 do not apply when it comes to collecting benefits as the caregiver of a young child. The spouse's benefit will stop when the youngest child turns 16 and is worth up to half of your benefit, unless the spouse is eligible for their own benefits or meet the age requirements.

But note that there are limits to the amount of money that can be paid to a family. The Social Security "family maximum payment" is determined by a complex formula and can range from 150% to 180% of your full retirement benefit amount. If the total exceeds that, each person's benefit, except yours, is cut proportionately until it equals the maximum.

Let us assume that your full retirement age benefit is $2,400 per month. According to the Social Security formula, that would make your family maximum benefit roughly $4,200 per month. SSA.gov/oact/cola/familymax.html.

Subtract your $2,400 benefit from the $4,200 family maximum benefit, which leaves $1,800. That is the monthly amount that can be split between your two children – $900 each. If your spouse also wants to benefit, the monthly checks are $600 per person. However, the family amount remains the same.

Minor children can collect up to half of a disabled parent's Social Security disability benefit. If the parent passes away, the children will qualify for a survivor's benefit, which is up to 75% of the deceased parent's full retirement benefit.

To learn more, see the SSA publication (No. 05-10085) "Benefits for Children" at SSA.gov/pubs/EN-05-10085.pdf.

One Caveat

Social Security benefits for your kids may not be available before full retirement age if you are still working. In 2021, you will lose $1 in benefits for every $2 earned over $18,960, except in the year you reach full retirement age. In that case, the earnings limit is $50,520, with $1 in benefits withheld for every $3 earned over the limit.

If you lose your benefits, your dependents also lose theirs. You can recoup those payments later, but your kids cannot.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.