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Talking about saving for retirement and a themed bingo night may not immediately draw a correlation, but the folks at Senior Services for South Sound and Olympia Federal Savings are creating a conversation involving both.

Olympia Federa Savings Senior Services for South Sound Bingo Night group
A typical Bingo Night at Oly Senior Center. Evenings often sell out so it is recommended to reserve a table if you are coming with a group of six or more. Photo courtesy: Jolene Black

The wildly popular bingo night happens monthly, with the next event, called “Bingo de Mayo,” taking place on May 18 at the Lacey Senior Center. Advertised as “Not your grandma’s bingo, but she may be there,” this night is guaranteed fun for all generations (as long as you’re over 21). The $15 ticket covers the entire evening and includes a best dressed contest, a Mexican themed dinner served at 6:00 p.m., and bingo commencing at 7:00 p.m.

Jolene Black, deputy director at Senior Services for South Sound, says the monthly events are a great way to share the needs of seniors and educate those in the community that may not be aware of these needs. She says it’s also a great way to engage younger people with seniors.

Funds raised at bingo night directly benefit the operations of two senior centers, eight community senior dining locations, transportation for seniors to vital appointments, as well as the activities program, which provides health and wellness classes and adult learning.

Olympia Federa Savings Senior Services for South Sound Bingo Night Lucky Leprechaun Bingo Night
A group of competitors for Lucky Leprechaun Bingo’s costume contest earlier this year. Photo courtesy: Jolene Black

Ryan Betz, marketing and public relations manager at Olympia Federal Savings, says Oly Fed has been supporting Senior Services for South Sound for over 20 years and the bank is excited to be the title sponsor of the popular bingo night events. “This event continuously sells out and everyone who goes always has a great time,” Betz says. “Our hope is to create greater awareness of Senior Services for South Sound and their important work.”

Organizations like Senior Services for South Sound play a vital role in the community in terms of helping make a valuable difference in the lives of a vulnerable population. “Senior Services for South Sound is trying to fill the gaps to provide resources our senior citizens may not have,” says Betz. “They look out for their well-being and those that need support, especially in serving lower income populations.”

Black is grateful to Olympia Federal Savings for continuing to be the title sponsor on all bingo events. “Their sponsorship helps cover the overhead for the event, which means that more dollars will go towards programs that support seniors,” she says.

Olympia Federa Savings Senior Services for South Sound Bingo Night Elizabeth Lord Bingo MC
Local storyteller and artist, Elizabeth Lord is the entertaining emcee of Oly Bingo Night and Lacey Bingo Night. Photo courtesy: Jolene Black

Senior Services for South Sound was established in 1973. Their noble mission? To improve the quality of life for people as they age. Black says the two largest needs facing seniors in the community are food and housing insecurity.

“National statistics provided by the Meals on Wheels Association of America let us know we are only reaching about one-sixth of the seniors who are in need of a meal,” she explains. “We have seen a steady growth in our meal program and we are projecting that we will feed approximately 2,500 seniors this year and will provide over 120,000 meals in our community.”

For seniors who are able to come in to one of the eight community centers for a meal, this creates a supportive community and socialization aspect to those who may live alone or without a family or support network.

Planning for your Future

While Thurston County is fortunate to have facilities and services such as those provided by Senior Services for South Sound, recent statistics show that many aging citizens are not as prepared for retirement as they should be.

According to an article by KD Smart Chair, there is a looming retirement crisis that no one wants to discuss. The article states there are currently somewhere around 40 million senior citizens in the United States, with that number projected to skyrocket to 89 million by 2050. Perhaps most concerning is the fact that 25 percent of Americans in the 46- to 64-years-old age bracket have no retirement savings at all.

Olympia Federa Savings Senior Services for South Sound Bingo Night Jason Andrew
Jason Andrew is there to answer any questions you may have about saving for retirement. Photo courtesy: Olympia Federal Savings

Jason Andrew, financial planner with OFS Financial Services**, works with customers on their retirement and financial planning. “Care facilities are expensive, $3,000 or more a month at least, which can eat into a savings portfolio really quickly,” explains Andrew. “For people getting to this stage of life, this is one of the major areas of planning that needs to be discussed.”

People are living longer and wanting to retire sooner, but Andrew says this presents major financial challenges, especially with government services like Social Security and Medicare benefits being diminished in some cases and also being pushed out to later stages of life. Workers are now eligible for early retirement at 62, but with monthly Social Security benefits reduced by at least 25 percent in most cases. While the full retirement age to receive full benefits now stands at 66, it is expected to rise in the future.

When discussing retirement planning with clients, Andrew uses the term “‘alternative retirement income resources,” which includes a combination of income options such as 401K, social security, rental income, individual savings accounts, etc.

Andrew says when planning for retirement, there isn’t any one mistake that people make. The problem lies in waiting to start saving. “The longer you wait, the harder is becomes,” he said. “The sooner you can get your money working for you in the form of compound interest the better. It’s the people who haven’t done the planning that have the bigger issues because there’s a smaller margin for error with less resources.”

Betz agrees. “Every little bit helps,” he says. “Some people think they don’t have the resources now but just getting in the habit of putting a little money away each month goes a long way,” Betz said. “It’s like working out, it has to become a habit to become a lifestyle.”

Olympia Federa Savings Senior Services for South Sound Bingo Night Lady
Cash prizes for the winners at Bingo Night. Both winners and losers are celebrated in this evening of fun and games. Photo courtesy: Jolene Black

It’s apparent that these conversations need to be had and need to be discussed much earlier in life. Andrew says anyone concerned about their financial future, regardless of age, should schedule a meeting to discuss options and create a savings plan. “We say plan for the worst and hope for the best,” Andrew adds.

To reserve a Bingo table of eight or more, call Senior Services for South Sound at 360-407-3967. For the full 2018 Bingo flyer, click here.

For financial planning services, call Jason Andrew at 360-596-9788 or email jason.andrew@ofsinvest.com.

 

**Securities and insurance products are offered through Cetera Investment Services LLC (doing insurance business in CA as CFGIS Insurance Agency), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with the financial institution where investment services are offered. Advisory services are only offered by Investment Adviser Representatives. Investments are: *Not FDIC/NCUSIF insured *Maylose value *Not financial institution guaranteed *Not a deposit *Not insured by any federal government agency. Located at: 4310 6th Ave SE, Lacey, WA 98503 (360) 459-1156.

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