The Best Life
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Tips for Finding Low or No-Cost Entertainment
Continue reading… 0 CommentsThe Boomerater™ Report, our weekly collaboration with online baby boomer resource Boomerater, this week explores low or no-cost entertainment ideas that bring you into contact with others. "A lot of the things I used to do for amusement are too expensive for me now," a Boomerater member asks. "I would love to hear of ideas other Boomers have for entertainment that is affordable, hopefully free. Also, I work out of my house and would especially appreciate learning about ways to connect with others in my community.” Here is what some of our members said:
[See 7 Tips for Finding Right Volunteer Work.] -
Make a Housing Plan for Your Later Years
Continue reading… 4 CommentsOne of the major decisions facing us as we age is where we want to live in our later years. Anyone who is more than 60 years old and whose children are grown should be developing a plan for where they want to live when they're 75, 85, and even older. Like solid retirement investment programs, your housing plan can be torpedoed by recessions and personal reversals. But without a plan, you're leaving too much to chance, and you don't want to do that.
[See 6 Money Lessons of the Great Recession.]
When it comes to housing decisions, the world can be divided into planners and reactors. An academic study that looked at how older people who have moved felt about it and how they fared makes it clear that you want to be a planner when it comes to housing decisions. Boston College's Center for Retirement Research analyzed extensive information about moves made between 1992 and 2004 by people who were ages 51 to 61 when the federal government began collecting the information. The researchers said it's the best data available on the moving patterns of older Americans, but it certainly doesn't cover recent events.
The study looked at all moves made during the period and reviewed the reasons people gave for moving. Those who tended to be in control of their own move were classified as planners. They tended to move in order to get a better location or home because of retirement or financial reasons. People who said they had been forced to move because of family or health issues—the death of a spouse, a divorce, poor health—were classified as reactors. Planners tended to have choices and fared better even if confronted with the kinds of problems that forced reactors to move. Reactors didn't have the same range of choices. "Those moving for retirement reasons are more educated, better off financially, more likely to be married, and less likely to be in poor/fair health," researchers said. "Those moving for health or family reasons have the lowest educational attainment level, the highest incidence of poor/fair health, and the lowest level of income and wealth, as measured by Social Security, housing, and nonhousing wealth."
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Annuity Sales Recover with Conservative Bent
Continue reading… 1 CommentVariable annuities (VA), once a retirement-product star, reported a big jump in second-quarter assets, according to the Insured Retirement Institute (formerly called NAVA ). However, the investment holdings of VA contracts reflect a big percentage drop for equities and corresponding increases in holdings of more conservative investments.
[See 4 Expert Annuity Tips for Income Seekers.] -
Caregivers Need Health Reforms, Too
Continue reading… 2 CommentsCaregivers are mostly women taking care of mostly women, generally unpaid and stressed most of the time. And that was before the recession. Now, stress levels have risen, fueled by added family financial pressures due to job losses and retirement-fund declines. Health reform proposals and debates largely by-pass this group, which has been estimated at 34 million persons. A recent survey by two caregiver Web sites—Caring.com and VibrantNation.com—finds half of caregivers unable to take even a basic summer vacation because of their commitments. And of those who do travel, 92 percent report being concerned about how their parent is faring while they are away.
[See How to Set Up a Caregiving Agreement.] -
Grandparents Looking for Disney Discounts
Continue reading… 0 CommentsThe Boomerater™ Report, our weekly collaboration with online baby boomer resource Boomerater, this week features tips from other travelers on cost-conscious ways to enjoy Disney theme parks on a budget.
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Seniors' Home Repair Help From Angie's List
Continue reading… 0 CommentsHow do you find competent and honest people you can trust to do the home maintenance and repair projects you have? This problem inevitably becomes one of the top concerns of aging homeowners, particularly if they don't have younger family members nearby who can help them. Even projects that were once do-it-yourself snaps become challenging as we age. How can I know how much work my clogged gutters might need when I can't even get up on a ladder to check them out? How do I know what a basement sump pump should cost, fully installed? The list goes on and on.
[Find your Best Place to Retire.]
Fortunately, a number of organizations have recognized this need—and business opportunity—by building networks of preferred, consumer-recommended home service vendors. The Internet enables the creation of low-cost networks that function as digital neighborhoods, where consumers can comment on good (and bad) home-repair experiences. This creates an invaluable repository of informed judgments on an increasingly deep inventory of service providers. A major national provider is Angie's List, a membership company based in Indianapolis that was started in 1995 in Columbus, Ohio, by Angie Hicks. From one community, the company has grown into 150 markets and more than 750,000 members.
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What if Healthier People Cost Us More Money?
Continue reading… 6 CommentsHere's a scary thought. What if Congress figures out a way to craft a health-reform package that works—more people are insured, the costs are acceptable and there is at least some effort to create incentives that reward doctors and hospitals not for performing procedures but for actually producing healthier patients? And what if we do, in fact, become healthier? And what if it turns out that the resulting gains in longevity produce not savings but higher healthcare expenses?
[See Summer Recess for Health Reforms is Welcome.] -
Is It Time to 'Super-Size' Social Security?
Continue reading… 5 CommentsThe more I read about the quality of consumer investment decisions, the more tempting it is to consider automatic retirement funds that require no decisions. Poll after poll shows that consumers don't understand even basic investment and tax rules, and invariably make poor choices. If I was running the U.S. government asylum, I'd want to check off a box that allowed me to "super size" Social Security. McDonald's could market the program.
[See 6 Money Lessons of the Great Recession.] -
It's August But Economic Chill May Be Here
Continue reading… 2 CommentsLast week, bond investor extraordinaire Bill Gross reportedly plunked down $23 million in cash to buy a tear-down home on Harbor Island in Newport Beach, Ca. Gross, managing director of the big PIMCO investment-management firm, is not only a rich guy but a smart guy. His take on our economic future is worth pondering, in no small part because he earned credibility by successfully navigating the mortgage and market meltdowns. And while there is merit in polling 100 economists and market mavens to produce a consensus forecast, it can be equally valuable to listen to one clear voice. And what Gross is saying, very clearly, is that we are in for a prolonged period of slower growth.
[See 6 Money Lessons of the Great Recession.] -
How to Choose a Financial Adviser
Continue reading… 1 CommentThe Boomerater™ Report, our weekly collaboration with online baby boomer resource Boomerater, this week explores questions you should ask when choosing a financial adviser. Here is the question from a Boomerater member: “What are the things to consider when choosing a financial adviser? I don't have a lot to invest, but want to make sure the investments I do have are safe and positioned to grow. Also, I want to make sure I'm on the right track to maximize my retirement income.”
[See Should You Manage Your Own Portfolio?] -
6 Money Lessons of the Great Recession
Continue reading… 7 CommentsIt's unclear whether the economy has hit bottom or not. Investment markets are moving up. Jobless rates didn't get any worse. "Cash for clunkers" has given the auto industry a real boost. And stimulus funds are slowly making their way into the real world. So, at the risk of tempting fate, it's probably safe to venture outdoors once more. The sky will not be falling. Life as we know it will not be ending. There will be a World Series in the fall, and college stadiums will be jammed with fans.
Before moving on to better times, however, let's think a bit about how we've responded to the big problems that began emerging in 2006 and 2007. What are some of the clear money lessons we've learned? Almost by definition, these lessons seem very obvious today. But our children and grandchildren will forget many of them, just as we forgot the hard-knocks lessons of our parents and grandparents. Here's some starter advice:
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Maryland Builds Better Safe Driver Mousetrap
Continue reading… 2 CommentsWouldn't it be great if there was a predictive screening process that helped identify people whose driving problems would be likely to cause future accidents and other mishaps? As the numbers of older drivers soars, so will the need for fair ways to evaluate their skills. It's possible that pressures for wholesale restrictions on older drivers will grow as well, spurred by the inevitable tragic accidents involving old drivers who clearly didn't belong behind the wheel. Well, as it turns out, if you want a solid solution to this problem, you can find one in Maryland, whose Motor Vehicle Administration (MVA) began developing predictive screening tools a decade ago. It even validated its approach with a comprehensive research project whose results were published in 2006. Why haven't other states rushed to emulate Maryland? Good question. Complicated answer.
[See Are Seniors Being Targeted as Bad Drivers?] -
Target-Date Fund Expense Fees Vary Wildly
Continue reading… 1 CommentThere is an enormous range of fees among the mutual fund companies that offer target date funds, according to a Morningstar analysis. The lowest-expense funds—Vanguard's Target Retirement series—levy an expense charge of only .19 percent of assets. At the other end of the spectrum sits the Oppenheimer Transition series of funds, which has expenses of 1.44 percent. "That's a huge disparity," Morningtsar senior analyst Josh Charlson writes in an accompanying article.
[See Target-Date Funds Finally Showing Solid Gains.] -
Keeping Teens Safe Behind The Wheel
Continue reading… 2 CommentsThe Boomerater™ Report, our weekly collaboration with online baby boomer resource Boomerater, this week explores how you can help your teens to be safe, responsible drivers.
[Take a Road Test of Your Driving Skills.] -
7 Tips for Finding Right Volunteer Work
Continue reading… 4 CommentsVolunteering is one of the best ways for seniors to get involved in their local communities, share a lifetime of experiences, develop new relationships, and help make the world a little bit better. Today, there are more tools than ever to help you find the right organization and make sure that the match is a good one for you and for the group you want to help. Here are some things to consider:
You're not alone. More than 60 million Americans volunteered a median of 52 hours in 2007, according to the U.S. Bureau of Labor Statistics. This does not include the many millions of people who work as unpaid caregivers for family members or friends. Churches and schools far and away topped the list of places where people donated their time and expertise. Other areas—health, community service, civic and political organizations, sports and environmental groups—had more than 30 million volunteers.
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Great Advice on Parting with Possessions
Continue reading… 4 CommentsI recently wrote about how hard it is for many of us to downsize, get rid of possessions and prepare for new phases in our lives. Some changes are triggered by positive events but many are forced upon us by losses -- of spouses, of health, even of financial security. It can be a very tough and lonely period. Clearly, many of you agree, because you posted some absolutely marvelous personal stories and suggestions. You are the experts here, and your experiences are more instructive than my advice and even many observations from the "experts" I often quote. I'd like to share a few:
The ten-six-three rule. "I had a life change this year, and took that opportunity to start simplifying my life. At first it was little things, then it started getting easier and easier. Pretty soon, the lawn was just a giant gift shop to the world. The first obstacle to get over was holding on to things in your life you don't use, but perceive that it still has value and so you shouldn't let go of it. If you aren't using it, then its only value is as a dust collector. Start small, and force yourself to keep to your rules. My first rule was, 'If it hadn't been used in 10 years, it had to go.' That was hard at first, but I did it. Then we went to six years, then three, then a year. Eventually, we just emptied the attic. Things that I saved for heirlooms that I didn't use, I bequeathed while I can still enjoy [seeing people] receiving them. (Why hold on to it if you don't use it?). The house was empty after a few months, and I felt great and free. Now the house is too big. So much of it was just storage or "filler" furniture. Start small and see how it changes your entire outlook. It is a true domestic colonic for the soul." -
Tips to Help Loved One with Alzheimer’s
Continue reading… 3 CommentsThe Boomerater™ Report, our weekly collaboration with online baby boomer resource Boomerater, this week discusses caring for a relative with Alzheimer’s Disease. We explore the role of a caregiver and financial resources to assist you.
[See New Tool to Compare Long Term Care Costs.]
