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Inspiring Opportunities Free E-Newsletter |
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Topic: Finances
One of the great perks of growing older is the many discounts that are available to boomers and seniors. If you don’t mind admitting your age, here are some resources to explore. Not all businesses advertise them, but many give senior discounts, so don’t ever be shy to ask. The Internet is one of your best resources; a few Internet sites that can be very helpful are SeniorDiscounts.com that lists more than 250,000 discounts on products and services like airlines, car rentals, restaurants, state and national parks, museums, and more...
Test-Driving RetirementWhile boomers are pretty sure that they don't want their parents' version of retirement, many of us are not ready for what lies ahead. This article points out the need to understand your finances and your emotional needs before leaving the workplace. A free online tool from T. Rowe Price called "Practice Retirement" can help you figure out how much longer you need to work to be financially secure and recommends a gradual transition to retirement. Equally important, is the emotional transition that retirement brings. Pre-retirement is a good time to begin considering next steps...jobs, travel, time with friends...and taking the time, as Coming of Age believes, to "Explore Your Future."
Ideas for Retirement Checklist
As retirement gets closer, the checklist of what you need to think about might need review. This article lists a number of areas that you may not have considered, including doing home repairs while still working, looking into your tax situation, taking advantage of your present health benefits, and living on your projected retirement income while still employed. And after you've looked at this list, perhaps you want to add a "bucket" for how you might "give back" to your community in this next phase of life. For that, you can contact comingofage.org. To read more, click here.
Who Can Solve Boomer Issues? Boomers
This article poses the question: How can boomers, who are reaching 65 at the rate of 8,000 per day, help solve the problem of affordable housing for the ever increasing number of older adults that will make up 20% of the population by 2030? The question is really, how will boomers help themselves reach old age with the possibility of high quality, publicly-financed housing available? Boomers have political power (through sheer numbers), wealth, and a good reason to work toward that goal for the millions who won't be able to afford assisted living and other high-end options. Keep reading to learn about why this might be a good idea...sluggish economy and all.
NPR's Caregiving Series Touches Many
NPR's Family Matters: The Money Squeeze series, that airs each Tuesday on Morning Edition, is about caregiving and multigenerational families. The latest story, the third in the series of eight, profiles the story of Yolanda Hunter's family. For the Hunters, what started out as an act of love, has become a difficult and costly decision that has no easy solution...and brings up many questions of how caregiving impacts our society. Nearly 10 million people over the age of 50 are caring for their aging parents and the number of caregivers has more than tripled over the past 15 years. Stayed tuned for the rest of these profiles...
How Giving Grandparents Can Give WiselyBoomers are used to taking charge...and for some, being a new grandparent can give them the "joy" of spoiling the child and a chance to exert some influence. Boomers carry some heft financially, having the highest median household income of any age group, according to the U.S. Census. Many are eager to make sure that their grandchildren are well taken care of, even if their approach doesn't fit the parents' wishes. This article provides some very good information for boomer grandparents on how to be thoughtful in sharing their wealth and maintaining family peace.
For Retirement, 68 is the New 65!
Yes... another take on what boomers can do to stay financially solvent! As this author asserts, boomers who are closing in on retirement without enough money saved need to keep working. Delaying retirement leaves a worker with fewer years of retirement to finance, more time to save and earn returns, and higher Social Security benefits if they delay taking them. Read more about practical ways to build your nest egg and check out a recent CNBC roundtable discussion on a video within this article called "New Retirement."
Take Advantage of Government Benefits
The National Council on Aging and the National Association of Area Agencies on Aging are kicking off a campaign to encourage older people to take advantage of programs for which they are entitled, but were not aware existed. This includes reduced-cost drugs, food stamps, home care aides, transportation programs, help with heating bills, and subsidies that will lower Medicare premiums. A sample of those who have gone to the BenefitsCheckUp website since 2010 shows that more than 70% were eligible for at least one benefit that they were not receiving.
Seven Stupid Retirement Myths
According to the Employee Benefit Research Institute's latest retirement confidence survey, half of American workers haven't tried to figure out how much they need to save for retirement. And the survey shows that nearly one-third aren't currently saving; half of those who have saved have less than $25,000. This MSN Money article goes on to explain what myths may be keeping this large number of people from thinking ahead.
Smart Ways to Raid Your Nest Egg
If you are a boomer, it's time to start thinking about how you'll convert decades of savings into a lifetime stream of income and to consider which accounts to tap first. Different sources of income have different tax consequences. Withdrawing funds in the most tax-efficient way will not only minimize your tax bill but could also make your savings last longer. To learn how to approach your nest egg with tax implications in mind, click here.
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