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Tips for Finding Low or No-Cost Entertainment
Tweet Share on Facebook August 31, 2009 CommentThe 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
Tweet Share on Facebook August 28, 2009 Comment (5)One 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
Tweet Share on Facebook August 27, 2009 Comment (2)Variable 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
Tweet Share on Facebook August 25, 2009 Comment (2)Caregivers 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
Tweet Share on Facebook August 24, 2009 CommentThe 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
Tweet Share on Facebook August 21, 2009 Comment (6)How 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?
Tweet Share on Facebook August 20, 2009 Comment (6)Here'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?
Tweet Share on Facebook August 19, 2009 Comment (7)The 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
Tweet Share on Facebook August 18, 2009 Comment (2)Last 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
Tweet Share on Facebook August 17, 2009 Comment (2)The 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?]
