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It's Time to Update Personal Disaster Plan
Tweet Share on Facebook June 3, 2009 CommentHurricane season is upon us, so it's time for what should be at least an annual preparedness drill for you and your possessions. While the National Oceanic and Atmospheric Administration predicts a normal storm season, there is nothing normal about a hurricane or other disaster. Here's a checklist of steps to take.
Emergency food, water and supplies. Set aside enough food and water for at least a week, and put extra lights, batteries and the like in waterproof containers. I went online last year at my friendly warehouse membership site and ordered a complete disaster preparedness kit that came packed in a waterproof plastic bin. It will keep me fed, hydrated and relatively secure against extended power and service outages. Too bad it didn't help against economic disasters! A friend of mine regularly fills multiple 5-gallon jugs of water and also stores water in her bathtub every time a serious storm is forecast. I'd probably save the bathtub for my own use if a bad storm hit, but then, she's a lot cleaner than I am. -
Four Signs You're in Retirement Denial
Tweet Share on Facebook June 2, 2009 Comment (30)Optimism is good; denial isn't. When it comes to retirement plans, the evidence is overwhelming: the recession will delay retirements for millions and reduce the standard of living of even more people who are, or were, getting near retirement. A recent Pew Research Center survey, for example, says most middle-aged Americans are thinking about delaying their retirements and altering plans in other ways. Yet despite the short-term adjustments that consumers are making -- looking for bargains, saving more -- many continue to hold expectations about retirement that experts say are simply no longer realistic. Here are four signs that you may be in denial about how the Wall Street and housing meltdowns have changed your retirement prospects.
[See also How to Get Your Finances Back on Track in 6 Steps.] -
4 Tips To Help You Find Good Medical Care
Tweet Share on Facebook June 1, 2009 Comment (23)The Boomerater™ Report, our weekly collaboration with online baby boomer resource Boomerater, this week gives you tips on questions to ask and websites to visit before choosing a new doctor.
Question: I am looking for a good website that rates doctors and dentists. I have recently changed insurance providers and the new company does not include some of my doctors. It is upsetting in that I really like and trust my current doctors and am worried about making a bad decision. -
State Money Woes May Affect Where You Retire
Tweet Share on Facebook May 29, 2009 Comment (1)The recession is causing long-term problems for the states, including budget deficits, service cuts, and public-worker pension shortfalls—none of which will disappear quickly. They will, however, raise pressure for tax increases. A third of states have already raised taxes this year, and more will be forced to do so. Significant cost and service gaps among the states will make retirement relocation decisions increasingly important. Here are some key variables that may affect where you want to live:
Budget problems. If you live in Montana, North Dakota, or Wyoming, congratulations: According to the Center on Budget and Policy Priorities, you live in the only states that have no budget deficit. Collectively, the states are looking at more than $350 billion in red ink over the next few years and the federal stimulus package represents a band-aid but no cure. "It may be particularly difficult for states to recover from the current fiscal situation," the Center on Budget and Policy Priorities said in a recent study: "The decline in housing markets has already depressed consumption and sales taxes as people refrain from buying furniture, appliances, construction materials, and the like. Property tax revenues are also affected, and local governments will be looking to states to help address the squeeze on local and education budgets." According to the center, here are the five worst states in terms of fiscal-year 2009 budget shortfalls as a percent of general fund revenues: California, 35.5 percent; Arizona, 34.8 percent; Rhode Island, 24.5 percent; Florida, 22.2 percent; Illinois, 21.4 percent.
[See the 10 Low-Tax Places to Retire.]
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Take a Road Test of Your Driving Skills
Tweet Share on Facebook May 28, 2009 Comment (100)May is Older Americans Month. Each year, the U.S. Administration on Aging picks an apple-pie theme for the month. This year's theme: “Living Today for a Better Tomorrow.” Hard to argue with that.
My theme is a bit more specific: Make sure your driving skills are still solid. Safe driving is key to the independence of millions of older Americans, whose presence on the nation's roads is growing. By 2030, according to U.S. Census Bureau data cited by AAA, one in four drivers will be age 65 or older. -
See if You May Be a Victim of Ageism
Tweet Share on Facebook May 27, 2009 Comment (1)Remember the old saw, “You’re only as old as you feel?” It needs to be replaced. Everyone, and I mean everyone, has some bad-feeling moments as they cross into their 60s, 70s and 80s. No, the new catch-phrase for aging, particularly among the “newly” aging boomers, should be, “You’re only as old as you act.”
Kay Van Norman, an aging and wellness consultant (when she’s not riding her horse in and around Bozeman, Mont.) remembers a couple of events in her life about eight years ago that marked a branch in the road of her own development and attitudes toward aging. -
Four Fitness Tips to Get and Stay in Shape
Tweet Share on Facebook May 26, 2009 Comment (3)The Boomerater™ Report, our weekly collaboration with online baby boomer resource Boomerater, this week has some tips for those of you who want to start going to gym but don’t know what fitness program to pursue.
Question: I am mid-50s and want to start going to gym but don't want to over strain myself. What are the tips for someone getting started on this regime for the first time? -
Should You Manage Your Own Portfolio?
Tweet Share on Facebook May 22, 2009 Comment (8)Self-directed investing—that is, managing one's own portfolio—makes sense for savvy retirees who want more control and lower investment fees. It's especially logical for the newly risk-adverse: people who are not trying to break the bank but protect their nest eggs from breaking, as many did during the market meltdown. But taking direct responsibility for your investments is not for everyone. Follow this guide to see if there might be at least a sliver of Warren Buffett in you.
What's y our investment IQ? You need not be another Sage of Omaha to be a great manager of your own portfolio. But you do need a basic understanding of stocks, bonds and alternative investments. "You need to put as much energy and investment into your own education as you do into your investing," says Lee Barba, head of thinkorswim Group, an online broker that offers extensive education programs through its Investools affiliate. The tax consequences of your investment actions are often the deciding factor in making the best choice, so you need to know the tax treatment of your investment-account contributions, investment earnings, and distributions. You'll also need time to get comfortable with the language of buying and selling, especially since most of your investment activity will be taking place between you and a computer screen.
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Low CPI Creates Medicare Winners and Losers
Tweet Share on Facebook May 19, 2009 Comment (84)Medicare Part B, which covers physician and outpatient services, will most likely levy no premium increase on about 30 million participants in 2010 and perhaps 2011 as well. Their good fortune, however, will be effectively paid for by the program's 10 million or so other participants. They will see premiums rise by a projected 8 percent in 2010 and another 13 percent jump in 2011. This discrepancy is an ironic consequence of a piece of good news, namely that very low levels of inflation are expected to result in no cost-of-living-adjustment (COLA) for Social Security recipients in 2010 and, quite likely, 2011.
Basic Medicare includes Part A coverage of hospital services, fully paid for by the federal government, and Part B, where the government foots 75 percent of the cost and participants must pay the remaining 25 percent, in the form of insurance premiums. Basic Part B premiums are $96.40 a month. Additional amounts, ranging as high as $211.90 a month, are charged on top of the basic premium, beginning with people who make more than $85,000 (individual tax return) and $170,000 (joint filers) a year. -
Tips for New Boomer Grandparents
Tweet Share on Facebook May 18, 2009 Comment (1)The Boomerater (tm) Report, our weekly collaboration with online baby boomer resource Boomerater, looks at valuable tips on being a new boomer grandparent and some great ideas to get prepared for this new role.
Q. We're about to become first-time grandparents and would like to hear tips from others to make this is the best experience for our new grandchild and our son and daughter-in-law. We have a good relationship with the kids and live close by. I want to be supportive and helpful, but don't want to overstep boundaries in my role as mother-in-law.
