Baby boomers are seeking out communities with culture, activities and events and turning to college towns, urban environments and smaller towns with vibrant downtowns in lieu of continuing care retirement communities (“CCRC”) The research to date indicates that boomers desire to stay involved and participate in life during their retirement years. Consequently, CCRC’s should change their approach and what programs they offer to Boomers rather than the Depression Era and the GI generation. The boomer generation wants to live among other generations they don't necessarily want to be segregated. However, this country is not prepared to manage the existing generation…
Prescription drugs are of particular concern. In a recent survey, 49% couldn't name a single drug their parents took. Ask parents about their medications and, if necessary, do research, experts say. Find out the dose, what it's for, who prescribed it and why. People 65 and older account for about a third of all medications prescribed in the U.S., according to the National Institutes of Health, and older patients are more likely to have long-term and multiple prescriptions, which could lead to unintentional misuse. "It's kind of a never-ending process for caregivers," says Sandy Markwood, head of the National Association…
In a recent USA Today article called “Most Baby Boomers Lack A Plan To Care For Parents” a majority of Baby Boomers say they are likely to become caregivers for their parents, but only half can name any medications their parents take, a new survey shows. The survey of 600 adults ages 45 to 65, conducted for the Home Instead Senior Care network, also found: •31% don't know how many medications their parents take. •34% don't know whether their parents have a safe deposit box or where the key is. •36% don't know where their parents' financial information is located….
If you were counting on tapping the equity in your home to help finance your retirement, you may have reason to worry. A recent issue of SmartMoney points out, “With home prices falling for nearly five years, many American must consider what to do with their homes should prices continue to collapse and the equity in their homes, if they are still lucky enough to have any, disappears completely.” If you are a Baby Boomer with an eye toward retirement, your plans may be taking quite a beating right now. Warnings about shortfalls in social security and Medicare, rising health…
If you’re over age 50, have substantial assets in your qualified retirement plan, and always dreamed of being your own boss, you are not alone. In fact, you may decide to join the growing number of baby boomers who are tapping their retirement savings for start-up capital on a new business. The Wall Street Journal, along with SmartMoney, recently discussed the trend, the possibilities, and the potentially dangerous risks involved. Here is the strategy, which the IRS called a Roll Over as Business Startup (ROBS). First, you create a legal corporation with its own 401(k) plan into which you can…
According to recent research from The Center for Retirement Research at Boston College, 70% of baby-boomer households will receive inheritances worth a total of $8.4 Trillion. With an average of $300,000 for most inheriting households, and an average of $1.5 million for the wealthiest inheritors, the better part of a generation is expected to see a nice bump in their assets. The question, then, is what to do about it. Ashlea Ebeling of Forbes recently approached the topic with a number of considerations, from warnings to ideas. Consider Keeping it Separate. The first thing to take stock of is how…
There are nearly 10 million boomers raising kids while at the same time caring for at least one aging parent, according to the Pew Research Center. However, what is not discussed or written about, are effective strategies and techniques to care for your parents. You were raised and cared for, by your parents. However, now you are providing care for them. This role reversal role reversal can be problematic, and have consequences that you, your family, and your parents, are not prepared for. Also, it's hard to argue with a parent who you've been parented by them all of your…
Forbes.com notes the circumstances surrounding Anna Nicole Smith and her protracted legal siege as an example of what not to do. 2010 marked the fifteenth year of fighting, and the Supreme Court’s ruling that it will hear her case once more, of whether or not her late 90-year-old husband left his estate to her. Some allege the young model was financially exploiting her (wealthy) elderly husband. This year the first of the baby boomers will turn 65, along with approximately 2.5 million of their peers. Exploitation of those 65 and older is a growing epidemic: a study by Met Life…
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