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39% of Baby Boomers Are Dangerously Short on Retirement Savings

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The importance of saving independently for retirement is pretty clear: Without a nest egg, you’re more likely to rely heavily on Social Security during your senior years. While those benefits will provide some income, they’ll only replace about 40% of your pre-retirement salary if you were an average earner. Most seniors, however, need a good 70% to 80% of their former income to maintain a decent lifestyle. And that’s where personal savings come in.

Unfortunately, new data from Wells Fargo reveals that a large percentage of older workers are falling short in this regard. A frightening 39% of baby boomers have less than $250,000 socked away for retirement. And among them, 16% have less than $25,000 saved.

Older man sitting at a laptop bent over with clasped hands, pressing thumbs into his forehead

IMAGE SOURCE: GETTY IMAGES.

If you’re nearing the end of your career with limited savings, it may not be too late to salvage your nest egg. But you need to act quickly and make the following moves.

1. Start slashing your spending and banking the difference

If your retirement savings are in a sorry state and you’re on the cusp of retirement, you’ll need to act quickly to boost them. And that means cutting back on spending in a major way so you can free up cash for your IRA or 401(k). To this end, create a household budget to see where your money is going. Then, identify reasonable yet effective ways to trim your costs. That could mean pledging to do all of your cooking at home instead of dining out, canceling non-essential services like cable or the streaming apps you rarely use, and downsizing to a single vehicle rather than paying to own and maintain two.

Will these sacrifices be difficult? Unfortunately, yes. But if you’re sitting on little to no retirement savings late in your career, you’ll need to go to some pretty extreme lengths to compensate.

2. Generate more income with a second job

Side hustles aren’t just for travel-obsessed millennials who need money to fuel their wanderlust spirits. They’re also a good way for older workers to increase their retirement savings. If your nest egg could really use a boost, explore your options for a second source of income.

That could mean consulting in your current field or trying something new and more creative. The earnings you generate from your side job can go directly into savings, and as a bonus, you’ll have a potentially lucrative gig to carry with you into retirement. (At that point, you may need it.)

3. Extend your career

If you’re planning to leave the workforce within the next few years and you’re clearly lacking in retirement savings, an effective solution could be to extend your career and bank as much of your earnings during that time as you can. Imagine that, instead of retiring at 67 as you initially planned, you push yourself to work two more years and that during that time, you bank an additional $12,000. That’s not a ton of money in the grand scheme of retirement, but when you’re behind on savings, every little bit helps.

Working longer achieves a couple of other important objectives, too. For one thing, it allows you to leave your limited savings intact for a few extra years, thereby stretching that money further. But also, it could enable you to delay your Social Security benefits, and that’s crucial, because for each year you hold off on filing past your full retirement age, you snag an 8% increase in those benefits that remains in effect for the rest of your life. And when you don’t have a lot of savings to work with, the more money you can get from Social Security, the better.

Personal savings are a must going into retirement. If your nest egg leaves much to be desired, do what you can to boost it before leaving the workforce permanently. Though it will require some effort, increasing your savings could be just the thing that saves you from financial distress once your career comes to a close.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Baby Boomers Retirement – Impacts On Government Exposed

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Baby boomers did so much for the United States and changed so much in the culture that many didn't start thinking about the effects of their retirement until it was too late. The baby boomers are beginning to retire. Those born in the earliest part of the baby boom phase are getting extremely close to the required age that there is more talk about what the government is going to do to help out this generation.

When the baby boomers retire they are going to need Medicare and Social Security. However, there are those concerned that there isn't going to be enough money to cover all of the baby boomers. There are few important facts about the baby boomer generation that they have to realize before retiring.

– They need more money than previous generations to live comfortably.
– Baby boomers are more self indulgent, which means the type of things are they are going to want come retirement will differ than their parents.
– They are going to healthier and live longer.

Because of these reasons many boomers feel they are going to work into their retirement age, some part time. Many feel they want to work until retirement age, but then join a new field or career come 64. This plays into the idea of ​​baby boomers being indulgent. They will take the money they worked for in the first job and do the thing they always dreamed about in their second job. The normal idea of ​​retirement won't happen for many baby boomers until their late 60's. This is being called the new retirement.

Luckily, there are some who have saved money over the years and created retirement accounts. This type of behavior has to do with what many of the baby boomers saw growing up. There were gas shortages and an energy crisis. They saw what not having money to pay bills and not having enough of a certain need could do to a family. They didn't want to allow that to happen to themselves.

This generation is one of the most prosperous in American history. They have worked in jobs that have paid well and helped stimulate the economy. Many are going to be happy when they retire because they will be getting pensions and retirement accounts. They aren't going to rely too much on the government to help them out.

But what about the people who didn't save enough? What about the people who don't have enough money in the bank to last through retirement? These are the people that are going to rely on the government for assistance. The only problem is no one knows if the government is going to be there for everyone when the time comes because the baby boomers represent 28 percent of the current population.

Starting in 2008, the first of the baby boomers will start collecting retirement. This is going to be a time of great uncertainty because there is no way of knowing how the economy and government is going to hold up over the next 20 years. The government social security could take a huge financial hit or it could run smoothly.

The key for baby boomers is to have a plan once they retire. Don't think that once you retire you are going to spend your days relaxing on a beach for the rest of your life. Many retirees don't take into account the psychological aspects of retiring. This is what baby boomers have to think about. It isn't just about having enough money for retirement, though this is important, you have to know what you want to do once that day comes.

"OK, boomer": 25-year-old lawmaker shuts down heckler during climate speech

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Chlöe Swabrick, who belongs to the Green Party, silenced a fellow member of the U.K. Parliament by saying, “OK, boomer” – a phrase adopted by millennials to call out people from the baby boomer generation.

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Facebook for Seniors and Baby Boomers – Is It the Answer for the Socially Inactive?

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Facebook has seen a surge of 513% in sign-ups – by Seniors and over 55s!

These figures from the US, released by Nielsen, confirmed a trend that we’ve seen in recent years: That more seniors are becoming active on the Web. In fact, figures show that the number of older users of Facebook increased nearly tenfold in America last year, while university-age users declined by 55 per cent. (There have been rumors that these younger user groups are being alienated by their parents joining the service, and this data seems to prove it).

One of my favourite sites, Mashable, reports that “the rise of Facebook to number three on this list (of social network usage growth by over 55′s) from number 45 a year ago, is a huge sign of just how mainstream social networking has become. YouTube at number four is another confirmation of this trend”.

Australia, too, has seen a massive increase in seniors using Facebook, and social networks generally, in the last couple of years. Australian figures show that about one in five over the age of 55 is connecting through Facebook, with 550,000 logging in. Apparently the fastest growing demographic on Facebook is women over 55.

Nielsen noted a similar pattern with Internet usage, “Among people 65+, the growth of women in the last five years has outpaced the growth of men by 6 percentage points.” Marketers should stand up an take notice. The 65 and older online crowd in the United States totals 17.5 million – that’s 13% of the population. And this is a group that tends to have both more disposable income and leisure time than other demographics.

What’s the attraction for seniors? Most obviously, the ability to keep up to date with the lives of family and friends, especially grandchildren interstate and overseas. Not only that, access to the web keeps the mind active and focused, helping to alleviate boredom and depression.

However with this kind of uptake, it stands to reason that social media could become an as yet unseen source of interaction for people that are alone, isolated or socially inactive. A good case for providing all seniors with affordable internet access (and a Facebook account).

Leonard Pitts: The kids may ‘OK’ this Boomer to their heart’s content

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“Every generation blames the one before.”

So I guess “OK Boomer” is a thing now. And I gather I’m supposed to be offended by it. Certainly, some people seem to be.

The saying — a dismissive eye roll from Generation Z to their elders — is suddenly all the rage. It appears on hoodies, headlines, tweets and memes, this catch-all response to old folks’ nonstop nagging and criticism. Some members of the Baby Boom generation are not amused.

Maureen Dowd of The New York Times sees it as “intergenerational war.” Steve Cuozzo of The New York Post says the young ones “really, really hate us.” Bob Lonsberry, a conservative radio host, declared “boomer” — no joke — “the n-word of ageism.”

Granted, these are media types — not real people — so we should be careful about generalizing. I, for one, can’t say I really feel “hate” from young folks. But to whatever degree I should be taking this seriously — “You darn kids, get off my internet!” — I find that I can’t. I keep laughing instead.

It strikes me as funny that some in my generation, which defined itself by an insolent rejection of the old, are traumatized by a younger generation’s insolent rejection of us. Am I the only one who remembers when the hippies warned, “Don’t trust anyone over 30?” Does no one else recall when Pete Townshend sneered, “Hope I die before I get old”?

Then how dare any of us clutch our pearls over a little intergenerational sniping? Besides, it’s not as if the kids don’t have a point. Our record is certainly mixed.

I’d say our music was better than theirs, but they have better television — and more of it — than we could’ve dreamt. Boomers made great strides in civil rights for black people, women and the LGBTQ. But we dropped the ball on climate change, failed to address a rigged financial system. And we — the white cohort of us at least — bear blame for the catastrophe of Trump. We deserve both credit and castigation. Every generation does — even the “Greatest.”

When I was a kid, I used to tease this old man in the neighborhood for being an old man in the neighborhood. “Keep a’livin’,” he’d always retort. And I did. And here I am, just turned 62 and wondering how the heck that happened. The Gen Z kids will too soon enough wonder the selfsame thing. The big wheel keeps on turning.

Usually that confers perspective and context, the soil from which wisdom grows. But you couldn’t prove that by these overwrought responses to young people’s taunts.

I’m remembering teenage battles with my mom as I write this. As it happens, I’ve got Nat King Cole playing in the background. He was mom’s end-all and be-all. She didn’t want to hear any noise from my room about P-Funk getting funked up, Papa being a rolling stone or midnight trains to Georgia. As far as she was concerned, music stopped when King Cole died. I got sick of hearing his name, scorned him on general principle.

But I remember one day mom deigned to listen to the Stylistics with me. Afterward, she sniffed that “Betcha By Golly Wow” was actually a pretty song to have such a silly title. It was a backhanded compliment, but I felt vindicated by it just the same. I doubt she needed my vindication — adults didn’t need that from kids back then. Still, somewhere in the intervening decades, I decided Cole wasn’t so bad either. I just had to learn how to hear him — and I did.

So the kids may “OK” this Boomer to their heart’s content. Because as they will eventually discover, that old man in my neighborhood was right.

Leonard Pitts Jr.

Ok, Boomer is now a SLUR?!

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The Boomers have become aware of the term, and they think it’s terrible in ways you won’t believe. Also, Jeffrey Epstein Didn’t Kill Himself.

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Boomer Memes Cause Chaos with the Olds

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Millennial Dads vs Baby Boomer Dads

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Job hunting for medical benefits? Tips on how to get them

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man seeking medical insurance

Many job hunters are motivated to find a position with medical benefits.

Getty

Last week I had an Interview coaching client who was in a dilemma. Beth was a devoted mother. She stopped work when her first son was born 21 years ago and raised two boys and a girl. Now, she is in her early 50s and quite unhappy, sitting in an empty house. Beth and her husband Danny, go to the movies a lot. They are also spending way to much time just staring at each other, thinking, “I wish one of the kids would come home.”

The emptiness is a tough time for most people, especially women who have been devoted mothers to their children. I know, I’ve lived through it myself. In Beth’s case, it was Danny who suggested she get a job to get medical insurance for the family. Danny owns a business, and they paid a lot of money to buy the family medical insurance. It cost them over $40,000 a year. If she could get a job where she could provide medical insurance for the family, it would be a significant saving. So getting medical insurance for the family was what was driving her job search.

Contrary to most people’s beliefs, not all employers offer health insurance. A little over half of Americans under age 65 — about 158 million people — get their health insurance through an employer. 

 Needing insurance is a primary motive for many baby boomers to go to work. 

Her husband, Danny, knew a principal in one of the local high schools and was talking to him about his wife. The principal mentioned that they had a para-professional position opening up where you work with special needs kids. The principal encouraged Beth’s husband to have Beth apply. She did.  

Beth is a kind-hearted soul who was put on this planet to take care of others. She had not been in an interview in over 20 years. “I have no skills,” she said. “I’m not qualified. So what should I do?” We discussed the volunteer work she had done at the school where her kids attended elementary school. She was a frequent volunteer, and she grew up with a brother who has severe depressive and anxiety episodes and is bipolar. She has great patience with him and seems to have a calming effect on him. I thought this was notable experience to discuss in the interview. 

She found that the principal was the interviewer, and it helped reduce her nervousness. The principal just told her about the job and said, is this something you think you can do? She was prepared and answered correctly and told him how she had raised her three children and had a brother with special-needs. The principal was sold and offered her a job. So for the first time in 21 years on Monday, Beth goes to work. One significant advantage she thought would be having a school schedule. She gets Thanksgiving off and two weeks at Christmas off, plus she gets a vacation for midwinter and spring break, and of course, she gets summers off too. So she loved the schedule. But the real reason, Beth said, that she is heading back to work was to get medical insurance for her family. The school district’s medical dental and vision policy that comes from the state covers the family, and she only has to pay a few hundred dollars for that coverage. So not only was she getting paid, but Beth is earning an extra $40,000 that they would’ve spent on medical insurance. She was delighted about the logistics and happy the job offers terrific benefits. 

What about you? Do you need medical insurance? Many people work because they lack coverage. There are many companies out there that offer insurance for you. How can you find the right companies? The ones that have good policies and not one with a $5,000 deductible. 

Do research. For example, Starbucks offers its workers medical insurance if they work part-time. So does Whole Foods, Costco, REI, Nike, UPS, Lowe’s, Lands End, JPMorgan Chase, and Staples. Many other large companies offer excellent medical insurance to employees too. Pay attention to the advertisements that you see when you’re walking by a store because now many stores have “we’re hiring” signs out. A significant number now add, “benefits included”. 

Consider state or federal positions. These jobs offer excellent medical benefits. Their application process, though, is long, and it can take up to a year to get hired for federal positions. You have to have the specific qualifications that are necessary, but if you need to return to work, governmental jobs are an excellent place to search.

Seek out larger employers. Although some small professional companies will offer medical insurance, many times, it’s the larger organizations that have excellent benefits for all their employees, including medical, dental, and vision. Be sure you investigate because not all companies have great policies. A recent client was very unhappy when she learned that her new employer offered insurance with a $5000 deductible and a closed network of doctors and hospitals. Before you accept a job, inquire about what kind of medical coverage the employer offers. Excellent coverage with little paid by the employee is getting rarer, so always look under the hood if your primary motive to getting a new job is for medical insurance coverage.

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Last week I had an Interview coaching client who was in a dilemma. Beth was a devoted mother. She stopped work when her first son was born 21 years ago and raised two boys and a girl. Now, she is in her early 50s and quite unhappy, sitting in an empty house. Beth and her husband Danny, go to the movies a lot. They are also spending way to much time just staring at each other, thinking, “I wish one of the kids would come home.”

The emptiness is a tough time for most people, especially women who have been devoted mothers to their children. I know, I’ve lived through it myself. In Beth’s case, it was Danny who suggested she get a job to get medical insurance for the family. Danny owns a business, and they paid a lot of money to buy the family medical insurance. It cost them over $40,000 a year. If she could get a job where she could provide medical insurance for the family, it would be a significant saving. So getting medical insurance for the family was what was driving her job search.

Contrary to most people’s beliefs, not all employers offer health insurance. A little over half of Americans under age 65 — about 158 million people — get their health insurance through an employer. 

 Needing insurance is a primary motive for many baby boomers to go to work. 

Her husband, Danny, knew a principal in one of the local high schools and was talking to him about his wife. The principal mentioned that they had a para-professional position opening up where you work with special needs kids. The principal encouraged Beth’s husband to have Beth apply. She did.  

Beth is a kind-hearted soul who was put on this planet to take care of others. She had not been in an interview in over 20 years. “I have no skills,” she said. “I’m not qualified. So what should I do?” We discussed the volunteer work she had done at the school where her kids attended elementary school. She was a frequent volunteer, and she grew up with a brother who has severe depressive and anxiety episodes and is bipolar. She has great patience with him and seems to have a calming effect on him. I thought this was notable experience to discuss in the interview. 

She found that the principal was the interviewer, and it helped reduce her nervousness. The principal just told her about the job and said, is this something you think you can do? She was prepared and answered correctly and told him how she had raised her three children and had a brother with special-needs. The principal was sold and offered her a job. So for the first time in 21 years on Monday, Beth goes to work. One significant advantage she thought would be having a school schedule. She gets Thanksgiving off and two weeks at Christmas off, plus she gets a vacation for midwinter and spring break, and of course, she gets summers off too. So she loved the schedule. But the real reason, Beth said, that she is heading back to work was to get medical insurance for her family. The school district’s medical dental and vision policy that comes from the state covers the family, and she only has to pay a few hundred dollars for that coverage. So not only was she getting paid, but Beth is earning an extra $40,000 that they would’ve spent on medical insurance. She was delighted about the logistics and happy the job offers terrific benefits. 

What about you? Do you need medical insurance? Many people work because they lack coverage. There are many companies out there that offer insurance for you. How can you find the right companies? The ones that have good policies and not one with a $5,000 deductible. 

Do research. For example, Starbucks offers its workers medical insurance if they work part-time. So does Whole Foods, Costco, REI, Nike, UPS, Lowe’s, Lands End, JPMorgan Chase, and Staples. Many other large companies offer excellent medical insurance to employees too. Pay attention to the advertisements that you see when you’re walking by a store because now many stores have “we’re hiring” signs out. A significant number now add, “benefits included”. 

Consider state or federal positions. These jobs offer excellent medical benefits. Their application process, though, is long, and it can take up to a year to get hired for federal positions. You have to have the specific qualifications that are necessary, but if you need to return to work, governmental jobs are an excellent place to search.

Seek out larger employers. Although some small professional companies will offer medical insurance, many times, it’s the larger organizations that have excellent benefits for all their employees, including medical, dental, and vision. Be sure you investigate because not all companies have great policies. A recent client was very unhappy when she learned that her new employer offered insurance with a $5000 deductible and a closed network of doctors and hospitals. Before you accept a job, inquire about what kind of medical coverage the employer offers. Excellent coverage with little paid by the employee is getting rarer, so always look under the hood if your primary motive to getting a new job is for medical insurance coverage.

Baby Boomers Caring For Aging Parents – Ten Questions You Need to Answer Now

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Medical advancements have contributed to each generation living longer. Centenarians are now the fasted growing age group followed by the group that is 85 years and older.This places many baby boomers in a care giving position.

If you are a baby boomer faced with serious concerns about your aging parents' ability to care for themselves, use the time when families gather for special occasions to plan ahead. Ask the hard questions especially if you live a long distance from your parents, limiting your day-to-day helping role. Speak up if you are the nearest relative, feeling the strain of eldercare while also working and raising your own family. Don't wait for a crisis to occur to take action.

Face the challenge

Caring for an aging parent creates a role reversal that can be challenging to navigate. Many of our parents cling to their independence. I remember when my dad, who at the time was in his late 80s, had several fender benders and we were worried that he would hurt someone else or himself. To handle this, we asked my dad to take a driving test. Two days before he was scheduled to take the test, he voluntarily turned his license into the Division of Motor Vehicles. Everyone at the DMV clapped for him. This worked because he was able to make this his decision.

Several years later, when my dad's living situation became too much for my single brother to handle, my dad came to live with my husband and me. During the year that he lived with us, he was diagnosed with Alzheimer's disease. My husband and I were fortunate to receive much support from my siblings but I also became very resourceful at finding private and county services to help us. After multiple trips to numerous residences, I was able to find an assisted living facility for my dad that provided the appropriate supervision, structure and activity level to meet his needs. He has been there for 2 years now and he considers it home. We see him several times a week for outings, which he loves. This situation worked out well for us but it may not work for everyone. What is your plan?

Be prepared

When dealing with aging relatives, family members must contend with a number of issues including safety concerns, appropriate medical treatment, supervision of caregivers, the level of responsibility each family member is willing to take, and how to handle this new care giving role in addition to existing commitments and responsibilities.

In order to be proactive in caring for an elderly parent now or later, prepare for the future using these questions:

1. Are your parents willing to have this "next stage of life" conversation with you in preparation for when they will need more care?
2. If your parents won't talk about this with you, what can you and other family members do to create a plan?
3. How long can your aging parents live safely by themselves with proper nutrition, socialization and medical treatment?
4. How will you navigate care taking, especially long distance?
5. Are you and your spouse willing to be caregivers? If so, how will you safeguard your marriage and protect your existing family life?
6. Are you and your siblings able to agree on the care of your parents?
7. How will you handle money issues with your parents? Ideally, your parents have appropriate funds for long-term care in the form of insurance, pension, and investments.
8. What will you do if there is not enough money for your parents' care?
9. What will happen if you or a family member has to give up a job to care for elderly relatives?
10. Are you familiar with the community resources that are available?

Know that you are not alone. Many of us have been through this stage with parents, and we continue to plan for levels of care on a regular basis. By answering these ten questions now, you will be better prepared to face the challenge of caring for your elderly parents.