RetirementHomes.com - money

Seniors: Don't Discount a Discount

aadmin — Wed, 17 Jun 2015 07:13:29 +0000

When people reach a certain age or just get near to being senior, they may become unwilling to acknowledge it because they are embarrassed or they can’t accept the reality that they have reached THAT age.

There’s nothing to be ashamed of. In fact, there are many valuable offers and discounted deals just waiting to be discovered, that are available only to the “older generation”.

Some deals are extended only to those aged 65 and older, but many are accessible to people from 50 and up. These special offers and discounts are easily obtainable as long as legitimate proof of age is presented, which can be a state ID, driver’s license, or any official document which will guarantee the actual age of a person.

Another way to save, is by joining various groups like AARP, the American Seniors Association, the Seniors Coalition, and the National Active and Retired Federal Employees Association. They are membership organizations for people 50 years and above, which provide a variety of discounts and a lot of information and assistance to senior citizens, especially in these times when they need all the support that they can get to maintain a decent life after retirement.

There are many advantages to growing old, especially in Northern America, where discounts and special deals are available to the senior population. Not all businesses offer these benefits, and not all businesses that offer them, advertise them. It is up to the senior to inquire if they can receive those benefits from the establishment.

Here are some senior discounts that may not be very well-known to the older folks:

• Some restaurants offer discounts, some offer special dishes, some offer free coffee or free dessert. It’s good to know that many popular food chains in North America offer special deals for seniors, including, but not limited to, IHOP, KFC, McDonalds, Krispy Kreme, Subway, etc. Remember, if your favorite eating place is not listed here, just ask them!

• When planning to go places around America and Canada, there are transportation facilities that are friendly to older travelers. Travelers aged 62 years or older will get a 15% discount on rail fare on most Amtrak trains, while those 60 years or over traveling on cross-border services operated jointly by Amtrak and VIA Rail Canada will get a 10% discount.

VIA Rail Canada also offers a "Bring a Friend" special deal for seniors, where their companion travels for free. North American Rail Pass, offers a good deal for those seniors who plan to travel more. It offers a 10% discount on a one month ticket for travel to various destinations in USA and Canada.

• For affordable storage while traveling, Sentinel Self-Storage offers a 10% monthly rent discount to customers 60 years and older. This low-cost public storage throughout Canada allows seniors to enjoy their travel with peace of mind.

More and more establishments are offering benefits to the older folks; it’s about time these folks benefit from their generosity.

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Financial Planning

The benefits of know about your benefits

aadmin — Thu, 22 Jan 2015 19:50:42 +0000

While reaching your 65^th birthday is hardly the guaranteed sign of retirement it once was, it is still an age that means change for your group benefits and health insurance. When approaching retirement make sure you know how your group and individual insurance will change whether you are working full time, part time or doing what you want on your own time. A few minutes going over your policy fine print will save you from unwanted surprises in the future.

If working full time:

At age 65 many benefits change. Group life insurance and accidental death and disability insurance benefits commonly decrease by half at age 65, even if you are still working full-time. It is a good time to evaluate what individual life insurance you have and what you will need.

Most individual disability insurance policies will remain the same if you still work a certain number of hours per week; however, you need to inform the insurance company of your status. Past age 65, the benefit period for a claim commonly drops to two years.

Some individual disability and critical illness policies also have provisions that allow you to convert the policies to long term care policies, as your focus changes from income replacement to funding potential future care.

For both personal and group plans, out of country travel coverage usually changes at age 65, decreasing by either the length of travel covered or the amount payable. (If you rely on your credit card for travel insurance read the fine print on that policy as well. Each card is different, but for most cards the terms of coverage change at age 65.)

If retiring:

Know what you can take with you. In most cases, your workplace group life insurance can be converted to a personal policy when you retire or leave a company.

Investigate what government plans will cover so that you get the health insurance coverage that you need. And if you have a spouse with his or her own workplace plan, see if that plan can pick up where yours is dropping off.

Apply for a personal health insurance plan right away. If you apply for coverage within 60 days of leaving a group insurance plan, minimal or no medical proof of insurability is required by most companies. Your current insurance carrier may offer a plan, but you can look into options from other insurance companies as well.

If working part time:

Don’t assume working fewer hours but staying with the company means that you will still be entitled to the group insurance coverage. Most employee plans require you to work a minimum hours per week to be eligible for benefits. Know that number before you make the switch to part-time hours. Choose your schedule accordingly if you want to keep those benefits in force.

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Is it time to fire your financial advisor?

aadmin — Thu, 18 Dec 2014 15:05:45 +0000

Do your new year’s resolutions include getting your financial plan in order? Look not only at where your money is going, but who is helping you decide how it gets there. If your new year means you need a new approach, look at finding a new advisor. Here are some reasons to consider making a change.

You don’t have one

Is your financial planner the first person to come to the front desk at your local bank branch or whoever answers the telephone banking line? A financial planner will help give you perspective and look at Even long -term planning rather than what mutual fund or ETF is popular. While you may feel you are doing all right on your own, there may be issues you are not thinking of, especially when in or approaching retirement.

It is no longer a good fit

Over time your needs have changed and your relationship with your advisor may have changed too. The person who helped you with your first home, may not be the person to help you with your plans for downsizing and estate planning. After any major life event or large purchase such, as a home or vacation property, it is a good idea to review your financial plan. If you are looking at investments or products your advisor does not deal with often, a new stage in life may require a new advisor.

It’s been years since…

Can’t remember the last time you actually sat down with, or spoke to, your advisor? In the digital age of web meetings and email correspondence, there is no reason you should not be able to get in touch with your advisor when you need to. If you find that your calls or emails repeatedly go unanswered, or that your advisor never contacts you to update your plan and review your current situation, it may be time to find someone who can give you more attention.

You feel like your advisor does not listen to you

You are going to a financial advisor because you would like some guidance or assistance. That does not mean that you are not entitled to your opinions. Your advisor’s recommendations should reflect your needs, goals and tolerance for risk. Do not stick with an advisor who you feel is bullying you into making decisions you don’t agree with.

Your advisor won’t tell you how he or she gets paid

Whether advisors are working on a yearly rate, fee for service, or on commission, you should be able to get a clear answer about how they are paid and who is paying them. You should also know with all mutual funds and similar investments if there are any options regarding management fees, commissions and how they are paid.

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6 Job Search Tips for the 50+ Crowd

aadmin — Sun, 30 Nov 2014 14:26:48 +0000

If you are over 50 years old, and looking for employment, you have your work cut out for you. You're up against a plethora of recent college graduates also looking, and even though employers can't legally engage in age discrimination, it still happens. In fact, ExecuNet, an executive-level membership website, reports that a vice president over age 50 requires 20% more time to land a position than someone at the same level in their early- to mid-forties. So if you're dusting off your resume, keep these tips in mind to accelerate your job search:

1. Learn How to Network on Social Media
Even if you've never liked or followed someone on Facebook or Twitter, now is the time to use social media for networking. Use LinkedIn to look for industry influencers in your niche, participate in a few conversations, and get the networking ball rolling. Also, check out The Water Cooler group at the AARP website for more networking tips and resources.

2. Use the Right Online Job Search Sites
CareerBuilder and Monster are great, but in order to save time, focus on websites designed specifically for an older population. Try Employment For Seniors, the Mature Workers Community Channel at the DiversityWorking website, and The Senior Community Service Employment Program located at the AARP website.

3. Carefully Consider a Career Coach
Career coaches aren't always necessary, but sometimes their knowledge and skills are exactly what you need to land a job. If you'd like a refresher course on interviewing or job searching, or if you're thinking about switching careers, go ahead and seek out professional help. Career coaches can look over your resume, identify strengths and weaknesses, and provide actionable tips for improving your job search.

4. Embrace Your Age
There's no point in trying to hide your age, and doing so may actually hurt your job search. Instead, embrace the advantages your experience has to offer. When interviewing for a position, play up your achievements and draw on your years of work to highlight your knowledge and skills. There are in fact many benefits to hiring older workers.

5. Continue Your Education
No, you don't have to go back to school to enroll in a degree program, but showing potential employers that you're a lifelong learner doesn't hurt. Seek out new certifications or continuing education credits within your field to show hiring managers that you're ready, willing, and able to expand your horizons and develop new skills. Courses in technology are particularly helpful. Do an Internet search for certifications in your field to see what's available.

6. Know How to Ace the Interview
While it's good to build a rapport with the hiring manager, keep the discussion focused on professional matters, rather than personal ones. When conversations get overly personal, it's easy to let information slip, such as a recent illness, that could work against you when the manager makes his or her hiring decision. Make an interview go smoothly by practicing with friends, family members, or a career coach before the big day.

When it comes to landing a job, don't underestimate the power of your resume. Unless you have recent, relevant experience in resume creation, go ahead and pay to have it professionally written. Sometimes you have to spend money to make money, and there's no reason to cut corners on this important job search tool.

What job search tips do you have for the 50 plus crowd? Share your thoughts in the comment section below.

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It's Never too Late to Plan Ahead for Retirement

aadmin — Tue, 04 Feb 2014 14:22:31 +0000

New Year's has passed and many resolutions are hopefully still be in place - whether it is losing weight, eating healthier, or a myriad of other goals. These resolutions change with the passage of time, issues that did not have a “best before date” could be handled sometime in the future. Then middle age comes out of nowhere, and many of those “things” that need to be handled are now right over the horizon.

A Cautionary Tale

I have a personal story that should serve as a cautionary tale for anyone either nearing or contemplating retirement.

My uncle passed away in 1998, he had worked until age 82, (the last ten years part time) and my aunt worked until age 68. When he passed away his children felt that their mother was in relatively good shape financially. They had encouraged her to look after her funeral arrangements, while she was still mentally sharp and had the financial resources to do so.

My cousins noticed signs of dementia when she was 83 years old. She went into an assisted care retirement home. The cost was approximately $3,500 per month, and she stayed there for 6 years, (the cost was up to $4,100 per month by then) until her dementia had progressed to the point where she needed to be placed in a nursing home. The nursing home costs $2,800 per month*, plus extra help brings the total up to $3,600 per month. My aunt is now 94 and has burned through the majority of her life savings.*

All of my friends who having living parents have one question they are all asking themselves. What happens when their parents money runs out, and they are either in or will be needing to go into some sort of retirement home.

Peak Levels of Personal Wealth

You typically hit the peak level of your wealth when you are 55 to 64 years of age. By that point, the average household has accumulated a net worth of about $670,000. But don’t forget that this figure is inflated by a small number of wealthy households. The median household of the same age is worth only about $420,000. In recent years, Canadians have experienced little joy from the stock market, and so called safe investments are paying a minuscule amount of interest.

More and more, we have come to depend upon the real estate market to drive our wealth upward. Thanks to record low interest rates and innovations such as 30-year-mortgages, eager home buyers have propelled housing prices to double in value from a decade ago. Real estate now makes up an unprecedented share of our personal balance sheets. Despite the recession, most of us can take some satisfaction in the growth of our net worth over the past decade; however we should be aware of three warning signs that may indicate trouble ahead.

The Three Warning Signs

Warning Sign No. 1 is our addiction to debt. Back in 1990, the typical Canadian owed 91% of his or her disposable income. By 2000, our ratio of personal debt to disposable income had grown to 111%. It has now soared past 140% and is still climbing. We appear to have compensated for our stagnant paychecks over the past few decades by borrowing to make up for the raises we missed.

High debt levels are an excellent predictor of bankruptcies, so the staggering increases in our personal debt makes it likely that we will see more insolvency during the years ahead. We are already witnessing a dramatic increase in bankruptcies among older Canadians.

Call this Warning Sign No. 2. Since 1990 the rate of insolvency among Canadians 55 and older has shot up by more than 500%. It is a striking and worrisome fact that more and more Canadians are reaching the end of their working lives encumbered by debt. It seems that as the boomer generation edges into their 60s, a significant number are finding themselves unprepared for retirement.

This brings us to Warning Sign No. 3: our fascination with real estate. One reason that so many older Canadians have large amounts of debt is because of our growing reliance on real estate and hence mortgages and lines of credit backed by this real estate. Back in the mid-1990s, real estate constituted about a third of a typical household’s assets. It now accounts for 40%. If real estate prices remain strong, our willingness to go into debt to purchase homes will be justified. But our wealth could take a major hit if prices dip. *

All of the experts agree, if you do not have sufficient savings to fund your retirement start a savings program now. It is also essential to have a valid will and have designated a responsible person to be your Power of Attorney, in case you becoming incapacitated and cannot make your own decisions.

All financial experts agree that prepaying your funeral is one of the best gifts you can give your family; it ensures that your wishes are carried out and removes the emotional and financial burden on your family. No one is left scrambling to try to ascertain what kind of a final sendoff you desired, along with the stress of finding the funds to pay for the funeral itself.

The Final Needs Planning Program, is considered the most efficient and effective way of looking after both the planning and prepaying of your funeral in Canada. To find out how our program can help both you and your family contact us at: www.finalneedsplanning.ca or 1-800-661-8908.

.* All figures are in Canadian Dollars
** Figures compiled by Money Sense

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Top Boomer Job Trends for 2014

aadmin — Thu, 02 Jan 2014 08:39:30 +0000

The work landscape for boomers promises to be unconventional in 2014. Employment trends have transformed, leaving middle-aged people with more alternatives and difficult choices. Change leads to challenges. Boomers face the spectre of ageism as younger wage earners enter the job market.

Boomer Entrepreneurship as a Necessity

Sarah Baldwin, from Highland Park, IL, is a creative freelancer and blogger in support of struggling boomers at Kool-aid Rehab for Bright-eyed Entrepreneurs. “There’s a perception that experienced people are too expensive to hire,” she said. “So the price of great talent is going down.”

To escape the inevitable onslaught of younger cheaper talent, Baldwin decided to work for herself. “I became an entrepreneur by necessity,” she said. “There are no opportunities for boomers.” She has partnered her talents with a company specializing in recovery wear, Goodnighties.com. The freelance marketer liked its product so much, she arranged to become its exclusive marketing and sales rep.

It was a deal made in the trenches. But Baldwin had special reasons to align with the online company offering recovery night wear for women with body temperature issues – over 40-years-olds or those undergoing chemotherapy.

Baldwin had suffered from sleeplessness and found the company’s product line beneficial for her. Goodnighties.com is still a work-in-progress, but Baldwin is working hard to promote a product of personal interest. “It’s make your own way,” she said. “Boy is it hard.”

Sabbaticals for Successful Boomers

Bill Van Eron – CMO of Headwaters Marketing – was born in 1946 in the first wave of boomers. He works out of Fort Collins, CO, in strategic PR and integrated research and communications for high-profile clients like Hewlett-Packard.

Over the past year, he has transformed his work and personal goals by capping recruitment with new clients. At 67, he has taken a partial sabbatical or GAP year. Similar to Baldwin, he advocates personal business values.

“People need to depend on a special sense of trust,” he said. On a practical level, Van Eron feels the pressure of a new, upcoming generation. “I don’t want to compete with young college grads and their cool design firms when I can re-envision my personal purpose.”

For Van Eron, a looming issue facing Boomers is to go beyond traditional retirement. “Retirement has taken on negative connotations. We almost need to invent another word.”

Telecommuting – The Flexible Alternative

Flexible work – telecommuting – has become a growing trend for boomers and will continue into 2014.

In 2006, Sara Sutton Fell was seven months pregnant and laid off. She began looking for flexible home-based work. “I was really astonished by all the scams in the niche,” she said. She came up with the idea for FlexJobs, a place where qualified workers could find flexible professional online work. She hatched FlexJobs in 2007; a company she said has helped over 650,000 job seekers in their search for adaptable work hours.

FlexJobs attracts boomers who need to remain in the work force, and others who want to stay active and involved. “The nature of how, when, and where we work has changed so much in the last decade,” said the FlexJobs CEO. “Many professionals are opting for telecommuting.”

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These are sample work situations that boomers will create of find available in 2014. The trick is to discover the right fit.

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Three ways to use your house for retirement planning

aadmin — Tue, 12 Mar 2013 15:20:35 +0000

Saving for retirement is a challenge for many Baby Boomers. Knowing how much money to put away, trying to estimate what future living expenses will be, and guessing how long they will live, are all factors in determining how much money to funnel towards retirement.

To help overcome the challenges of saving for retirement, Baby Boomers and seniors can consider a variety of options related to their homes which could provide additional income to help fund their retirement.

As reported recently by the Globe & Mail newspaper, here are three new potential sources of retirement income for homeowners:

1. Sell your house- In many parts of the United States and Canada, real estate is expensive, so if you sell your home, and move into an apartment, the money left over can be invested and used to fund your future retirement plans.

2. Downsize- If moving into an apartment is too much of a change, consider simply selling your home and moving into something smaller, and less expensive. Take the leftover money and use it as an investment.

3. Rent your home- If you don’t mind sharing your home, having a tenant can be a great opportunity for an additional income stream.
Are you a homeowner? How do you plan on paying for retirement? Tell us about it in the comment section below:

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Family and Personal Care

Senior Housing

Couples fight about money five times a year, report finds

aadmin — Mon, 11 Mar 2013 13:01:11 +0000

There is plenty of online retirement advice, and much of it is helpful, and can be of great assistance when retirement planning, but a new survey has found the challenge for North Americans is less about a lack of good retirement advice, and more about spousal arguments.

As reported by TheStreet.com, TD Ameritrade found 40% of married people said they do not trust their spouses to control their shared assets, less than half of newlywed couples have a budget, and just over one-third of married people say they know details about their spouse’s debts.

“With the median age for first-time marriages approaching 30, combining finances is not as simple as it once was,” Carrie Braxdale of TD Ameritrade was quoted by the news source as saying. “So it's more important than ever for couples to talk about their finances and work together to develop a plan.”

The survey found couples argue about money and retirement savings about five times per year, on average, and they also tend not to discuss money before getting married, unless there is a problem.

How do you rate your financial relationship with your spouse or partner? Tell us about it in the comment section below:

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The five best jobs retirees can do from home

aadmin — Fri, 08 Feb 2013 13:15:18 +0000

Saving for retirement is a challenge for millions of Baby Boomers across North America, and when pension and savings aren’t sufficient to cover the expenses of retirement, sometimes a part-time job or encore career is the best choice for seniors.

Courtesy of MarketWatch.com, here are five jobs retirees and seniors can do from their own homes:

1. Direct Selling- This means selling products directly to the end users, or consumers, and it can be anything from hardware to household goods.

2. Selling on the Internet- A growing number of people are selling products online through websites like Amazon or ebay, either by selling their own unused items, or buying and selling at a profit.

3. Tutoring- With age comes wisdom, so one option is to become a tutor and offer expertise and training in subjects ranging from math to English to music.

4. Writing- Whether it’s freelance writing, or selling poems or short stories, look online to see whether there is anyone interested in purchasing your existing work, or hiring you for a new project.

5. Start a business- There can be a lot of work involved in starting a new business, but if you’re looking for a new project, this might be right for you.

Do you have any other ideas for great home-based work for seniors? Tell us about it in the comment section below:

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Which countries will benefit from aging populations?

aadmin — Wed, 06 Feb 2013 18:46:20 +0000

Although the world’s population is aging at a faster rate than ever before, not all countries are aging at the same pace.

In fact, while some countries such as Japan and Russia are already seeing population drops, other countries such as the United States and Canada have become dependent on immigration to maintain their working populations.

And while developed countries age the fastest, other countries are already brainstorming potential economic benefits for their populations in the near future.

As reported by the Jamaica Observer newspaper, some of the benefits less-developed countries like Jamaica can take advantage of include filling the gap in desired workers in older, affluent countries, as well as taking advantage of an increasing number of wealthy Baby Boomers and seniors, to develop senior-oriented resorts and vacation spots.

Another option, reports the Observer, is for countries like Jamaica to capitalize on the steep expenses of healthcare in many parts of the developed world, and to create and market healthcare options which are more affordable for medical travelers.

What do you think? If you lived in a North American assisted living community, for example, would you travel to less-developed countries to seek medical services at a lower cost? Tell us in the comment section below:

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