Re-Thinking Retirement

Most baby boomers that I know tried to do a good job of saving money for the future. However, the last few years have been rough on a lot of well meaning older workers. The well laid plans, that many baby boomers had for retirement, seemed to stutter or fail.

What Are Some Financial Problems That Baby Boomers Have Today?

The economy bled jobs, and unemployment was particularly hard on older workers who planned to keep their current position until they retirement. This meant that many older folks had to dig into their retirement accounts to pay bills, and they certainly were not adding any more money to their accounts.

Homes lost value. Many middle class people consider their house to be their largest asset. This disrupted plans to leverage a home's value for retirement income.

Market accounts also lost value, so the value of many retirement accounts have declined. Regular savings accounts and bank CDs are not paying a lot of interest. In fact, the interest that many of these traditional savings products offer will not keep up with inflation. It is hard for many baby boomers to figure out where they should put their money.

The cost of health care kept rising. Recent studies have demonstrated that this increase is mostly due to rising prices too. Baby boomers are very concerned about securing affordable access to good health care during their retirement years.

Solutions To Today's Retirement Woes

Many clever people from the baby boomer generation have begun to sort out their problems and look for answers. Many of these people had to drop their old visions of life after full time work. Some people replaced these old, and out dated ideas, with new goals and plans for the future. It is much easier to make effective retirement plans when you start early. But a lot of boomers are finding out that it is not too late to re-think their retirement plans.

There is good news. Today's older workers can expect to live longer and more productive lives than past generations. This may give them more time to act.

Some may just count on working a few more years in order to make up the gaps. Others still plan to retire from their current job, on time, but pursue some sort of semi-retirement. In fact, a lot of older folks look forward to starting a new chapter in their lives by entering a new field or starting a business.

Other baby boomers are trying to figure out if they can change their lifestyle in order to make do with less income and savings. They are trying to cut out waste, simplify their lives, and become more frugal. Done correctly, these changes do not have to be painful. In fact, sometimes learning to be more frugal can become a game!

Frugal steps may include different types of housing. The old family home may really be too costly to keep up. Others, who want to stay in their houses, are figuring out how to use those houses to provide income!

Can You Re-think Retirement?

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Preparing to Sell? De-Clutter to Make the Best Impression

Getting ready to sell your home? Before putting a 'For Sale' sign on the lawn, imagine the impression your home will make on potential buyers. They will be viewing many homes before making a decision and yours must be the one that makes the best impression.

Real Estate Agents and professional organizers will vouch for the importance of getting rid of clutter as one of the best things you can do for the appearance of your home. Clearing away clutter will maximize the space in your home and allow potential buyers to envision their furniture in each of the rooms. If it's tough to see your home objectively, ask a friend for advice on what items to remove and how to rearrange your furniture so that each room is as spacious and inviting as possible.

Start de-cluttering in the kitchen and bathroom
The best place to start de-cluttering is in the kitchen; it's also the toughest room to look at completely objectively. The items on your kitchen cabinets are the things you use daily but people viewing your home want to know that there's enough room for their things; that means neatly organizing not only countertops but drawers and shelves as well.

Preparing for your move is the perfect opportunity to downsize and get rid of items you haven't used in awhile. Start by labeling storage containers or boxes with 'sell', 'donate', and 'keep'. Next, make a list of things you'll need at your new place; the things you're keeping for the new place but don't need until after the move, can be boxed to make room in the cupboards for the things that have been cluttering the countertops. Sanitize the kitchen from top to bottom with attention to the area under the sink, making sure there are no leaks in the plumbing or water stains. Then apply a fresh coat of paint to give the kitchen a clean new look and feel.

Keep the countertops free of small appliances and clutter until the move by storing items you use daily in the space you've recently acquired as you filled the 'sell' and 'donate' boxes. This will also make the tidying-up process quick and easy when your real estate agent calls to schedule a viewing.

The bathroom is right up there with the kitchen in rooms that make a big first impression. Clean it so it shines; and like the kitchen, a fresh coat of paint will not be wasted in the bathroom. Put out a set of luxurious towels reserved for when people are viewing your home, and clear out drawers plus medicine chests as much as possible keeping personal toiletries in a shaving kit and cosmetic bag.

Relocating to a seniors' community
In deciding what you'll eventually do with your furniture, note the pieces that you'll be taking with you and the items you'll be selling or donating. If you are relocating to a seniors' community you may have met with an advisor and have an idea of the furnishings provided at your new place. Many apartments in retirement homes have room for your preferred furnishings and personal décor.

Consider renting a storage unit for large pieces of furniture; this will free up space in the home you're selling and will give you a place to store the things you'll be taking to your new home. It will also allow you to take the time you may need to decide which pieces you want to sell or donate.

Your goal is to convert a browsing customer into a buyer and the first few minutes they will spend in your home are the minutes that count the most. Making a good first impression means allowing them to visualize their family living in the home that you are selling and you'll know that your investment in energy and time to make it inviting, was well worth it when your home is sold.

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The Sandwich Generation: 4 Ways To Prepare Yourself Now

2011 was the year the term "sandwich generation" really hit home for the first time. It was the year I turned 51 and my son turned 5. It was the year my father-in-law entered the hospital and never came home, while my mother marked her two year anniversary as a widow. Her ex-husband (my father) would soon need round the clock nursing care.

Now more than ever, it was clear that my little boy wasn't going to be the only family member who needed me in years to come.

I was now firmly wedged between a child who would need nurturing and financial support for the next 20-odd years and a set of aging parents and in-laws requiring care and support as well; a perfect example of what defines the sandwich generation.

For anyone finding themselves in this position, or if you're pregant over 40 or considering pregnancy or adoption after age 40, here are some things you might consider in coping with your sandwich generation status:

1. You are going to need to rally support from sources other than your parents.

Even if you have parents or in-laws who are healthy and willing to help out, there's a good chance that situation could change, and sooner rather than later. So make sure you have some reliable baby sitters you can call on and look for support groups.

Ideally, find a group for older moms. But at least make connections in the community so you don't find yourself alone and at the end of your rope with no one who can lend a hand or a sympathetic ear!

2. You will need to plan your finances carefully.

There are going to be three major buckets to fill: retirement, college funding, and elder care. If you've planned well, this may not concern you. But if you aren't prepared then it's time to take stock of your financial situation.

Some compromises may be in order. Or a reality check. For me that means I'm not going to retire at 65! And my son might have to settle for a vocation or be prepared to qualify for scholarships; should we encourage him to be a star athlete or honors student? Time will tell.

3. You'll need to take care of yourself better than ever before!

When they say that having kids late in life "keeps you young", think of it the other way around. You MUST stay as young and fit as possible in order to keep up! Remember, you have lots of people counting on you. As you age, little transgressions like ignoring diet and exercise will take a much bigger toll.

For example, you might find that while younger parents stay up late after their kids go to bed, your bed time more or less matches your kid's. If that's what it takes in order to get enough rest, so be it! Be kind to your body and it will return the favor.

4. You will probably not be able to provide round-the-clock care for anyone other than your infant.

Had my son already reached college age (as would be the case for a typical 50-something parent) I would have been a lot more able to help out when my father became sick. But there was no way I could care for both my little one and my parent at the same time; and most likey neither can you.

So start thinking now about how you will handle it if one or more of your parents needs care. There are lots of options these days other than nursing homes. And if you have siblings, make sure they understand how being an older parent affects the role you'll play in the family dynamic.

My husband and I have been talking lately about finishing the attic or basement to provide additional living space should one or both of our mothers need to move in. That is, of course, if they're relatively independent. Because when the time comes, heaven help me, I'll probably be dealing with a rebellious teenager as I move into decade number six.

Such is the lot of the sandwich generation.

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