Baby Boomer Finance News Digest

By on July 21, 2014

Baby Boomer FinanceFrom Around The Web…

Baby Boomer Finance News

3 mistakes that can derail older entrepreneurs

By  for CNBC

Research from the Kaufmann Foundation shows those who are 55 or older have the highest rate of entrepreneurship in America, and they’re almost twice as likely to be successful as those in their 20s and 30s. But starting a business certainly has its challenges. MORE

Financial Advice for the Youngest Baby Boomers

By  The Boomer by FOXBusiness

According to a Transamerica Center for Retirement Study annual survey, forty-two percent of baby boomers, the youngest of whom turn 50 this year, have less than $100,000 in retirement accounts. Those boomers celebrating their 50th birthdays this year are realizing their golden years are not too far away and it is time to get serious about retirement planning. MORE

Informative advice on investments and insurance for boomers still at work.

Merrill Lynch Study Finds Health Is the Cornerstone of a Happy Retirement, and Greatest Financial Worry

Via MarketWatch

This study introduces the four “Boomer HealthStyles,” showing certain types of people on a course for a healthy retirement and others who may face challenges with their health and health care costs. The new report offers strategies for a healthier and more financially secure retirement, while also finding that lack of personal preparation and the need for enhancements to the health care system may present serious problems for America’s aging population. MORE

Do retirees need long-term care insurance?

By Rodney Brooks, USA TODAY

Health care costs are a big concern for people going into retirement, but the costs of long-term care can still be a shock. Here are a few facts: • 70% of people over 65 will need some form of long-term care at some point. • For married couples, the chance that one spouse will need long-term care rises to 91%. MORE

Informative article outlines a list of questions many of us need to answer on this often confusing but vitally important topic.

10 Most Tax-Friendly States in the U.S. 

By Sandra Block for Kiplinger

These ten states impose some of the lowest taxes in the U.S., according to Kiplinger’s 2014 analysis of state tax rules. MORE

5 States Where Boomers Get More for Their Retirement Dollars

By Amanda Alix for The Motley Fool

Often, this reality necessitates a change in venue, whereby boomers leave areas of the U.S. where they lived during their working lives and pursue retirement in a less-costly part of the country. Wouldn’t it be great to know just where those pockets of affordability are located, without expending hours of tedious research? MORE


Meet The Baby Boomer Who Moved All Of Her Investments To A Robo-Advisor

By Libby Kane for Business Insider

In 2012, Susan Shaffer invested about $100,000 of retirement savings with a robo-advisorThe Philadelphian has been investing for over 25 years. She has worked with traditional financial advisors, directly with brokerages, and now, with online investing platform Betterment. MORE

Not Ready to Fully Retire? Try Crowdsourcing

By  / The Boomer for Fox Business

Working 9-5 behind a desk in a cubicle is no longer the only choice for employees, which is good news for boomers not ready to fully retire.

Most boomers plan to work after retirement age or never retire at all. And for these boomers, crowd working might be the perfect fit. MORE

A terrific work from anywhere, anytime option for baby boomers!

Should You Pay Off Your Mortgage Before You Retire?

By Sandra Block, From Kiplinger’s Personal Finance, September 2014

Paying off your mortgage will bring peace of mind, but there may be better uses of your money in the short-term. More

I would love to retire mortgage-free. However, as this article advises, first pay off high interest consumer debt and max out your retirement plan.

Condo Buying Guide for Millennials and Boomers

By Brendon DeSimone for Zillow

Whether you’re just starting out, upgrading or downsizing to your ultimate retirement pad, choosing a home is both a financial and a practical consideration. MORE

Make sure you have a thorough understanding of the rules enforced by the condo association before you make a move. And if you can get some feedback on the “personality” of those running the association, all the better.

Retirement: Baby Boomers Are Loving It – On Less

By Amanda Alix for The Motley Fool

Though many worried that the Great Recession would put a damper on baby boomers’ retirement plans, this seems not to be the case. A new study by T. Rowe Price shows that not only are boomers enjoying their golden years, but they are doing it with less money than financial analysts thought possible. MORE

Another example of Baby Boomer resiliency – boomers are proving you can retire well on less than the financial experts thought possible.

Take the Lead!

By Jan Marino, for Chicago Now

Takeaway: I love this excerpt! Jan describes the kind of Baby Boomer I want to be!

“Baby boomers are taking the lead to bring the generations together to learn from each other.  Boomers want to contribute to the total economic good for everyone.  We know what happens when society splits apart and there are “haves” and “have not’s”.  Boomers value education and opportunity for all.  We’re tolerant, forward thinking and inclusive of all.  We want to be mentors and help the generations following us take the lead as well.  We are very willing to share….there’s plenty of sand in the sandbox!” MORE

 Discounts kick in as last baby boomers turning 50

By Karen Schwartz | ASSOCIATED PRESS

To find discounts, the simplest thing to do is ask, said Jim Miller, of Norman, Oklahoma, who has spent the past 13 years writing the syndicated Savvy Senior column. He also recommends the website, which lists thousands of memberships and is searchable by location. Read entire article HERE.

Financial Planning a Confidence Boost for Women Baby Boomers

By Donald Liebenson for Millionaire Corner

With a plan in place, Boomer-aged women are more likely to report feeling at peace with their financial decisions. Four-in-five said they are satisfied that they’ve achieved “the things that are important” to them, compared with 66 percent of younger women. More Boomer-aged women placed a higher premium than their younger cohorts on such life values as financial security, family harmony and health. Read entire article HERE.

Will retiring boomers spark a stock bust?

By Larry Swedroe for Money Watch

As if equity investors didn’t already have enough to worry about, one of the new concerns getting a lot of attention recently is that the baby boomer cohort — now starting to retire — will fund their retirement by selling equities. The “conventional wisdom” is that this supposed sell-off will result in a stock market bust. MORE

Only if the level of equity sales is greater than expected should there be a negative influence on future stock prices. And it’s certainly possible that sales will be less than expected. Or that equities will see an unexpected offsetting increase in demand from other sources. Or that retirees will remain in the work force longer than expected.


Gauging the boomerang effect

By Nicole Mayer

The Boomerang generation could sabotage the retirement savings baby boomers need to protect their bottom line. MORE


Not saving enough money for retirement is a mistake that the majority of households make, a problem only exacerbated by a Boomerang situation. Parents should pay their retirement accounts first and think twice about where the household budget is going. For adult children living at home, a percentage of their income should go towards helping with household bills, whether it is paying a portion of the cable bill or taking up chores that would often fall on the parents’ shoulders. It is important to outline a budget so boomer parents do not get stuck in a situation where they are taking the brunt of the bills while their adult children are overspending their paychecks.

Enjoying retirement in a home suited for an active life

By BPT for Chicago Tribune

When it’s time to retire, do baby boomers just sit back and watch life pass them by? Not anymore. Boomers are known for getting involved in their communities, enjoying the outdoors and starting new – or restarting older – hobbies. They also love spending time with family. MORE



The financial pros and cons of working past the traditional retirement age

By Michael Mullis, Birmingham Business Journal

The average age of a member of The Rolling Stones is 68 years, and they’re showing few signs of slowing down. The same can be said for the rest of the Baby Boomer generation. A generation that changed America is now… MORE


A generation that changed America is now changing the way we look at retirement. Gone are the days of taking early-retirement and then simply passing time. Baby boomers are expected to retire and then take up new careers in fields they’ve always wanted to explore, but were never able to. Retirement may be something they do two or three times as they try new jobs and adventures.

Social Security: Complicated for couples

By Anne Tergesen, Wall Street Journal

Baby boomer couples are waking up to the need to maximize their Social Security benefits, by using complex claiming strategies to get the most they are entitled to. Rather than go it alone, many are relying on new online tools and calculators, with names like “Social Security Maximizer.”  MORE


Often, the way to maximize benefits is for the higher earner to wait to claim, ideally until age 70, to let his or her benefit grow. But the devil, as they say, is in the details. In order to maintain the ability to switch from a spousal benefit to one’s own, each spouse has to follow some rules.

Free Online Tools for Optimizing Social Security Benefits

By Anne Tergesen, Wall Street Journal

Five online tools for maximizing social security benefits are tested and rated. MORE.


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