Baby Boomer Survival Guide, Second Edition: Live, Prosper, and Thrive in Your Retirement

by Barbara Rockefeller, Nick J. Tate

Overview

Fully updated and revised survival guide – including up-to-date changes due to life with Covid-19 – for Baby Boomer generation entering retirement!

Baby Boomer Survival Guide, Second Edition: Live, Prosper, and Thrive in Your Retirement is the premier roadmap to retirement for anyone focused on financial security. This is a comprehensive, easy-to-understand guide that covers all the significant financial, healthcare, and lifestyle-related considerations today's Baby Boomer generation needs to know. 

This essential happiness handbook to financial & health security includes key topics:

• How to Live a Long, Happy, Healthy Life
• Expanding Your Interests, Hobbies, Social Network, Community Involvement & Quality Time with Family
• Where to Live & Where to Travel
• What to Do With Your Extra Years
• Strategies for Not Outliving Your Savings
• Financial Planning and Investing: Rules for Success
• Taking Advantage of the Trump Tax Cuts
• Homeownership vs. “Real Estate” & Renting vs. Buying
• WORKING in Retirement
• Social Security Optimization Strategies
• Having a Medicare Game Plan
• Key Questions and Answers to Long-Term Care
• Why You Should Think About Inheritance
• Wills, Trusts & Taking Care of Your Family

A little planning and foresight can go a long way toward making sure your hopes and ideals for retirement don’t collide with harsh economic, financial, and health-related realities. Baby Boomer Survival Guide will give you the wherewithal to make your retirement the rich-est, most fulfilling chapter in the book of your life — for yourself and your loved ones.

Product Details

ISBN-13:	9781630061555
Publisher:	Humanix Books
Publication date:	03/30/2021
Pages:	352
Product dimensions:	7.00(w) x 9.90(h) x 0.80(d)

About the Author

Barbara Rockefeller is founder of foreign exchange forecasting firm Rockefeller Treasury Services, has over twenty years of financial institution experience in all aspects of foreign exchange, including trading, analysis, and risk management. She has a Bachelor’s Degree from Reed College in Portland, OR, and a Master’s in International Affairs from Columbia Universityin New York City. Rockefeller has authored four books, and writes a monthly column for Currency Trader, as well as articles and book reviews for Active Trader and Stocks, Futures, & Options. She lives and works in the Washington DC metro area.

https://rts-forex.com/

Nick J Tate is an award-winning journalist, editor, and author, and has written extensively about health, business, technology, finance, and consumer affairs issues. His work has appeared in Newsmax Magazine, Miami Herald, South Florida Sun Sentinel, Atlanta Journal-Constitution, Boston Herald, Health Radar Newsletter, and other print and online publications. Harvard-educated, the author’s background also includes teaching health/science journalism at Emory Universityin Atlanta. He lives & works in the Miami metro area.

Table of Contents

Baby Boomer Survival Guide, Second Edition: Live, Prosper, and Thrive in Your Retirement

Table of Contents

Introduction..................................................................xv

PART I — Financial Decisions by Barbara Rockefeller

Chapter 1......................................................................3

Getting Started: Taking Stock

• You are Not Alone...............................................5
• Baby Boomer Worries.........................................5
• Will You Outlive Your Savings?...........................6
• How Much Do You Need?.....................................9
• The Monster under the Bed: Long-Term Care......11
• Homelessness.....................................................12
• The Solution.......................................................15
• Calculating the Cost of Retirement......................19
• Planning..............................................................20

Chapter 2.......................................................................25

Retirement Age

• Longevity.............................................................25
• What to Do With Your Extra Years........................26
• Retiring Early Is Dangerous to Your Health..........28
• Who Do You Want to Become?..............................30
• Working After Retirement.....................................30
• Changing Jobs Before Retirement.........................32
• Starting Your Own Business after Retirement.......35
• Resources.............................................................38

Chapter 3...............................................................................41

Social Security

• The Real Social Security Problem.................................44
• Final Debunking...........................................................45
• How it Works in Practice..............................................46
• How Your Social Security Benefit is Calculated.............47
• The Best Age to Apply..................................................50
• Monthly Benefits at Retirement Age.............................51
• Cumulative Benefits by Retirement Start Age...............51
• The Breakeven.............................................................51
• Spousal Benefit............................................................52
• If You Are Single..........................................................53
• Cost-of-Living Adjustments (COLA)..............................56
• Social Security Optimization Strategies........................58
  • 62/70 Strategy...................................................58
  • Double Dipping...................................................58
  • File and Suspend................................................59
  • Start-Over Strategy............................................59
• Working and Social Security.........................................60
• Taxing Social Security...................................................61
• Social Security Disability Benefit Claims on the Rise.....62
• Other Aspects of Social Security...................................63

Chapter 4................................................................................67

A Place to Call Home in Your Golden Years

• Homeownership vs. “Real Estate”.................................68
• Cashing Out..................................................................70
• Reverse Mortgages.......................................................72
  • How Do Reverse Mortgages Work?......................72
• A Family Affair..............................................................74
• Downsizing...................................................................75
• Managing the Real Estate Broker..................................76
• Renting vs. Buying........................................................79
• Boomer Mobility............................................................81
• On Retiring Abroad........................................................87
• So You’re Determined to Take The Plunge.....................89
  • Real Estate/Housing............................................89
• • Healthcare...........................................................90
  • Crime and Violence..............................................91

Chapter 5.................................................................................95

Inheritance

• Why Do We Have Inheritance and Estate Taxes?............96
• Federal Estate Tax..........................................................99
• Portability......................................................................100
• Here’s How It Works......................................................100
• State Inheritance Taxes.................................................101
• The Gift Tax and Exemptions..........................................102
• Why You Should Think About Inheritance......................103

Chapter 6.................................................................................107

Wills and Trusts

• Why Do People Fail to Prepare for the Inevitable?..........108
• Dying Without a Will.......................................................108
• The Essence of a Will......................................................111
• Writing a Will..................................................................111
• Changing and Revoking Your Will....................................113
• Contesting a Will.............................................................115
• Do You Need a Living Trust, Too?....................................117
  • What is a Revocable Living Trust?.........................117
  • Advantages of a Living Trust.................................119
  • Disadvantages of a Living Trust.............................120
  • Special Trust Cases................................................121
• Generation-Skipping Trusts (GST)...................................122
• Credit Shelter Trust (CST)................................................122
• Charitable Remainder Trusts............................................123
• Private Foundations.........................................................124
• Fiduciary Duty..................................................................125

Chapter 7....................................................................................129

Trading and Investing: Rules for Success

• Rule 1: Achieve Basic Financial Literacy............................131
• Rule 2: It’s Not Savings Unless It’s a Savings Account......133
• Rule 3: Only Greater Risk Boosts Return...........................134
• Rule 4: Leverage Boosts Return but Increases Risk...........135
• Rule 5: Seeking Risk On Purpose.......................................137
• Rule 6: Avoid Catastrophic Losses, Part 1..........................140
• Rule 7: Avoid Catastrophic Losses, Part 2..........................142
• Rule 8: Learn to Look at Charts.........................................144
• Rule 9: Conventional Wisdom is (Probably) Bunk..............145
• Rule 10: Options................................................................146
• Rule 11: Avoid Fraud and Scams........................................151

• Avoiding Bad Investments:
  • Advice from Credit Analysts.....................................154

Chapter 8.....................................................................................157

Financial Planning

• Planning vs. Advising.........................................................159
• Credentials.........................................................................160
• Do Your Homework............................................................162
• Retirement Investment Mentors.........................................165
• Retirement Coaches............................................................165
• Components of a Retirement Plan.......................................166
• Measuring Outgo.................................................................166
• Measuring Income...............................................................169
• Putting Income and Outgo Together....................................170
• The 4 Percent Rule...............................................................171

Part II — Considerations for Quality of Life by Nick J. Tate

Chapter 9...............................................................................................................175

The Long and Winding Road to Long-Term Care

• 7 Key Questions and Answers to Long-Term Care.........................................177
  • No. 1: What Is Long-Term Care?.........................................................178
  • No. 2: Is Such Care Pricey?.................................................................178
  • No. 3: How Much Do Long-Term Insurance Policies Cost?...................179
  • No. 4: Is Insurance The Only Option?.................................................180
  • No. 5: Won’t Medicare Pay for Some Long-Term Care?........................182
  • No. 6: What about Medicaid?..............................................................183
  • No 7: How Can You Tell if You’re Likely to Need Long-Term Care?......184

Chapter 10..............................................................................................................................................................................187

The Silver Tsunami

• The Politics of Medicare.................................................................................................................................................189
• The IPAB: “Death Panel” or Expert Board of Directors?................................................................................................ 191
• “Premium Support” Payments:
  • Voucher Program?...............................................................................................................................................192
• Coming up with a Medicare Game Plan...........................................................................................................................192
  • No. 1: Who Is Covered by Medicare?....................................................................................................................193
  • No. 2: What Are the Primary Elements of Medicare?.............................................................................................193
  • No. 3: Do You Even Need Medicare?.....................................................................................................................196
  • No. 4: Should You Stick With Your Current Medicare Plan?...................................................................................197
  • No. 5: What Type of Plan Works Best for You and Your Budget?...........................................................................197
  • No. 6: Do You Qualify for a Discount?...................................................................................................................198
  • No. 7: When Can You Sign Up?.............................................................................................................................198
  • No. 8: Are There Certain Rules and Restrictions for First-Time Enrollees?............................................................199
  • No. 9: What If You Don’t Like Your Plan?..................................... 199
  • No. 10: What Is the “Donut Hole” in Prescription Drug Coverage, and Is It Really Closing Under Obamacare?.....199
  • No. 11: What Is Supplemental Medicare Coverage and Do You Need It?...............................................................200
  • No. 12: Where Can You Get Unbiased Help and Information?................................................................................203
  • No. 13: Will Cuts To Medicare Advantage Doom the Program?..............................................................................204
  • No. 14: Is a Stand-Alone Medicare Part D Drug Plan Right For You?......................................................................206
  • No. 15: Medicare Scams And How To Avoid Them.................................................................................................209

Chapter 11........................................................................................................................................................................213

Thinking Through the Unthinkable

• No. 1: What Is a Living Will?....................................................................................................................................215
• No. 2: What Is a Healthcare Proxy?.........................................................................................................................216
• No. 3: Can Your Medical POA Be a Non-Relative?.....................................................................................................217
• No. 4: What Treatments Would You Want — and Not Want?.....................................................................................218
• No. 5: Why Do You Need to Put It in Writing?..........................................................................................................220
• No. 6: Should You Update Your Advance Directives Periodically?.............................................................................221
• No. 7: Can Your Healthcare-Related Documents Be Invalidated or Challenged as Faulty?........................................222
• No. 8: Can Your Doctor Refuse Any of Your Advance Directives?..............................................................................222
• No. 9: Are There Other Documents You Might Need to Be Sure Your Wishes Are Carried Out After You’re Gone?.....222
• No. 10: How Can You Help an Older Parent or Relative Make Similar Plans?.............................................................223

Chapter 12........................................................................................................227

The Lifelong Journey to Health

• Data from the Experts.............................................................................228
• Some Hopeful Signs................................................................................231
• Prescriptions for Health..........................................................................232
• Screening Recommendations for Men and Women of All Ages.................233
  • Avoid Tobacco...............................................................................233
  • Limit Alcohol.................................................................................233
  • Maintain a Healthy Weight............................................................233
  • Eat Healthy...................................................................................234
  • Get Moving....................................................................................234
  • The “Goldilocks Effect” for Heart Rate...........................................235
  • Get Regular Physical Exams..........................................................236
  • Do Something to Manage Stress and Get a Good Night’s Sleep......236
• Screening Recommendations As You Age................................................237
  • Men: 40 and Older.........................................................................237
  • Women: 40 and Older....................................................................238
  • Both sexes: 40 and Older...............................................................239
  • Men: 50 to 65.................................................................................239
  • Women: 50 to 65............................................................................239
  • Both sexes: 50 to 65.......................................................................240
  • Men and Women: Over 65...............................................................241
• Beyond the “Big C”...................................................................................241
• Minding Your Mental Health......................................................................244
• 5 Rules to Live By.....................................................................................245
  • No 1: Exercise.................................................................................245
  • No 2: Weight Control.......................................................................247
  • No 3: Mental Challenges..................................................................248
  • No 4: Social Interactions.................................................................251
  • No 5: Cut Down onStress.................................................................252
• Beware of Bogus Cancer Cures..................................................................255
• Will You Live to 100?.................................................................................258
  • Move more, eat less.........................................................................258
  • Banish stress...................................................................................259
  • Rest up............................................................................................259
  • Follow your bliss..............................................................................259
  • Learn new things.............................................................................259

Chapter 13.................................................................................................................................263

** NEW Healthcare: What Boomers Need to Know

• What Are the Smartest Ways to Budget and Plan for Healthcare Costs in Retirement?.....272
• Explore Health Savings Accounts......................................................................................273
• Consider Long-Term Care Insurance.................................................................................274
• Resolve to Stay Healthy....................................................................................................274
• Manage Any Chronic Conditions You Have.........................................................................274
• Become a Comparison Health Shopper..............................................................................274
• Itemize Medical Deductions on Your Taxes........................................................................275
• Save on Drug Costs...........................................................................................................275
• Investigate Insurance Rebates..........................................................................................275
• Look into Employer Wellness Programs.............................................................................276
• Other Savings Options.......................................................................................................276
• Healthcare Spending Skyrocketing.....................................................................................276
• Avoiding Scams.................................................................................................................278
• Fraudulent O Websites......................................................................................................278
• Medicare Scare Ploys.........................................................................................................279

Chapter 14...................................................................................................................................281

Quality of Life by Barbara Rockefeller and Nick J. Tate

• One Size Does Not Fit All...................................................................................................286
• Best Places to Live............................................................................................................287
• Staying Connected............................................................................................................288
• Volunteer..........................................................................................................................289
• Groups and clubs..............................................................................................................290
• Don’t Neglect Your Physical Health...................................................................................290
• Dating over 50..................................................................................................................291
• Adopt a pet.......................................................................................................................291
• Time Well-Spent...............................................................................................................292
• Living Long and Healthy....................................................................................................293
• Lessons from Centenarians...............................................................................................293
• Strive for Balance..............................................................................................................296

Afterword....................................................................................................................................299

Appendix A:.................................................................................................................................301

Unbiased Resources

• State Health Insurance Assistance Programs (SHIP) by State............................................302
• Patient Advocates, Insurance Ombudsmen by State...........................................................309

Appendix B......................................................................321

Assisted-Living Facilities and Nursing Homes

• How to Choose an Assisted-Living Facility..............321
  • Compare Assisted Living to Home Care.........321
  • Research and Visit Prospective Facilities......322
  • Calculate Costs.............................................323
• Top 40 Assisted-Living Companies..........................323
• How to Choose a Nursing Home..............................328
  • Do Your Homework.......................................328
  • Visit Multiple Times.......................................328
  • Ask Questions about What You See...............329
• Nation’s Best Nursing Homes..................................329
• Additional Resources for Long-Term Care................335

Index................................................................................337

Preface

Introduction to Baby Boomer Survival Guide, Second Edition: Live, Prosper, and Thrive in Your Retirement

The golden years of retirement. For most Americans, they represent the culmination of the American dream of earning a comfortable living, raising a family, and giving back to the community. But for many baby boomers, those golden years are losing their luster.

US Census Bureau statistics show, for instance, that about 10,000 Americans will turn 65 each day over the next two decades. Yet fewer than one in four will have saved enough money for retirement by that age. What that means for many of us is that we are working longer than ever before — well into our 60s and beyond — not because we want to, but be-cause we have to in order to make ends meet.

For those who are able to save enough to retire comfortably, there is another considera-tion: Federal health statistics show that Americans are living longer than at any other time in history, largely due to major advances in the diagnosis and treatment of many health condi-tions that once killed people in their 50s and 60s. In terms of longevity, 80 truly is the new 60, with seniors over 85 years of age now the fastest-growing segment of the US population.

But there is also a downside to this decidedly good news: Older Americans are also living with more chronic, costly health problems that accompany them into retirement — cancer, heart, disease, diabetes, Alzheimer’s disease, etc. — compared to a generation ago. For nearly one in four seniors on Medicare, out-of-pocket medical expenses exhaust all of their assets and life savings in the final years and months of life.

If these statistics aren’t enough to give you pause, consider the following:

Medicare benefits are unsupportable at current levels and may need to be scaled back sig-nificantly to remain solvent, while Social Security taxes will have to be raised if benefits are not cut, something that is politically unacceptable today. Eligibility ages may have to be raised in one or both programs to 67 or even 70, according to experts. When Medi-care was created in 1965, 19 million Americans were eligible. Today, it’s more than 50 million, and that figure is rising by the day, according to federal Centers for Medicare & Medicaid Services. In 2010, the federal government spent $528 billion to fund the pro-gram. By 2020, that spending is projected to hit $1 trillion.

Seven in ten Americans 65 and older will one day require some form of long-term care in a residential facility, nursing home, adult day-care center, or in their own homes, accord-ing to the US Department of Health and Human Services. Yet only one in 12 have actually purchased long-term insurance or arranged for some other means to pay for it.

Nearly half of Americans 85 and older will develop Alzheimer’s disease or dementia and require assisted medical and/or residential care, according to the Alzheimer’s Associa-tion. In many cases, adult children live in separate cities and are unable to help out with their parents’ needs.

In short, these demographic and economic trends add up to a burgeoning crisis of major proportions when it comes to retirement planning for many of the nation’s baby boomers. The greying generation that so revered youth and youth-culture is facing the prospect of a bleak future — one that gives a chilling new meaning to Pete Townsend’s famous quip: “Hope I die before I get old.”

But it doesn’t have to be this way. In fact, a little planning and foresight can go a long way toward making sure your hopes and ideals for retirement don’t collide with these harsh eco-nomic, financial, and health-related realities.

In essence, this is precisely why we’ve decided to produce this survival guide: to help you navigate your way to a fulfilling, active, and financially-secure future.

What you will learn in this book:

• Smart financial moves you can make now in terms of investment and savings — whether your retirement is months, years, or even decades away — to be sure your golden years are just that
• How to calculate how much you’d likely need to save for retirement based on current US life-expectancy projections and your lifestyle
• Tips for establishing a strong financial profile that will allow you to plan for any eventuality, including a catastrophic illness or unexpected monetary emergency
• What you can reasonably expect to receive in terms of Social Security benefits and other government assistance after you retire
• How to evaluate the best places to live in retirement, based on costs of living, crime, weather, and other quality-of-life factors
• Clear-eyed advice for handling estate planning, inheritances, wills, and trusts
• What the Patient Protection and Affordable Care Act (aka ObamaCare) will mean for you and your healthcare, and how to plan accordingly to take advantage of some new op-portunities and minimize the financial risks the new health law may present
• Practical tips for surviving the coming changes and challenges in Medicare, including how to pick a health plan, determining whether you need supplemental insurance, avoiding Medicare- and ObamaCare-related scams, and strategies for maximizing your healthcare dollar
• A guide to choosing long-term insurance, nursing home care, assisted living facilities, and planning for the catastrophe no one sees coming: a serious medical emergency that can deplete your life savings
• A state-by-state list of patient-advocacy agencies and insurance ombudsmen to help with questions and complaints you may have about healthcare providers, insurers, or physicians
• How to craft detailed advance medical directives — including a living will — to make sure your wishes are carried out, should you become incapacitated and unable to speak for yourself
• An age-specific breakdown of recommended health-related screening tests that offer sig-nificant protection against cancer, heart disease, diabetes, dementia, Alzheimer’s dis-ease, and other conditions
• The latest word from the nation’s leading doctors and anti-aging specialists on how boost your health (mentally and physically) and longevity, so that you are not merely surviving in retirement, but thriving in your golden years

In short, this book has been written to provide a handy, useful, and practical roadmap to retirement for baby boomers. It was designed specifically to allow you to expand — not limit — your interests, hobbies, social network, community involvement, career pursuits, and your personal goals in retirement.

It’s a cliché that all good stories have a happily-ever-after ending. But it is our sincere hope that what you find in this book gives you the wherewithal to make your retirement the rich-est, most fulfilling chapter in the book of your life — for yourself and your loved ones.