Lifestyle

Retirement Financial Pitfalls | Your 60’s are the New 50’s

March 24, 2018 by Our Reporter-at-Large 1 Comment

Tax filing season is upon us (as of this publishing date), and we may not be focused on our long-term goals until our filing is completed. But, once tax season is behind you, ignore these retirement financial pitfalls during the coming year at your peril.

As this video from MarketWatch points out, the retirement landscape is changing. For many of us empty nesters, we may be working deeper into our 60’s than our parents did.

Your 60’s are the New 50’s

With longer lifespans, retirement is now measured in decades rather than years. This creates several challenges – how to stay challenged during long retirement periods, and how to pay for that longer retirement.

Many people are choosing to work longer. And with healthier adults, there is no reason to stop working at the defined retirement age… especially if you enjoy what you do. Even transitioning from a full-time career to a new part-time project will continue to challenge you and delay your reliance on social security and your savings.

Every year that you delay retirement also increases your final social security payment by 8% (up to the age of 70).

Planning for the Unplanned Retirement Financial Pitfalls

Much of your retirement savings will be used for healthcare as we retire and age. It is important to create your own personal healthcare fund for those retirement years.

In addition, property costs and debt do not disappear once you stop working. “In fact, more people are making a monthly home mortgage payment well into their retirement than has ever been the case”, states Tax & Estates lawyer, Jeffrey Cohen.

So, once you finish the tax filings for last year, turn your attention to your future. Begin to realistically consider how you might address some of these retirement financial pitfalls while you still have to address them.

What Experts Are Saying about Empty Nest Syndrome

March 15, 2018 by Our Reporter-at-Large 2 Comments

The Empty Nest Syndrome (ENS) refers to the feelings of melancholy and loneliness that parents experience after their children leave home to pursue independent living. It’s a time of transition for both parents and children, as their lives change forever. But experts say that empty nest syndrome does not have to be a time of depression, but a positive experience full of excitement, adventure, and new relationships.

See What These Experts Say about Empty Nest Syndrome

Malisa Rader, human sciences specialist at Iowa State University Extension and Outreach, says that empty nesters should view this new stage of life as an adventure. Think of it as moving to a new place, and let yourself come to terms with your new life without the kids.

Jeffrey Arnett, developmental psychologist and author suggests that parents do feel a sense of loss when their kids move out. Rather than dwelling on their grief, they should celebrate their children’s independence, and let themselves experience their first sense of true freedom in years.

Karen l. Fingerman, PhD and associate professor at Purdue University says that empty nest syndrome is not experienced in the way that most people think. Through her research, she discovered that empty nesters celebrate their freedom, become closer to their spouses, rediscover their own interests and set new goals.

Victoria Bedford, PhD, associate professor in the School for Psychological Sciences and the Center for Aging and Community at the University of Indianapolis found that after children left home, parents renewed their relationships with their brothers, sisters and old friends.

Helen M. DeVries, PhD and associate professor of psychology at Wheaton College didn’t experience the empty nest in the typical way. She didn’t view her childrens’ leaving in a negative light but looked forward to new opportunities in her future.

Sarah D. Mount of Desert Parkway Behavioral Healthcare Hospital conducted research on the empty nest syndrome, and discovered that the emotional turbulence of ENS has decreased through the years. Modern parents now see this as a positive time of self-discovery, self-care, and freedom to pursue new activities, and kindle their relationships.

How to Cope with the Empty Nest Syndrome

If you have children who will be leaving home soon, and you’re worried about how you’ll cope with the empty chair at the dinner table, start making the transition ahead of time. According to an article by Guy Winch, PhD in Psychology Today, the following tips can help you make the transition to an empty nester without too much emotional turmoil.

Think about your role in life as a parent, a friend, a sibling, a business owner or an employee.
Look inward to see yourself beyond being a parent?
Rekindle relationships or find new companionship.
If you’re a single parent, think about dating.
Get involved in community events.
Look for places to meet new people with interests similar to your own.

If you’re an empty nester or soon to be one, celebrate your new life. Take pride and joy in the fact that you taught your children well, and they’re ready to live responsible, adult lives. Enjoy your new found freedom and live your life to the fullest.

Baby Boomers find companionship online

February 10, 2018 by Our Reporter-at-Large Leave a Comment

Attention Baby Boomers – If you’re tired of going to the movies by yourself, or you’ve given up on meeting the “perfect companion” in the produce aisle, it may be time to take the plunge into online dating.

Online dating has actually turned out to be a great option for baby boomers. Some studies say ten percent of all online daters are baby boomers, and according to eHarmony, 20 percent of people in new, “committed relationships” began that relationship online.

Online dating has been around for nearly 20 years at this point, and new sites have emerged to focus on helping baby boomers find companionship or love. You probably know someone who is actively dating people he or she meets online, and you probably also know people who are happily married to an online match.

Tips for Finding Companionship Online

Pick the dating site that is right for you. Like any business, dating sites market their services based on a specific niche. Some, like eHarmony.com, attract people who want to get married. ChristianMingle.com is, obviously, for those looking for other Christians. Tinder.com appeals to people who are looking for “casual romance,” or as the kids call it, “a hook-up.” There are others, including OurTime.com, for baby boomers, PlentyOFish.com, Match.com, EliteSingles.com, and Zoosk.com. Do your research and know what type of individual the site attracts before you choose where you want to be.

Set Realistic Expectations

In the best of circumstances you’ll meet your soul mate, but more realistically, you’ll have the opportunity to communicate online with other baby boomers and you may find the occasional person you want to meet in “real life.” You get out of it what you put in, so be prepared to spend time and to do more than just “look” online. You’ll have to actually contact people – and respond — if you want to get to that “real date” stage.

Put Some Thought Into Your Profile

Every dating site requires a profile, with categories and checkboxes that work with the site’s matching algorithms, and short answers you provide to highlight your personality. Be honest. Don’t say things just because you think it will get you a date. Don’t claim you love to golf if you really hate it, and don’t say you love the theatre if you don’t.

Get a Friend Involved

As baby boomers, we don’t always grasp new technology easily, and it can be difficult to recognize or verbalize our best assets. Get a friend involved to help with the technology and your profile. He or she can tell you what they like best about you: your sense of humor, your loyalty, your willingness to try new things.

Be Open to New Friendships

Good friends are hard to find, especially as we get older. Baby boomers, in particular, use online dating sites to make friends and find companions. If that’s what you’re most interested in, be honest about it. You’ll likely find you’re not the only baby boomer who isn’t online for love.

Be Kind

Keep in mind that these people online are real people, and like you, they are looking for someone to spend time with. Be kind in your interactions. No one likes rejection. Consider the other person’s feelings, and if you can’t say something nice, don’t say anything at all.

Be Safe

This goes without saying, but no article about online dating should end without reminding readers to be safe. This is common sense: never invite a stranger to your home. Always meet in a public place. Drive yourself, and tell a friend or family member where you are going.

Share your most interesting online dating experiences in the comments below.

Guest Contributor: Connie Holubar

Putting the ‘Active’ in Active Adult Communities

February 5, 2018 by Our Reporter-at-Large Leave a Comment

You’ve heard the term “Active Adult Community,” but what does “Active” in that phrase really mean?

The term – “active adult community” typically describes a community designed for residents aged 55 and older. These communities may have been conceptualized 30 years ago as retirement communities for “active retirees,” but today they are more likely to be full of adults, younger and older – both singles and couples – many who still work part- and even full-time.

What makes these communities “active” is a vibrant mix of adults whose nests may be empty, but whose lives are decidedly full. They have chosen to live with others in their own age group, for purposes of socializing and having fun. Many have downsized to start fresh on this next phase of their lives.

Most of these communities have been “master planned” – much like a country club – with clubhouses, recreation centers, swimming pools, and golf courses, as well as walking or bike trails, tennis, dating networks, or other amenities. The largest may even have retail centers, restaurants, banks and even their own zip code.

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Staff or residents plan events that range from poker nights to craft days, happy hours to music nights. There may be organized trips and excursions, gardening clubs, and shopping excursions. The recreation centers are likely to have a regular schedule of exercise or dance classes, and if there’s a golf course, there will be leagues, tournaments and golf events.

Active Adult Communities are for people who may be a little older, but they are young at heart, and most of all, they want to have fun.

We’d love for you to share your experiences with ‘active adult communities’ in the comment area below.

Guest Contributor: Connie Holubar

New Year’s Resolution Success is Yours, Empty Nester

January 3, 2018 by Our Reporter-at-Large Leave a Comment

According to a recent survey, only 32 percent of people said they WERE NOT planning on making New Year’s resolutions. Are you one of them, my fellow empty nester?

2018 is a new year. And each year presents us with a psychological new ‘start’. As an empty nester (or almost empty nester), you could also be familiar with this feeling of a new start. A change in life, whether it is a new year or a new life phase without children in the house, provides a great opportunity to redefine yourself and your life.

It might be to your advantage to use the New Year as a catalyst for change. Let’s explore what seem to be the biggest changes that people are trying to achieve with their new year’s resolutions.

According to recent surveys, there are several goals that tend to rise above the rest. These top goals include:

Eating better and exercising more
Spending less money
Better self care (like sleep)

Empty Nest Syndrome: Should You Stay or Leave the Nest?

December 26, 2017 by Our Reporter-at-Large Leave a Comment

So, the kids are grown and gone. And you find yourself in a big, empty house all alone, possibly with your spouse and a pet or two. You are now an Empty Nester. But you don’t need to suffer from the typical empty nest syndrome.

Even though you may feel alone in that big house, you are truly not alone. In fact, Empty Nesters are a growing population in the United States. According to Zillow, as Baby Boomers age, the number and share of empty nests steadily grow – rising from 11.9 percent (13.2 million) of all households nationwide in 2005 to 15.5 percent (18.3 million households) as of 2015. An additional 3.6 percent of households (4.3 million) are “near-empty” nests, meaning they would be empty nests if an adult child currently living at home were to break out on their own. That’s up from 2.4 percent (2.7 million households) in 2005.

So, how are all of these Empty Nesters addressing their new ‘lifestyle’? And what should you personally consider doing? [Read more…] about Empty Nest Syndrome: Should You Stay or Leave the Nest?