Transition Thursday: 8 Tips from an 80 Year Old Who Has More Savings Now than When He First Retired

In the article 8 Tips from an 80 Year Old Who Has More Savings Now than When He First Retired , author Henry K. “Bud” Hebeler outlines concepts that helped him not only achieve a secure retirement but also be better off now than when he first retired:

Living Life Based on Lessons from the Great Depression. Being brought up in the Great Depression, followed by the war years where national savings rates were almost five times current levels, taught us to live below our means–something that seems to have escaped many today. Younger generations are truly living beyond their means by relying on debt financing of almost everything they buy in hopes that future wages will be able to cover the debt costs.

Bonds and Bond Ladders Were Particularly Good Strategies. One of the odd things I did that was consistent with the professional retirement advice, but not specifically recommended, was to buy Savings Bonds for much of the bond portion. Back then, the Savings I Bonds were paying around 2% to 3% coupon plus whatever was the annual inflation rate. And unlike other bonds, they benefited from both deferred taxes and inflation adjustments.

After I converted my company’s 401(k) to a Roth IRA, I bought laddered Treasury Inflation-Protected (TIPS) so that our bonds would not have any tax, and the laddering was such that a bond matured every year of our retirement, as do our Savings Bonds.

Watch Inflation. Although the majority of our fixed-income has inflation-adjustments, I still expect that in the long run, stocks should produce better returns than bonds in an inflationary environment, and although dividends will be subject to ordinary income tax rates for the funds in taxable accounts, the growth will benefit from lower capital gains rates. Better yet, on death their cost basis will be marked up to the values at death so there will be no capital gains tax.

At the same time our investments were growing due to compounding and lower tax rates, inflation was compounding too, so our investments are worth only half as much now as they were in the year I retired if measured in dollar values at retirement.

Mom and Pop retirement planning over the kitchen table often fails to recognize that inflation compounds and severely restricts spending capability when aged—a time when dental and medical bills grow much larger.”

Read the rest at 8 Tips from an 80 Year Old Who Has More Savings Now than When He First Retired .

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DAYNA WILSON: As a real estate agent I have been working with homebuyers and sellers throughout the East Bay communities of Layfayette, Moraga, Orinda and Walnut Creek since 2009. As a Certified Senior Housing Professional (CSHP) , I have special knowledge about everything from reverse mortgages to the importance of universal design. I can tap into my network and put you in touch with my team of qualified home inspectors, movers, attorneys, CPAs, organizers and other experts. I have all the resources and knowledge to simplify the transaction and eliminate the anxiety of selling your home.

Call me today to talk about your real estate concerns. I’m here to listen: 925.788.6582

Transition Thursday: The Joys of Volunteering With Your Grandchild

Multi-Color Heart Illustration

In the Next Avenue article The Joys of Volunteering With Your Grandchild, author Ellen Ryan writes that helping others together delivers benefits for both generations:

“Want to build character and avoid entitlement in a grandchild? Studies suggest volunteering together. Nudging a child positively can be just the beginning for both of you.”

How Grandparents and Grandchildren Benefit

“Just ask Cheryl Falcone. She get lots of one-on-one time with her grandchildren when they bag groceries for needy families at the Arlington Food Assistance Center (AFAC) in Arlington, Va. They typically catch up first over dinner out, then talk about the evening’s work on the way home to Fort Washington, Md.

Granddaughter TimMyiah, 10, has developed an urge to help others as a result of the bagging assistance. ‘She knows when we’re volunteering with AFAC that it’s going to somebody who needs it,’ said Falcone, who volunteers there through a church group.

Falcone’s grandson Daymon, 15, looks forward to food-bagging night, too. There’s good conversation, the adults treat him like a grownup, ‘and he gets to be the muscle. I think he likes that,’ said Falcone.

None of this would surprise researchers. Studies have shown that doing good for others gooses self-esteem, provides a social outlet and even boosts happiness. A sense of purpose is part of the reason. Volunteering also reduces stress levels and lowers blood pressure for people later in life.”

Read the rest at The Joys of Volunteering With Your Grandchild.

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DAYNA WILSON: As a real estate agent I have been working with homebuyers and sellers throughout the East Bay communities of Layfayette, Moraga, Orinda and Walnut Creek since 2009. As a Certified Senior Housing Professional (CSHP) , I have special knowledge about everything from reverse mortgages to the importance of universal design. I can tap into my network and put you in touch with my team of qualified home inspectors, movers, attorneys, CPAs, organizers and other experts. I have all the resources and knowledge to simplify the transaction and eliminate the anxiety of selling your home.

Call me today to talk about your real estate concerns. I’m here to listen: 925.788.6582

Transition Thursday: Senior Boomers – A Great Time to Be “The Older Old”

Elderly Lady with Nurse at Assisted Living Facility

In the Worcester Telegram article Caregiving Challenges, Opportunities Loom as Baby Boomers Age, author Susan Spencer writes that “The generation that created fast food, cellphones and Google – the baby boom generation – is about to hit another cultural milestone: becoming ‘the older old.”

So what does this mean for caretakers of senior baby boomers?

“‘Being 75 now is a great time to be old,’ Kate Salmon-Robinson, director of marketing communications and community relations at SALMON Health and Retirement, said one senior woman told her.

Advances in telemedicine and consumer-focused services such as MinuteClinics have improved how people who aren’t as mobile as they used to be get care.

She encouraged people caring for a senior to get that person an iPad that will allow them to connect to health monitoring apps with their physician, as well as communicate with far-flung family through Skype and Facebook, and keep up on the news.”

Read more advice at Caregiving Challenges, Opportunities Loom as Baby Boomers Age.

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DAYNA WILSON: As a real estate agent I have been working with homebuyers and sellers throughout the East Bay communities of Layfayette, Moraga, Orinda and Walnut Creek since 2009. As a Certified Senior Housing Professional (CSHP) , I have special knowledge about everything from reverse mortgages to the importance of universal design. I can tap into my network and put you in touch with my team of qualified home inspectors, movers, attorneys, CPAs, organizers and other experts. I have all the resources and knowledge to simplify the transaction and eliminate the anxiety of selling your home.

Call me today to talk about your real estate concerns. I’m here to listen: 925.788.6582

Transition Thursday: Helping Boomer Women Survive Financial Transitions

Elderly Lady

In the article Inheriting the Family’s Finances: Helping Boomer Women Survive Financial Transitions, author Rhonda Ducote writes about the fact that women outliving their husbands is a financial reality for the boomer generation:

“You’re having a regular day with your husband. You revel in the 30-50 years of work you and your husband put into building your life together. That’s when the news hits: an accident, a health scare…something disrupts your simple day and, before you know it, you lose your partner.

The dramatic change sets you on an uncharted path. There is so much to process — emotionally and otherwise.

As part of the transition, you’re left in charge of the family finances. Fortunately, you can mitigate the financial stress by following these guidelines:

Financial Transition: The Immediate Aftermath Immediately after a tragic loss, life can be overwhelming and terrifying. There is no exact way to set up an emergency or rainy day fund. Some basic guidelines include:

  • available liquidity to cover six to 12 months of expenses, and
  • ability to access funds without limitations or confusion.

Widows don’t receive most benefits until someone produces an official death certificate. Issuing death certificates takes about 30 days. Distributing those certificates to the necessary entities can take weeks longer.

Navigating Your New Financial Life. Political and financial changes are inevitable. Navigating these changes can be overwhelming and confusing for those less experienced. Clients and advisors should have an annual review to go over the client’s entire portfolio and goals.”

Read more advice at Inheriting the Family’s Finances: Helping Boomer Women Survive Financial Transitions.

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DAYNA WILSON: As a real estate agent I have been working with homebuyers and sellers throughout the East Bay communities of Layfayette, Moraga, Orinda and Walnut Creek since 2009. As a Certified Senior Housing Professional (CSHP) , I have special knowledge about everything from reverse mortgages to the importance of universal design. I can tap into my network and put you in touch with my team of qualified home inspectors, movers, attorneys, CPAs, organizers and other experts. I have all the resources and knowledge to simplify the transaction and eliminate the anxiety of selling your home.

Call me today to talk about your real estate concerns. I’m here to listen: 925.788.6582

Transition Thursday: Baby Boomers in Job Transition – Get Real…and You’ll Get Back to Work Soon

Baby Boomer Entrepreneur

In the article Baby Boomers in Job Transition: Get Real…and You’ll Get Back to Work Soon, author Rick Gray writes about how seemingly out of touch many Baby Boomers are with today’s job market reality.

Here’s some of Rick’s no-holds-barred view and advice:

1. Park the career ego now. That means not pushing compensation requirements, title, reporting structure or common senior-level ‘perk’ considerations such as signing bonus, extra vacation days or severance package. These types of demands are likely to swiftly convince a prospective employer to go in another candidate direction, and leads me to my second point.

2. Your singular focus should be to get the job OFFER. It’s less about the specific job terms and more about seizing greater control of your situation to get back into the workforce. And at this stage of your career, you have very little of that until someone formally commits to hiring you. From there you may be able to negotiate some aspects of the offer package and, in the end, you always have the option of turning it down. But better to be employed in a less-than-ideal situation while you continue to search for a more attractive gig — your marketability is infinitely better if you’re already employed, particularly now.

3. Stay engaged. This advice may sound obvious, but I’m talking about a thoughtful, multi-dimensional strategy.

(a) First and foremost, secure a freelance consulting project or busy yourself with volunteer work that highlights competencies relevant to your job search. Though it’s clearly not a full-time job, you will leave a stronger impression by showing your skills are in demand if you can refer to existing projects. What if you’re not good at selling or marketing your capabilities for freelance projects? There are a growing number of online marketplaces like Upwork that make it remarkably simple to present, promote, price, procure and administratively process such work, both cross-function and industry.

(b) Second, stay regularly connected with your network of relationships: personal and professional, and any professional affiliations/memberships you may have. And while some email, LinkedIn and other social media exchange is efficient and necessary, the personal, face-to-face contact and exchange is strongest, and a better way to develop new relationships that may help you.

(c) Third, don’t dismiss networking events and organizations specifically targeting those in transition because everybody else there is unemployed and looking for a job just like you. Good ones, such as NSENG in the greater Chicago metro area, provide an incredible support group and platform for sharing experiences and expert tips about the job search process, exchanging senior-level contacts, and securing introductions to job leads from prior employer relationships of others. ”

Read more advice of Rick’s advice at Baby Boomers in Job Transition: Get Real…and You’ll Get Back to Work Soon.

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DAYNA WILSON: As a real estate agent I have been working with homebuyers and sellers throughout the East Bay communities of Layfayette, Moraga, Orinda and Walnut Creek since 2009. As a Certified Senior Housing Professional (CSHP) , I have special knowledge about everything from reverse mortgages to the importance of universal design. I can tap into my network and put you in touch with my team of qualified home inspectors, movers, attorneys, CPAs, organizers and other experts. I have all the resources and knowledge to simplify the transaction and eliminate the anxiety of selling your home.

Call me today to talk about your real estate concerns. I’m here to listen: 925.788.6582

5 To-Do’s for Every Homeowner in October

Repairman with Tool Belt#1 Insulate exposed pipes with foam or heat tape. A burst pipe, like we have had in the past, is a wet disaster that can be avoided.

#2 Clean your chimney by hiring a professional chimney sweep to ensure your wood-burning fireplace burns more efficiently. This will also help to prevent chimney fires and carbon monoxide poisoning during the winter. So yeah, it’s pretty important.

#3 Get your furnace unit serviced. Call now. As temps drop the service companies get busier. Your technician will clean corrosion, replace filters and check the sytems for leaks, clogs or damage.

#4 Switch the direction of your ceiling fans. Most have a switch to allow the ceiling fan blades to rotate either clockwise or counterclockwise — one way pushes air down to create a nice breeze and the other sucks air up, helping to distribute the heat. Think counterclockwise when it’s warm and clockwise when it’s cool.

#5 Buy appliances. Manufacturers bring out their latest models during the fall, and stores offer big sales on appliances they want to move out to make room for newer inventory. This month there is still plenty of selection and retailers may be willing to wheel and deal. (refrigerators ar the exception with most new models coming out in the springtime.)

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DAYNA WILSON: As a real estate agent I have been working with homebuyers and sellers throughout the East Bay communities of Layfayette, Moraga, Orinda and Walnut Creek since 2009. As a Certified Senior Housing Professional (CSHP) , I have special knowledge about everything from reverse mortgages to the importance of universal design. I can tap into my network and put you in touch with my team of qualified home inspectors, movers, attorneys, CPAs, organizers and other experts. I have all the resources and knowledge to simplify the transaction and eliminate the anxiety of selling your home.

Call me today to talk about your real estate concerns. I’m here to listen: 925.788.6582

Transition Thursday: Your 10-Step Checklist to Retire in 2018

Retirement Checklist

In the US News & World Report article Your 10-Step Checklist to Retire in 2018 , author Maryalene LaPonsie writes about the things you need to do if you want to walk away from your job next year:

Calculate your retirement expenses. Joseph Roseman, managing partner of financial planning firm O’Dell, Winkfield, Roseman and Shipp in Charlotte, NC, says old planning models assumed people could live on 70 percent of their pre-retirement income. However, he finds that most new retirees have significantly greater expenses. ‘For the first five years, you pay as much or more,’ Roseman says.

Determine your guaranteed income. Roseman recommends 90 to 100 percent of expenses be covered by guaranteed income sources.

Pay down debt and build savings. Focus on eliminating debt that can drag down your retirement budget. Consider refinancing high-interest loans or variable interest rate mortgages now. Getting bank approval may be difficult for retirees without a regular paycheck.”

Read more advice at Your 10-Step Checklist to Retire in 2018 .

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DAYNA WILSON: As a real estate agent I have been working with homebuyers and sellers throughout the East Bay communities of Layfayette, Moraga, Orinda and Walnut Creek since 2009. As a Certified Senior Housing Professional (CSHP) , I have special knowledge about everything from reverse mortgages to the importance of universal design. I can tap into my network and put you in touch with my team of qualified home inspectors, movers, attorneys, CPAs, organizers and other experts. I have all the resources and knowledge to simplify the transaction and eliminate the anxiety of selling your home.

Call me today to talk about your real estate concerns. I’m here to listen: 925.788.6582

Transition Thursday: How to Make a Smooth Transition to Retirement

Smiling Baby Boomer Couple

In the USA Today article Ways to make a smooth transition to retirement, author Nanci Hellmich writes that the transition from working life to retirement can be difficult for many:

“About two-thirds of retired Baby Boomers say they had challenges adapting to this change in their lives, one survey showed. Among the toughest parts: Missing the day-to-day social connections with colleagues, getting used to a new and different routine and finding ways to give meaning and purpose in their days.”

Hellmich interviewed several retirement experts for their best advice for making the transition to retirement and making the most of this period of life:

Realize that retirement may be your best opportunity to maximize time spent doing what you really like to do, says psychologist Mary Languirand, 57, co-author of “How to Age in Place,” written with her husband, Robert Bornstein. ‘Some people know exactly what they want to do, and where, and with whom. Others — often those who had to devote a lot of time and effort to responsibilities and duties that didn’t necessarily make them happy — need time and ‘permission’ to break old habits and create new patterns.’

Plan to get out and be with others. Research consistently shows that people who spend time with others are healthier and happier than those who are isolated, Languirand says. ‘Don’t be a hermit. Connecting with others can take many different forms, and it works best if you do it in a way that fits your style.’

Stay as healthy as you can. There are factors you cannot control that can have a huge impact on your life, Languirand says. ‘You get the genetic cards you’re dealt, and some ailments cannot yet be fixed or cured. That said, you do have some control over your lifestyle choices. Be the healthiest person you can be, in spite of any medical issues you have. It’ll enhance your quality of life, no matter what you opt to do.’

Read more advice at Ways to make a smooth transition to retirement.

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DAYNA WILSON: As a real estate agent I have been working with homebuyers and sellers throughout the East Bay communities of Layfayette, Moraga, Orinda and Walnut Creek since 2009. As a Certified Senior Housing Professional (CSHP) , I have special knowledge about everything from reverse mortgages to the importance of universal design. I can tap into my network and put you in touch with my team of qualified home inspectors, movers, attorneys, CPAs, organizers and other experts. I have all the resources and knowledge to simplify the transaction and eliminate the anxiety of selling your home.

Call me today to talk about your real estate concerns. I’m here to listen: 925.788.6582

Transition Thursday: Time to Think About Your Psychological Portfolio

Smiling Baby Boomer Couple

The more than 70 million baby boomers that will begin to retire in the next decade will transform the notion of retirement. Their very numbers will force a rethinking of what retirement means and how people will live their lives. These numbers force us to identify those critical factors that will define a “healthy” retirement.

In the American Psychological Association article Thinking About Retirement? Time to Think About Your Psychological Portfolio, counseling psychologist Nancy K. Schlossberg , EdDh writes that “retirement is not one, but many transitions, that coping with these transitions depends on the following: the role of work and family in the life of the individual, the timing of retirement, the degree to which work has been satisfying, the degree to which retirement is planned for, the expectations one has about retirement, the degree to which a meaningful life is established and, of course one’s health and sense of financial security.”

Based on her study with retirees, Dr. Schlossberg identified the following ways in which people approach retirement:

  • Continuers who continued using existing skills and interests;
  • Adventurers who start entirely new endeavors;
  • Searchers who explore new options through trial and error;
  • Easy Gliders who enjoy unscheduled time letting each day unfold;
  • Involved Spectators who care deeply about the world, but engage in less active ways;
  • Retreaters who take time out or disengage from life.”

Read more about the factors that contribute to helping people negotiate the retirement transition at Thinking About Retirement? Time to Think About Your Psychological Portfolio.

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DAYNA WILSON: As a real estate agent I have been working with homebuyers and sellers throughout the East Bay communities of Layfayette, Moraga, Orinda and Walnut Creek since 2009. As a Certified Senior Housing Professional (CSHP) , I have special knowledge about everything from reverse mortgages to the importance of universal design. I can tap into my network and put you in touch with my team of qualified home inspectors, movers, attorneys, CPAs, organizers and other experts. I have all the resources and knowledge to simplify the transaction and eliminate the anxiety of selling your home.

Call me today to talk about your real estate concerns. I’m here to listen: 925.788.6582

Transition Thursday: Transition or Retirement? Words Matter to Boomers

Baby Boomer Woman Executive

In the Inc. Magazine article Transition or Retirement? Words Matter to Boomers, writer Samuel Bacharach explains that the aging Boomer may be hesitant to discuss their retirement plans because the organization may have a culture of “once you’re out, you’re out”:

“What do you want from the best of the Baby Boomers? You want to make sure that they are able to share their experience and accumulated knowledge, and have an opportunity to mentor others, rather than abruptly disassociate. Clearly, there are those whom you’d be happy to see leave, but smart leaders understand the importance of giving the best and brightest of the Boomers the space to transition.

Creating the capacity to transition with grace, partnering with them, and allowing them to continue their involvement is a win-win for everyone. In doing so, keep the following in mind:

1. Talk about transition into retirement, not simply retirement. The word “transition” gives the potential retiree a sense of value and the impression that this is a stepped process, rather than a quick push out the door.

2. Give them an opportunity to make suggestions as how they see the transition unfolding. A stepped process with gradual disengagement creates a sharing opportunity rather a conflict.”

Read more advice at Transition or Retirement? Words Matter to Boomers.

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DAYNA WILSON: As a Certified Senior Housing Professional (CSHP) , I have special knowledge about everything from reverse mortgages to the importance of universal design. I can tap into my network and put you in touch with my team of qualified home inspectors, movers, attorneys, CPAs, organizers and other experts. I have all the resources and knowledge to simplify the transaction and eliminate the anxiety of selling your home.

Call me today to talk about your real estate concerns. I’m here to listen: 925.788.6582