So Baby Boomer: Life Tips

Blogging Boomer Carnival #231

Baby Boomers continue to personally evolve; setting new trends along their wake.  This End of Summer Carnival, the 231st of the BBC series, is just a small piece of the microcosm series that was developed to record the boomer generation's evolution.  Come to the fair and observe interesting segments of trend-setting happenings that seek life's meaning through passionate living:

This week's carnival is hosted by Sightings at 60

Your Last Word

Don’t Go on Auto Pilot When Evaluating This Medicare Enrollment Season

By Guest Author Ross Blair, CEO of Plan Prescriber 

The health reform law has made some important changes to Medicare that go into effect in 2012.  Whether you’re a boomer approaching age 65 or already enrolled in Medicare, the annual enrollment period (AEP) for next year’s Medicare Advantage and prescription drug plans is right around the corner – and it’s starting a month earlier. 

Before 2012 begins, we’ve outlined the six most important things people on Medicare should know to ensure they pick the best Medicare Advantage or prescription drug coverage for their specific needs. 

• There are new Medicare annual enrollment dates. Generally, most Medicare beneficiaries can change a Medicare Advantage plan or stand-alone Medicare prescription drug plan only once per year during Medicare’s annual enrollment period (AEP). The dates for AEP changed this year, and run from Oct. 15 to Dec. 7 in 2011. And, if you want to switch from a supplement plan to an Advantage plan, the AEP is a good time to make that switch.  

But, the new AEP does not effect when you can enroll in a Medicare supplement plan, because these plans have an initial enrollment period that starts in the first six months after you enroll in Medicare Part B and are 65 or older. You can enroll in any supplement plan during that time and not be declined. But, if you wait until those six months are over, your application could be declined. 

• Make way for Baby Boomers qualifying for “Original Medicare” at age 65. This year, baby boomers begin turning 65, which means more people will be enrolling in Medicare this year than in the past. All of these new enrollees will put more stress on Medicare enrollment experts. When you combine this influx of new customers with the new enrollment dates, people who wait until the last minute could be putting themselves at risk of running out of time or not getting the help they need to review their coverage and make changes, if necessary. It’s a good idea to make a plan and review your coverage options for 2012 early.
• “Newbies” be aware of deductibles, coinsurance, out-of-pocket limits and prescription drugs. If you’re new to Medicare, it’s important to know that both parts of Original Medicare (A and B) have deductibles. And, the deductibles are not tied to a calendar year like they are with traditional health insurance. Instead, they’re tied to a 90-day benefit period, with some exceptions. The Medicare Part B benefit also includes coinsurance after you meet your deductible. With coinsurance, Medicare pays a percentage of each bill (typically between 20 percent and 45 percent depending on the service) and you pay the rest. Original Medicare also has no limits on the amount you could pay out of your own pocket for covered medical services each year. And, Original Medicare does not cover the cost of most prescription drugs. 
• It’s critical to compare drug coverage: A 2011 PlanPrescriber.com report looked at 25,000 user sessions on its website during the 2011 annual enrollment period (between Nov. 15, 2010, and Dec 31, 2010), where customers entered their zip code, their existing Medicare prescription drug plan or Medicare Advantage drug plan and the names, dosages and frequency of any prescription drugs they were taking, if any. The site’s prescription drug plan comparison tool found that, on average, a user could save more than $500 per year – more than $40 per month - by reviewing their options and changing their prescription drug plan. Don’t miss this important step heading into 2012. 
• You can fill in Medicare’s gaps: People concerned about some of the gaps in original Medicare have the option to enroll in insurance products regulated by the government but provided by private companies. These are products designed specifically to fill some of the different gaps in Medicare. They include: Medicare Part D stand-alone prescription drug plans, which cover the cost of most prescription drugs; Medicare supplement plans, which cover portions of the deductibles, coinsurance and out-of-pocket costs not covered by original Medicare; and Medicare Advantage plans, which bundle together the Part D drug benefit with some additional coverage for deductibles, coinsurance and out-of-pocket costs. Each type of supplemental coverage has different guidelines for when you can enroll, change and cancel your coverage.
•  Get “star power” in 2012. The Affordable Care Act (health reform) requires a star rating system to be used for Medicare Advantage plans, beginning in 2012. Plans get a rating of 1 to 5, with a 5-star rating equating to an “Excellent Performance,” and a 1-star rating equating to a “Poor Performance.” According to the Kaiser Family Foundation, in 2011 out of 523 plans nationwide, only three received an overall rating of 5, and 74 received an overall rating 4 or 4.5 stars. Heading into 2012 the hope is that more plans will achieve this high 5-star rating. If you’re lucky enough to have access to a 5-star plan, consider it as an option for your coverage. One benefit of a 5-star plan is that you can enroll in it any time, even outside of Medicare’s annual enrollment period.
   

Boomer Spenders become Savers

American consumers' long-running love affair with debt is on the rocks. And as they repent for their credit-driven Bacchanalia, the foundering U.S. economy is left to pick up the pieces.

Since the financial crisis erupted, millions of Americans have ditched their credit cards, accelerated mortgage payments and cut off credit lines that during the good times were used like a bottomless piggybank. Many have resorted to a practice once thought old-fashioned—delaying purchases until they have the cash.

As a result, total household debt—through payment or default—fell by $1.1 trillion, or 8.6%, from mid-2008 through the first half of 2011, according to the Federal Reserve Bank of New York. Auto loan and credit-card balances in August had their biggest drop since April 2010, the Federal Reserve said.   Just another 2 trillion to payoff by excessive consumer spending in the past.

The national belt-tightening, known as deleveraging, comes as the U.S. economy struggles to fend off a double-dip recession. Paying off bills slows consumer spending on appliances, travel and a slew of other products and services. Home sales, the engine of past economic recoveries, remain depressed.

Many other Americans aren't borrowing because they can't—either because of credit defaults, tightened bank standards or homes that have lost all equity.

During the Great Depression, economist John Maynard Keynes warned of a so-called paradox of thrift: When everyone turns frugal, everyone suffers. Synchronized thrift slows the economy, according to Keynes, which hobbles income growth and makes people even stingier in a pernicious cycle.

Some experts worry that is happening now. Since the recession ended in mid-2009, the U.S. economy has expanded at a 2.5% annual rate, far slower than the average growth of 4.3% during the first two years of the previous four recoveries.

Source: The Wall Street Journal, October 22, 2011

 Robert R. Prechter Jr.: Conquer the Crash: You Can Survive and Prosper in a Deflationary Depression

To purchase this $0.99 book and download "Books for Boomers" to your computer click here. 
 John Agno: Books for Boomers: Reviews & Coaching Tips (for Kindle eReaders)

Click here for Nook and iPad (ePub) eReaders from Barnes & Noble.

For all eReader formats or to view on your computer or smartphone, select from Smashwords by clicking here

Blogging Boomer Carnival #230

There is so much stuff in the blog-o-sphere, just finding what interests you can be difficult.

If there is a topic you are interested in, like what's happening with Baby Boomers today, following a blog carnival is a great way to learn what people are saying about that topic.

A blog carnival is a special kind of blog community.

There are many kinds of blogs, and they contain articles on several different topics.  Blog carnivals typically collect links pointing to blog articles on a particular topic.  A blog carnival is like a special interest magazine.  It has a title, a topic that flows through its postings, editors, contributors, and an focused audience. Editions of the carnival typically come out on a regular basis, like every Monday.

The Blogging Boomers Carnival is a collection of like-minded blogs cooperating to expose their best stories of interest to the Baby Boomer Generation.  To our knowledge, the Blogging Boomers Carnival is the only oldest and best boomer-centric carnival.

Another great Bigfoot sighting from The Boomer Chronicles. Believe!

Tom Sightings has ground out the results of his coffee poll, and also makes a few observations about the interests and proclivities of his fellow retired Baby Boomer bloggers.  Go take a taste the results at Survey: The Buzz on Coffee.

 Makeovers are painful but necessary from time to time and a blog makeover is no exception.

Our Türkiye odyssey continues as we travel from the tranquil rustic landscape of the mountains along the Aegean coast to the majestic but jarring urban bustle that is the alpha city of Ìstanbul who welcomes us with an overload of sensory experiences. 

Laura Lee aka the Midlife Crisis Queen is excited that finally SOMEONE in the mainstream media is paying attention to the struggles of those 50 and over.

What makes chickens lay more eggs & keeps us healthy?

Do you think you're too wimpy to have adventures?  Think again!  Over at Contemporary Retirement, Ann has a range of adventures that even a couch potato could love!

Taylor Caldwell, author of the bestseller "Captains and The Kings" in 1972, warned the Baby Boomers of the need for their grassroots leadership in her bestseller's Forward.  Today, this social might is moving toward your community, state, nation as well as global corporations. 

 

Blogging Boomer Carnival #229

To learn about the joys and challenges of today's Baby Boomer generation, visit Katie Foster, founder of Arabian Tales, who is hosting this week's Blogging Boomer Carnival #229.

Baby Boomers are aware that they are experiencing different types of life issues than the previous generation. With the oldest boomers now reaching 65 years of age in 2011, Books for Boomers explores a wide range of these issues: love, marriage, friendship, hopes, happiness, encore careers, health, fitness, parenting and aging along with retirement readiness.

               To purchase and download "Books for Boomers" to your computer click here.   Sale Price is only $0.99

John Agno: Books for Boomers: Reviews & Coaching Tips (for Kindle eReaders)

Click here for Nook and iPad (ePub) eReaders from Barnes & Noble.

For all eReader formats or to view on your computer or smartphone, select from Smashwords by clicking here

Why Grassroots Leadership is Now Emerging in the U.S.

Taylor Caldwell, author of the bestseller "Captains and The Kings" in 1972, warned the Baby Boomers of the need for their grassroots leadership in her book's Forward:

"This book is dedicated to the young people of America, who are rebelling because they know something is very wrong in their country, but do not know just what it is.  I hope this book will help to enlighten them.  The historical background and the political background of this novel are authentic.  The "Committee for Foreign Studies" does indeed exist, today as of yesterday, and so does the "Scardo Society," but not by these names.

There is indeed a "plot against the people" and probably always will be, for government has always been hostile towards the governed."

Social might is now moving toward your community, state, nation as well as global corporations.

We have entered the age of empowered individuals, who use potent new technologies and harness social media to organize themselves.  Most are ordinary people with new tools to force you to listen to what they care about and to demand respect.  The institutions of modern developed societies, whether governments or companies, are not prepared for this social power. 

The squeeze on middle America is becoming long lasting. 

There's little doubt that the American middle class—the 40% of households with annual incomes between $50,000 and $140,000 a year—is in distress. Even before the recession, incomes of American middle-class families weren't keeping up with inflation, especially with the rising costs of what are considered the essential ingredients of middle-class life—college education, health care and housing.  In 2009, the income of the median family, the one smack in the middle of the middle, was lower, adjusted for inflation, than in 1998, the Census Bureau says.

Today, Cash is King

Banking in America has moved from "credit economy" of community banking (where the local banker knew his clients and who to extend credit to) into a "financial economy" where big global banks hold and leverage your cash. 

Bank of America's transition from a San Francisco-based community bank to a huge financial corporation deep in undeclared Countrywide home mortgage financing losses is a perfect case to illustrate this transition to big global financial banking.

In 1904, A.P. Giannini, a son of Italian immigrants, founded the Bank of Italy in San Francisco with the vision that banks should serve more than the fortunate few. 

In 1906, the great San Francisco earthquake gave him the opportunity to make his vision a reality.  Rushing into the shattered city, he managed to have $80,000 in gold loaded onto a horse cart covered with vegetables before fire consumed the bank building.  Other banks' vaults would be too hot to open for weeks.

He was open for business the next day at a makeshift desk in North Beach, offering to lend money "on a face and a name."  Offering loans of $10 to $300 to anyone who had a job, Giannini convinced those in the working class that they should turn their tin cans of savings over to his bank.

Giannini later popularized home mortgages, auto loans, and other pioneering forms of consumer credit.  His renamed Bank of America became the largest bank in the world and, a few years after his death in 1949, introduced the another new concept: the credit card.  Personally, I signed up for my BankAmericard in 1965, while living and working in the San Francisco Bay Area, and it is still my primary credit card.

Over the last few decades, the US has transformed from a "credit based economy" (where capital market manias tend to be contained by the availability of savings and credit) to a "financial economy" where the unlimited availability of credit leads to speculative bubbles (read: the roaring '20s & '90s) which get totally out of hand.

Today

More than 1.3 million of the bank’s customers are behind on their home loans, all 50 state attorneys general are investigating the industry’s foreclosure practices and Bank of America has become a leading symbol of the mortgage mess.

Here are eleven facts about the nation’s biggest banks:

– Bank profits are highest since before the recession…: According to the Federal Deposit Insurance Corp., bank profits in the first quarter of this year were “the best for the industry since the $36.8 billion earned in the second quarter of 2007.” JP Morgan Chase is currently pulling in record profits.

– …even as the banks plan thousands of layoffs: Banks, including Bank of America, Barclays, Goldman Sachs, and Credit Suisse, are planning to lay off tens of thousands of workers.

– Banks make nearly one-third of total corporate profits: The financial sector accounts for about 30 percent of total corporate profits, which is actually down from before the financial crisis, when they made closer to 40 percent.

– Since 2008, the biggest banks have gotten bigger: Due to the failure of small competitors and mergers facilitated during the 2008 crisis, the nation’s biggest banks — including Bank of America, JP Morgan Chase, and Wells Fargo — are now bigger than they were pre-recession. Pre-crisis, the four biggest banks held 32 percent of total deposits; now they hold nearly 40 percent.

– The four biggest banks issue 50 percent of mortgages and 66 percent of credit cards: Bank of America, JP Morgan Chase, Wells Fargo and Citigroup issue one out of every two mortgages and nearly two out of every three credit cards in America.

– The 10 biggest banks hold 60 percent of bank assets: In the 1980s, the 10 biggest banks controlled 22 percent of total bank assets. Today, they control 60 percent.

– The six biggest banks hold assets equal to 63 percent of the country’s GDP: In 1995, the six biggest banks in the country held assets equal to about 17 percent of the country’s Gross Domestic Product. Now their assets equal 63 percent of GDP.

– The five biggest banks hold 95 percent of derivatives: Nearly the entire market in derivatives — the credit instruments that helped blow up some of the nation’s biggest banks as well as mega-insurer AIG — is dominated by just five firms: JP Morgan Chase, Goldman Sachs, Bank of America, Citibank, and Wells Fargo.

– Banks cost households nearly $20 trillion in wealth: Almost $20 trillion in wealth was destroyed by the Great Recession, and total family wealth is still down “$12.8 trillion (in 2011 dollars) from June 2007 — its last peak.”

– Big banks don’t lend to small businesses: The New Rules Project notes that the country’s 20 biggest banks “devote only 18 percent of their commercial loan portfolios to small business.”

– Big banks paid 5,000 bonuses of at least $1 million in 2008: According to the New York Attorney General’s office, “nine of the financial firms that were among the largest recipients of federal bailout money paid about 5,000 of their traders and bankers bonuses of more than $1 million apiece for 2008.”

In the last few decades, regulations on the biggest banks have been systematically eliminated, while those banks engineered more and more ways to turn ever-more complex trading instruments into ever-higher profits.  It makes perfect sense, then, that a grassroots leadership movement calling for an economy that works for everyone would center its efforts on an industry that exemplifies the opposite.

 Robert R. Prechter Jr.: Conquer the Crash: You Can Survive and Prosper in a Deflationary Depression

Economic Problems Run Deep and Wide

Suppose you see a lovely house -- one with great curb appeal. It has new paint and manicured shrubbery out front.

But also suppose that you look more closely.  You press your thumb on the window sill and the wood frame crumbles in.  Come to find out, the wood is rotten in too many places to count.  The deck joists and supports are fractured.  Even the terrain underneath the deck looks unstable.  And the closer you look the worse the problems are.

It's obvious that very few people would buy that house. Yet you can be pretty sure that the home's owner will have "good things" to say about the place.

Likewise, today's stock market has plenty of cheerleaders -- even as the rot spreads throughout the economy. Real estate and homebuilding sector alike continue to decline in the wake of the mortgage meltdown. Municipalities continue to have growing budget problems. We're not talking about a "small town" bankruptcy, either. An Oct. 12 Reuters headline reads:

"Harrisburg, Pa., Files for Bankruptcy Protection." The story goes on to say that "The Pennsylvania state capital faces a $300 million debt crises..."

This Oct. 12 headline is from Bloomberg: "California Kids Face Days Without School as Revenue Gap Imperils Education." It continues: "Public schools in California...are bracing for a $1.7 billion cut that may wipe out high-school sports and student busing, and trim the academic calendar by seven days next year."

The economic problems run much deeper and wider than these stories can reflect -- yet they are indeed today's stories. The capital of one of our biggest states is filing for bankruptcy? That should serve as an alarm. Then again, the market is rallying just weeks after the downgrade of U.S. Treasury debt.

So when will optimistic financial investors wake-up to reality?

"At some point in the trend toward negative social mood, fear, and then panic, will bring to light the risks that people today are ignoring. Global credit deterioration is objectively real; but disaster will strike only when it becomes subjectively realized."
Elliott Wave Theorist, September 2011

Collective psychology could "catch up" to the objective economic reality sooner than later.

Will you be prepared when the economic reality hits? Robert Prechter has just released a FREE report -- with urgent analysis from his August and September 2011 Elliott Wave Theorist letters, including an excerpt from a special video presentation that he created for his subscribers in August. Stocks -- Buying Opportunity or Another "Free Fall" Ahead? will help you put these uncertain markets into perspective so that you'll be better positioned to both protect your investments when needed and prosper when opportunities arise. Access your free report now >>

This article was syndicated by Elliott Wave International and was originally published under the headline A Rising Market Won't Stop the "Economic Rot" Beneath. EWI is the world's largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.

Blogging Boomer Carnival #228

Baby Boomers continue to personally evolve; setting new trends along their wake.  This Fall carnival, the 228th of the BBC series, is just a small piece of the microcosm series that was developed to record the boomer generation's evolution.  Come to the fair and observe interesting segments of trend-setting happenings that seek life's meaning through passionate living:

This week's carnival is hosted by The Boomer Chronicles.

Keeping Your Cool Thru Your Midlife Meltdown

By Guest Author Fred Shane, M.D.

Larry King, interviewing actor Anthony Hopkins of Hannibal Lecter fame, posed to him – "What do you want as your epitaph?"  Hopkins in a pensive response replied, "What was that all about?"

Life is a passage.  Midlife has a particular landscape defined as somewhere between forty and sixty.  Everyone has moments of anguish but putting it in perspective, fifteen percent of individuals in America between forty and sixty are on antidepressants. They number in the millions. Why have they lost their cool?

Can they get it back?  Is there a magic bullet?  If so, the manufacturers of Prozac would be out of business and psychiatrists would be looking for work.  Midlife is a time when kids leave the nest to go to college and some marriages break down. There can be moments of depression, sexual angst, career issues, dealing aging parents, thinking about Botox, obsessions with Cybersex and brain cramps (what was his name?).  Is there a sanctuary in the storm?  When do you call 911, psychiatrist?

Are there vaccines to immunize one from these issues?  It certainly helps if you have navigated life in a reasonable way.  Your tomorrows often reflect the resilience you have depended upon to get through your yesterdays.  Being the CEO of who you are is crucial. 

Robin Sharma, an international inspirational speaker and author of "Being A Leader Without A Title" captured the essence of keeping your cool.  He talks about taking control of your life, being your own leader and learning to be authentic, empathic and taking pride in what you do regardless of whether you are a neurosurgeon or you drive a bus. This attitude empowers one to overcome the struggles of life.

There comes a time when some individuals decide they need some help other than their best friend.  Having been a professor and mentor to many future psychiatrists I have passed on what I feel is the essence of being a skilled psychiatrist.  It is crucial in order to help your patients heal, to be empathic, hear their voices, and use your scientific expertise.  Psychiatrists are physicians who can evaluate whether your psychological issues have an organic basis.  Once that determination is established, psychiatrists will then make decisions about medication, psychotherapy or a variation on that theme in concert with the patient.  The therapy may be short lived or may involve longer more intense work especially for those who have significant angst – suicidal depressions, severe anxiety, Post Traumatic Stress Disorders and others disturbing problems.

From the patient’s perspective it is important there is a "fit" and a trusting rapport. This will create a climate for potential growth and recapturing your "cool."

 Dr. Fred Shane: Keeping Your Cool Thru Your Mid-life Meltdown