sobabyboomer.com http://www.sobabyboomer.com/ Fri, 26 Nov 2021 15:21:15 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.4 Are sports bettors better investors? https://www.sobabyboomer.com/2021/11/26/are-sports-bettors-better-investors/ https://www.sobabyboomer.com/2021/11/26/are-sports-bettors-better-investors/#respond Fri, 26 Nov 2021 09:04:00 +0000 https://www.sobabyboomer.com/?p=64 Given the way some investors approach investing it’s obvious why many see the stock market as little more than a casino. Investing in a firm becomes the equivalent of placing all of your chips on red. Stock investing, on the

The post Are sports bettors better investors? appeared first on sobabyboomer.com.

]]>
Given the way some investors approach investing it’s obvious why many see the stock market as little more than a casino. Investing in a firm becomes the equivalent of placing all of your chips on red.

Stock investing, on the other hand, should be considered for what it is: becoming a part owner of a firm. You actually own a piece of the company, no matter how little that share may be. As a result, having a long-term owner’s perspective might help you make smarter financial decisions.

Of course, not every investment will pay off, but a recent poll of investors and sports bettors suggests that if you treat investing like gambling, you’ll increase your odds of losing money. Casinos Jungle reports that casino players often have different playing habits than sports bettors. Casino players understand particularly with slot games only luck will determine their outcome. The value is in the entertainment.

Having a stake in the game

Gambling and investing both demand a specific mindset, as both require taking the risk of losing money in exchange for the possibility of a gain. Nonetheless, despite the identical reasoning involved, bettors and investors approach their favourite pastime with different goals in mind.

BonusFinder.com, an independent casino review portal, recently polled 1,014 investors and sports bettors about their engagement in each activity. They discovered that, although making a profit was essential to both, it was a secondary factor for sports bettors.

Only 53% of those polled claimed they bet to generate a profit, with the rest betting for the entertainment value. That makes sense: having a stake in the game can make any game more engaging. Horse racing would definitely be far less fun if you couldn’t wager on who would win, place, or show.

The financial results of the two largest bookmakers, FanDuel (owned by Flutter Entertainment) and rival DraftKings, confirm this scenario.

When people quarantined last year and needed something to do some of them spent their time betting on sports.

Last year, Flutter’s income in the United States increased by 101 percent, while DraftKings’ revenue nearly doubled. They control around two-thirds of the online sports betting market, but they only operate in approximately a dozen states. If more states legalize sports betting, expect their business to grow even more.

Bravado in sports betting

Investors, on the other hand, were largely driven by the desire to make money. 71% of those polled stated that they put their money into the stock market for that purpose. Being entertained was not even considered, which could explain why each group’s conclusion differed.

Among the highlights discovered by BonusFinder were:

Sports bettors were more likely than stock investors to assess risk and believe they could make a lot of money.
Sports bettors were also slightly more risky than investors. 58 percent admitted they gambled more than they could afford to lose, compared to 53 percent of investors.

Overall, investors outperformed sports bettors, with 64 percent reporting generally wins while investing. This is compared to 45 percent for those who bet on athletic events.
Legal sports betting is still in its infancy; the Supreme Court ruled in 2018 that a federal ban on states enabling wagering on athletic events was unconstitutional. That could explain why, whereas 90% of poll respondents say they have invested in stocks, just 55% have wagered on sports.

Nonetheless, investors were significantly more likely (89 percent) than sports bettors to have also invested in equities (54 percent ).

Investing is the preferable option

While boomers were the least likely to have participated in either activity, millennials were the ones who threw themselves into both with abandon. Surprisingly, these younger generations were the most eager to wager with cryptocurrency, with 29 percent claiming to have done so.

Nonetheless, 46 percent of all sports bettors were more likely to have gambled on a sporting event using cryptocurrency than investors, who were only 30 percent likely to have done so.

Millennials were also more likely to invest in meme stocks than other age groups. When the trading frenzy in GameStop and AMC Entertainment erupted earlier this year, 34% of millennials bought in. This is compared to 30% of GenX investors and only 18% of baby boomers.

That last group has probably seen more market cycles and seen more manias and stock investment fads come and go than their younger colleagues. Sitting on the sidelines is likely to be regarded as the more wise action.

However, the adventurous streak that runs through sports bettors is visible in meme stock investing. 41 percent of sports bettors jumped on the meme stock bandwagon, compared to 33 percent of investors. Furthermore, against 44 percent of investors, 55 percent of sports bettors saw meme stocks as a means to earn a quick buck.

Give yourself a chance

So, are sports bettors better investors? Obviously, the answer is no. They have an overabundance of confidence in their capacity to analyze risk and make a killing. They are also ready to bet more than they should in order to achieve that return.

However, as BonusFinder CEO Fintan Costello points out: “We were shocked to discover that the margins were so close when comparing these two groups. While investors were more careful in their risk-taking, the changes were not significant.”

Perhaps because more investors bet on sports than sports bettors invest in the stock market, when investors cross the line, they forsake their normal restraint and take on more risk. Remember that betting on sports events is not valued as a way of accumulating a retirement nest egg, but rather as a means of entertainment.

While losing money is never a good thing, perhaps that is how it should be. It’s OK to take extra risks while betting, according to gamblers, as long as you bet with your mind and not your heart. Just keep in mind not to be overly irresponsible with your investments.

The post Are sports bettors better investors? appeared first on sobabyboomer.com.

]]>
https://www.sobabyboomer.com/2021/11/26/are-sports-bettors-better-investors/feed/ 0
How to invest for a retirement https://www.sobabyboomer.com/2021/11/01/how-to-invest-for-a-retirement/ https://www.sobabyboomer.com/2021/11/01/how-to-invest-for-a-retirement/#respond Mon, 01 Nov 2021 18:35:55 +0000 https://www.sobabyboomer.com/?p=80 When you’re young and just getting started, you can take more risks with how you invest for your retirement. That is, if you start in your 20s, you’ll have more than 40 years to develop your pension pot. This will

The post How to invest for a retirement appeared first on sobabyboomer.com.

]]>
When you’re young and just getting started, you can take more risks with how you invest for your retirement. That is, if you start in your 20s, you’ll have more than 40 years to develop your pension pot. This will make it simpler to weather market ebbs and flows.

However, as you approach your retirement years, it’s critical to have a clear strategy for how you’ll afford to live on a fixed income. You’ll also need to have an awareness of where and how your money is invested.

The nearer you approach retirement, the less risk you should undertake. Be aware of which options qualify as less high risk.

Consult with financial professionals to get their top recommendations on where to invest your money if retirement is on the horizon. Consider the following low-risk alternatives:

High-yield savings accounts

While part of your money should be in the stock market, it’s also a good idea to have some on hand in an easily accessible savings account.

When approaching retirement, it is essential to have a reasonable amount of cash accessible for short-term needs and eventualities.

A smart thumb rule is to have three to six months’ worth of money in accessible reserves. These should be divided between checking and savings. Have one to two months’ worth of expenses in your checking account and two to four months’ worth of money in your savings account.

As your life changes in retirement, make sure you’re storing enough to cover your new monthly expenses. Perhaps you downsized so that your expenses are lower. Maybe your expenses are higher because you have more medical bills or have moved to a new city.

A high-yield savings account allows you to earn more interest than a typical savings account. Your money is also FDIC-insured up to $250,000 per account type per bank.

Short-term bonds

After safeguarding some money in savings, look to low-risk investments that enable you to protect capital while also accruing a bit more interest than you would in a savings account. Short-term bonds are an excellent choice since they are less affected by future volatility.

The problem with low-risk investments is that rising inflation can erode their value over time. To counteract this, consider investing in Treasury Inflation-Protected Securities, or TIPS. These are government bonds that move in lockstep with the rate of inflation. They are not only a secure investment, but they also help you diversify your retirement income.

TIPS bonds pay fixed-rate interest twice a year and are available in 5, 10, and 30 year maturities, so you can choose one that best fits your retirement timeline. Investors are paid the adjusted capital or the original capital, whichever is greater, upon maturity.

As retirement approaches, one of the best things you can do with your money is to keep it safe and accessible. TIPS serve to manage rising inflation, whilst high-yield savings accounts and short-term bonds enable your money to grow with relatively risk.

Soon-to-be retirees should preferably consult with a financial advisor. They can evaluate your particular savings and investment plans to ensure they are on track for all of their targets.

The post How to invest for a retirement appeared first on sobabyboomer.com.

]]>
https://www.sobabyboomer.com/2021/11/01/how-to-invest-for-a-retirement/feed/ 0
How to enjoy your retirement https://www.sobabyboomer.com/2021/10/31/how-to-enjoy-your-retirement/ https://www.sobabyboomer.com/2021/10/31/how-to-enjoy-your-retirement/#respond Sun, 31 Oct 2021 18:33:36 +0000 https://www.sobabyboomer.com/?p=78 The majority of retirement planning advice focuses on how to save enough money to replace your salary. However, employment supplies us with much more than just money. What we do gives many of us a sense of meaning, purpose, and

The post How to enjoy your retirement appeared first on sobabyboomer.com.

]]>
The majority of retirement planning advice focuses on how to save enough money to replace your salary.

However, employment supplies us with much more than just money. What we do gives many of us a sense of meaning, purpose, and even identity. Work also offers us social relationships and structure.

Losing all of that can be unsettling, which is why expert including some who have already retired advise planning ahead of time for how you will substitute those qualities of employment.

Most individuals don’t crave a life of complete leisure. They want a feeling of purpose, important daily activities and relationships, and the flexibility to do whatever they want, even if that involves working.

A Typical Day

Retirement is frequently marked by a bustle of activity as people travel, see relatives, and indulge in beloved hobbies. However, retirement experts advise imagining a more normal day once you’ve completed some of your bucket list items. From the moment you wake up, how will you spend each hour? With whom would you spend your time? What will you say if someone asks you, “What do you do?”

Studies suggest that working during retirement is positively associated with higher levels of satisfaction. Part-time work can also help you gently transition into retirement.

Some individuals feel really worried about retiring because it does seem very final. Think about working part-time to have less work and more leisure time so you can ease into it.

Take a Retirement Test Run

You should put your retirement plan to the test before quitting your job. Consider taking a two-week vacation to do something you want to do in retirement, such as golfing, volunteering, traveling or caring for the grandchildren. If you are preparing to relocate to another place, you should consider renting a property there for a few weeks if possible. You might find that reality fulfills or exceeds your expectations. If not, you can change your plans before committing.

Consider how you will replace the social connections you enjoy at work. People who have strong social relationships are happier, healthier, and have longer lives. Spending more time with family and friends might help you invest in existing relationships both before and after retirement. Set aside specific days and times to communicate on a regular basis, either in person or through phone or video conference.

As you age, you will lose connections when people die or move away. Volunteering, joining community organizations, or simply getting to know your neighbors better can all help you meet new people. Companionship from a dog, cat, or other pet can help improve one’s mood.

Have a purpose

Without the framework of employment, some people begin to fade, with one day merging into the next. Setting objectives and working toward them can help restore a sense of purpose and accomplishment.

Stay healthy by walking 10,000 steps every day, eating healthy foods, and having at least 7 hours of sleep every night. It is critical to look after your physical well-being. In a 2014 poll, 81 percent of retirees rated good health as a critical factor for a happy retirement.)

Achieving defined, measurable goals can help people redefine their definition of productivity, which is crucial to many people’s sense of identity. Goals might also help to compensate for a propensity to postpone doing tasks.

People who are accustomed to saving and delaying gratification may have difficulty “flipping the switch” to simply enjoying their life. However, time, good health, and vitality are not limitless. Many people struggled during the pandemic not just because their plans were cancelled, but also because they were acutely aware that the clock was ticking.

The post How to enjoy your retirement appeared first on sobabyboomer.com.

]]>
https://www.sobabyboomer.com/2021/10/31/how-to-enjoy-your-retirement/feed/ 0
Health priorities for boomers https://www.sobabyboomer.com/2021/10/06/health-priorities-for-boomers/ https://www.sobabyboomer.com/2021/10/06/health-priorities-for-boomers/#respond Wed, 06 Oct 2021 11:24:07 +0000 https://www.sobabyboomer.com/?p=76 The baby boom generation is defining the significance of healthy aging.As baby boomers get older, they’ll have to deal with the obstacles of aging. Age is a risk factor for chronic illnesses such as diabetes, heart disease, cancer, and Alzheimer’s

The post Health priorities for boomers appeared first on sobabyboomer.com.

]]>
The baby boom generation is defining the significance of healthy aging.
As baby boomers get older, they’ll have to deal with the obstacles of aging. Age is a risk factor for chronic illnesses such as diabetes, heart disease, cancer, and Alzheimer’s disease. This means living a healthy lifestyle is essential.

Members of the baby boom generation, the 76 million people born between 1946 and 1964, are now in their 50s, 60s, and 70s. Many are well into retirement or are just entering Medicare and are still working.

While the chance of acquiring chronic health problems rises with age, the basic causes of many of these disorders begin earlier in life.

Research has shown that people who eat well, exercise regularly, and avoid tobacco use can greatly reduce their chance of acquiring many of the chronic health diseases we generally associate with aging.

Baby boomers face a number of health challenges.
The top ten health issues of the baby boom generation are as follows:

Diabetes type 2

The number of adults with diabetes has more than tripled in the last 20 years. This is according to the Centers for Disease Control and Prevention (CDC). This corresponds to the aging of the US population as well as a rise in obesity rates. Obesity is one of the most significant risk factors for diabetes.

Diabetes raises the risk of significant health issues. These include high blood pressure, eyesight loss, liver illness, neural damage, cardiovascular disease, foot problems and amputation.

Diabetes and its associated risks can be addressed with lifestyle changes and good medical care.

Cardiovascular disease

For both men and women over the age of 60, heart disease is the leading cause of mortality. After the age of 45, the risk skyrockets. The most prevalent type of heart disease and the leading cause of heart attacks is coronary artery disease. This is when the arteries that transport blood to the heart constrict or become blocked.

Some risk factors, such as your age or family history, are uncontrollable. However, you can reduce your risk of heart disease by modifying what you can control.

People who avoid tobacco, control their blood pressure and cholesterol through exercise and a low-fat, low-sodium diet, and maintain a healthy body weight have a much lower risk of developing heart disease.

The good news is that cancer-related death rates are dropping rather than growing. This suggests that the chances of surviving cancer are considerably higher than in the past.

As we get older, cancer tests are more commonplace to detect tumors in their early stages, possibly before symptoms appear. Many cancers are connected to dietary and lifestyle choices. It is critical to make appropriate dietary choices, exercise, avoid tobacco products, and maintain a healthy weight to reduce your risk of cancer.

Depression

According to the National Institute of Mental Health, depression can occur at any age. However it most commonly develops in adulthood.

Depression, particularly in middle-aged and elderly people, can co-occur with other major medical disorders. Amongst these are diabetes, cancer, heart disease, and Parkinson’s disease. These problems are frequently exacerbated when depression is present..

It is critical for both doctors and patients to understand that depression is not a typical part of the aging process. Unfortunately, many patients are uncomfortable discussing depression. Many people believe that seeking assistance is a show of weakness. Accepting that you require assistance is critical. Your primary care physician should be your first choice for advice.

Vision issues

Cataracts afflict 20.5 million Americans over the age of 40. According to the CDC, that figure is predicted to rise to 30.1 million by 2020.

Recent advances in cataract surgery precision and safety have resulted in faster surgeries, better and shorter recoveries. In some circumstances, improved vision than before surgery.

Annual eye exams can aid in the detection of visual disorders in their early stages.

Alzheimer’s disease

Age is the most well-known risk factor for Alzheimer’s disease, which is one of the leading causes of death in the United States. Symptoms of the condition may occur after the age of 60. Alzheimer’s disease affected 5 million Americans in 2013.

Emerging data reveals a strong relationship between brain health and overall heart and blood vessel health.

There is no clear proof as to what causes Alzheimer’s disease, however it has been demonstrated that quitting smoking and maintaining a healthy lifestyle that includes a balanced diet and exercising regularly can help maintain brain health.

Arthritis and joint replacement

When the cartilage that cushions your bones at the joints begins to deteriorate, the bones begin to rub together. The ensuing pain, swelling, and stiffness is known as osteoarthritis.

Maintaining a healthy weight is critical in minimizing undue pressure on your joints, which can cause cartilage damage. If the condition is severe, joints may need to be surgically reconstructed.

There are ways to keep up a good level of boomer health. Walking, aquatic therapy, and yoga on a daily basis can help to maintain joint flexibility.

Osteoporosis

Osteoporosis affects around 25% of women over the age of 65, and approximately 5% of males over the age of 65. Many patients with osteoporosis are unaware of their condition until they break a bone.

To avoid the bone-weakening effects of osteoporosis, prevention is essential. Screening for osteoporosis is currently suggested for women 65 and older. It is also recomm, as well as women 50 to 64 who have certain risk factors, such as having a parent who has fractured a hip.

Tobacco and alcohol use earlier in life, as well as being underweight, can raise risk. Consult your doctor about calcium supplements and other treatments that can aid in the prevention of osteoporosis.

Influenza and pneumonia

Influenza and pneumonia are among the leading causes of death in the elderly. As our immune defenses weaken with age, people 65 and older are at a higher risk of serious flu complications.

Vaccinations for these illnesses are now widely available and are either covered by health insurance or offered at a very cheap cost. Consult your doctor to determine whether you should get immunized.

Sandwich Generation stress
Many baby boomers are caring for elderly parents in addition to their own families. Being a dual caregiver can be stressful, especially for people who are also working, struggling financially, or coping with other issues.

It is critical to first take care of yourself. Make an attempt to get adequate sleep, eat healthily, and exercise on a regular basis.

The post Health priorities for boomers appeared first on sobabyboomer.com.

]]>
https://www.sobabyboomer.com/2021/10/06/health-priorities-for-boomers/feed/ 0
Boom Again: a game for boomers https://www.sobabyboomer.com/2021/09/21/boom-again-a-game-for-boomers/ https://www.sobabyboomer.com/2021/09/21/boom-again-a-game-for-boomers/#respond Tue, 21 Sep 2021 18:15:51 +0000 https://www.sobabyboomer.com/?p=73 This trivia board game includes approximately 2,200 questions based on the cultured and shared experiences of Baby Boomers. It’s intended to bring together folks born in the 1950s, 1960s, and 1970s to have fun reminiscing about their youth. No one

The post Boom Again: a game for boomers appeared first on sobabyboomer.com.

]]>
This trivia board game includes approximately 2,200 questions based on the cultured and shared experiences of Baby Boomers. It’s intended to bring together folks born in the 1950s, 1960s, and 1970s to have fun reminiscing about their youth.

No one is ever too old to have fun with old friends. Boom Again is a pop culture trivia board game created by boomers for boomers. Its explicit objective is bringing people together to laugh and reminisce. As the game’s creators explain:

The game questions aren’t designed to stump you, as in other trivia games. They’re intended to be entertaining, to evoke memories of days gone by. The point is to bring people of all backgrounds together for a good time.”

Boom Again is a game designed to jog the player’s favorite memories rather than straining their brain. And to have a lot of fun while doing it.

How the game is played

Boom Again, which was released in 2020, is a trivia board game that may be played with as few as two players and as many as ten. The crux of the game is its thousands of questions, which are divided into six categories. They are as follows:

Things we heard: music, jingles, notable speeches, songs, catchphrases, and so on.

Things we saw: Magazine articles, TV shows, movies, adverts, sporting events, etc

Fashion, vehicles, drug culture, innovations, societal shifts, gossip, and other things we discovered on the street

Fashion, vehicles, drug culture, innovations, societal shifts, gossip, and other things we discovered on the street. The “3 R’s,” after-school organizations, dances, schoolyard activities, and so on.

Things in the news: Politics, sports, international events, Sunday cartoons, murder, war, etc.

SHOUT: This is a wildcard category with questions that can have many answers.

At the start of the game, participants are divided into two teams that compete for tokens in order to win the game. The tokens are all time related items, and the entire game is housed in a cigar box. All of which are meant to be extremely period-accurate for ultimate nostalgic impact. A “Students for Kennedy” pin, a 45-RPM record insert, and four other tokens are among them. Each category gets one token.

Fun without stress

Brian Hersch, the game’s designer, spoke at length about his thought process when creating Boom Again. Hersch, a baby boomer, is a professional game designer with decades of expertise and dozens of board games under his belt, but he’s always avoided making trivia games.

“Until now, I avoided inventing trivia board games since fun takes a second place far too often,” Hersch wrote in a blog post. “Everyone thinks trivia has to be difficult. People, however, do not want to be humiliated. Sure, engaging with difficult pop culture questions might be fun for exceptionally smart individuals who get to show off their knowledge. However, the vast majority of us feel uneasy and intimidated.

Boom Again isn’t meant to be stressful. It’s just good old fashioned fun for friends. On the company’s website, you can find out more about the game and its design.

The post Boom Again: a game for boomers appeared first on sobabyboomer.com.

]]>
https://www.sobabyboomer.com/2021/09/21/boom-again-a-game-for-boomers/feed/ 0
The Future Of Medicare https://www.sobabyboomer.com/2021/09/17/the-future-of-medicare/ https://www.sobabyboomer.com/2021/09/17/the-future-of-medicare/#respond Fri, 17 Sep 2021 10:10:06 +0000 https://www.sobabyboomer.com/?p=66 As the debate over “Medicare for All” heats up, it is essential for retiring baby boomers to understand their Medicare alternatives. For good reason, most seniors are highly confused about their Medicare alternatives. Traditional Medicare is what retirees have paid

The post The Future Of Medicare appeared first on sobabyboomer.com.

]]>
As the debate over “Medicare for All” heats up, it is essential for retiring baby boomers to understand their Medicare alternatives. For good reason, most seniors are highly confused about their Medicare alternatives.

Traditional Medicare is what retirees have paid into their entire lives via FICA payroll taxes. The FICA tax is made up of Social Security tax at 6.2 percent and the Medicare tax at 1.45 percent. The Medicare tax that the baby boomer generation paid into was intended to be their final insurance plan.

As the debate over “Medicare for All” heats up, it is essential for retiring baby boomers to understand their Medicare alternatives. For good reason, most seniors are highly confused about their Medicare alternatives.

Traditional Medicare is what retirees have paid into their entire lives via FICA payroll taxes. The FICA tax is made up of Social Security tax at 6.2 percent and the Medicare tax at 1.45 percent. The Medicare tax that the baby boomer generation paid into was intended to be their final insurance plan.

These days more retirees are opting for Medicare Advantage, an alternate plan to regular Medicare.

They are under the mistaken belief that they are boosting their Medicare card. This is due in large part to a lack of understanding of the Medicare process and its options.

Medicare-eligible retirees often have just two options. Keep Medicare as their insurance and enjoy nationwide coverage with no networks and no doctor recommendations required, or join an alternate plan known as Medicare Advantage. Those who choose this alternative will no longer receive healthcare through Medicare, but rather from a private insurance firm. Medicare pays a fixed sum to the companies who offer these plans each month. This limits the government’s liability to managed care with potentially strict networks, referrals to specialists, and copays. Since 2011, all plans have been forced to reduce users’ out-of-pocket spending for services covered by Medicare Parts A and B to no more than $6,700 (in-network) or $10,000 (out-of-network).

Because of the growing number of retirees entering the Medicare-eligible there has been an uptick in Medicare Advantage marketing and sales.

These plans are sold as all-in-one bundles that include hospital, medical, and, in most cases, prescription coverage. The convenience of carrying only one card with little to no monthly cost for these policies may appear appealing to someone who is unaware that Medicare will no longer be their primary insurance. Most people believe the plan is a supplement to Medicare. Many people are therefore surprised to hear that the Medicare Advantage plan is not supplementary to Medicare. It is instead an alternative plan meant to privatize and regulate a person’s healthcare.

When first enrolling in Medicare or turning 65, retirees must be completely aware of their options. They only have a six-month window in most states to obtain a guaranteed Medicare Supplement plan with no medical inquiries. If this window closes, the individual may never qualify for a Medicare Supplement plan again owing to health issues.

Although Medicare provides excellent benefits, the major disadvantage of Medicare plans is that they only pay 80% of medical expenses.

That leaves a retiree responsible for the remaining 20%, with no out-of-pocket spending cap to protect them. Medicare Advantage plans could be a brilliant option for those who cannot afford a Medicare Supplement. Also for those who missed the guaranteed issue period and don’t qualify for one as a result of health issues.

Medicare Supplement plans, also known as Medigap Supplement plans, are standardized plans characterized by letters that are designed to overcome Medicare’s gaps. A Medigap plan supplements Medicare, which serves as the primary insurance provider. The Medigap plan is accepted wherever Medicare is accepted and is transferable if a person moves or travels. Private insurance firms offer Medigap Supplement policies, which are all standardized to provide the same coverage and benefits. Plans F, G, and N are the three most common standardized plans used to complement Medicare. Because Medicare does not cover medicines, an individual would need to purchase a separate plan known as Part D. A monthly fee is charged for a Medigap Supplement or a Part D plan. Those who want to preserve Medicare as their primary insurance may consider a Medicare Supplement and a separate Part D plan to provide financial stability for what Medicare does not cover.

With most seniors on a fixed income, Medicare should never be used as primary insurance without supplementary insurance for added safety.

The issues that retirees encounter when they become Medicare-eligible include being bombarded with marketing information via mail, phone, and other kinds of television and social media. It can turn what should be a happy time for the retiree into a stressful one. The retiree not to try to understand it on their own, but rather to consult with a professional. Before making a final decision, retirees should always ask themselves if the coverage the’re getting is sufficient no matter what their healthcare requirements look like down the road? If they have that attitude they will be more prepared for this new chapter in their lives.


The post The Future Of Medicare appeared first on sobabyboomer.com.

]]>
https://www.sobabyboomer.com/2021/09/17/the-future-of-medicare/feed/ 0
What Baby Boomers Should Know About Making Out A Will https://www.sobabyboomer.com/2021/08/31/what-baby-boomers-should-know-about-making-out-a-will/ https://www.sobabyboomer.com/2021/08/31/what-baby-boomers-should-know-about-making-out-a-will/#respond Tue, 31 Aug 2021 17:54:21 +0000 https://www.sobabyboomer.com/?p=55 No one enjoys the chore of writing a will. Being confronted with the thought of your own mortality can be upsetting enough. However, the financial issues regarding what and how to provide for one’s successors are also troubling. This is

The post What Baby Boomers Should Know About Making Out A Will appeared first on sobabyboomer.com.

]]>
No one enjoys the chore of writing a will. Being confronted with the thought of your own mortality can be upsetting enough. However, the financial issues regarding what and how to provide for one’s successors are also troubling.

This is a particular difficulty for baby boomers. The youngest of the generation born between 1946 and 1964 are now 50 years old. This isn’t an ideal age to begin thinking about long-term financial planning.

Why Should You Make a Will?

You should write a will so that your heirs are cared for in an orderly, legal, and efficient manner, according to your instructions. Even though the procedure may appear intimidating, it does not have to be.

Most people don’t undertake estate planning because they don’t know an attorney and believe it’s too complicated. People should understand that it is not at all complicated. All that is needed is a recommendation for a lawyer who has already been referenced used by someone.

Making a will is a simple process: Just write down on paper how much money goes to each person. You can, for example, allocate 25% or 30% to each of your children and the balance to a nominated charity.

After you have completed this, you must acquire the signatures of witnesses, which is mostly a legal formality. The amount varies depending on where you live.

You will need to employ an attorney to fully execute a will that will not be disputed in court. T wo considerations should be taken into account:

Making out a will comes down to outlining the details of how much money someone will receive and how they will receive it. There are frequently particular considerations. If a child is involved, for example, you may not want to leave money to someone so young. In that instance, a trustee, perhaps one of the parents would be appointed until the child reached a specific, predetermined age.”

Why Should You Renew Your Will Every Few Years?

Reviewing wills is important for a variety of reasons, including a change in the amount of wealth to be passed. Maybe you might contemplate donations to charity or grandchildren or an adjustment to your quality of life.

If a youngster does not appear to handle finances responisbly or has a drug/alcohol habit, a trust might be required. Another case in point is if you have a special needs child or grandchild or a child’s marriage appears to be in jeopardy.

What You Should Know About Estate Tax Laws

Are you passing on your nest egg in the most tax-efficient way feasible, eliminating any tax liabilities on your loved ones so they get the majority of the money, not the government?

Estate taxes are no longer a major issue now that the exemption limit exceeds $5 million. As a result, if someone dies with an estate worth less than that amount, there will be no estate taxes due at all. If However, if their estate is worth more than $5 million, they should consult with an estate planning expert about strategies to reduce real-estate taxes.”

Americans Aren’t Ready

Despite the importance of writing a will, a 2010 Forbes article revealed that half of Americans at the time had not organized even the most basic estate-planning papers.

According to a national telephone study done by Harris Interactive for Lawyers.com many respondents who had not taken action were daunted by the legal costs and their own ignorance. Many respondents stated that they mistakenly felt that those without considerable fortunes didn’t need to plan.

Only 35% of those polled had a will that specified who would receive their money. Older American baby boomers were more likely to make plans; 77% of those over the age of 55 having signed at least one such paper, compared to 24% of those under the age of 35.

In conclusion

A psychologist could conclude that the majority of us are in denial, which is why we haven’t prepared financial planning for our heirs. But it’s more likely that we simply don’t want to confront the burden, which is reckless behavior. If you are on the younger end of the baby boomers generation, don’t be fooled into believing you have plenty of time to make a will. Life, as we have seen all too frequently, can end abruptly. It is wiser to be astute and take the initiative to draft a will. Do it for the sake of your heirs. They’ll appreciate it.

The post What Baby Boomers Should Know About Making Out A Will appeared first on sobabyboomer.com.

]]>
https://www.sobabyboomer.com/2021/08/31/what-baby-boomers-should-know-about-making-out-a-will/feed/ 0
Where are Baby boomers moving to retire? https://www.sobabyboomer.com/2021/08/31/where-are-baby-boomers-moving-to-retire/ https://www.sobabyboomer.com/2021/08/31/where-are-baby-boomers-moving-to-retire/#respond Tue, 31 Aug 2021 15:32:45 +0000 https://www.sobabyboomer.com/?p=38 Baby Boomers, the group born between 1946 and 1964, left their jobs in 2020 more than any other year. According to a Pew Research Center analysis, 2 million baby boomers have retired on average per year since 2011. However, by

The post Where are Baby boomers moving to retire? appeared first on sobabyboomer.com.

]]>
Baby Boomers, the group born between 1946 and 1964, left their jobs in 2020 more than any other year. According to a Pew Research Center analysis, 2 million baby boomers have retired on average per year since 2011. However, by 2020, that figure had risen to 3.2 million. According to researchers, the epidemic may have influenced some people’s retirement decisions.

If Covid-19 influenced boomers’ careers (or decision to leave the workforce), it also influenced their home values. Because the majority of boomers are homeowners, they are likely to have profited from the spectacular increase in housing values across the country.

In the fourth quarter of 2020, 88 percent of housing markets in the United States experienced double-digit home price growth, with average national prices increasing 14.9 percent year on year to $315,900. This was a fortunate benefit to the bottom line for homeowners.

Today’s homeowners who wish to cash in on their equity without taking out a home equity loan must downsize, relocate to a less expensive area, or find other living arrangements that do not necessitate re-entering a strong market for sellers.

While some Baby Boomers are selling, others are moving to vacation properties. They are, for the most part, downsizing. Another tendency is that South Carolina and Florida are attracting a significant number of Baby Boomers.

In 2020, this group aged 65 to 73 sold their homes at a higher pace than any other age group.
Baby boomers were also the group most likely to be moving the greatest distance after selling, with the average distance of about 40 miles.

Most retirees base their relocation decision on where their children live. Clients usually want to be closer to their children or grandchildren. However, if the couple does not have children, they may not have the desire to reside so near to immediate family. Instead, they seek their ideal retirement house. This is usually near or on a golf course, a beach, or a warm-weather attraction.

Unsurprisingly, the top ten most popular destinations for seniors to look for homes were all in Florida. According to a Realtor.com survey, the Sunshine State areas that drew homebuyers were all near beaches, with the exception of Ocala, which is located in the state’s center. The site studied for-sale listing views for properties across the country that originated from inhabitants of 371 postal codes with at least 40% of the population aged 65 or older.

Markets in the Carolinas and Georgia were more popular in 2020 than some traditional Florida senior areas.

2020 Top Seniors Markets

Naples, Florida
Sarasota, Florida
Venice, Florida
Fort Myers, Florida
Vero Beach, Florida
Ocala, Florida
Delray Beach, Florida
Boca Raton, Florida
Bradenton, Florida
Punta Gorda, Florida

However, seven of the top ten lost share of views throughout the course of the year. The cities with the largest growth in view share in 2020 were:

Naples, Florida
Miami, Florida
Vero Beach, Florida
Southport, North Carolina
Myrtle Beach, South Carolina
Marathon, Florida
Savannah, Georgia
Okatie, South Carolina
Oak Island, North Carolina
Bradenton Beach, Florida

The post Where are Baby boomers moving to retire? appeared first on sobabyboomer.com.

]]>
https://www.sobabyboomer.com/2021/08/31/where-are-baby-boomers-moving-to-retire/feed/ 0