Sunday, August 12, 2012

Watch 'Hope Springs' for Baby Boomer Couples

The movie "Hope Springs" is a thought-provoking film for Baby Boomers who are either married or in a long term relationship.  My husband and I viewed this movie with two other couples who have also been married over 40 years.  When we discussed it afterwards, we agreed that we had all enjoyed it, and we acknowledged that it had brought up some interesting issues in our own relationships.

Plot Summary of "Hope Springs"

The movie is about a couple, Kay and Arnold, who have been married 31 years.  They now sleep in separate bedrooms, and have very little intimacy left in their relationship.  Kay arranges for the two of them to spend a week in intensive marriage therapy in the town of Great Hope Springs, Maine.

Kay is played by Meryl Streep, her husband Arnold is played by Tommy Lee Jones, and their therapist is played by Steve Carell.  With this cast, the movie could have easily slipped into being a silly, light-hearted situation comedy, but all of the actors play their parts with sincerity and honesty.  The topics that are discussed in the movie are subjects that are difficult for most couples to discuss, and the actors are able to portray that discomfort convincingly.

This Movie Could Enhance Your Own Relationship

This movie is designed for a narrow audience, primarily people over the age of 50 who are in committed relationships and, because of this, it will surely never be considered a blockbuster movie for any of these actors.  Performing in this film almost certainly was a labor of love.  However, for those who are open to seeing it, just viewing this movie could bring life back into a marriage that has slipped into boredom and repetition.

What better gift can we give each other, as we prepare for retirement, than to bring enthusiasm and romance back into our lives?

If you are interested in reading more about changing family relationships after retirement, where to retire, financial planning, medical issues and more, use the tabs or pull down menu at the top of the page to find links to hundreds of other helpful articles.

You are reading from the blog:  http://www.baby-boomer-retirement.com

Photo:  wikipedia.com/commons  User: PhotoTakeReality

Thursday, August 9, 2012

Retirement Postponed by Parent Student Loans

When our youngest daughter graduated from college eight years ago, the father of one of her roommates made the comment that he would probably be paying off student loans for his children for the rest of his life.  Sadly, he died six years later, still carrying the burden of those loans.  Unfortunately, his situation is not uncommon.  Many parents in their 50's who take out student loans to pay for their children's college education will not live long enough to pay off those student loans.  As a result, an unknown number of senior citizens have to postpone their own retirement because of the debt they took on in order to get their children through college.

Retirement Destroyed by Student Loans

An article I recently read startled me.  The title was "Baby Boomers Beware: Many Paralyzed by Burden of Student Debt; Parents Sacrifice Financial Stability in Down Economy to Support Children Pursuing Degrees."  (That is one exhaustively long title, by the way!)

The article was distributed by PRWeb, and bemoaned the fact that many parents sacrifice their own financial security in order to pay for their children to attend college.  According to FinAid.org, the student loan debt carried by parents amounts to approximately 10% of outstanding total student loan debt.  Often parents will continue to pay these loans for 15 to 20 years after their last child has graduated from college.  This means that many Baby Boomer parents will be paying for their childrens' educations well into their 70's!  Although some have petitioned the government to consider a program of student loan forgiveness under certain circumstances, to date this movement has been unsuccessful.

Since the focus of this blog is geared towards helping Baby Boomers have the type of retirement they desire, the burden of these parent student loans can be crippling and may even prevent many of them from ever being able to retire at all!

High College Tuition Contributes to this Problem

The problem of student loan debt has become even more serious since the cost of tuition at the average university has quadrupled over the past 30 years.  In addition, a little over a decade ago the U.S. federal bankruptcy laws were changed so that even a bankruptcy does not make it possible for either parents or students to rid themselves of student debt.  It almost seems like a joke that student loans are considered financial aid, since they frequently to not provide aid but rather a burden to students after they graduate!

How to Reduce Student Loan Debt for Both Parents and Students

If you want your student to attend college, and you cannot afford to easily pay for it, what options do you have?  Your first step will be to try to reduce the amount of debt you have to take on, since it is nearly impossible to get rid of the debt, once you have incurred it.

The same article mentioned above made these suggestions:

* Students should live at home and attend a community college for their first two years of general education courses.  If there is a state college within driving distance of your home, students should consider living at home for all four years of college.

* Students should apply for every possible grant or scholarship.

* More than ever before, students should consider whether their choice of major will support their potential loan balance. (Ironically, this may mean that many students should not attend expensive, prestigious colleges if they intend to teach school, become a minister or go into public service.)

* Students (and their parents) should avoid all consumer debt, especially credit card debt, in order to avoid being crushed by their entire debt load.

* Students should be willing to work part-time during college in order to keep student loans to a minimum.

These choices may not be what your student had in mind when they envisioned going to college.  However, when your child graduates and sees their friends making student loan payments of $400 - $600 (or more), while you and your child are paying little or nothing, your entire family will be grateful that you followed these suggestions.

In addition, the Baby Boomer parents who encourage their children to follow these recommendations are much more likely to have a happy, comfortable retirement without carrying the burden of student loans for the remainder of their lives!

If you are interested in additional information about retirement financial planning, where to retire, medical issues and changing family relationships, use the tabs or pull down menu at the top of the page to find links to hundreds of additional helpful articles.

You may also be interest in reading:

Healing Relationships with Your Adult Children
Retiring Former Hippies Spark a New Generation Gap
Do You Need a Million Dollars to Retire?
Retirement Income from Annuities or Investment Income

You are reading from the blog:  http://www.baby-boomer-retirement.com

Photo: morguefile.com

Sunday, August 5, 2012

Where to Keep a Will

You've done the right thing and created a will so your family will know how you want your estate handled upon your death.  You've spent hours making sure every detail is covered.  Now, you need to decide where to keep your will so that the executor of your estate can find it easily after your death.  One thing is certain; you do not want to file a will in the same easily accessible drawer or box where you keep old tax returns and bank statements.  When experts at LegalZoom.com tell their clients how to store a will, they want to make certain you understand the advantages and disadvantages of all the various choices.

Where Should I Keep My Will?

Below is a list of places where you might want to keep your will, along with some things to consider before you make a final decision.  All of these choices have advantages.  Once you make a decision, you will want to be sure to let the executor of your state know where to find both your will and other important documents ... such as insurance policies, receipt for a burial plot, list of people you want contacted upon your death, etc. 

Where are some of the places where you can keep your will and other documents are:

Keep Your Will in a Safe Deposit Box at a Bank

A safe deposit box is the first choice for many people.  Your will will be safe from fires, floods, theft and similar catastrophes.  However, depending on the state where you live, your executor may need a court order to get the bank to open the safe deposit box so the executor can look for the will.  If you decide to keep your will in a safe deposit box, let your executor and beneficiaries know where your safe deposit box is located, and give the executor the legal authority to take possession of the will after your death.

Store Your Will with Your Attorney

If you have no plans to change your attorney, you may want to simply leave the original copy of your will at your attorney's office.  They will charge little or nothing to store it for you.  Once again, you need to make sure your executor and heirs know the name of your attorney and how to get in touch with him.

As for other documents you want your executor to have, such as your insurance policies and list of contacts, you can give them copies at the time you name them the executor.  This way, they will quickly be able to have access to all the information they need.

Keep Your Will in Your Home Safe

Another option is to store your will in a heavy, waterproof and fireproof safe in your home.  You want the safe to be heavy enough that you are unlikely to have thieves easily remove the entire safe from your home.  As mentioned before, you do not want to simply file the original will in a home filing cabinet or in a plastic bag in the freezer.  In either case it would be far too easy for it to be stolen or altered without your knowledge.  If you do keep your will in a home safe, be sure your executor knows where the safe is located, and how to get into it.

File a Will with the County Clerk

In some parts of the country, you can file your will with the local county clerk's office.  This is a good solution if you have no plans to move out of the area, and if you make sure everyone knows that they need to contact the county clerk's office when you are gone.

If you make this choice, you will want to be sure to give other documents directly to your executor when you decide who that person will be.  Another option is to put these items in safe storage at your home, and let your executor know where to find them.

Whatever decision you make about where to keep your will, you will want to be certain that both your executor and your heirs have been informed.  They will need the original will in order to efficiently handle the disposition of your estate.  The simpler you can keep things for them, the less confusion there will be after your death.

If you are interested in additional information about funeral planning, financial planning, medical issues that can arise in your later years, where to retire, travel and changing family relationships, use the tabs or pull down menu at the top of the page to find links to hundreds of helpful articles for retirees.

You may also be interested in reading these blog posts:

Healing Relationships with Your Adult Children
How to Cope with Death and Grief
How to Publish Your Autobiography for Free
Life Alert Bracelets for Peace of Mind

You are reading from the blog:  http://www.baby-boomer-retirement.com
Photo of files courtesdy of morguefile.com

Wednesday, August 1, 2012

How to Prevent Bone Loss from Osteoporosis

One of the biggest dangers to our health that we face as we age is bone loss due to osteoporosis.  This skeletal disease was once referred to as brittle bone disease, which seems like an apt description. 

The mother of a friend of mine in college left a lasting impression on me because of the way her brittle bones virtually destroyed her life.  She was an active woman who had played tennis and gardened when she was younger, until she fell and broke her leg one day.  When she tried to get around with the use of crutches, several of her ribs cracked.  Afterwards, she was confined to a wheelchair.  I never saw this friend, or his mother, after I graduated from college in 1970, so I don't know if she was able to survive this debilitating skeletal disease.  However, I remember how frail she seemed the last time I saw her.  She was only in her 50's!

Modern Treatments for Osteoporosis Help Protect Our Bones

Today, doctors have a much better understanding of osteoporosis and its causes.  Although there are no real cures, they now have better ideas about how to prevent osteoporosis, as well as several methods for treating the condition.  In order to diagnose osteoporosis, your doctor will probably order a bone density test at age 65 if you are a woman, or at age 70 if you are a man.  Left untreated, a person can easily end up with a fracture of the hip or spine.  Spinal fractures frequently lead to premature death; hip fractures often mean the person is no longer able to live independently.  Learning more about prevention and treatment is important to anyone who hopes to have a long, healthy and independent life after retirement.

How to Prevent Osteoporosis

There are four steps we must all take if we plan to prevent bone loss.  According to RealAge.com, these steps are:

* Continue to engage in daily weight-bearing exercises, such as walking, running, dancing and tennis;
* Maintain you core muscle strength, especially your abs, as a way to keep your balance;
* Consume 1,200 mg. of calcium in foods such as milk, yogurt, broccoli, plus a small amount in a supplement;
* Get Vitamin D by spending 20 minutes a day in the sun without sunscreen, consuming foods such as salmon and sardines, or taking a supplement containing 600 - 800 IUs of Vitamin D a day.

Risk Factors for Osteoporosis

There are several risk factors that makes you more likely to develop osteoporosis.  Some of these are:

Low body weight, especially if you weigh less that 127 pounds;
Beginning menopause prior to age 47;
Diabetes;
Certain medications, such as antidepressants, corticosteroids and proton pump inhibitors, anti-seizure medications and some cancer treatments

Osteoporosis Guidelines for Treatment

If your physician determines that you need to be treated for Osteoporosis, they have several options.

First, try lifestyle changes such as the ones listed above.  You can improve your bone density when you make changes early.  If lifestyle changes are not enough, your doctor may recommend one of these types of medications:

Bisphosphonates to slow down how fast the bone is broken down.  These medications can be taken as tablets, a nasal spray or as a quarterly or annual injection.  Tablets can upset your stomach.

Teriparatide increases the bone-building cells by using a hormone to encourage new bone growth.  It is taken as an injection under the skin.  Long-term effects are unknown, so it is usually only used for two years.

Raloxifene is a selective estrogen-receptor modulator which acts like estrogen to slow bone loss.  It can cause hot flashes and an increased risk of stroke.

Estrogen therapy is also used, although it has been associated with an increased risk of breast cancer, heart disease and endometrial cancer.

Obviously, before opting for one of the treatments, your first choice should be lifestyle changes that will prevent the disease.  The earlier you begin these lifestyle changes, the longer you can postpone or prevent developing osteoporosis.

If you are interested in learning more about health issues that can affect you after retirement, financial planning, where to retire, or changing family relationships, use the tabs or pull down menu at the top of the page to find links to hundreds of helpful, informative articles.

You are reading from the blog:  http://www.baby-boomer-retirement.com

Phone of knee joint courtesy of morguefile.com

Saturday, July 28, 2012

Live in Ecuador Comfortably on Social Security

For anyone looking for a beautiful, tranquil and cheap place to retire, Ecuador should be at the top of your list.  According to InternationalLiving.com, Ecuador has been at the top of their Global Retirement Index for the past three years in a row.  Here are some of the reasons why:

Affordable Retirement in Ecuador

Americans moving to another country want to be certain that they can afford to live there comfortably, especially if their primary source of income is their Social Security.  In the colonial city of Cuenca, a furnished two-bedroom apartment rents for about $300 a month, and you can buy a condo for approximately $75,000.  A three-bedroom waterfront condo can be rented for $900 a month, if you take out a multi-year lease which will also keep your expenses steady.  Long term leases are a good alternative to buying.  According to International Living, you can live very well in Ecuador for less than $2500 a month, sometimes much less.

The official currency in Ecuador is the U.S. dollar, which makes it very easy to know exactly what you are spending for everything.  A number of banks will accept direct deposits of your Social Security check and there are ATMs almost everywhere.

Another community that is appealing to relocating Americans is Bahia de Carquez on the coast of Ecuador.  Like Cuenca, it has medical facilities, restaurants and groups of other expatriots who get together regularly.

Some things, such as furniture and American style clothing, can be more expensive in Ecuador.  However, if you buy your clothing during visits back to the United States, and you rent a furnished apartment, these expenses should not be too serious a problem.

You will also find that the grocery stores are well-stocked and carry nearly everything you are accustomed to buying in the United States, although not all brand names will be available.

Medical Care in Ecuador

One concern many Americans have when they move to another country is the medical care.  This past January, a couple I know was traveling in Ecuador, when the wife suddenly collapsed in her hotel room as the result of a brain aneurysm.  This could have been fatal, even if it had happened in her home in the United States.  However, she was taken to a hospital in Ecuador where she had a world-class brain surgeon repair the aneurysm, using the latest techniques.  She is back home in the United States, and her neurologist here has expressed his amazement at the quality of the repair.  If you met her today, you would have no idea that this happened to her only six months ago.

In addition to the modern medical facilities in Ecuador, healthcare is quite affordable.  You can buy inexpensive health insurance there, even if you are over age 65.  A retired couple can get health insurance for less than $100 a month from Nova Ecuador, the national insurer.  In addition, a trip to a doctor only costs about $25 - $35 without insurance.

Beauty and Climate

Of course, no matter how cheap a place is, or how wonderful the medical care is, you would not want to move there if it wasn't a lovely, pleasant place to live.  Ecuador has a diverse terrain, ranging from charming beach towns to spectacular mountain villages.  The weather is very temperate.  In Cuenca, the average daily high temperature is in the 70's, with cool evenings.  Some people consider the Ecuadorian climate to be the best in the world.

New Friendships

According to the U.S. State Department, approximately 1.5 million American retirees are living in other countries.  In addition to the opportunity for fun and adventure in another country, many people enjoy the tight-knit groups of friends they find in many foreign countries.   There are currently approximately 5,000 to 10,000 American expatriots living in Ecuador, with the numbers growing every year.

Use Caution When Moving to a New Country

Just because you are living in another country, you should not drop your natural sense of caution.  Even in Ecuador there are thieves, as well as white collar criminals.  Don't be too trusting until you have had time to get to know what you are doing there.  Learning Spanish will help you speak with the local people, although many do speak English.  Contact a local attorney before you move to Ecuador, in order to begin the process of establishing residency once you are there.

If you are interested in learning more about where to retire in the United States or abroad, financial planning, medical issues and changing family values, use the tabs or pull down menu at the top of the page to find links to hundreds of additional helpful articles.

Some of the other articles that may interest you are:

Retiring in Luxury to Hua Hin, Thailand
Americans Retiring in Panama
Best Places to Retire Outside the US
Cheap Places to Retire (in the US)
The Best Sunny Places to Retire (in the US)
Finding Niche Retirement Communities (in the US)

You are reading from the blog:  http://www.baby-boomer-retirement.com

Photo of Ecuadorian Market courtesy of morguefile.com

Sources:

http://articles.chicagotribune.com/2011-10-11/travel/sc-trav-1011-retire-abroad-20111011_1_ecuador-health-care-cuenca

http://www.reuters.com/article/2012/03/08/us-personalfinance-retire-expats-idUSBRE8270UO20120308