Live a Long and Happy Life According to Harvard Research

How can you increase your chances of living a long, happy life?  Many of us wonder if we are living an optimal life.  Are we enjoying the best life possible?  Are we doing everything we can to maximize both our lifespan and our chances of being happy as we age? Fortunately for us, Harvard researchers decided to investigate some of these big life questions.  What did they learn about living a lengthy, fulfilling life?

The Harvard Research Subjects

In order to come up with a an answer to this question, Harvard decided to follow three groups of people.  This was not a brief, one-time research project.  In fact, they followed 800 people for their entire lives ... six to eight decades!  Their research subjects fell into three groups:

*  268 socially advantaged Harvard graduates who had been born around 1920.
*  456 socially disadvantaged inner city men who had been born about 1930.
*  90 middle class, intellectually gifted women born around 1910.

The research was led by George Vaillant and detailed information is contained in the book, "Aging Well: Surprising Guideposts to a Happier Life from the Landmark Study of Adult Development."  You may want to read the book to get the full perspective on everything they learned after doing research for nearly a decade.

Highlights of the Harvard Research on Aging Well

What did George Vaillant learn about what it takes to live a long, happy life?  While everything cannot be detailed in a brief post, the list below will give you a good idea of some of the highlights.

1.  Avoid smoking and drinking alcohol.  (We can probably extrapolate this to include avoiding the use of illegal drugs.)  They discovered that smoking was significantly more common in the "prematurely dead" than in those who were happy and healthy in later life.  They also found that alcohol use harmed not only the health of the subjects, but also their relationships and other aspects of their lives.  Additional lifestyle recommendations they suggested were to maintain a healthy weight and get regular exercise.

2.  Education improves both longevity and happiness ... not only for the Harvard graduates but also for the inner city men who attended college.  Those with more education had better habits and healthier lives.

3.  A happy childhood was surprisingly important.  Feeling loved by their mothers was a better indicator of high income later in life than the social class of their parents.  However, if you did not have a loving, happy childhood, do not despair.  The damage can be undone if, as an adult, you find a loving spouse and have trusted friends.

4.  Good relationships are extremely important if you want to live a long, happy life.  The ability to build strong relationships is sometimes referred to as emotional intelligence. It can make a significance difference in your life.  One important skill is the ability to form new relationships when old ones fade away.

5.  Healthy coping skills were also important. The ability to cope well when dealing with painful thoughts and feelings was another indicator that you are likely to live a long, healthy life.  According to the researchers, "Blaming others, being passive-aggressive, living in denial, acting out and retreating into fantasy were all maladaptive coping mechanisms associated with poor outcomes."  On the other hand, people who were able to cope well dealt with difficult situations by using healthier skills such as "altruism, sublimation, suppression and humor."

6.  Generativity was a term that many of us have never heard of before, but it also appeared to help people age well.  All this means is the ability to "give back."  It can mean serving as a mentor or advisor to younger adults.  It can also mean serving your community and finding ways to help others.

While no one can guarantee that you, as an individual, will live a long, healthy life, those who are able to benefit from the ideas above will greatly increase their odds.  After all, when it comes down to it, isn't that what we are all seeking?

If you are interested in more information about healthy living in retirement, financial planning, where to retire, Social Security, Medicare and more, use the tabs or pull-down menu at the top of the page to find links to hundreds of additional helpful articles.

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

Photo credit:   Google images - Dupage Senior Citizen Council

Shocking Financial Facts about Retirement

How financially prepared are you for retirement?  Are you doing as well as the average aging Baby Boomer or are you falling short?  Have you thought about all the issues which could affect your financial situation?  Many people wonder how much it will cost them to retire, how long they need to be able to support themselves after they stop working, and what financial issues they need to consider when they reach retirement age.

Below are some shocking statistics about how people are doing in preparing for retirement in the United States.  These statistics may reassure you, because you have planned well, or help you see where you could make some improvements.  Either way, they should help you have fewer surprises when you retire.

If this information alarms you, you may want to read a helpful retirement guide such as The Five Years Before You Retire.  It is a great way to get your financial planning on track and help you avoid some of the pitfalls mentioned below. 

Scary Retirement Statistics for American Baby Boomers

*  You may need to work after retirement.  About 9,000,000 senior citizens are still working, according to 2017 statistics.  This number has climbed dramatically over the past few decades, especially since the last recession, which was a serious setback to many Baby Boomers.

*  You should probably save more money before you stop working.  Approximately 21 percent of retirees have less than $1000 in retirement savings, according to the 2017 Retirement Confidence Survey.  More than a third of retirees have less than $50,000.

*  You need to be prepared to live for two or three more decades.  Retirees are living longer than ever and many can expect to live 20 or 30 years after they retire.  It is estimated that one quarter of all 65 year olds will live past the age of 90.  One in ten 65 year olds will live past the age of 95.  A significant number will live past the age of 100.  Unfortunately, it is likely that many of those people will run out of money long before the end of their lives.

*  If it isn't too late, you should probably start saving money at a younger age.  Three-fourths of retirees are concerned that they do not have enough money saved for retirement.  Most of them regret they did not save more and/or that they did not start saving when they were younger.  This is helpful information for those people who are still years away from retirement.  However, even if you are close to retirement, it is not too late to begin to save more now so your retirement years will be more comfortable.

*  You may not work as long as you expect to.  Inadequate savings is a particularly serious problem because nearly one-half of retirees report they left the work force younger than they expected to, either because of health problems or a layoff at their job.  Some left their jobs before they expected to because of other issues, such as the need to care for another person in their family. 

*  You may find it hard to survive on your Social Security benefits.  Small amounts of money in retirement savings accounts might not be such a serious issue, if the majority of people received substantial Social Security benefits.  Unfortunately, while only one-third of Americans expected Social Security to be their major source of retirement income before they retired, the reality is that two-thirds of retirees discovered Social Security actually turned out to be their major source of income.  This is a serious problem for those who only receive the average amount of Social Security, which is about $1461 a month in 2019.  Remember that millions of people receive even less than the average benefit.

In addition, most people do not receive the full amount of their promised benefit.  Medicare premiums are subtracted from Social Security benefits, reducing those benefits by $135 a month, or more.  If you purchase a Medicare Supplement, prescription drug coverage, dental and vision plans, etc., your Social Security benefits may be substantially decreased before you begin to pay for food, housing, utilities, out-of-pocket medical costs and other bills.

Over time, you will also have to pay for occasional large expenses, such as the deductible on a hospitalization, purchasing a new car (or making repairs on an old one), replacing items in your home, etc.  This is why it is essential to have as much savings as possible before you retire. 

*  Fortunately, some retirees will have higher than average Social Security benefits. This is good news for people who were successful both during their careers and in preparing for retirement.  If you had a high income during your working years and postponed your retirement until age 67 to 70, then your Social Security benefits may be in the range of $2,700 to $3,700 a month.  However, those people are also the ones who are likely to have the most savings.  The average retiree does not fall into this category.

*  Social Security and Medicare are in financial trouble.  The government continues to postpone dealing with the problem that both the Social Security and Medicare trust funds are running out of money.  Although there will always be money from current workers which can be used to pay a significant portion of the promised benefits, future retirees may see their Social Security benefits cut and their Medicare premiums rise. The only way an individual can protect himself from this potential disaster is to have savings set aside.

*  The long-term Social Security income for retirees tends to fall behind the inflation rate.  Over the past few years, cost-of-living increases have been non-existent or very small and have often been offset by increases in Medicare premiums.  As a result, many retirees have found it increasingly difficult to cover their housing and medical expenses. Look back at your own life.  How much have prices for cars, homes, utilities and food increased in the past 30 years?  If you live another 30 years, you can expect the cost-of-living to increase just as much, but your Social Security benefits may increase very little during the same period of time.  You need a plan for how you will cover your expenses in another 20 or 30 years.

*  Old student loans may derail your retirement plans.  A lack of savings is not the only financial burden for retirees.  Student loan debt for people over the age of 60 has increased between 20 and 45 percent over the past five or six years.  A significant number of senior citizens are retiring while still paying off the student loans they took out to help get their children through college.  This can be a significant financial burden, especially when they may also still have a mortgage, credit card debt, auto loans or similar expenses at the time they retire.

*  Many senior citizens help their adult children financially.  Whether you make their student loan payments, their car payment, or help pay for your grandchildren's college education, a significant number of senior citizens have discovered that they continue to help their adult children financially for years after retirement.  This can cause retirees to deplete their savings even faster than they expected.

*  A divorce could be a major financial setback.  Our children and our debts are not the only causes of financial stress during retirement.  Approximately one-fourth of divorced retirees report they are financially worse off than they would have been if they had not divorced.

*  You could be shocked by the high cost of medical care as you age.  One financial issue which surprised roughly 44 percent of retirees was that their medical expenses were as much as 27 percent higher than they expected them to be. In fact, the average 65 year old couple can expect to spend $280,000 for out-of-pocket healthcare costs over the remainder of their lifetimes.

Readers of this blog may want to use the tabs or pull-down menu at the top of the page to find links to a number of articles on the Medicare / Social Security tab to learn how to obtain their medical care for the lowest cost.  In particular, they may want to consider a Medicare Supplement which is an HMO, or they may want to check out a Medicare Advantage plan.  Do your research, so you are not surprised by this potentially huge expense during retirement.

Sources:  The Motley Fool compiled many of these statistics from various government and insurance company sources.  You can find more details at:  https://www.fool.com/retirement/2018/08/15/20-jaw-dropping-stats-about-retirement.aspx

Other information was based on government records and the experiences of the author and her retired friends.

If you are interested in learning more about Social Security, Medicare, finance, where to retire, common medical problems, travel and more, use the tabs or pull-down menu at the top of the page to find links to hundreds of additional helpful articles.

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

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Retired Women: Were You Prepared? What Would You Have Changed?

When this guest post was written, Baby-Boomer-Retirement was presenting an opportunity for our female readers to be part of an important new book and research project called Voices from the Other Side...of Retirement.  NOTE:  The authors have received all the submissions they need, as of May 1, 2019.  However, watch for their book to be released in the next year.  At that time, this post will be updated, along with a link to where you can purchase their book.

Original Post: 

 If you are already retired, you can contribute your experiences to the authors of this book and your thoughts about retirement may be included.  If you have not yet retired, whether you are a woman or you care about a woman who will be retiring in coming years, we hope you will watch for the book to be published and learn from the experiences of those who have already retired.  In this way, we can help all women prepare better, not just financially, but also emotionally, physically and psychologically for retirement.

Below is a guest post from one of the authors, Roxanne Jones, who will explain more about their project and how you can participate.  By the way, I have already submitted my thoughts on retirement to their website and am personally looking forward to learning more about the experiences of my peers when their book comes out.  Just be sure to register BEFORE you begin to answer the questions. I made the mistake of plunging right in without registering first, and had to repeat the process.  

Retired Women:

Were You Ready—or Not—for the Personal Impact of Retirement?

Tell These Baby Boomers Your Stories!

By Roxanne Jones

A great deal of retirement advice for women focuses on financial planning. But a new book in development looks at the personal impact of leaving work. If you’re a retired woman, your story could be part of it.

My co-author Leslie Inman and I are crowdsourcing content for an important new book entitled Voices from the Other Side…of Retirement. It will be a guide for yet-to-retire women, with insights on what retirement really feels like from women who’ve already left the working world.

“Unlike most retirement resources that deal with finances, Voices will explore the emotional, physical health, spiritual, relationship, and everyday joys and challenges that this stage of life presents us with,” says Inman. “And who better to explain what all that feels like than women who’ve been through it?” she continues. “So we’re inviting retired women to add their voices to this book by telling us about their retirement experience, what they’ve learned—and what they wish they’d known before they left their jobs.” 

To add your voice, simply go to www.retirementvoices.com and, after registering, complete a thought-provoking online questionnaire by April 30, 2019. If your submission is accepted (in whole or in part), you’ll receive a free copy of Voices when it’s published.

“The more retired women we can reach, the more powerful and valuable this book can be,” says Inman. “And the idea of women helping women, well, that never gets old.”

How this book idea came about

Inman, 67, first came up with the idea for a book addressing women and retirement when she started her own retirement process—for the third time—in 2017. Armed with an MBA from Boston University, she’d had a successful career in senior management in the insurance and higher education sectors. She also worked as a real estate agent in Florida and New Hampshire, and launched a Guatemalan handicrafts import business.

“I test drove retirement twice, stepping away from my career to fulfill my dream of living on a boat,” she says. “But each time I re-entered the working world for financial reasons, the last time working in management for a nonprofit organization in Maine.

“Then I stepped off the career track for good,” she continues. “As I interacted with female friends and family who had also retired, their feelings and perceptions about the experience surprised and intrigued me.”

She says that their transitions to retirement fell into three basic categories.

“Some had eased into retirement without skipping a beat,” Inman says. “Some struggled with the transition for a while; it took them a few months, even years, to get their retirement sea legs, so to speak. And others just foundered and continued to feel rudderless.”

Inman thought this diversity of women’s retirement experience had potential as a book, so she approached me to help her explore it further. Approaching “traditional” retirement age and wondering what my own transition might look like, I figured this was a serendipitous opportunity to get some inside information from women who’d gotten there before me. So together, we informally interviewed a couple of dozen women who were both pre- and post-retirement.

Both camps said that a book dealing with the non-financial aspects of retirement was needed, particularly if it shared advice on what helped women make a successful transition from the working world. So we felt we had our mandate.

Why focus on women?

Voices focuses on women because retirement is largely uncharted territory, particularly for baby boomers.

“We are the first generation of women to have spent decades in the workplace in big numbers, and we broke new ground when it came to having careers,” says Inman.  “We’re also breaking new ground when it comes to retirement—so a road map to guide us to and through this transition makes sense.”

Speaking of numbers, estimates are that there were nearly 29 million retired women in the U.S. in 2017 (the most recent year for which statistics were found), comprising 54.74% of all retirees. And 52% of baby boomers are women, according to the 2014 Census Bureau report’s projected numbers. With 10,000 baby boomers turning 65 every day, that adds up to a whole lot of women joining the ranks of the retired.

“The journey is different for each of us,” Inman continues. “We believe a book that explores these differences—and the commonalities—can have real value, especially when it shares the real-life experience and insights of women who’ve been there, done that.”

What the authors are hearing so far

We are delighted with the responses we’ve received to date. We began accepting submissions via our online questionnaire in early February. Three weeks in (at the time of this writing), we have heard from dozens of women in 21 states, Canada, Europe, Australia, and one on a sailboat off Central America.

“The submissions themselves are impressive,” Inman says. “Women’s candor about the positives and negatives of retirement, their self-awareness, and willingness to share what they’ve learned—it’s exactly the kind of honesty and insightfulness we were hoping for.”

But the success of this project hinges on us hearing from hundreds of women from all walks of life.

“To make Voices as valuable as we believe it can be, we want to share the perspectives of many different women,” Inman says. “Whether you were self-employed or worked in the corporate, nonprofit, government or educational world; whether you were a doctor, nurse, engineer, teacher, senior executive, waitress, lawyer, administrative assistant, supervisor, accountant, salesperson, social worker, writer, business owner, pilot, flight attendant—whatever your work was, we want to hear from you.”

Just do it!

So if you are a retired woman, we urge you to add your experience and insights to this important project. Simply go to www.retirementvoices.com, register, and complete and submit the online questionnaire by April 30, 2019. Please encourage your retired women friends to do the same.

“Frankly, we can’t do it without you,” Inman says, speaking to Baby Boomer Retirement readers. “So we’re immensely grateful for your willingness to contribute your time and wisdom not only to this project, but also to all the women who are following you into retirement.”

About the author:

Roxanne Jones, 65, is an award-winning freelance writer who specializes in health and medicine, and has been self-employed since 1995. Before that, she held PR and marketing communications positions at organizations as diverse as the Boston Water and Sewer Commission, the Massachusetts Medical Society and Boston University. She turned 65 in 2018 and is easing into retirement—what she calls a glide path versus a hard stop—downshifting to three-day workweeks to free up time for the Voices book project. 

If readers are interested in learning more about retirement planning, Social Security, Medicare, common health issues as you age, travel, where to retire and more, use the tabs or pull-down menu at the top of the page to find links to hundreds of additional helpful articles on this blog.

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

Photo credit for picture of Roxanne Jones:  retirementvoices.com 

Is it Safe to Travel Alone? How Can You Make it Safer?

One of the activities which appeals to many new retirees is the ability to travel throughout the world.  A large number of retirees look forward to seeing exotic places and experiencing new adventures after they retire.  However, before you head off into the wild blue yonder, it may be worthwhile to research how to keep yourself safe, especially if you are planning to travel alone.

Treat Every Travel Location with Caution

Whether you are traveling in the United States or a foreign country, it is easy to get into "vacation mode," and assume that everyone is going to be friendly, helpful and honest.  While the vast majority of people you encounter are likely to be kind and welcoming, it only takes a few bad apples to ruin your trip.

A few years ago, two young male teachers I worked with decided to backpack across Europe during their summer vacation, staying in youth hostels. It seemed like an exciting adventure and an opportunity for them to travel widely on a budget.  However, one or both of them were robbed of their cash three times during their trip, always after falling asleep in a youth hostel.  One of them told me he would never stay in a hostel again.  If healthy young men can be robbed while traveling, senior citizens traveling alone need to be even more careful.

Even within the United States, I have had my debit card information stolen while traveling, with thieves attempting to use the stolen information while I was still away from home.  Fortunately, my bank was quick to pick up on the fraudulent activity, stop questionable charges, and contact me using my cell phone.  If it had not been for their vigilance, it could have ruined our trip.  Today, I no longer use my debit card when traveling and I am careful where I use my credit cards.

Certain Travel Destinations are Exceptionally Dangerous

While crimes can occur anywhere, Forbes Magazine published an article called "10 Most Dangerous Places for Women Travelers."  The list includes places where women tourists, in particular, are frequently the victims of assault or robbery.  It would be wise for men, as well, to be extra careful when visiting these spots.  The countries on their list are:

Egypt
Morocco
Jamaica
India
Peru
Bahamas
Colombia
Ecuador
Turkey
Guatemala
Mexico

Do not take these warnings lightly.  Years ago, my husband and I took our young children to Jamaica.  A few days prior to our arrival, rebels entered our resort and killed everyone in in the lobby of the hotel!  During our stay, a private party in the golf clubhouse was interrupted by more armed rebels, who robbed and terrified the guests.  Other countries on the above list can be just as dangerous.  Wandering around alone could be risky for anyone, let alone someone who appears to be elderly or frail.

How to Protect Yourself

There is no way to keep yourself completely safe when you travel.  However, there are a number of steps you can take to significantly reduce your risk of being a crime victim while you are traveling.
 
*  Before choosing a destination, check out the U.S. State Department Travel Advisories website to make sure there are no extraordinary reasons why you should avoid that country or a particular region within a country.

*  Ideally, it is best to travel in a group.  Join tour groups which are going to the areas which interest you.  The guide will try to avoid the most dangerous neighborhoods and there is usually safety in numbers.

*  Dress and behave appropriately for the area you are visiting.  For example, when traveling in the Middle East, women should dress conservatively with their shoulders, arms and knees covered, avoid making eye contact with men, and seek out local women when they are lost, need directions or seek other information.  Approaching a man can be viewed as flirting. In addition, it is wise to limit the amount of alcohol you consume and avoid drinking in bars with strangers.  In fact, this last recommendation is smart almost anywhere you travel, including within the United States.

*  Carry your cash, cell phone and important documents, such as your passport, in a money belt close to your body. Do not walk around looking at your phone.  It can be easily snatched by someone else. If you carry a purse or bag, choose a cross-body style and only use it for items which are easily replaceable, such as make-up, hair brush, maps, or brochures.

*  Do not walk around alone in a strange neighborhood after dark.  This is true almost everywhere, but particularly when you are in a foreign country. Take a cab from your hotel or a similar reliable, well-lit location.  Do not hail cabs on the street.

*  While at your hotel, take advantage of hotel safes, bring along a door stop to make it harder for someone to sneak into your room while you are sleeping or showering, and consider bringing along a battery operated, portable door alarm, which would wake you if someone enters.

*  Consider purchasing the "Travel Safety Handbook: Your Guide to Safer, Better Travel" for more ideas on keeping yourself safe on the road.  

If you take the precautions above, you are quite likely to be able to travel nearly anywhere and have a great time.  You've been waiting your entire life for the opportunity to enjoy unfettered travel.  Enjoy it!

If you are interested in more information about retirement travel, where to retire in the U.S. and abroad, Social Security, Medicare, retirement planning, common medical problems and more, use the tabs or pull down menu at the top of the page to find links to hundreds of additional articles.

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

Photo credit: Google Images: Green Prophet