Over-50

Gray Divorce: Financial Catastrophe

We look around us. So many of those in our professional and social circles seem to be divorcing. 

Our observation has been confirmed by research. Since 1990, the divorce rate of those over-50 has doubled. The reasons range from realizing they married too young to simply drifting apart. The term for this late in life split is "grey divorce."

Okay, so older folks are divorcing.

But what's only coming out here recently is that too many of them will find this decision has triggered a slow-mo financial catastrophe.

Bloomberg reports that the National Center for Family & Marriage Research found that it's common for the wealth of the couple to drop by 50%. The lifestyle of the woman will decline about 45% and for the man 21%. 

That could mean that both the divorcing parties are heading into retirement in dire financial shape. There is not much time to rebuild wealth. 

Women who have devoted most of their lives to caretaking, and not earning income through work, will find it difficult to land a job. That's exactly why they could wind up in poverty.

Overall, the financially smart thing might be for married couples to stay married. They can consult with counselors, spiritual advisors, and coaches how to navigate that kind of challenging arrangement instead of going through a legal divorce.

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Yet Another Tough Lesson About Not Following Expert Career Advice

Get licensed to drive a big rig.

That was the advice peddled by supposed experts on careers.

On the receiving end were groups ranging from underemployed college graduates to over-50 professionals whose industries were downsizing. 

Those dispensing the guidance pointed out:

• There was a shortage of truck drivers
• Training programs cost less than $7K and could be completed in several months
• Wages, unlike those in many other fields, were rising. 
• After a year of experience, truckers could choose their routes and negotiate compensation.

That was then.

And what happened is what happens all too often when those in all age brackets follow career advice. As BusinessInsider reports, the once-booming trucking industry has slowed down.

No, it isn't exactly a bust. After all, so far in 2019, the industry added 11,700 jobs. But 4 factors cloud the outlook for the demand for drivers. They are:

• The boom led to overcapacity. There are too many trucks and drivers available.
• During the first half of 2019, the economy hasn't been as strong as that of previous years. That meant reduced shipment of goods.
• The winter had been severe in some locations. Drivers couldn't work.
• The tariff uncertainty had reduced business' plans for manufacturing. That results in not so much to transport. 

Sure, trucking could bounce back. But, that might not be before some in the industry get it that to make ends meet they better find another way to make a living. That could entail the ordeal of reskilling. 

The takeaway is unambiguous: When career experts pontificate about demand in X or Y field, run. Instead, use common sense about where to invest training, experience, money, and hope. And the framework should be short-term. Everything is changing and that's occurring faster than any earlier time in the history of mankind. 

There are many painful memories of advice gone very wrong.

For example, during the golden age of practicing law, the career experts told college students not to worry about taking on six-figure debt by enrolling in law school. Dutifully, those college juniors went on to study for the LSAT, then devoted months in their senior year filling out applications to top law schools. 

Soon enough came the global economic crash.

In 2009, 6,000 lawyers lost their jobs. Newbie JDs weren't receiving job offers. Among those who did, often their start date was delayed or, even, the offer was rescinded. Only now are there solid signs of recovery in manpower demand. But a severe downturn could derail that. 

In addition, back in the early 1970s, the actual market for college humanities professors proved the career experts and government way off in their planning. Both had predicted a surge in demand - so much so that NDEA Title IV grants were awarded to college graduates such as myself. That was to fund our doctoral studies to fill all those teaching slots. Demand went poof.

It took members of That Lost Generation like myself years to find ways to make a good living. Some might assess that we still haven't caught up to our peers who didn't listen to career advice.

Reflection: How we make a buck today might not be how we make a buck 3 or 4 years from now. The burden is on workers of the world to observe the dynamics of demand and supply. Always be ready to pivot. 

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Heat Wave - Do You Still Want to Retire/Semi-Retire in Southwestern Arizona, et al.?

The current heat wave is delivering a harsh lesson to those considering relocating to the desert setting of southwestern Arizona, et al. 

Those temperatures are the usual in locations such as Phoenix, AZ. And, hanging around inside in the air conditioning gets old. It also is expensive in terms of the monthly energy nut.

In addition, pre-retirees should factor in that the overall cost of living in locations near California keeps rising now that the middle class has been fleeing Paradise. No longer can they make ends meet in CA. 

For example, at Vista Montana, Tucson, AZ, a 440-square-foot studio apartment rented for $400 in 2014. Currently, as listed today on the website, the price range goes from $535 to $705. Add on the pet rent and utilities, and what's obvious is this: Better bargains for those on a fixed income are available in other locations without the intense heat.

One alternate is the midwest. The winters there may or may not be harsh. Aside from that, the weather is tolerable.

In the Youngstown Metro Area, the Hillbrook Apartment complex has 500-square-foot studios ranging from $$531 to $544. All utilities (with exception of TV/internet) are included. Yes, that means heat and air-conditioning. Subtract from that a senior citizen discount. The pet rent is $25 monthly versus $20 monthly at Vista Montana. 

Another option is to leave the United States. There is now a whole new industry which assists those who want to make ends meet with only living on Social Security. International Living is among the businesses specializing in relocating abroad. 

Full Disclosure: For 27 months I and my four-legged son LOV bunked in Tucson, AZ. We did try and try to adjust to the heat. Another problem was that ants bit into LOV's paws during the daily walks that had to take place before sunrise and after the sun set. 

Eventually we surrendered to the reality that some folks and animals just can't "take the heat." Since 2016, we have been enjoying a very affordable lifestyle in the midwest. Not glam, but it supplies all we need. 

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Debt of the 65+ Can Trigger "Tsunami of Poverty"

Most of the time personal finance "experts" are not on the money.

The advice they foist on us aging tends to be generic. That is, it's general and too broad to be helpful to us in our specific financial challenges.

Here's an example. Too many of them preached that we should sell the house and relocate to where living expenses are less. But with rents going up up up even in what were historically low-cost cities, aging in place seems very smart.

To make ends meet, even with rising property taxes, we can co-live, that is rent bedrooms to those who extend our skill set. If we can no longer keep up the landscaping and shovel the snow, we search for a renter who can. That financial fix can also address the loneliness associated with aging.

But there is one aspect of money management that they are right about. And that's the danger of debt for the 65 and older.

Unlike our parent's generation, who entered old age with the mortgage paid off and a frugal lifestyle, we tend not to be financially prepared.

Along the way, calculates the National Council on Aging, 60% of us 65 and older piled up median debt of $31,3000.

If anything rocks the boat our generation can tumble into what MarketWatch describes as a "tsunami of poverty."

That "anything" could be medical/nursing home bills not covered by insurance, a parent or child becoming financially dependent on us, or losing our good job or our business.

Burdened with debt and no financial reserve we could wind up having to bunk in a crime-ridden neighborhood - or even homeless. The monthly Social Security payment may run out mid-month. Good luck having enough to eat.

The good news is that there are common sense solutions to shake off all the debt. 

Here are the 7 tips:

•  Don't add on more debt. No matter what. Figure out a way to do X or Y without charging it to credit card or taking out a person loan. For example, you didn't sell the house (smart) but the water heater breaks. To pay for the new one, bring in money. That can be done through renting rooms in the house, leasing a work space in the garage, selling items on eBay, a tag sale, a part-time job at Marc's grocery or Home Depot (both hire older workers), contract gigs such as walking dogs or driving for Uber, or starting a small business. 
•  Make it your business to pay off the highest interest credit cards first. 
•  Figure out if you can get around without a car. As MarketWatch notes, car ownership is a money pit. More communities have good public transportation. Ride-hailing services such as Lyft and Uber are everywhere.
•  Consider if you can emotionally absorb relocation to where the lifestyle is dramatically cheaper. The coasts tend to unaffordable. Midwest locations such as much of Ohio allow the Social Security monthly payment to last longer and can facilitate having some left over to pay off credit cards. 
•  Cut out non-essentials such as cable television. Most public libraries provide free access to the internet. 
•  Ask for senior discounts. Many businesses, including apartment complexes have them but don't advertise them. 
•  Take day trips for recreation instead of overnights which create lodging bills. 

Free to click open, here is my book on how to keep bringing in income, no matter what our age Download Outwitting ageism.

Full Disclosure: When I was 58 years old, I had 6-figure debt. With the help of a coach I learned to embrace frugal living or minimalism. Currently I am debt-free and have an investment account. Revenue from my 2 boutiques supplements Social Security. For me, selling my house to pay off debt was the right decision. However, renting has been a brutal adjustment. What I advise clients: Choose your poison. 

 

Coaching, lecturing, and writing/ghostwriting thought leadership content on ageism.

 

For individual coaching – sliding scale fees. Complimentary initial consultation. The displaced over-50 get back to work. Please contact Jane Genova janegenova374@gmail.com.

 

Cities With Lower-Cost Rentals - For the Blockbuster Bargains, Do Your Own Research

Nowhere is rent "cheap." Not in the U.S. 

The only way to land a rock-bottom-cost rental is to get on the waiting list for residential developments subsidized with federal, state, and/or local funding. Among them is Bella Vista, based in New Haven, Connecticut. 

However, there are cities in which the expense for keeping a roof over your heads is manageable on Social Security. MarketWatch provides a list of 25, researched by GoBankingRates. 

The top four are:

• Memphis, Tennessee. There is Southern charm, along with a great music/dining scene.
• South Bend, Indiana. It's a college town and that has plenty to offer free or low-cost to those on a fixed income.
• Springfield, Illinois. Perfect setting it is for history buffs.
• Columbus, Georgia. The outdoor folks will love this place.

To the list I want to add the Youngstown, Ohio metro area. Probably this isn't the location to start out a career. The steel industry died decades ago. The GM Lordstown plant is shuttered. New economic activity hasn't been kicked off.

But the region is financially attractive for those who are semi-retired or planning to try to make it without working. 

For example, in Austintown, OH, the Hillbrook apartment complex has large one-bedrooms, with a walk-in pantry, for less than $600, including all utilities. Subtract from that a senior discount.  Cleveland, OH is an hour away, Pittsburgh, Pennsylvania a 90-minute drive. 

The way to start the search for affordable living is on the internet. Key in the name of the city and state, then the phrase "apartments for rent." For example, "Jacksonville, North Carolina - Apartments for Rent."

The range of prices for rentals will clue you into where there might be hidden bargains. That's how I found Youngstown. No, media articles targeted at the aging didn't flag Youngstown for me. The transaction was conducted through email. 

At the end of August, after bunking in Youngstown for three years, I will be relocating to a rental in Toledo, OH. It's close to Lake Erie and minutes from the Michigan border. University town Ann Arbor, MI is 50-minutes away. Surprisingly, the monthly nut is less than in Youngstown, even with my paying for my own utilities. 

To save on everything, do your own research.

Media articles gushed about downsizing our expenses in southwestern Arizona. Within 27 months I found out through my own research that I could live a lot more affordably in other locations in the U.S. I high-tailed it out there.

At Vista Montana, where I had bunked in Tucson, AZ, the monthly for a studio apartment (no, not even a one-bedroom) currently ranges from $565 to $770. All utilities are extra. Energy runs high in that neck of the woods. In summer, with the air-conditioner on low, I ponied up about $100 a month. And, yes, you use heat in the winter. 

Not getting results from your marketing communications? Complimentary consultation – janegenova374@gmail.com

LikeLess - Do They Think Less of Us on LinkedIn Updates?

In Australia, Instagram is testing out an app which conceals the number of likes. That tally will only be visible to the person doing the posting, not those viewing the material. 

The hypothesis of that experiment is that relieving the pressure to pile up lots of likes will allow both posters and users to enjoy the social network more. Here are more details from The Daily Mail.

Eventually, other social networks could also decide to test out eliminating not only likes but also shares and comments. 

Such a trend could head off increased regulation of these digital platforms. Studies have been coming out about the emotional harm social networks can be inflicting. There the teenagers are, viewing all the likes their classmates' posts have and their own have none of that. 

In addition, on a professional network such as LinkedIn the lack of likes and comments can wind up damaging a personal brand. 

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No Fool Like an Old Fool?

Steve Jobs wannabe Theranos founder Elizabeth Holmes is still in black.

Only at the pre-trial court hearing it wasn't the signature black turtleneck.

It was a basic black dress and black blazer. And, at age 35, she's still attractive.

Some conjecture that it had been her youthful blonde good looks which lured big establishment names such as Henry Kissinger to the Theranos board of directors. At one point superlawyer David Boies had represented her.

Her trial on 11 counts of wire fraud and conspiracy to commit wire fraud will begin on July 28, 2020, in San Jose, California. Here is a summary of those counts by the Department of Justice. And, here is a copy of the actual indictment. 

The contention is that she and the startup's number-two Sunny Balwani deliberately misled investors, regulators, and the public about a technology which didn't exist. Balwani, who had also been her lover, was in court but arrived separately. In a television interview he argued that Theranos represented a business failure, not a fraud. If convicted, both face decades in prison.

But meanwhile, she did win one in court. She requested that the Food and Drug Administration speed up the process of turning over documents to her legal team. It claims that would require 6 months. No way, ruled federal judge Edward Davila. He gave the regulatory agency 75 days. Here are more details from the media.

By the time of the trial, most of the tech world could be in the reputational toilet. Regulators, media, the stock market, consumers, and the public globally could have turned on it. An indication of how bad it could it get is playing out in Europe. New York University marketing professor and internet expert Scott Galloway has been predicting just that. 

My hunch is that it will be difficult for both sides - prosecution and defense - to find objective jury members in the San Jose area. The defense might request a change of venue, which could delay the trial. Delays help defendants. 

In the tabloid media this saga could go down as "The Blonde and The Old White Men." On "SNL," there can be a film noir rendition of a board meeting. 

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Preventing Dementia (even if we carry that awful gene) - The 5 Steps

Our mind is our number-one asset in figuring out how we will keep working, into our 70s, 80s, and beyond.

Therefore we should be plenty motivated to protect that asset from the onset of dementia. 

The way to do that could be to embrace a 5-step wellness program. And stick with it.

A study conducted at the University of Exeter found that a healthy lifestyle can reduce the risk of dementia 32%. That's even among those with a gene for it. Here is general coverage in MarketWatch. And, here is a detailed description of the research in ScienceDaily.

Co-lead author Dr. El?bieta Ku?ma found 5 healthy habits could bypass what might have been genetic destiny. They are:

•  Diet low in sugar and salt
•  Avoiding artificial sweetners
•  Regular exercise
•  No tobacco smoking
•  Moderation in alcohol consumption. 

Along with those 5 steps, you can read, free download here, my book on landing, holding, and moving on to better work, no matter what your age Download Outwitting ageism.

Staying in the workforce or continuing to operate our own businesses mandates fresh mindsets.

Not getting results from your marketing communications? Complimentary consultation – janegenova374@gmail.com.

When We Don't Heal

Back in an Ohio high school, Sue Ann - who goes by nickname Ma - had been withdrawn and naive. She was also one of the few blacks. Of course, she craved to belong.

The mean kids set her up to give oral sex to popular Ben. Then, as a group almost like a Greek Chorus, they laughed about it. That was in person, in the high school corridor. Today it would be through Instagram. 

The film "Ma" chronicles how Sue Ann enacts revenge on those former classmates. That plot starts out with their children, whom she allows to party in her basement.

Bit by bit she becomes increasingly unstable and hostile. That ranges from murdering Ben and his girlfriend Mercedes to drugging and sewing the lips of a smart-mouthed teenager who told her she needed a man. 

Critics note that "Ma" could have been a great film. The plot line and acting don't take advantage of possibilities. But what resonates is the message that those years between childhood and becoming an actual adult are difficult. There are those, like Ma, who never shake off the pain. 

Some entrepreneur with a deep understanding of human nature can invent an app that allows teenagers to sort out in real time and all the time what's happening in their little lives. It would be voice-activated like Alexa, be a damn good listener, and provide sophisticated forms of compassion and guidance. In addition, it would be guaranteed for confidentiality. 

Another kind of help would be allowing students to bring their dogs to school. 

My own descent into hell began not in high school. It was in an all-woman's small Roman Catholic College, not far from where "Ma" is set. Here is that dark psychological drama.

Three years ago, I returned to the scene of the crime to try to sort out all that. I didn't expect it to work. But it did. Unfortunately, too many real-life therapists are unimaginative about what could and does heal. Apps could be lots more creative. 

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Baby Boomers - Making That Gigantic Shift from Post-War Wild Optimism to 21st-Century Pessimism

" … pessimism has an image problem." - David Olusoga, The Guardian, July 14, 2019. Here is the thought piece.

The unique problem for us Baby Boomers in arranging some kind of financial security as we age is this: The post-war optimism we embraced.

The odds are that pessimism about what-if scenarios would yield the results we need to not become homeless by age 85. Pessimism tends to cover more bases. 

After the carnage of World War II, those in America in charge of memes made it their business to introduce a wildly positive mindset. On the plus side, that might have helped create the economic tide which lifted all boats. 

In our overcrowded classrooms, swim lesson at the Y, and Sunday School lessons, we were told all was possible. Just keep our nose clean, go to college, get married, and (for females) don't get pregnant before marriage. 

There was no undertow of the M. Scott Peck's notion that life is difficult. It took his publishing his book "The Road Less Traveled" to make that dark idea sticky. 

Life, of course, began to block the sunshine. Popular film "The Graduate" captured how hard it was to transition from what could be called The Program for Baby Boomers to making a place for ourselves after our formal education in an economic system that was sharp-elbowed - and unfair.

Relationships, it turned out, required lots of work. It wasn't what had been positioned and packaged on 1950s series "Father Knows Best."

Disappointment made us America's First Therapy Generation.

But, early conditioning doesn't erase easily. Inside there is still our inner optimist. Trust the system. And all will turn out well.

What we should trust is what we had learned in the required science course in college. That was to apply the scientific method to problem-solving. Approach whatever as an experiment to rule out some solutions and confirm others which were effective. 

That means not buying into supposed expert advice or following the example of celebrities and neighbors.

Many initiatives as we age will fail. But if we approach them as experiments we can navigate life as it is more smoothly and with less trauma.

For example, on expert advice I relocated from aged-biased expensive New York Metro area to southwestern Arizona. The latter had a higher median age and lower cost of living. Had I framed that as try-it-out, I wouldn't have struggled so hard to make it work. Only after 27 months I moved out of AZ and on to Plan B. 

My determination to operate my two boutique for at least six more years is yet another experiment. What I have as a kind of control group are those who have retired.

In itself, retirement is a try-it-out.

According to the Federal Reserve, that plan hasn't panned out for one-third of retirees. They have bounced back into the workforce.

It's not only a matter of money. Retirees found once their professional identity was over they became invisible. 

Obviously, those considering retiring should set that up as a experiment. Their control group are those of us who remain out here hustling. Here, free to click open, is my book on how to land, hold, and move on to better work, at any age Download Outwitting ageism.

Not getting results from your marketing communications? Complimentary consultation – janegenova374@gmail.com.