Over-50

Working in America - Our Times Were Very Different

"Opportunity."

There are plenty of definitions for that. 

But, according to the American ethos, it frequently means being a step or many steps beyond financial survival.

What a study by Financial Health Network found, reports CBS, is that only 3 out 10 see themselves that way. The reality is that 7 out of 10 indicate they are struggling with some aspect of financial stability. In addition, the Urban Institute uncovered that 4 out of 10 have a hard time paying for basics such as shelter and food. 

The core problem isn't a lack of financial literacy. It's that income hasn't been able to keep up with expenses. That's a macro challenge.

If there is any blame to be placed on individuals is that they haven't adjusted to the era of stagnant wages. Also, they might not have embraced the possibility of abrupt change in their financial condition. That could be triggered by a job loss or a whopper of a medical bill. 

After the war to end all wars (World War II), the nation experienced an economic boom. Sure, there were recessions but the trajectory was upward. Those losing jobs usually landed ones that paid comparable wages. Houses were a solid investment. Employers provided great medical insurance benefits.

That was then.

Now, in this time of diminished financial opportunity, frugality seems smart. But often that's not possible for those whose dream is to create a middle class lifestyle for their children. The expenses outstrip the income. 

On the other hand, among us aging, it's expected that we are becoming minimalists. As Roger Rosenblatt hammered in his book "Making Toast," when you're older, you don't need much.

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

 

Even in Strong Baby Boomer Economy, Choosing Wrong College Major Could Be Catastrophic

ZipRecruiter surveyed 5,225 college graduates who were searching for jobs.

Among them, the major they most regretted spending four years studying was English.

Out there pounding the pavement (or the keyboard), what they came to realize was this: The problems with majoring in English were that it was impractical and unmarketable. Here are the results of that ZipRecruiter survey.

On the other hand, the majors with the least regrets were computer science, math, business, engineering, and various niches in the health field.

The problems with English aren't new. Even when good jobs were plentiful and stable, unless you were heading toward high school teaching, English was a hard sell.

To do anything with it, at least directly, graduate school was necessary. So off to doctoral programs we Baby Boomer English majors went. Then, in the early 1970s, the demand for college professors of English collapsed. Those few who did land jobs often couldn't hold onto them.

Those of us who didn't wandered in the employment wilderness until we could put together a way to make ourselves marketable and change our academic persona from nerdy to engaging. Five years into all that an oil corporation hired a bunch of former doctoral students, including me, to be ghostwriters/speechwriters. I was saved. But I was five years behind my peers in career progress.

Of course, I regret majoring in English. Members of iGen and their parents who come to me for guidance already recognize the major has to be marketable in a number of ways. For example, a business degree can be positioned and packaged for a variety of jobs. 

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

Pre-Thanksgiving Dinner - Take an Inventory of the Family Stories You Plan to Tell Yet Again, Evaluate Some to Add

Okay, storytelling and oral history are both hot. The Wall Street Journal even has a piece on the benefits of retelling family stories.

But, there are downsides in all storytelling. They can become downright dangerous to careers and relationships if managed without street smarts.

To begin with, we are our stories. Keep telling the same one and we get locked into that identity.

That is very visible in retirement communities in the southwest. The former lawyer keeps retelling the saga of how she was in the loop of the Richard Nixon impeachment process. Anyone determined to continue to grow ducks her. Obviously, she is stuck in the past and she cannot transcend what she had done to earn a living way back when. In the complex, there is a rolling of eyes when referring to "the lawyer."

Meanwhile, the still-employed lawyer in the New York Metro area keeps telling the story of how it had been to work full-time for the state of Connecticut. Her mission is to provide evidence that government employment can be very fulfilling.

No one cares. And she probably misses out on having folks inform her of ongoing opportunities in the legal sector. The perception is that she too is stuck in the past. The assumption is that she cannot learn the new technologies. Currently, she is employed in a collection agency. Many agree she could do better than that in terms of jobs.

When it comes to family stories, that can get old fast.

Also, as members keep changing (that process has been speeded up in the 21st century) dredging up the past can alienate.

Please, Mom, don't inflict on me at Thanksgiving dinner how crushed I was in high school that I didn't get voted in to be class president and, look at me now - being published on politics. 

And, no, Mom, no more depression-era stories of how mean supervisions were. What downers when we need to keep optimistic about the world of work. 

The takeaway is this: Be cautious what stories you tell and don't tell the same one too often. Annually, review the story inventory and assess which ones should be ditched and what new merchandise should be parachuted in. 

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

Transitions - I Would Have Preferred to Pass Up the Growth

Brilliantly, Nicole and Charles play out the dynamics of transition.

That's in "Marriage Story," which is really a film about divorce. 

The meme is that, yes, everything is working nicely until it stops working. Then, human beings get plunged into the pain and possibilities of adjustment and building a platform for what is next.

Currently, both in relationships and professional life, transition is the new normal. That's among the reasons "Marriage Story" resonates with so many.

The need to let go of what had been so very okay begins - how we all remember - when we graduate from college. Even if we are continuing formal education that will be in the more serious, emotionally sterile, highly competitive corridors of law school or graduate degree programs.

The bonds of college cannot hold. Adulthood seems all too hard.

What Baby Boomers didn't expect was that the transitions would continue right into semi-retirement/retirement/reverse retirement.

In the 1980s, we got knocked out of the corporate box through downsizing and technology.

The self-employment option was one we likely never anticipated taking.

Then there were the economic downturns following 9/11 and the worldwide financial crash.

Recovery wasn't evenly spread around in an America that favored youth and digital natives.

Then retirement? Maybe not for long. The Federal Reserve documents one-third of those who left the workforce have bounced back in. That even has a title: reverse retirement.

Of course, the generations following the Baby Boomers all had and are having their own kinds of transitions. And, for all it seems to be a bitch. Consider the epidemics of clinical depression, substance abuse, and suicide. 

The rah-rah crowd clucks about the growth achieved through transition. "Marriage Story" questions that kind of extreme optimism.

How some of us yearn for the whatever it takes to live the lifestyle of real-life character Christopher Knight. It was essentially transition-free.

In "The Stranger in the Woods," Michael Finkel captures the tale of 27 years living in the woods of Maine, without job, any human companionship, and sophisticated technology. In the single-minded focus on survival, Knight encountered few transitions. And even those few could be anticipated, such as the summer crowd leaving and that source of the food he would pillage cut off.   

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

Preparing for Reduced Income - Getting the Hell Out of Car Game

It's been documented that more than half of the over-50 will be forced out of jobs. Those who land on their feet and do get another job will likely earn less. Only one in 10 of those will receive comparable income. Here is the recent research from ProPublica. 

That means that with aging come challenges about getting and sustaining financial solvency. The risk of homelessness is real. Elder homelessness is increasing.

One now-common way to lose a grip on finances is to take out a large loan to purchase a new car.

As The Wall Street Journal reports, with cars costing more, the amount of the loan is more. More and more there is coming a time when the new car owner can't afford the monthly payment and the car is repossessed. Or, there is simply an angst-filled struggle to pony up that monthly nut.

In addition, NerdWallet estimates that the yearly cost to operate a car driven 15,000 annually is about $8,469. 

In short, driving used to be a cheap activity. Currently it isn't.

Some Baby Boomers recall GM's success with the old commercial to see the USA in one's Chevrolet. That was an experience open to most families. Now, car ownership can eat a big hole in a budget.

Financial planning for semi-retirement and retirement could include exiting car ownership.

That entails, first of all, being in a location with plentiful, reliable, and affordable public transportation. All three are necessary.

The New York Metro area has only two of the three. Even the subway is less affordable. And crossing bridges and hopping on the Metro North to commute to Manhattan had become pricey.

The good news about cities and towns with all three is that there is usually a senior citizen discount. In Toledo, Ohio that's significant.

Also, for seniors who download ride-hail apps there are Uber and Lyft. Meanwhile, even using traditional taxi services still is less expensive than car ownership.

The aging focused on fitness can make it their business to approach bike-riding as basic transportation.

Maybe balance is off. Then, there is the adult tricycle or, as it's called, the "trike." Its three wheels guarantees a feeling of stability when traveling. Trikes come with just one gear or multiple gears.

There are also e-versions of trikes. They have an electric motor to supplement peddling. 

The biking culture creates unique opportunities for socializing and participating in special events. 

Another kind of solution is co-living, where resources are pooled. For example, the widow is determined to hold onto the house. She screens "boarders" for private bedrooms and use of common areas based on their ability to extend what she can do. The ideal boarder would be a car owner whose vehicle is paid off and who has the know-how to maintain the auto on the cheap. 

Full Disclosure: On the last day of September 2019, I got out of the car game.  I donated the 2010 vehicle to Kars4Kids. That is, the loan had already been paid off. 

Opting to go carless has eliminated the bills for insurance, gasoline, washes to remove the salt on the undercarriage in winter, oil changes and other kinds of maintenance, and repairs. Regarding the latter, a stone which hits the windshield can throw off an already tight budget. 

If I want to see the USA I will pull up on the internet those online deals for cheap car rentals. They provide calculators to estimate how much that travel will set a driver back. 

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

 

The Extreme Disadvantage of Not Growing Up in New York

You don't cut the line.

Not in New York. 

And, now we know: Not in Maryland, either.

If you are insane or suffer from extreme self-destructiveness and do cut the line, punishment may be immediate. Yes, you could get beat up and die. Or the penalty will be dished out later, as in being jumped or your windshield smashed a month later for seemingly no reason. 

That is one of the many lessons in staying alive native New Yorkers get down cold from the get-go. 

Had Kevin Tyrell Davis grown up on the mean and very unforgiving streets of New York or had developed an inner New York ethos he would never have cut the line in Popeyes. He would have dutifully waited his turn for the new Popeyes sandwich in Prince George's County, MD.

But he did cut the line.

As the Daily Mail reports, he was steered outside the food shop and stabbed. He died from those wounds.

A suspect is in custody. Some will not position and package Davis' death as a tragedy. Instead, they will, like a chant from a Greek Chorus, form the consensus that he had it coming. You don't cut the line.

Other lessons I learned in New York which has kept me on the right side of the daises include:

•  Don't take too long paying in change or returning to the aisles in the grocery store for a forgotten item, at least not when already in the process of checking out. That subway train has already left the station.
•  Maintain a set jaw. If done right that discourages unwanted attention and conversation.
•  Acquire "real money," that is, significant wealth.
•  Avoid certainty. Everyone is different and everyone demands respect.

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

Shattering Reality - Young Intend to Work Beyond Retirement Age, Aging Find Themselves Not Able to Land Work

America's youth is counting on working way beyond traditional retirement age.

According to the AARP survey the over-35 found that more than half of them have that plan.

But, as BusinessInsider reports, currently, the aging are discovering they can't land work or, if they do, they can't hold onto it long enough to become financial solvent. The top three reasons are:

Age Bias

Health

Layoffs.

Of course, that might change by time the under-50 become the over-50. But, overall things don't look promising. The pattern, found Publica, is that more than half of those over-50 will be forced out of their jobs. And, after that, only one out of 10 will regain their previous level of compensation.

Therefore, financial common sense says: In spending, don't count on being able to bring in income for years and years post-50. The time to build sustainable financial assets is in youth. That could mean not chipping in so much for the children's college education or maintaining the kind of high standard of living others in your profession are. 

But, those with tenacity can still find, hold, and move on to better work. That requires a shift in mindset. Here, free to click open, is my book about that Download Outwitting ageism. 

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

 

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

 

Even Powerful Law Firm Partners Hear that Tune "Happy Trails to You"

"Retirement" has a negative connotation.

The sound of that old Roy Rogers - Dale Evans sign-off tune "Happy Trials to You" isn't sweet to many.

But it is a reality.

Yes, more high-chargers find that they don't have the drive and energy to keep pushing. Others land in it because they are forced out. And, in some organizations there is still a mandatory retirement age. Retirements keep happening and check LinkedIn and you will find more profiles deleted. Those players are gonzo. 

For law firms, observes Law.com, the issue of retirement is tricky. Even bringing it up can throw partners into a panic - or, enraged. In these volatile times, more of them are being axed because of not enough billable hours or not bringing in more new business. Another reason for being eased out is that their practice area is no longer in such demand.

Yet, law firms are finding out they have to be proactive on this issue.

That's because, as Altman Weil documents, 25% of the business is controlled by Baby Boomers. It's necessary for the law firm to hold onto those aging partners' book of business. As many know, in professional services, clients are linked to a particular partner or principal, not the business per se. So, law firms better do this right.

One smart solution for succession planning is to tie compensation to results in transitioning client relationships from the entire control of the partner to other lawyers. Money talks. The compensation should be distributed both ways: to the partner who will be retiring and to others in the loop. Partners near the end of their career get it how important money is.

In addition, progressive businesses are designing services to help professionals embrace retirement. Those range from arranging reduced work schedules to advising about selling the house versus aging-in-place. 

Meanwhile, there is the other matter: What about partners who want to hang in there and yet are perceived not to be the lawyers and rainmakers they once were? Such a situation had been brilliantly featured in the television series "Boston Law." Law firm founder Denny Crane was sliding into dementia. 

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

One More Argument Against Retiring (especially early)

FIRE (Financial Independence Retire Early) is controversial.

The most common problem brought up is the tendency to run out of money. After all, those ducking out of the workforce earlier than 66 can wind up living beyond 100. 

But, now there is another reason why employees and the self-employed might not do a FIRE.

That's the recent study in China by Plamen Nikolov of Binghampton University in New York. Of the Chinese retirees and the non-retired analyzed, the research team found that the former did 20% worse on memory tests.

They conclude that is a result of the combination of not having the intellectual stimulation of work and experiencing less social interaction. Here are more details from the Daily Mail.

Yes, there's a hunch that not retiring can hold off dementia. Staying put in working requires remembering a million little (and big) things. 

Also, remaining employed prevents the tendency for the aging to become invisible, that is pushed into social irrelevance.

This is capitalism. Identity is associated with productivity. When not employed or self-employed the identity slips away, usually quickly.

It should be no surprise that so many superplayers such as David Boies in law and film-maker/actor Clint Eastwood are still out there hustling. They seem smart enough to recognize the perils of hanging it up. Now, it's confirmed, at least in China, that the fallout could include the slide into dementia.

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.

There's No Place Like Home - After Relocating for Financial Reasons, The New Aging Find We Can Circle Back

Savvy media outlets such as MarketWatch have ramped up the number of articles published on relocation and retirement.

Most of them position and package the issue in financial terms. The features range from the couples who could no longer afford Seattle to those realizing they have to make it on less than $2K monthly. Sure, a few focus on the aging's longing for more moderate weather but not many. Relocation is really a money story.

Seven years ago I was finding myself in that financial squeeze. Even in a lower-cost city in Connecticut - New Haven - rent, gasoline, car insurance, property tax on autos, and services such as pet care were galloping beyond my ability to make ends meet. 

I researched locations outside the U.S. such as Ecuador and Spain and inside ranging from North Carolina to Arizona. Also, I talked with a lot of people. Most directly said that I was committing career suicide if I left the New York Metro area. However, most weren't aware how quickly communications assignments were shifting to the telecommuting mode. 

Of course, I was beyond terrified to almost catatonic. But by spring 2014 I had decided, yes, I was going to relocate. And for me to get up the courage to do that it had to be exotic. Tucson, Arizona filled the specs. There were the mountains and the deserts. 

I was on the money. I am still on the money. I paid off debt and socked away a bundle in an investment fund.

Eventually I experienced AZ as too alien for me and too hot. Research turned up Ohio. It is less weird to me than AZ. And even more affordable. (With folks from California migrating to AZ, the state isn't as low-cost.)

But, and that is a but lots of us migrants from what had been home for decades are feeling: I miss the New York area. 

No, I still can't financially manage being back in CT. However, in about two years, my financial planner, accountant, and executive coach assure me I can return home. The new version of it will be a pocket in NY or even New Jersey that is currently within my budget.

That budget has more flexibility since I donated my car to Kars4Kids. That's an "unburdening" more of the New Aging should take.

The expenses for insurance, repairs, gasoline, oil changes, washes, and parking are finito. Nerd Wallet puts that at $8,469 a year. Also disappeared is the angst. I no longer lose sleep over a rattle which might indicate need for a major repair. Days of heaven.

Thanks to being fit, I can get just about anywhere on the trike (adult tricycle) I purchased from Wersell's Bike Shop in Toledo, OH (wersellbikeandskishop@gmail.com, 419-474-7412). There, the all-wise Mr. Bike Man Brett Gibson taught me the ropes on how to steer it, without losing my balance. It was the diminished sense of balance, which many seniors are stuck with, that had me pass up on a traditional bicycle. 

Gibson also clued me in on internet myths about preventing trike theft. So far so good. The locking mechanisms he recommended have been effective. However, homeowners' and renters' insurance, at least with the right company, cover the replacement value. 

In addition to lowering my breakeven point through going carless, by constantly modifying how I develop new business, the revenues from both communications and coaching are fine. No, leaving New York Metro is not career suicide.

More than five years of minimalist living and super smarts about marketing have put me back to where I can think like Dorothy from "The Wizard of Oz." You bet, there is no place like home. In about 22 months I can be home. 

I am part of a growing trend. That is, those hammered by financial realities who relocated far from home and now recognize that did not have to go quite that far.

Maybe they can no longer bunk on the Upper East Side of Manhattan or Greenwich, CT, but they still could hold on to a piece of home. 

It isn't only the college freshman who experiences extreme homesickness.

Smart global ghostwriting, with social networking know-know. Emergencies welcome. Complimentary consultation (pressure-free) janegenova374@gmail.com.