Over-50

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.

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.

 

Aging on Our Own Terms - That's Easier with Minimalism

Minimalism is catching fire among the aging.

Here is MarketWatch's recent article on how a wife and husband in their 50s have downsized everything and find their new lifestyle more rewarding. 

In a meeting of the Secular Humanists of Western Lake Erie, a man who retired two years ago described his process of paring down possessions The Unburdening. That began when he relocated and didn't need a car. 

And, in Youngstown, Ohio, a lawyer who had owned a McMansion before his divorce found a fresh identity in learning how to live with less. It's gotten to the point that he can make it on Social Security and investments, without having to work. 

My Unburdening kicked in when I shifted my two businesses - communications and coaching - to telecommuting. No longer did I need the brandname clothes and attache case. For my hair, I no longer to go to a top stylist and colorist.

Eventually I got it that I didn't need to live in proximity to Manhattan.

The next epiphany was that I didn't need a car. According to NerdWallet, the average cost of operating a car, based on 15,000 miles driven a year, is $8,469.

Minimalism opens us up to aging on our terms.

A major part of that, of course, is managing our money better. Usually, even those only receiving Social Security can save money from their monthly check.

Associated with that is our decision to work or not to work. Since continuing to work is my choice the process is a joyful one.

Breaking free of consumerism (as well as careerism) also helps us exit being dominated by traditional thinking and those who spout it. An executive coach tutored me on how to smoothly discourage others from piling us with advice. 

Not that minimalism is for everyone who is over-50. When I analyzed Oro Valley, Arizona, for trends in aging I observed that the majority of those in retirement communities clung to consumerism. One couple explicitly said, "The hard part of retiring is not being able to buy what we want when we want."

Full Disclosure: In 2003, after landing in six-figure debt I took a vow of poverty. Some corrected me and relabeled that "renunciation." 

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.

 

Play It Smart: Eat at Desk, Next to Tablet

Everything changes. 

That includes power, or at least how it's played out.

Those with it or chasing it used to have to be "seen" lunching in pricey restaurants like Michael's in Manhattan. Currently, as the New York Post observers, that ritual is becoming extinct. Yes, when it comes to those long boozy, high carb dining experiences, what's occurring is a power outage.

The new establishment - Millennials - have put together different ways of demonstrating they are in power or should be factored in as heading there. 

So, how does power look in 2019? 

Well, it's too busy with work to go out to eat. Something, usually healthy, is consumed at a desk, next to some kind of digital device. Since Puritan times, work has represented salvation. Many Millennial souls are being saved in the always-on-duty ethos of digital times. 

Power is also transmitted through social networks. Digital influencers are those who count. On Twitter and Instagram they have plenty of followers. For the buttoned-down among the influencers, there have to be triple-digit likes and comments on LinkedIn Updates. 

Also, power is symbolized by wellness. It's at the gym. It's riding a bike to the office, even amid the scary streets of Manhattan. It's lean and hungry. Come on now, there has always been something decadent about too much food and alcohol in overpriced restaurants. 

What has been becoming the code for power is the phrase "I don't do lunch." That's even trickled down to the level of non-strivers.

The ladies who used to lunch know better or should know better not to do that any more. Instead, they should be out there trying to change the world. Protesting is good. Volunteering in an animal shelter is better. Best of all is active listening. Those who have recovered the ability to be there in real time for a friend in need are the current superheroes in society. Suicides are likely being prevented.

The crowd over-50 has been embracing minimalism. That's to insulate themselves when they are forced out of jobs. According to ProPublica and the Urban Institute, more than half will lose their jobs, mostly because of factors somehow related to age. When they do bounce back into the workforce, only one-tenth of them will be earning comparable compensation. Radical saving is mandated. Money for lunch is money wasted. 

Of course, there are still lines of business, especially in professional services, where the players wine and dine prospects. Actually, that's one reason so many brandname public relations agencies and law firms are based in Manhattan. The head of whatever at Corporation XYX in Minnesota expects that special treatment by those competing for their account. And they want it to unfold in Manhattan. Not Fairlawn, New Jersey.

Just like Airbnb disrupted the lodging industry, the decline of the power lunch will reconfigure the restaurant one. 

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

Have Gun, Will Relocate

A 73-year-old - J.R. - contacts MarketWatch about a retirement destination. 

The specifications include:

Gun-friendly

Affordable (at least more so than California where J.R. is currently located)

Moderate weather. 

What MarketWatch comes up with are:

Bella Vista, Arkansas

Silver City, New Mexico

Gainesville, Georgia.

What MarketWatch doesn't tell J.R., though, is that what constitutes retirement paradise for now might not stay that way.

For example, look at Tucson, Arizona.

There was an era when it was a kind of retirement headquarters.

A studio apartment in a safe part of the city near shopping centers and recreation had been $400 at Vista Montana. The weather was only extreme in summer. And, you bet, there were (and probably are) lots of guns.

Now, a studio starts at $550. Add on a high electricity bill because energy is not cheap there. Air-c0nditioning is a must most of the year. And, yes, heating is also a must in winter.

The former affordability keeps getting frayed at the edges as more folks from CA migrate to Tucson and surrounding areas. Like J.R., they can no longer make ends meet in CA. 

Then there is the weather. Could it be climate change? There are more days when the temperature is in the three digits. Some days and not just in the middle of summer that reaches 122 degrees.

Guns. Those feeling the need for or who just want firearms will still have plenty of company. Many pawn shops sell used ones.

The new challenge of relocation for retirement/semi-retirement is this: uncertainty.

That low-cost house purchased could be hit with high property taxes and insurance doesn't cover some kinds of damage from natural disasters. The neighborhood could go to hell if the "wrong" folks start also taking advantage of the real estate bargains. 

Rent could go beyond the limits of a budget. The teaser rate for senior citizens usually has no connection to what the rent will be when the lease is renewed. And it's rare for a cap on the rate of that increase.

At Vista Montana, there had been two $50 boosts in the annual during the two years I bunked there.

Then I did the unthinkable: I decided to do a second relocation. Here in Toledo, Ohio, a bedroom starts out at between $425 and $475. Subsequent increases at lease renewal time are low. Energy is on the cheap side. 

In addition, in the Garden of Eden such as southern locations, weather could become and stay severe. You bet, climate change is real.

In addition, crime could rise. 

Gig work for supplementing Social Security could dry up if the economy of the location changes. 

The first relocation from where professionals did their career is hard. Another one on top of that can unhinge. Yes, forget supposed sure bets.

Reflection: Are the new nomads the aging searching for Cheap?

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

You Need Cheap - Where to Find It for Retirement/Semi-Retirement Around the World (and, in OH)

Who among us aging doesn't need cheap?

After all, even if we're fat and happy right now with the max in Social Security, a pension, and investments, all that might not be enough.

We could get hit with a whopper of continuing cost for medial care, including for a spouse.

We could live to be 100+, with inflation galloping.

We could be forced to take in grandchildren and rear them, right up through college.

There are threats to eventually reduce the monthly Social Security payment.

And, investments, they could downsize or even go poof.

Most of the time when we think "cheap," we are focusing on the cost of housing.

How much we spend on other items such as groceries and recreation can be adjusted to our individual budget, no matter where we live.

But to avoid being homeless, we have to pony up what the market rate is in that location. Call that The Price of Entry.

The good news, reports Think Advisor, is that there are myriad locations outside the United States with cheap housing. According to GoBankingRates, here are the top ones:

Romania

Ecuador

Croatia

Turkey

Bulgaria

Serbia

Vietnam

Mexico

Philippines

Indonesia

Columbia

Pakistan

Malaysia

India

Sri Lanka.

The cost of housing in these particular nations ranges from about $180 to $500 a month.

Ironically, though, the nation that is getting the most media attention for cheap - Ecuador - is more expensive for housing than my apartment on the west side of Toledo, Ohio. The average monthly nut for an apartment in Ecuador, according to GoBankingRate, is $480.80.

In my residential development, rents range from $400 to $475 a month for a one-bedroom, with free covered parking. But since a shopping center is across the street and a bus to downtown stops right in front, a car isn't necessary. Electricity for light, heat, and air-conditioning runs about another $40 a month.

It's interesting to note that in Toledo, as well as Youngstown, OH, rent has been declining. 

Once we older Americans nail down a cheap way to keep a roof over our heads, we can open ourselves to the unique joys associated with aging. They range from not caring what others think to learning to love ourselves as we are (ditch the self-improvement resolutions).

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

 

Mexico - Yes, Possible to Retire in Parts of It for $1K Monthly, But Beware of Crime

A man in Colorado contacts money site MarketWatch for advice on where in Mexico he can retire on $800 to $1,000 monthly. 

MarketWatch had several to recommend, including a charming town on the Pacific Coast - Mazatlan. Yes, there is plenty to do there.

The downside is crime. That problem is so intense in parts of the Mexico that the U.S. Government warns American tourists to use caution when visiting. 

But, a high crime rate often comes along with any location where the cost of living is below the surrounding average.

For example, after I sold my house in West Hartford, Connecticut and wanted to downshift spending to sock away more for retirement, I relocated to New Haven, CT. In addition to reasonable rents what attracted me was that that Yale University and the public library system provided so many cultural activities.

Soon enough my car was stolen.

Next I was mugged. 

What was obvious was that the area was too dangerous for a single older woman such as myself. However, I was not ready to move. That would eventually be west.

Meanwhile, I coped with the crime situation by not replacing the car. The public transportation system was great and had senior discounts.

I didn't carry a purse, stuffing what I needed in my pants pockets.

I walked in the middle of the street. 

From then to the day I waved good-bye to the East Coast there were no more crimes against me. 

Takeaway: If the location is labeled "high crime," establish a plan not to be a target.

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

 

Social Security COLA Increasing Only 1.6%, With Medicare Part B Premium Expected to Increase $8.80 Monthly

Do the math.

For 2019, the increase for seniors and others receiving Social Security was 2.8%. 

For 2020, the Social Security Administration announced, The Wall Street Journal reports, the increase will only be 1.6%.

Meanwhile, the Consumer Price Index showed that inflation had recently increased 1.7% over the previous year.

In addition, what is expected, but not confirmed yet, is that the premium for Medicare Part B will rise from $135.50 monthly to $144.30 monthly. That represents $8.80 which will be sucked out monthly from the monthly Social Security check. 

Obviously, all this continues to leave many seniors in a financial squeeze.

Few I interview feel that they are living the life they dreamed about during the stress of the work years.

According to the Federal Reserve, about one-third of those who retired returned to work. A major reason was to make ends meet. Here, free to click open, is my book on how to land, hold, and move on to better work, even when in the senior years Download Outwitting ageism

In addition, a growing number, as MarketWatch chronicles, have been relocating from the U.S. to lower-cost locations ranging from Portugal to Mexico. As an expat, the good life is possible. 

But, more are simply researching the cost of living in a variety of cities throughout the U.S. Usually, it's the particular city which is affordable, not necessarily the state in general. For example, Sierra Vista in Arizona has rock-bottom rents but further north renting a lot in a mobile home park can be pricey.

Most have found that even where the living is cheaper than in the major metro areas where they did their careers they have to adopt some form of minimalism.

Eating out in a sit-down mid-range restaurant becomes a luxury.

Goodwill retail becomes a trusted brand for everything from clothes to household items.

The ideal is to be able to no longer be a car owner, instead relying on public transportation and cabs.

However, those who made all the right moves in preparing for retirement do discover that they can no longer buy what they want when they want it. When I interviewed them in Oro Valley, AZ, they recounted that shift with sadness. It represented a loss of aging. Face it, in capitalism, spending is a feel-good.

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

 

FIRE - No One Bulletproof Strategy, Usually Few Regrets When It Goes Poof

He eats rice and beans.

During winter he puts on layers so that he doesn't have to turn on the heat.

He sticks with one well-worn suit.

And, he lives in New Jersey to duck New York taxes.

That's how Daniel, 36, a Manhattan corporate lawyer earning $270k annually, is planning to do a FIRE (Financial Independence, Retire Early) in three years.

Already he has socked away $400k. His story is featured in BusinessInsider.

Some who follow the FIRE movement might assess $400k as hardly enough to fund 40 or more years of early retirement. That's even if Daniel adds on a couple of hundred thousand in the next three years.

The skeptics are, in some ways, on the money. Media outlets have covered examples of FIREs which didn't pan out - at least not as expected.

Of course, there are the simple situations in which the funds ran out.

One woman found it was too complex to manage the rental property she used to fund early retirement. It was back to work. Incidentally, in general, the Federal Reserve documents, one-third of retirees return to working for income.

Or, the funds simply disappeared.

A crypto investor's computer had been hacked and her funds stolen. She had not used the "cold wallet" to protect her funds. You bet, she had to high-tail it back to the grind.

Then there are the divorces. In just about every instance, not just a FIRE arrangement, they siphon off major chunks of money. In a FIRE, usually both parties have to return to working.

There are also non-monetary reasons for backing off a FIRE. Classic is the loss of professional identity. To get to the point of being able to retire early, the entire focus was on building wealth. No attention was given to What Next. Emotionally the retiree is stranded.

Daniel could bump into any or all of these obstacles.

On the other hand, he might manage his FIRE to be a Forever.

Likely, he will have to maintain frugality or, as it is now called, "minimalism."

In addition, he will have to put together another identity. That could be through another career path. FIRE can mean leaving what has come to be experienced as the rat race and doing something more enjoyable and less stressful. Or, he can immerse himself in volunteer efforts. There is always the possibility of extreme pleasure. 

Lawyers toying with the FIRE option should know that such radical saving as Daniel is doing is not necessary.

Another path is through side hustles, while holding on to their lawyering work.

In Minneapolis, Minnesota, Kevin Ha, 32, manages to fit in 13 side hustles a month. As MarketWatch reports, they range from delivering food to walking dogs. No surprise, he has paid off his student loans. If he grows weary of lawyering he had opened himself to many other options, including a FIRE.

Overall, even those who went for a FIRE and had to circle back usually don't regret the experiment. They learned plenty about money as well as themselves. 

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