Over-50

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.

 

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. 

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

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. 

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

 

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.

 

Rethinking Not Retiring

Everything changes. And keeps changing. 

Personal finance experts can't be believed.

And an inner switch is poised to go "off duty," that is, leave that full-time career.

So, when and how do you make that decision to retire? It's become a terrifying rite of passage. Will you run out of money? Can your hobbies keep you stimulated? And can you navigate relocating from the coasts to where a lifestyle is more affordable?

Incidentally retiring no longer means no longer working for income. All it covers is taking the exit ramp from that big job or operating a business 80 hours a week. The new territory you enter, though, is filled with uncertainty. In itself, that creates monsters in the mind.

This morning many woke up the June jobs report. With 224,000 new jobs created, it beat estimates.

So, a recession may not be in the wings. That means there could be a return to a sellers' market for your too-big house in Connecticut.

The stock market may keep fattening a retirement portfolio.

Interest rates may not be cut and you can sock away funds safely in CDs. 

Meanwhile, probably not since the First Industrial Age that Charles Dickens depicted in his novels has the workplace demanded so much. That "so much" Stanford Graduate School of Business Jeffrey Pfeffer captures in his book "Dying for a Paycheck."

The reality is that with aging it can be increasingly difficult to keep up with the "so much." Maybe employers assume that to be the situation. What's palpable is how unwelcome the over-50 may have become in industries ranging from media to management consulting. In particular, employers are watching how quickly they are picking up new digital technologies. 

The good news is that there are ways to hustle for income after leaving the big job or selling a business.

The trick is to shake off the need for prestige and high wages. Here free to click open is my book on landing, holding, and moving on to better work, no matter what your age Download Outwitting ageism.

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.

 

The New Aging - Sorry, High-SAT Scoring Baby Boomers, There Are No Right Answers (or wrong ones)

The first generation in America to attend college en masse, we Baby Boomers were socialized into believing our success depended on coughing up the one right answer.

We sized up our teachers so that we could figure out what was the right answer for them.

We prepared for the SAT to determine what the test-makers wanted as the right answer.

In most 20th century workplaces, you bet, there were the right answers. 

Then we aged. And we keep aging. Again, we are a first gen in something. That's in extreme longevity. For us the aging process could go until beyond age 100.

Only what's different, we are discovering, is that in this new context, there is no one right answer. Also, there are no wrong answers. 

We got that after we chased after the right answer. Should we retire/semi-retire? Should we relocate out of high-cost, high-tax state Connecticut for Arizona? Is it crazy to enter a degree program to prepare for another career?

We researched. We attended seminars. We talked with those who had already made some choices associated with The New Aging. Then, once we were certain we had the right answer, we did X or Y.

Smirk. Smirk. X or Y could have been a disaster. All the articles by experts indicated we were ready to retire. We did that. Then we were not only bored. Society treated us as invisible. Back to the drawing board, we searched for the next right answer. We did that over and over again until we recognized there are no right answers. Also there are very few totally wrong answers.

Instead, call it The Goldilocks Syndrome, we have to experiment. Without expectations. And without the need to be right.

To hold down the cost - financial, emotional, and social - of The Goldilocks Syndrome, we operate on a small scale. Instead of relocating to AZ or becoming expats in Ecuador we save our pennies or get a part-time job in Home Depot and add to our pennies. We go there for a few weeks. We take on the mindset of a researcher not someone doing magical thinking. We calculate the odds the situation would be for us. 

Sure, we might grouse daily about bunking in CT. But that might not be a wrong answer. Instead we can up the rightness in it by adjustments. Sure, the property tax in West Hartford is more than we can afford. But if we embrace "co-living" that is no longer the situation. No, we don't have to sell the house, as the supposed experts hammer. No, we don't have to relocate to South Carolina.

Trained in the absolute need to be right, it's jarring to navigate becoming older without any certainty. That's the ugly underside of reality.

But the good news is that once we experiment and hit upon solutions that are a better fit for us than others there is a profound feeling of satisfaction - and accomplishment. Yes, we can "grow" right up to the day we pass on to a dimension where the game could again change.

Exactly the right tone and content for all your communications. Complimentary consultation janegenova374@gmail.com.

 

Your Career BigBangs Are Behind You - Now Go to Box Factory, Make a New Box

On "Boston Legal," name partner Denny Crane managed to sustain the illusion that he was still at the top of his game - most of the time. That was despite the onset of dementia or what he called "mad cow." 

Most other aging professionals whose work  lives are in decline or ended aren't so successful in fooling themselves.

They know their days of outstanding performance are over. They might have even lost their title. As a result, they might wind up spending the rest of their lives in profound emotional suffering.

Essentially they recognize they have become irrelevant. But can't find a way out of that box.

In the July 2019 edition of The Atlantic, Arthur C. Brooks takes a poignant look at that phenomenon. Its pain can be worse the more success that had been achieved. Over-50 (born in 1964) and president of the American Enterprise, no surprise, Brooks indicates that he too reflects on when he might lose his own edge. 

Unfortunately, what has been served up by many of the supposed retirement experts are mere platitudes.

At the top of the list is: Volunteer, that is, give back. Smirk smirk. The brutal reality about that is the role can ramp up the pain. To begin with, the BigTitle isn't there any more. And those under-5o are likely to roll their eyes at the prospect of "being helped" by someone who, well, just isn't in the game any more. In the second decade of the 21 century that game mutates quickly. So who is this has-been pontificating? Thank you, but just go away.

The other bit of traditional guidance is equally lame: Enjoy life. After serving at the altar of work for decades, it may be impossible to put together a lifestyle that is based on anything but work. In upscale retirement communities such as in Oro Valley, Arizona, the best attempt at this seemed to generate a kind of ritualistic survival pattern. Not joy. 

The third cliché foisted on aging professionals is: Launch a business.  There is plenty of that. Most never even reach the breaking point, reinforcing the misery. 

It's no surprise that the suicide rate among men over-70 is increasing. Women are having a horrific time of it too. Work had also been their religion. 

Of course, there has to be a way to shake the former identity and start over establishing a new one. Perhaps even with joy. Actually there is.

The first step is breaking free of the past. No, the past doesn't have to follow, not if a trail of breadcrumbs isn't set out. Don't be tempted to do that. 

Usually the severing mandates relocation - and not to a retirement utopia.

There, go by another first name. If anyone probes, claim it's "an old nickname." A prominent public relations player did just that. She explained her new name "Ariel" was what they called her where she grew up in Salem, Massachusetts. 

And don't let anyone open the nostalgia door. Happy memories are the enemy to establishing relevance.

The second step is trial and error. Experiment like hell with what could create meaning in a life. And that life could be a very long one. Television star Betty White wound up being the patron saint of aging. She's in her 90s.

The third step is sharing what is being learned in mediums ranging from podcasts to Twitter. It is on the latter that O.J. Simpson is blasting out a fourth identity. The aging can become stars in fresh niches. 

Takeaway: Frame life as a box factory. Make yourself a new box. 

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.

Retirement/Semi-Retirement - Those Large Unplanned Expenses Can Be Planned For

Before and during retirement/semi-retirement what keeps the aging up at night is this: They anticipate and fear those large unplanned for expenses. Here Darrow Kirkpatrick discusses them in MarketWatch.

However, those unplanned expenses can be planned for and/or absorbed through continuing to work. Regarding the latter, the Federal Reserve documents that already 30% of those who have retired have returned to work. Moreover, the new status symbol among the aging is working. 

Let's look at some of the so-called unplanned expenses MarketWatch presents.

Maintaining a house. That's an easy one. Instead, wait until the real estate market is right, sell the house, and rent. There are growing options in subsidized rentals for those over a certain age. Also, merely relocating from a pricey region such as the New York Metro area or Boston to Alabama or southern Arizona can reduce rent by half or more. 

Owning a house makes the aging sitting ducks for whoppers of bills. Those range from damage from a natural disaster not fully covered by insurance to the ongoing increases in property taxes in a good school district.

Dental. That can be managed by shopping around for good dental insurance. Medicare supplemental insurance usually offers that for an extra monthly fee. The savings can be considerable.

For extensive dental work there is the option of dental tourism. That's available, for example, in northern Mexico near the borders of southwestern Arizona and parts of California. A hard mouth guard to prevent damage from teeth-grinding at night can cost less than a third of the fee at a U.S. dentist. Dental tourists can find low-cost motels nearby. That journey can also be enjoyed as a vacation.

Medical. It is smart to wait until age 65 to leave a job with medical coverage. That's when Medicare kicks in. The Medicare Supplement could limit out of pocket expenses to about $6,000.

Another option is Medical Tourism. Around the world the cost of healthcare is usually lower than in the U.S. Research will turn up where that care is high quality.

Also, some nations allow those emigrating there to participate in the national healthcare plan for a fee. Or, it is possible to relocate in one of those nations and purchase health care services a la carte. They are bound to be less expensive than in the U.S. 

Transportation. A major repair can be 4 figures. Also, the upkeep, including even the oil changes, can run up a significant bill. The option is to relocate to where there is reliable affordable public transportation. That should be factored into retirement relocation plans. It's big. 

For emergencies there is Uber. For get-aways there can be discount auto rental services. They go by the names such as "Rent a Wreck."

Electronics. In retirement or a downsized career path, why are folks buying smartphones? They cost between $500 and $1,000. Plus the service fee can also be a budget-challenger.

A phone with a low IQ - that is not exactly a dumb phone- runs about $70. It does have features such as texting, voice mail, a primitive camera, and so on. The AT&T service fee, if billed on a credit card monthly, is about $30. A low IQ phone also shakes folks out screen addiction.

Public libraries provide free access to laptops including WiFi. The system in the Youngstown, Ohio Metro area also offers free scanning and email services. 

Family. Usually that's a psychological, not a financial, issue. The message has to be delivered: We are on a strict budget. Renting versus home ownership discourages relatives from visiting too long or deciding to stay. 

Legal. In this digital age, many standard legal procedures can be handled Do It Yourself (DYI) or by purchasing affordable forms and a bit of lawyer's time from the online consumer services. They range from LegalZoom to RocketLawyer. Among what can be wrapped up at no or low cost are wills, simple divorces, and forming the LLC (limited liability company) for a startup. 

Also, it makes solid financial sense not to invite legal problems. That means not being assertive about politics in a bar, driving within the speed limit and without any alcohol or drugs, muzzling dogs on walks which have even bitten once and so on.

For litigation and criminal procedures more are doing a DYI or at least starting out that way. That's called pro se litigation. Many courts are bending over backwards to assist the pro se litigator. The law can be understood. When those doing a pro se hit a wall, they can then seek out a lawyer. That dynamic is happening more and more. Therefore, law firms are providing a la carte services to pick up where the pro se litigant had to leave off. 

If none of the above applies, take advantage of the complimentary consultations with several lawyers. Ask directly about fees. Find out which attorneys will operate on a contingency basis. That is, they represent the plaintiff free for a percentage of the verdict or settlement. 

In addition, there is always the work option. Here is my book, free to click open, how to land, hold, and move on to better work, at any age Download Outwitting ageism.

Retirement/semi-retirement can go on for 30 or 40 years. That span of time need not be filled with financial angst.

Exactly the right tone and content for all your communications. Complimentary consultation janegenova374@gmail.com.

 

Research Confirms What We Aging Already Have Experienced: Relocating Is Tough

Relocation is stressful. And the aging are among those doing the most moving. 

We over-5o already know that. But for those who need research to accept a reality, here you can click on the study about cognitive functioning and aging published in the Journal of Public Health. No surprise, a finding from that analysis is the advantage of aging in-place.

However, that option of aging in-place is not open to large segments of the over-50.

At the top of the list are those who spent their careers in metro areas which have become very expensive. Among them are New York, Boston, Los Angeles, and San Francisco. Even in subsidized senior housing, if you can get in, it could be impossible to make ends meet. 

One day comes that moment of clarity: Hey, I can't afford to live in the New York Metro area any more. 

Then comes the ordeal of figuring out where to relocate. Increasingly moving abroad is an option. 

Next comes the adjustment.

When you do move from your college town to the location of your first job, that's an adventure, with just a small side dish of emotional upheaval.

When you do that after building a career, lifestyle and social network in a cool city it's tough. The tough part may never end. Some folks cannot become one with the new terrain. That is, they can't shake off the homesickness.

Or, the first stop isn't where they will settle in. Currently in the Youngstown, Ohio Metro area is a couple who came from Louisiana. Their lease is up in the fall. Then they will probably try out a nearby state. 

More typically you figure out how to make a go of life in The New Land. 

For me, that has taken more than four years and two long drives back to New York City. It's only been recently that I have given up the fantasy that somehow I can make enough money from my two boutiques to afford, once again, being a New Yorker.

On my spring journey back to the New York Metro, I went to the supermarket. Dog food which is 70 cents where I now live was 89 cents there. That was the ah-ha moment. 

The takeaway is: Stay where you are, if you can afford it. If relocation is a must, prepare yourself for the pain of transition. You can become comfortable, eventually. But the odds are against your ever feeling at-home. Here, free to download, is my book on how to take a few steps out of your comfort zone. 

Career and communications coaching for the over-50. Complimentary session. Please contact Jane Genova at janegenova374@gmail.com

 

Retiring Abroad - Don't Expect America Lite

"As of April 2019, the Social Security Administration was sending 685,000 payments to beneficiaries overseas - a 40 percent increase over the past 10 years ..." - Jaimie Seaton, "The pros and cons of retiring abroad," in The Week, May 22, 2019. Here is the article. 

Once unthinkable to many, retiring abroad has become a possibility to consider. The main attraction is that the cost of living is lower than that of the U.S. 

For example, an individual or a couple can live a middle-class lifestyle in Ecuador only with income from their Social Security checks.

The internet currently is full of information about the details of relocating to a broad range of nations.

Those who took the leap have online sites providing insight about what it is to live beyond the borders of the U.S.

There are special events around the U.S. providing briefings about a variety of overseas locations. 

But the tough nut to crack is: Actually adjusting. 

As Seaton points out, those who move abroad expect a kind of low-cost America lite. They figure it will be different from the U.S., sure, but not all that different.

But even not all that different can be too different for some. And, usually it's significantly different. The world hasn't homogenized into Little America.

Not that they haven't been warned of the specifics of the culture.

The standard background data about a location would probably indicate, for instance, a "manana" mentality. The plumber might not come for two days or more. The initial assumption is that they can learn to live with that, as a trade-off for low-cost housing. But that assumption may entail over-estimating their flexibility.

The solution is to try out that location for a few months. Just don't go for a week while on vacation from a job. 

Also, there are low-cost of living options right in the U.S. Some are in Alabama. Some in southern Arizona. Just key in on the internet "low-cost places to retire in the U.S."

But even relocating within the U.S. requires an adjustment.

One couple who came to me for coaching after they retired in AZ realized they expected Oro Valley to be a lot like Manhattan, only with higher temperatures. They were bored by the slow pace in the Valley. They needed to put together how to start a small business to keep them stimulated. That's what we focused on.

Not one person I coached experienced relocation as an adventure. For them it turned out to be a rite of passage as challenging as transitioning from college to pursuing a career.

Should you stay where you are if you can afford to? That's an option. Retirement doesn't demand relocation.

Coaching for the over-50. Complimentary consultation janegenova374@gmail.com. Sliding scale fee schedule.