Overview

Fully updated and revised survival guide including up-to-date changes due to life with Covid-19 for Baby Boomer generation entering retirement! Baby Boomer Survival Guide, Second Edition: Live, Prosper, and Thrive in Your Retirement is the premier roadmap to retirement for anyone focused on financial security. This is a comprehensive, easy-to-understand guide that covers all the significant financial, healthcare, and lifestyle-related considerations today's Baby Boomer generation needs to know. This essential happiness handbook to financial & health security includes key topics: How to Live a Long, Happy, Healthy Life Expanding Your Interests, Hobbies, Social Network, Community Involvement & Quality Time with Family Where to Live & Where to Travel What to Do With Your Extra Years Strategies for Not Outliving Your Savings Financial Planning and Investing: Rules for Success Taking Advantage of the Trump Tax Cuts Homeownership vs. ""Real Estate"" & Renting vs. Buying WORKING in Retirement Social Security Optimization Strategies Having a Medicare Game Plan Key Questions and Answers to Long-Term Care Why You Should Think About Inheritance Wills, Trusts & Taking Care of Your Family A little planning and foresight can go a long way toward making sure your hopes and ideals for retirement don't collide with harsh economic, financial, and health-related realities. Baby Boomer Survival Guide will give you the wherewithal to make your retirement the rich-est, most fulfilling chapter in the book of your life - for yourself and your loved ones.

Full Product Details

Author:   Barbara Rockefeller ,  Nick J. Tate
Publisher:   Humanix Books
Imprint:   Humanix Books
ISBN:  

9781630061555

ISBN 10:   1630061557
Pages:   352
Publication Date:   13 May 2021
Audience:   General/trade ,  General
Format:   Paperback
Publisher's Status:   Active
Availability:   Temporarily unavailable  
The supplier advises that this item is temporarily unavailable. It will be ordered for you and placed on backorder. Once it does come back in stock, we will ship it out to you.

Table of Contents

Baby Boomer Survival Guide, Second Edition: Live, Prosper, and Thrive in Your Retirement Table of Contents Introduction..................................................................xv PART I — Financial Decisions by Barbara Rockefeller Chapter 1......................................................................3 Getting Started: Taking Stock You are Not Alone...............................................5 Baby Boomer Worries.........................................5 Will You Outlive Your Savings?...........................6 How Much Do You Need?.....................................9 The Monster under the Bed: Long-Term Care......11 Homelessness.....................................................12 The Solution.......................................................15 Calculating the Cost of Retirement......................19 Planning..............................................................20 Chapter 2.......................................................................25 Retirement Age Longevity.............................................................25 What to Do With Your Extra Years........................26 Retiring Early Is Dangerous to Your Health..........28 Who Do You Want to Become?..............................30 Working After Retirement.....................................30 Changing Jobs Before Retirement.........................32 Starting Your Own Business after Retirement.......35 Resources.............................................................38 Chapter 3...............................................................................41 Social Security The Real Social Security Problem.................................44 Final Debunking...........................................................45 How it Works in Practice..............................................46 How Your Social Security Benefit is Calculated.............47 The Best Age to Apply..................................................50 Monthly Benefits at Retirement Age.............................51 Cumulative Benefits by Retirement Start Age...............51 The Breakeven.............................................................51 Spousal Benefit............................................................52 If You Are Single..........................................................53 Cost-of-Living Adjustments (COLA)..............................56 Social Security Optimization Strategies........................58 62/70 Strategy...................................................58 Double Dipping...................................................58 File and Suspend................................................59 Start-Over Strategy............................................59 Working and Social Security.........................................60 Taxing Social Security...................................................61 Social Security Disability Benefit Claims on the Rise.....62 Other Aspects of Social Security...................................63 Chapter 4................................................................................67 A Place to Call Home in Your Golden Years Homeownership vs. “Real Estate”.................................68 Cashing Out..................................................................70 Reverse Mortgages.......................................................72 How Do Reverse Mortgages Work?......................72 A Family Affair..............................................................74 Downsizing...................................................................75 Managing the Real Estate Broker..................................76 Renting vs. Buying........................................................79 Boomer Mobility............................................................81 On Retiring Abroad........................................................87 So You’re Determined to Take The Plunge.....................89 Real Estate/Housing............................................89 Healthcare...........................................................90 Crime and Violence..............................................91 Chapter 5.................................................................................95 Inheritance Why Do We Have Inheritance and Estate Taxes?............96 Federal Estate Tax..........................................................99 Portability......................................................................100 Here’s How It Works......................................................100 State Inheritance Taxes.................................................101 The Gift Tax and Exemptions..........................................102 Why You Should Think About Inheritance......................103 Chapter 6.................................................................................107 Wills and Trusts Why Do People Fail to Prepare for the Inevitable?..........108 Dying Without a Will.......................................................108 The Essence of a Will......................................................111 Writing a Will..................................................................111 Changing and Revoking Your Will....................................113 Contesting a Will.............................................................115 Do You Need a Living Trust, Too?....................................117 What is a Revocable Living Trust?.........................117 Advantages of a Living Trust.................................119 Disadvantages of a Living Trust.............................120 Special Trust Cases................................................121 Generation-Skipping Trusts (GST)...................................122 Credit Shelter Trust (CST)................................................122 Charitable Remainder Trusts............................................123 Private Foundations.........................................................124 Fiduciary Duty..................................................................125 Chapter 7....................................................................................129 Trading and Investing: Rules for Success Rule 1: Achieve Basic Financial Literacy............................131 Rule 2: It’s Not Savings Unless It’s a Savings Account......133 Rule 3: Only Greater Risk Boosts Return...........................134 Rule 4: Leverage Boosts Return but Increases Risk...........135 Rule 5: Seeking Risk On Purpose.......................................137 Rule 6: Avoid Catastrophic Losses, Part 1..........................140 Rule 7: Avoid Catastrophic Losses, Part 2..........................142 Rule 8: Learn to Look at Charts.........................................144 Rule 9: Conventional Wisdom is (Probably) Bunk..............145 Rule 10: Options................................................................146 Rule 11: Avoid Fraud and Scams........................................151 Avoiding Bad Investments: Advice from Credit Analysts.....................................154 Chapter 8.....................................................................................157 Financial Planning Planning vs. Advising.........................................................159 Credentials.........................................................................160 Do Your Homework............................................................162 Retirement Investment Mentors.........................................165 Retirement Coaches............................................................165 Components of a Retirement Plan.......................................166 Measuring Outgo.................................................................166 Measuring Income...............................................................169 Putting Income and Outgo Together....................................170 The 4 Percent Rule...............................................................171 Part II — Considerations for Quality of Life by Nick J. Tate Chapter 9...............................................................................................................175 The Long and Winding Road to Long-Term Care 7 Key Questions and Answers to Long-Term Care.........................................177 No. 1: What Is Long-Term Care?.........................................................178 No. 2: Is Such Care Pricey?.................................................................178 No. 3: How Much Do Long-Term Insurance Policies Cost?...................179 No. 4: Is Insurance The Only Option?.................................................180 No. 5: Won’t Medicare Pay for Some Long-Term Care?........................182 No. 6: What about Medicaid?..............................................................183 No 7: How Can You Tell if You’re Likely to Need Long-Term Care?......184 Chapter 10..............................................................................................................................................................................187 The Silver Tsunami The Politics of Medicare.................................................................................................................................................189 The IPAB: “Death Panel” or Expert Board of Directors?................................................................................................ 191 “Premium Support” Payments: Voucher Program?...............................................................................................................................................192 Coming up with a Medicare Game Plan...........................................................................................................................192 No. 1: Who Is Covered by Medicare?....................................................................................................................193 No. 2: What Are the Primary Elements of Medicare?.............................................................................................193 No. 3: Do You Even Need Medicare?.....................................................................................................................196 No. 4: Should You Stick With Your Current Medicare Plan?...................................................................................197 No. 5: What Type of Plan Works Best for You and Your Budget?...........................................................................197 No. 6: Do You Qualify for a Discount?...................................................................................................................198 No. 7: When Can You Sign Up?.............................................................................................................................198 No. 8: Are There Certain Rules and Restrictions for First-Time Enrollees?............................................................199 No. 9: What If You Don’t Like Your Plan?..................................... 199 No. 10: What Is the “Donut Hole” in Prescription Drug Coverage, and Is It Really Closing Under Obamacare?.....199 No. 11: What Is Supplemental Medicare Coverage and Do You Need It?...............................................................200 No. 12: Where Can You Get Unbiased Help and Information?................................................................................203 No. 13: Will Cuts To Medicare Advantage Doom the Program?..............................................................................204 No. 14: Is a Stand-Alone Medicare Part D Drug Plan Right For You?......................................................................206 No. 15: Medicare Scams And How To Avoid Them.................................................................................................209 Chapter 11........................................................................................................................................................................213 Thinking Through the Unthinkable No. 1: What Is a Living Will?....................................................................................................................................215 No. 2: What Is a Healthcare Proxy?.........................................................................................................................216 No. 3: Can Your Medical POA Be a Non-Relative?.....................................................................................................217 No. 4: What Treatments Would You Want — and Not Want?.....................................................................................218 No. 5: Why Do You Need to Put It in Writing?..........................................................................................................220 No. 6: Should You Update Your Advance Directives Periodically?.............................................................................221 No. 7: Can Your Healthcare-Related Documents Be Invalidated or Challenged as Faulty?........................................222 No. 8: Can Your Doctor Refuse Any of Your Advance Directives?..............................................................................222 No. 9: Are There Other Documents You Might Need to Be Sure Your Wishes Are Carried Out After You’re Gone?.....222 No. 10: How Can You Help an Older Parent or Relative Make Similar Plans?.............................................................223 Chapter 12........................................................................................................227 The Lifelong Journey to Health Data from the Experts.............................................................................228 Some Hopeful Signs................................................................................231 Prescriptions for Health..........................................................................232 Screening Recommendations for Men and Women of All Ages.................233 Avoid Tobacco...............................................................................233 Limit Alcohol.................................................................................233 Maintain a Healthy Weight............................................................233 Eat Healthy...................................................................................234 Get Moving....................................................................................234 The “Goldilocks Effect” for Heart Rate...........................................235 Get Regular Physical Exams..........................................................236 Do Something to Manage Stress and Get a Good Night’s Sleep......236 Screening Recommendations As You Age................................................237 Men: 40 and Older.........................................................................237 Women: 40 and Older....................................................................238 Both sexes: 40 and Older...............................................................239 Men: 50 to 65.................................................................................239 Women: 50 to 65............................................................................239 Both sexes: 50 to 65.......................................................................240 Men and Women: Over 65...............................................................241 Beyond the “Big C”...................................................................................241 Minding Your Mental Health......................................................................244 5 Rules to Live By.....................................................................................245 No 1: Exercise.................................................................................245 No 2: Weight Control.......................................................................247 No 3: Mental Challenges..................................................................248 No 4: Social Interactions.................................................................251 No 5: Cut Down onStress.................................................................252 Beware of Bogus Cancer Cures..................................................................255 Will You Live to 100?.................................................................................258 Move more, eat less.........................................................................258 Banish stress...................................................................................259 Rest up............................................................................................259 Follow your bliss..............................................................................259 Learn new things.............................................................................259 Chapter 13.................................................................................................................................263 ** NEW Healthcare: What Boomers Need to Know What Are the Smartest Ways to Budget and Plan for Healthcare Costs in Retirement?.....272 Explore Health Savings Accounts......................................................................................273 Consider Long-Term Care Insurance.................................................................................274 Resolve to Stay Healthy....................................................................................................274 Manage Any Chronic Conditions You Have.........................................................................274 Become a Comparison Health Shopper..............................................................................274 Itemize Medical Deductions on Your Taxes........................................................................275 Save on Drug Costs...........................................................................................................275 Investigate Insurance Rebates..........................................................................................275 Look into Employer Wellness Programs.............................................................................276 Other Savings Options.......................................................................................................276 Healthcare Spending Skyrocketing.....................................................................................276 Avoiding Scams.................................................................................................................278 Fraudulent O Websites......................................................................................................278 Medicare Scare Ploys.........................................................................................................279 Chapter 14...................................................................................................................................281 Quality of Life by Barbara Rockefeller and Nick J. Tate One Size Does Not Fit All...................................................................................................286 Best Places to Live............................................................................................................287 Staying Connected............................................................................................................288 Volunteer..........................................................................................................................289 Groups and clubs..............................................................................................................290 Don’t Neglect Your Physical Health...................................................................................290 Dating over 50..................................................................................................................291 Adopt a pet.......................................................................................................................291 Time Well-Spent...............................................................................................................292 Living Long and Healthy....................................................................................................293 Lessons from Centenarians...............................................................................................293 Strive for Balance..............................................................................................................296 Afterword....................................................................................................................................299 Appendix A:.................................................................................................................................301 Unbiased Resources State Health Insurance Assistance Programs (SHIP) by State............................................302 Patient Advocates, Insurance Ombudsmen by State...........................................................309 Appendix B......................................................................321 Assisted-Living Facilities and Nursing Homes How to Choose an Assisted-Living Facility..............321 Compare Assisted Living to Home Care.........321 Research and Visit Prospective Facilities......322 Calculate Costs.............................................323 Top 40 Assisted-Living Companies..........................323 How to Choose a Nursing Home..............................328 Do Your Homework.......................................328 Visit Multiple Times.......................................328 Ask Questions about What You See...............329 Nation’s Best Nursing Homes..................................329 Additional Resources for Long-Term Care................335 Index................................................................................337

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Author Information

Barbara Rockefelleris founder of foreign exchange forecasting firm Rockefeller Treasury Services, has over twenty years of financial institution experience in all aspects of foreign exchange, including trading, analysis, and risk management. She has a Bachelor's Degree from Reed College in Portland, OR, and a Master's in International Affairs from Columbia University in New York City. Rockefeller has authored four books, and writes a monthly column for Currency Trader. She lives and works in the Washington DC metro area. https://rts-forex.com/

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