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

Baby Boomer Survival Guide, Second Edition Barbara Rockefeller

Baby Boomer Survival Guide, Second Edition by Barbara Rockefeller

Faster Shipping

Baby Boomer Survival Guide, Second Edition Summary

Baby Boomer Survival Guide, Second Edition: Live, Prosper, and Thrive in Your Retirement by Barbara Rockefeller

About Barbara Rockefeller

Table of Contents

Additional information

Customer Reviews - Baby Boomer Survival Guide, Second Edition