February 1st, 2012 . Posted in Aging, Dreams and Reinvention, New Trends for Seniors, Uncategorized, retirement, trends | No Comments »
 Is it time to start working for yourself? Many retirees and seniors choose to start businesses after they retire. It’s a way to stay active, contribute to the community, and, sometimes, pursue a long-held dream. Some just reject the idea of retirement. So great…but where to find financing for a new business?
There are many ways retirees can fund a new business. The first step is figuring out how a cost estimate. A new business doesn’t always have to be expensive, especially if it will be treated more as a profitable hobby. Home-based businesses can usually be started for less than $2,000.
Larger business ventures, such as hobby farms or other so-called “reconomy” ventures, can cost a great deal more. Seek advice from experienced entrepreneurs and peers who participate in SCORE, the volunteer organization of retired professionals.
Business funding sources include:
Your Savings and Good Credit
The easiest funds to access are those in your piggy bank. A good rule of thumb is not to withdrawal more savings than you will need to sustain the business’s overhead while also retaining an emergency fund. This should be the first source of funding for smaller start-up ventures. If you need additional funding credit cards or a home refinance loan may also be options. Speak to your finance or tax professional before drawing down home equity to see if it is the right choice for you.
Community Micro-Finance
More communities are embracing micro-finance as a way to strengthen and build local economies. Check online or with your city manager to see if a local micro-finance lender exists. The application process is similar to a bank loan. The amounts of money available vary but frequently offer more favorable interest rates compared to national banks. Some community finance programs prioritize certain businesses over others. For example, some will prioritize lending to those who are creating jobs or whose businesses contribute to a healthier environment.
SBA-Backed Business Loans
Loans from the government-backed SBA (Small Business Administration) are also an option, if you and the scale of your business qualify. There are several specific programs for different kinds of business ventures ranging from community-based businesses to import/export businesses. In particular, the SBA’s CDC/504 loans can be used to fund hard assets such as buildings or other infrastructure necessary for business development. The Loans and Grants search tool is a way to see what funds for which you might qualify.
Private Investment
Private investment can come from formal or informal sources. Informal funding sources may be collected from friends, family, and other colleagues. If you pursue this route be sure to get all lending terms in writing. More formal funding sources, as the case with angel lenders, are reserved for larger business ventures. To begin, check online to see what angel investor groups are available in your state or industry.
401(k) Retirement Savings
There are three ways to tap the funds from your 401(k) for a business start-up. The first is to borrow the funds from your 401(k). You may borrow up to half of your 401(k) savings, up to a maximum of $50,000. You must repay these funds over a 5-year period back into your 401(k) on a quarterly schedule, with interest. You must charge yourself at least 1% interest.
The second way to borrow from your 401(k) is to have it invest in your business directly. You will need the assistance of a tax attorney or accountant. One of these professionals will structure your new business as a C-Corporation. Once established the business will issue all of the its stock into a new 401(k) profit-sharing plan in exchange for the cash. Your business profits will then fund your 401(k) profit-sharing plan.
Lastly, you can borrow funds directly from your 401(k) if you are of age. If you are not yet at the age of disbursement you will be taxed heavily, so, use this as the last option.
With funding in place, you can finally pursue your business aspirations in your retirement years. Good luck!
January 25th, 2012 . Posted in Aging, Downsizing and Moving, retirement, trends | No Comments »
 Cars seem to be the ultimate symbol of freedom and many retirees loathe the day when they’ll be “forced” to give up their car. If you shudder at the thought of being forced to give up your car, consider this option: give it up now—voluntarily, and early!
“Are you kidding?” you may be thinking. No way: giving up your car might be the smartest move you make in retirement if you’ve done some research, perhaps made some lifestyle moves, and given it a “trial run”. A different kind of freedom is in store for you.
First, if you are part of a two-person, two-car household, selling the second car can save money on gas, insurance, and maintenance costs. This won’t render your household “car free”, but can significantly add money to your living expenses budget.
If you are planning to downsize in your retirement years, consider moving to a mixed-use neighborhood. Mixed use, older neighborhoods tend to offer more walkable access to many conveniences. Don’t assume you have to move the “big city” to find this, either. Small cities, aka “micropolitans” and rural downtowns also offer walkable, urban amenities.
Investigate your access to public transit, too. Public transit (buses, trolleys, subways, trains) are experiencing increased ridership thanks to relatively inexpensive costs associated with using it. These options are growing safer and cleaner, too. Don’t assume only “some” people use public transit: more people from all social backgrounds are beginning to value their convenience and use their services.
If public transportation is not appealing there are other ways you can go car-free, too. Renting a vehicle as needed is always an option. So is becoming a member of a car-sharing service, such as ZipCar. More exciting, social networking and peer-to-peer technology makes it easier to share vehicles with your neighbor or circle of friends. Check out services such as Getaround, RelayRides, or Spride to rent a car for a limited time from a friend, neighbor, or nearby, pre-approved stranger.
Don’t forget the “old fashioned” transportation options of walking and bike-riding, either! Both offer exercise and a way to incorporate fitness into your everyday life. The monetary and health benefits of giving up your car early might be just the incentive to do so today.
January 18th, 2012 . Posted in New Trends for Seniors, Uncategorized, trends | No Comments »
 Televisions are innovating almost as quickly as computers. Last year’s new models are now cheaper and more features are in development for next year’s television sets. With some many choices, where to start your new tv search?
If you’re looking to upgrade your television or simply want a quick run-down of the kinds of televisions currently available, look no further.
LCD (Liquid Crystal Display)
pros: thinnest television currently available, which makes it perfect for mounting on a wall
cons: some ghosting during action sequences and the color black can look grey or inky blue
Plasma
pros: superior picture quality and color spectrum thanks to higher refresh rates
cons: susceptible to “burn-in” if an element of an image is displayed regularly or for a prolonged period of time (a frequent example is the “heads up” display burned into many gamers’ plasma tvs)
DLP (Digital Light Processing)
pros: native HDTV capability which provides a very sharp picture quality on all HDTV material
cons: some viewers suffer from “rainbow effect”, where they see streaks of red, green, and blue flash in the picture
LED
pros: may save you a little money because the screen is backlit with tiny LED lights
cons: really just another flavor of LCDs that some say saves minimal energy and money
Regardless which new television you choose remember to discard your old one responsibly. You can try to sell it if the television is relatively new. If not, donate the tv to a worthy cause, a family member, or even a thrift store. Ask around…
What television do you have? Do you like it?
January 11th, 2012 . Posted in Uncategorized | No Comments »
 Baby Boomers are changing things again! This time, they are redefining the name “Granny”. Some soon-to-be grandmothers decide to choose their own name; others await the first gurglings from their grandchild.
Traditional grandmother names, such as “Grandma”, “Grandmother” and “Granny”, are being replaced with other versions stemming from a variety of influences. Contemporary grandmothers seem drawn to chic or ethic names in addition to traditional names.
Practical Grandmother Nicknames
Grandchildren of blended families may be fortunate enough to have a half dozen “grandmas” – making the addition of a first name “Grandma Jean” or surname “Grandma Jones” a practical choice.
Trendy Grandma Nicknames
Other grandmothers choose hipper or more modern names. Some contemporary grandmother nick names include: Big Mom, G-Mom, Gigi, Grams, Mema, Mimi, Mom-Mom, and Nanny.
Ethnic Granny Nicknames
Some grandmothers choose names with a nod to their cultural heritage. Some choices include: German Oma, Italian Nonna, Hawaiian Tutu, French Grandmere, or Yiddish Bubbe.
Here is a quiz you can use to choose the best Grandmother name for yourself. Here’s a quiz to find a Grandfather name, too.
Regardless of origin, the grandmother name selected officially starts a new chapter of life! Being a grandparent is marked with joyful rewards. As some joke: it’s the best of all worlds because you can return the children to their parents when you want a break!
January 4th, 2012 . Posted in Aging, retirement | No Comments »
 Today’s Baby Boomers are the first generation to largely retire using IRA and 401(k) plans instead of company pensions. A frightening 2011 article in The Wall Street Journal titled “Boomers Find 401(k) Plans Fall Short” cited that:
“The median household headed by a person aged 60 to 62 with a 401(k) account has less than one-quarter of what is needed in that account to maintain its standard of living in retirement.”
This leaves many Boomers worried—and ideal targets for financial fraud by those who claim to know the secrets for greater returns.
The non-profit FINRA Investor Education Foundation reveals that Seniors at greatest risk of fraud tend to be:
● self reliant when it comes to making decisions
● more inclined to have above-average financial knowledge and income
● college educated
● open to new ideas or sales pitches
Moreover, seniors who have recently experienced a health or financial setback are at greater risk of falling prey to fraudulent criminals.
Remember, a good deal will still be there tomorrow.
Here are additional tips to protect yourself:
Be Assertive Saying “No”
Practice ending conversations that seem overly pushy or aggressive. A simple “No thank you, I’m not interested” can be followed with “I don’t invest unless I first review the investment with ________.” Having an exit strategy makes it easier to leave the conversation if pressure mounts.
Turn Tables and Ask Questions
Criminals gain your trust and determine how they can manipulate you by asking seemingly innocent questions about your children, lifestyle, hobbies, or political views. Depending on the investment offered, a proper professional will be registered with the Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC) or a state securities regulator.
Ask:
● Are you and your firm registered with FINRA?
● Are you registered with the SEC?
● Are you registered with the state securities regulator? Which one?
● Is this investment registered with the SEC or my state securities regulator?
Then… VERIFY!
Review more in-depth tips to protect yourself from financial fraud at FINRA’s non-profit website, www.SaveAndInvest.org.
December 28th, 2011 . Posted in Downsizing and Moving, New Trends for Seniors, retirement, trends | No Comments »
 Seniors who pack their bags and head south for the winter are called “snowbirds”…and where they travel by car or RV can be trendsetting.
“Snowbird states” that are the most popular include Arizona, California, Florida, Nevada, New Mexico, South Carolina, and Texas. (Of course, any state further south than where you live can provide seemingly more comfortable temperatures!)
Here are our picks for senior snowbird destinations in each state:
Arizona
If you’re an RVer head for little-known Oatman, Arizona in the northwestern part of the state. Visting Oatman will keep you warm as you travel back in time to the late 1800’s and early 1900’s when gold mining was a booming industry and the Wild West was indeed very wild. The remote small town is similar to better-known Virginia City. Spend a few days exploring and then head to nearby Laughlin, Nevada, a gaming destination.
California
Palm Springs is a popular senior snowbird destination for its desert surroundings. The city is an excellent place to kick off exploration throughout California’s Coachella Valley, including another popular resort town, Palm Desert. If you’re a senior snowbird on a tight budget you can also park an RV at “Slab City”, an inexpensive option that still puts you in the warm desert.
Florida
Sunny Florida is a well-known senior snowbird destination because of all the recreation choices. RVers will find the least expensive parking in the Space Coast, the Florida area surrounding the Kennedy Space Center. Enjoy golf, fishing, nature walks, and gambling on the nearby casino ships. Don’t forget to tour NASA while you’re there, too!
Nevada
Bustling Ely, Nevada in the eastern part of the state is the destination for a senior snowbird who enjoys trains. The Nevada Northern Railways passes through here and home of the Ely is the East Ely Railroad Depot Museum. In January Ely hosts the annual Fire and Ice Show… a mix of ice sculptures and fireworks!
New Mexico
Senior snowbirds in-the-know use the word “Christmas” when ordering in some of New Mexico’s Mexican restaurants. The codeword indicates that you’d like a mix of both red and green chili sauce. Travel to the city of Truth and Consequences (or, “T and C” as the locals call it). “T and C” is adjacent to the state’s largest lake in Elephant Butte Park. Elephant Butte’s name is almost as memorable as the nearby hot mineral baths and museums!
South Carolina
Many senior snowbirds like to warm up on South Carolina’s Kiawah Island. This island is a great place to enjoy the beach and its wildlife. RVers should be prepared to park their RV in nearby Charleston and enjoy that city, too.
Texas
The Rio Grande Valley isn’t a Valley (it’s actually a delta floodplain), but, a great destination for senior snowbirds. The Valley, as it’s casually known, is located at the southernmost tip of the state. In addition to the warm weather there are several state and national parks nearby such as Port Isabel Lighthouse, Laguna Atascosa National Wildlife Refuge, and the Santa Ana National Wildlife Refuge. In addition, Mexico is just a short drive away!
December 21st, 2011 . Posted in Aging, New Trends for Seniors, trends | No Comments »
 Seniors interested in pet adoption should do some research and planning before they fall in love with that cat or dog at the pound.
Happily, many seniors are well equipped to care for a pet. Having a pet in the home can provide wonderful companionship. There are other benefits, too. Some studies indicate that pet owners are healthier and less prone to depression.
However, some seniors underestimate the costs and care required. If the senior in your life expresses interest in a pet, here are some things to consider:
Owner’s Health. Seniors with memory or mobility issues may need to reconsider because these issues may inadvertently place loved pets in danger.
Exercise Needs. Dogs need daily walks and outdoor activity. Can your senior provide this consistently?
Budget. Pets can be pricey—from preventative care, to check ups, to daily feeding. Seniors on extreme budgets or those that struggle to consistently feed themselves should reconsider before bringing on a pet. Contrary to popular belief, pets should not eat “people” leftovers on a consistent basis.
There are additional ways to enjoy pets if you decide pet ownership is not the right path for you or the senior in your life. Many animal shelters and vets appreciate volunteers. Working adults frequently need “petsitters” to walk dogs or feed cats while they are away. Building a bond with an animal this way can be rewarding, too.
December 14th, 2011 . Posted in New Trends for Seniors, retirement, trends | No Comments »
 Seniors who enjoy the occasional beer are happy to discover the number of microbreweries that have evolved in recent years. Craft beer is gaining in popularity as another “local” food. Today’s senior could spend retirement sampling the many varieties of craft beer now brewing across the nation.
Here are three notable microbreweries to visit. Plan ahead for a leisurely afternoon and try a few samples from the tap:
Ballast Point (San Diego, California)
Lauded by the 2010 World Beer Cup as “Champion Small Brewer” is San Diego’s Ballast Point.
The co-founders love both beer and fishing. Therefore, all beers from Ballast Point take their name from, or reference, a marine animal. Popular craft beer from this brewery include three notable India Pale Ale varieties: hoppy “Big Eye”, lighter bodied “Sculpin IPA” and Kolsch-style IPA.
Firestone Walker Brewing Company (Paso Robles, California)
Winner of the 2010 World Beer Cup representing mid-size breweries went to California’s Firestone Walker. This brewery’s many awards include the Great American Beer Festival winner, too. Be sure to sample of the more limited seasonals. “Solace” is an excellent choice for Spring and Summer. “Oaktoberfest” is available for a limited time during the Fall and “Velvet Merlin” is a rich treat during cold winter months.
Blue Mountain Brewery (Afton, Virginia)
The “Silver” winner at the international World Beer Cup in 2010 went to Blue Mountain Brewery for their wheat beer called Rockfish Wheat. The family-owned brewery is located at the foothills of the Appalachian Mountains. Popular craft beer styles include the brewery’s flagship lager (“Blue Mountain”), pale ale (“Full Nelson”) and Belgian Abbey style (“Evil 8”). The brewery also gets good marks for their gourmet pizza, too. The recently-expanded brewery is a short drive from nearby University of Virginia.
Venture forth and find your new favorite!
December 7th, 2011 . Posted in Aging, New Trends for Seniors, Uncategorized, retirement, trends | No Comments »
 Is a reverse mortgage right for you? More seniors are investigating the option to tap the equity built up in their primary residence. There are pros and cons that should be considered before you decide to “borrow” money from your house via a reverse mortgage.
Pros of Reverse Mortgages
● You can choose to receive funds in monthly installment, as a lump sum, a line of credit, or even as a combination of options.
● Funds are generally not taxable and do not negatively affect Social Security or Medicare benefits.
● If you “outlive the loan” (meaning you receive more in payments than the house is worth when the loans come due), the Federal Trade Commission rules you will never owe more than the house is worth.
● You can live in a medical facility or nursing home for 12 months before the loan is due.
Cons of Reverse Mortgages
● Proceeds from your reverse mortgage could negatively impact Medicaid eligibility.
● Borrowers must be at least 62 to qualify for a reverse mortgage. Most reverse mortgages also have upfront fees such as loan origination and closing costs.
● Loan interest is not tax deductible.
● Borrowers are still responsible for paying state and local taxes, insurance, maintenance fees and other costs associated with owning a home. Some loans become due immediately if these are not paid.
Here are some links to research reverse mortgages further:
AARP
HUD
FTC
November 30th, 2011 . Posted in Uncategorized | No Comments »
 Jigsaw puzzles are great, but, could there be other winter activities for seniors?
Absolutely! Here are just a few winter activities that are a lot of fun…
● Renting the entire DVD series of a television show you’ve never seen…
● Take up a new hobby by renting and following along to instructional DVDs…
● Finally take that computer class or help a friend become more computer savvy…
● Planning a community garden to plant in the Spring…
● Start (or extend) a handiwork hobby such as knitting, quilting, whittling, needlework, scrapbooking…
● Pursue a challenging arts endeavor such as drawing, painting, or sculpting…
● Make a handmade card, or write a handwritten letter to someone you love…
● Research your family tree…
● Volunteer at a local organization who can use some help…
● Teach yourself (or someone else) a few magic tricks…
● Build a website or blog using Wordpress…
● Make a list of people you want to call on a regular basis and call a different person every evening…
● Connect with old friends or younger family members on Facebook…
● Rediscover your local library….
● Join your local Toastmasters Club to practice your presentation skills and network with other active community members…
● Start a blog about a topic of your choosing…
● Start an aquarium…
● Start that project you’ve been putting off all year…
With these and other options winter will fly by before you know it!
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