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Ten Tips:
How to beat the Baby Boomer Blues
NEW YORK, Jan. 6 /PRNewswire/ -- A lot of
the more than 76 million baby boomers headed
toward retirement are losing sleep at night
because in most cases, they have not taken
the time to plan for what's next in their
lives, according to Joan Strewler-Carter and
Stephen Carter, co-founders of the Life
Options Institute, an organization dedicated
to helping people plan for life after age
50.
If you're one of the millions of baby
boomers beginning to think about retirement,
here are some tips from the Life Options
Institute:
1. Start your planning engines. Avoid the
sudden and often drastic changes that
retirement can bring by starting to plan for
it at least 5-10 years in advance. Baby
Boomers need to reevaluate goals or set some
new ones periodically because life
constantly changes. Web sites such as
www.WhatsNextInYourLife.com offer helpful
planning tools and tips.
2. Review your finances. Determine your
post-retirement budget. Most people
underestimate how much money they will need
for retirement. Consider that less than
one-quarter of workers age 55 and
older--just 23%--have savings and
investments totaling $250,000 or more,
according to a study published by the
Employee Benefit Research Institute. About
60% have less than $100,000.
3. Consider working a few more years. The
average retirement age in the US is 63-but
most people don't recognize the benefits
from working even just two or three
additional years. According to T. Rowe
Price, a 62-year-old with $100,000 salary
and a $500,000 nest egg will see his annual
retirement income rise 6% for every
additional year he remains in the workforce.
4. Think about an "encore career." With the
recent economic downturn, more boomers are
asking if it is time to reinvent themselves
by pursuing dreams and turning their passion
into "encore" careers. If you are going to
have to or want to continue working, then
pursue something that makes you happy--such
as a career you left behind many years ago
when you met that fork in the road of life.
5. Review your health insurance needs.
Decide whether you should purchase
additional coverage such as Medicare
supplemental insurance.
6. Consider long-term care insurance. Since
many boomers have already seen the enormous
expenses tied to maintaining long-term care
for their parents, now may be a good time
for them to talk to their insurance agent
about a policy of their own.
7. Set rules. Known as the "sandwich
generation" because many boomers are caring
for aging parents as well as their
"boomerang" children who graduate from
college and then move right back home, it is
important to set rules. Start asking your
kids for rent or set a schedule of home
chores.
8. Let go of your former identity. Many
boomers have tied what they do for a living
to their identity as a person. Introduce
yourself to a boomer and chances are he or
she will include a job title in the first
few seconds of conversation. According to
outplacement experts Right Associates, one
of the biggest hurdles for boomers in
transition is to let go of the identity they
are clinging to based on a former role.
9. Cultivate outside hobbies and interests.
Studies show that acquiring new skills later
in life helps ward off depression and may
reduce the likelihood of dementia. Maybe
it's time to take up painting, quilting,
piano lessons, or volunteer work.
10. Exercise your mind and body. The
importance of exercise in preserving your
physical, cognitive and emotional well-being
is well known. In fact, according to Dr.
Gary Small in The Longevity Bible, recent
research found that regular physical
activity could add two or more years to an
individual's life, not to mention enhancing
the very quality of your life.
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