From the Center of Retirement Research…Medicare Benefits

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Medicare Enrollment Help is PlentifulImage result for medicare images

October 13, 2016

“Open enrollment starts Oct. 15 for people who’ve signed up for Medicare benefits and must buy into or change their supplemental Advantage or Part D prescription drug plans.

The Medicare Rights Center in New York tells me that you can ‘make as many changes as you need during this period’ and that ‘only your last coverage choice will take effect Jan. 1.’

A long list of resources appears at the end of this blog to help Medicare beneficiaries through the enrollment process. But there’s a lot of hoopla around the Oct. 15-Dec. 7 enrollment period, so it’s important to know what Oct. 15 is not about.

One’s birthday – and not a date on the calendar – determines when people should initially enroll in the Medicare program. Most people turning 65 who are not covered by their own or their spouse’s employer health insurance at work are required to enroll in Medicare Parts A and B during a seven-month period that starts three months prior to their 65th birthday. During this seven-month window, new Medicare participants must also sign up for their Part D drug plans – or risk paying a lifelong penalty. Oct. 15 is not the trigger date for selecting Medigap plans either.”

Read more at http://squaredawayblog.bc.edu/squared-away/medicare-enrollment-help-is-plentiful/?shareadraft=baba14345_57eaaf8795dfa

Baby boomer generation retirement research

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Not Your Mother’s Old Age: Baby Boomers at Age 65

by Rachel Pruchno, Ph.D.

The Gerontologist (2012) 52 (2):149-152

“Nearly 79 million people now living in the United States were born between 1946 and 1964 (Haaga, 2002). In 2011, the first of the Baby Boom cohort reached age 65, and for the next 17 years, close to 10,000 people a day will celebrate their 65th birthday. The generation raised according to Dr. Spock, the generation whose motto once was ‘trust no one over 30,’ now find themselves knocking at Medicare’s door. Baby Boomers redefined each stage of life as they experienced it, modifying fashion design and hair length as well as key societal institutions. They questioned the underlying values and attitudes of society. They influenced education, music, race relations, sex roles, and child rearing. They are about to change what we know about old age.

The Baby Boom generation is significant for its size as well as its distinct social and demographic characteristics. Baby Boomers are more highly educated, more likely to occupy professional and managerial positions, and more racially and ethnically diverse than their predecessors (Frey, 2010). They have higher rates of separation and divorce, lower rates of marriage, and gave birth to fewer children (Hughes & O’Rand, 2004). On average, they are healthier and have longer life expectancies at age 65 (Freedman, Martin, & Schoeni, 2002; Manton, 2008). They have had more varied work histories, longer transitions out of the labor force, and work for more of their adult years (Quinn, 2010) than previous generations.”

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Making your retirement nest egg last as long as you do

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Image result for nest egg images
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How to Avoid Going Broke in Retirement:  

Try these tips for making your nest egg last as long as you do

by Andrea Browne Taylor

May 4, 2016

“It’s no surprise that the biggest worry among retirees is running out of money. People are living longer than ever, yet pensions for life are a thing of the past. While you can’t guarantee your nest egg will last as long as you do, you can take steps to lower the odds of going broke in retirement.

If you’re already retired, spend less. Nearly half of retirees spent more in the first two years of retirement than they did just before retiring. A simple household budget goes a long way.

There are plenty of other things retirees can do to make their money last a lifetime. Take a look at even more ways to avoid going broke in retirement.”

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What everyone needs to know…

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…About Estate Planning

A Financial Planning Association brochure “shows why you need an estate plan and highlights some of the basic components of an estate plan.”

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A clock chime…a loving remembrance

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dscn5404When my Dad retired in his mid-40’s, he received a mantle clock with a gold plate inscribed with his name, Jerry D. Oellrich, and the quote, “In Appreciation of Twenty-Five Years of Loyal and Valued Service to the Cargill Companies,” signed by the company president.  This treasured keepsake sat on top of the living room television in the farmhouse I grew up in.  He worked many long hours at Cargill working his way through the union ranks as a maintenance man and electrician to ultimately become a plant maintenance supervisor.  I looked up to my Dad.

In my freshman college composition class I was assigned to write a paper about whom I admired most.  I wrote about my Dad.  He was a hard worker and came from very meager means.  He was from a large, close family and he left high school before graduating to begin working full-time in a factory.  My Dad and Mom married and raised seven children together; all of them girls except the youngest.  He was also a farmer.  In my opinion, he had accomplished a lot with very little except hard work and determination.

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Gray divorce (divorce after age 50)

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Keeping some green in gray divorce Image result for gray divorce images

by Sarah Skidmore Sell, Associated Press

September 7, 2016

“Divorce can be painful–emotionally and financially–for anyone.  But when the split happens later in life, the less time you have to recover from the economic hit. And, the more is at stake.

A growing number of older adults are facing this problem:  the divorce rate among U.S. adults ages 50 and older doubled between 1990 and 2010, according to a study out of Bowling Green State University.  About one in four divorces includes someone over 50.  Susan Brown, who led the research, says a review of the data through 2014 found the rates have stayed about the same in subsequent years.

Reasons for the rise include longer lifespans, more women in the workforce, the changing notion about marriage and higher rates of remarriage, which boost your odds of splitting.

We asked a few experts to weight in on what to do when divorce suddenly becomes part of your retirement plan.”

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Gray unmarried at a disadvantage?

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Unmarried Boomers Confront Old Age: A National Portrait

by I-Fen Lin and Susan L. Brown, Ph.D.

The Gerontologist (2012) 52 (2):153-165

“The proportion of midlife Americans (aged 45–63) that are unmarried has increased by more than 50% since 1980. Today, one in three Baby Boomers is unmarried. The vast majority of these unmarried Boomers are either divorced or never-married; just 10% are widowed. As Boomers move into older adulthood, the unmarried share will grow as married Boomers continue to experience divorce and widowhood.

The marital status of unmarried Boomers matters. In general, divorced Boomers have more economic resources and better health than widowed and never-married Boomers. Among women, widows appear to be the most disadvantaged as they enjoy fewer economic resources and have poorer health than divorced and never-married women. In contrast, never-marrieds are the least advantaged among men. Despite having relatively high levels of education, never-married men have poorer economic circumstances and are most likely to live alone. Divorced and widowed men are comparatively advantaged. Thus, both the marital status composition and gender of unmarrieds are critical to deciphering the potential risks or vulnerabilities facing this growing group of Boomers.”

“The rise in unmarrieds at midlife has significant ramifications for old age.”

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