Retirement Boomers Downsizing

Elderly Problems Resolved

By Boomeryearbook.com

There are more baby boomers alive today (78 million in the US alone) than any other people of a specific age demographic. As the baby boomer generation reaches retirement age (as of 2006 most boomers have passed the age of 60) and the lifestyle of the boomer generation changes, many will also be changing the type of house they live in. Psychological articles and statistics have shown that contrary to popular belief, the aging baby boomers are switching to smaller homes, and not splurging all their savings on showy McMansions. Choosing the right kind of retirement plan is fast becoming a primary addition to the elderly problems facing thebaby boomer generation; and the baby boomers generation is choosing to downsize.

Psychological articles and statistics commonly report the baby boomer generation is a relatively fortunate, prosperous, largely ‘middle class’ (or higher) group of people. Many of us recognize that we probably own many more and bigger “things” (houses, clothes, TV’s etc.) than we need to. These psychological articles explain that as humans we are constantly striving for more, and oftentimes will go to great lengths to achieve higher goals. Big houses used to top the list of the retirement boomersdesired possessions, but that’s changing because boomers are starting to accept that all they’ll do with a big house is find more “stuff” to fill it up with.

In numerous polls reported in psychological articles, almost two thirds of people said they preferred a smaller house with high quality products; and like prior times, the baby boomer generation are in the vanguard. While psychological articles report that change may not be easy, the retirement boomers facing elderly problems are the largest proponents of home downsizing. As the younger boomer generation sends their children off to college, we are squarely facing the reality of a huge home with an “empty nest. While the picture painted might seem melancholy, (psychological articles tell us as we age it gets harder to maintain big things), another one in the long list of elderly problems is not accepting that soon there may come a time when you can’t do things as well as you did 20 years ago. So what are doing; we are proactively preparing ourselves by downsizing. What a resilient group we retirement boomers are!

The baby boomer generation is facing elderly problems head on; finding small retirement homes not because we haven’t saved enough-although savings in America are the lowest they’ve been since the Great Depression-but it’s because small homes are easy to maintain and still suit the needs of the aging boomer generation. Smaller homes have greater benefits. The the baby boomer generation is spending and investing more in their “smaller” home; but by buying wisely, and selecting choice home décor and style pieces, the boomers retirement dwelling can be just as comfortable and luxurious as their former large homes. That’s why psychological articles report that smart retirement boomerselderly problems by buying smaller houses. It’s definitely the smart way to go.

www.boomeryearbook.com is a free social networking site connecting the baby boomer generation. Whether you are a member of the baby boomers generation or are related to someone who is, Boomer Yearbook will provide you with free psychological articles on a vast variety of topics such as dream analysis, coaching and self-help, elderly problems, examinations and proposed solutions for types of discrimination along with weekly updates on mental and medical health. Share your thoughts, upload pictures and find old friends, or use our online optical illusions and brain games, provided by clinical psychologist Dr. Karen Turner, to expand your mind and help ward off the possibility of depression, dementia and Alzheimer’s. Join now to discover the numerous ways in which this online social networking site for the baby boomers generation and boomers of all ages can contribute to optimal physical and emotional wellness. The baby boomers generation changed the world. We’re not done yet!

Understanding mortgages-Getting the best deal

By Boomeryearbook.com

Impeccable research is key when deciding the best place to go for your mortgage. With so many advertisements bombarding the market, it can be a confusing choice, but with careful investigation and deliberation, you will find the best mortgage out there for you.
The main competition lies between banks and building societies. Traditionally, mortgages were solely offered by building societies, as the profit that they yielded was minimal. However, the market expanded and the banks became eager to get on board. The question then arose as to who offered the better deal on mortgages.

Building Societies:, if they operate as mutual societies belong to the members of the society and do not pay out to any other shareholders. This translates to lower interest fees for borrowers which is always good news. However, a building society is not allowed to borrow money from the wealth market that exceeds 50% of its assets. What this means for you is a longer loan period. Simply put, because the building society cannot borrow more than a certain amount you will have more payments in smaller sums. Depending on your income and your lifestyle, this may be the most suitable option for a mortgage.

Banks, on the other hand, are not owned by its customers and so charge fees for services and loans so as to pay their shareholders. This results in higher mortgage rates, but because banks have a free reign on the amount they can borrow from the wealth market, you may end up having a shorter mortgage period. In other words, larger sums with a shorter time to pay. This will probably be a good option if you have money set aside to set off the first couple months of the mortgage as well as access to enough income to support it for its duration without making too many sacrifices. If you have already retired and your pension payments and other resources filter in slowly then going to a building society would perhaps be best.

Boomers need to explore their options thoroughly, even more so where the possibility of future income is uncertain. Typically, credit institutions offer discounts or lower rates for first time buyers. If you do not fall within that category then you need to ensure that your credit is in good order so that the possibility of negotiating for a lower rate will be open to you. Some banks offer a lower rate of interest for persons within retirement age; however, the properties for which these discounts are offered are very limited, often including complexes and gated communities. If you are building your home, this may be an even more difficult process for you as the mortgage you take out will need to cover any unforeseen expenses that could arise- this in itself will push up your mortgage rate.
Using the internet for comparisons for different mortgage rates is a good idea, but this should not replace actually going into a financial institution and getting the information needed firsthand. If you are mindful of your present financial situation and of what your future situation could be like, then a building society might be your best bet. The process of getting a mortgage is a long one, but it will be worth it to see the amount of money you have saved when you go with the option that is best for you.

The state of mortgages all across the US is the topic of discussion at everyone’s dinner table nowadays. What have you been talking about? Share with us at BoomerYearbook.com.

www.boomeryearbook.com is a free social networking site connecting the Baby Boomer generation. Share your thoughts, upload pictures and find old friends, or use our online optical illusions and brain games, provided by clinical psychologist Dr. Karen Turner, to expand your mind and help ward off the possibility of depression, dementia and Alzheimer’s. Join now to discover the numerous ways in which this online social networking site for the baby boomers and boomers of all ages can contribute to optimal physical and emotional wellness. The baby boomers generation changed the world. We’re not done yet!

Should Baby Boomers Rent Part of their Home?

By Boomeryearbook.com

Before you consider renting out a part of your home, go to the DVD store and pick up “Duplex” starring Ben Stiller and Reese Witherspoon. If you still have the desire to rent after watching that movie, then go ahead and read this article.
Renting out a part of your home is an easy way to earn some extra income, but there are some considerations you must take into account before deciding to share your home with paying strangers. If you do not own your own home, then you need to consult with your landlord or read through your lease to make sure that you can legally rent out part of the home.
If you do own your home, but you reside in a gated community or complex of some sort then you need to check with your property manager to find out whether you can rent out the property to other persons, and if so, what the extra fees are that have to be paid or any extra arrangements such as parking, security etc.
If you have a single family home on your own lot, then you can move to the next step of thinking about the future of your home. Do you have children that may need to move back in with you? Are you finished having children? Do you have an elderly parent that may need to move in with you? In other words, are you absolutely sure that you will not have a purpose for that extra space you are willing to rent out?
Then you move on to the next question- is there enough space for you to live comfortably with your tenants? If not, and you are thinking of making renovations or adding on to the structure make sure you get all the required permits and plans and work out the budget to see if it is worth it in the end.
Now that you’ve done all your investigation, you can realistically examine the pros and cons of renting your property.

Pros
• You’ll earn an extra income.
• It’s nice to have other people around or, at least, know that they are very near.
• More persons in the space will reduce the risk of danger (i.e. safety in numbers)
• There’s someone there to help you in your time of need. For example, you won’t have to walk far to borrow the sugar.
• You can carpool and buy bulk groceries to save on living expenses.

Cons
• Someone will always be in your space; if that bothers you, renting is not a good idea.
• The duties of a landlord can be tedious as you are responsible for any and everything that goes wrong.
• The tenants may not be the wonderful neighbors that you’d dreamed of.
• They may be careless in taking care of your property, thus bringing down its value.
• They don’t have to walk far to borrow your sugar.
• You will have to spend money before you earn money, and if the place is not done right the first time you will lose more money than you spend.
• Your property becomes open to people other than your tenants as they’ll invite their own guests to their home.

Renting out a part of your home is a sacrifice of your space, your time, your privacy somewhat and your money initially. However, if the extra income is worth it and your home and personality are such that disturbances of the sort that arise with tenants in close proximity do not affect adversely, renting out a part of your home can be good money-making idea.

What do you think about renting out your home as a means of earning extra income? Tell us at BoomerYearbook.com.

www.boomeryearbook.com is a free social networking site connecting the Baby Boomer generation. Share your thoughts, upload pictures and find old friends, or use our online optical illusions and brain games, provided by clinical psychologist Dr. Karen Turner, to expand your mind and help ward off the possibility of depression, dementia and Alzheimer’s. Join now to discover the numerous ways in which this online social networking site for the baby boomers and boomers of all ages can contribute to optimal physical and emotional wellness. The baby boomers generation changed the world. We’re not done yet!

Baby Boomers Planning for Retirement

Is There Even Such A Time?

By Boomeryearbook.com

It’s the big question- how long will you continue working for? You want to make sure that you have enough money saved to live on comfortably for the rest of your life, but can you really plan for that? What about emergencies or surprise bills or unexpected disasters? The job market isn’t thriving and having to find a job later on will be a difficult, if not impossible task. So, what are you to do? With a future so uncertain it’s hard to make these decisions, but the process is easier if you keep a few things in mind.

How large is your retirement fund?
If you’ve had to dip into your retirement fund and you haven’t refunded yourself, then you may want to consider working for an extra five years to bring your savings back up to what it was. If you think you can survive on it in its present state, then you won’t have to. But before you come to that decision be sure to factor in things like inflation; disaster preparedness, changes in your insurance rates and any dependants you could possibly have.

What are your assets?
If you do not own your home or your car or will not own either of them in your lifetime, then you need to have a retirement fund that will provide shelter and transportation for you. Therefore, you need to look at your lease to examine if the rent will increase over time and how much it will increase by. If you find out that you will not be able to afford such an increase, begin looking for homes with fixed rent. Also, you may want to figure out your future method of transport if you have to give up your car. Consider trading it in for a more affordable model if you’re unable to maintain the payments. This will benefit you in other areas like your gas budget or insurance payments.

What are your expenses?
Sit down with your bills and receipts for the year. Take out the highest bills for a period and calculate the amount of money you would have to pay for the year if that was your average. In other words, if your highest ever bill for electricity was $550.00 over a month, then multiply that figure by 12 ( to get the yearly amount). The total figure ($6600) is the amount that you must budget for. Do this for all your bills then add them up and those will be your expenses for the year. You should count in possible future expenses as well such as medical bills etc

If after you’ve done all this and you realize that your retirement fund as it now stands cannot cover your daily life then you have three options:

1. You can up your performance at work, raking in bonuses that will help to buttress your retirement fund and/or your pension
2. You can investigate cost-cutting measures such as solar energy, planting produce in your backyard, conserving electricity and water, renting that beach house out when your family isn’t occupying it etc.
3. You can create a niche in your field so that you can work as a consultant after you retire. You’ll set your own hours and be your own boss and the extra income will help to set off any wanting areas.

All in all, you retire when you can afford to, and affording to doesn’t only mean money-wise, but health-wise as well. Be frugal with your money now. If you make the sacrifice now, you’ll thank yourself later.
Are you a retired Baby Boomer? Are you a Boomer planning to retire soon? Tell us about how you made or are making that decision at BoomerYearbook.com.

www.boomeryearbook.com is a free social networking site connecting the Baby Boomer generation. Sshare your thoughts, upload pictures and find old friends, or use our online optical illusions and brain games, provided by clinical psychologist Dr. Karen Turner, to expand your mind and help ward off the possibility of depression, dementia and Alzheimer’s. Join now to discover the numerous ways in which this online social networking site for the baby boomers and boomers of all ages can contribute to optimal physical and emotional wellness. The baby boomers generation changed the world. We’re not done yet!