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Posted on July 7, 2017

The Baby-Boomer Retirement: How They’re Redefining This Life Stage Weekly Update – 7/7/17

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Everyday, more and more baby boomers retire, bringing with them a shifting retirement landscape. This large demographic began turning 65 years old in 2011, and by 2029, all boomers will be at least 65, forming 20% of the U.S. population.[1] As boomers retire, they are breaking the trends from their parents and grandparents – ushering in a new definition of what it means to retire.

Here are some key ways boomers are redefining retirement.

1. They are living longer.

The boomer generation generation is living longer than those before them. For 65 year olds today, 1 out of every 4 people will live into their 90s.[2] This longer life means they will both have more years to enjoy their retirement, as well as additional years to account for when building their income. And with healthcare costs increasing and pensions disappearing, they have to find ways to maintain their desired lifestyles and account for longer lifespans.[3]

2. They are remaining active.

Retirement for many baby boomers includes staying active. Compared to previous generations, boomers have 10 to 20 additional years of productive and capable living.[4] And many of them are choosing to stay physically active. In fact, the top sports activity boomers enjoy in their free time are fitness sports (57.9%) followed by individual sports (24.4%).[5] Their aging mindset may be playing a role in their activity levels: Boomers who are already at least 65 years old do not consider themselves old until they turn 74.[6] So even their perspectives on what old age means is keeping them active and eschewing traditional “senior” mentalities, like immediately moving to a retirement community. Since boomers are staying active for longer, they are also delaying moving to senior facilities for another 20 to 30 years.[7]

3. They are starting businesses instead of “retiring.”

Rather than choosing to stop working, many retirees are starting businesses. In fact, of workers who are older than 65 years old today, 18% of them are self employed. And start-up activity among boomers is rising higher than any other generation.[8] Boomers are drawn to start-ups to both supplement their income and engage their mind. And these lifestyle businesses – which supports the kind of lifestyle the owner wants to live – account for 80% of boomer entrepreneurs.[9]

These highlights are just a handful of experiences boomers find in retirement. From managing your health care costs to starting new businesses, you have many ways to prepare for and enjoy this new life stage. If you are in the baby-boomer generation and would like to discuss your unique retirement needs and goals, we are more than happy to help. As a Wealth Management firm in San Jose, CA, feel free to contact us at 408-227-2700.



Swordfish Kebab With Mint Pesto

Ingredients:

  • 1/4 cup almonds, sliced
  • 1 large garlic clove, smashed
  • 1 cup fresh mint leaves, packed
  • 1/4 cup parsley leaves, packed
  • 1 TBSP lemon zest, grated (from 1 lemon)
  • 5 TBSP extra virgin olive oil
  • Pinch crushed red pepper (optional)
  • 1-1/2 pounds swordfish thick-cut steaks, cut further into 1-1/2″ cubes
  • 1/2 tsp salt
  • 1/4 tsp black pepper, ground

Directions:
If using bamboo skewers, prep them by soaking skewers in warm water for at least 30 minutes.

1. Create Pesto

  • Process almonds and garlic in food processor until finely chopped.
  • Toss into processed mixture the lemon zest, mint, and parsley. Process until ground finely.
  • Move mixture to medium bowl, and add olive oil, salt, black pepper, and crushed red pepper (optional).

2. Marinade Fish

  • Toss swordfish with 1/3 of the pesto until fully covered.
  • Marinate fish in refrigerator 30 minutes to 4 hours.

3. Grill

  • Preheat grill to medium-high heat.
  • Place up to 3 pieces of swordfish onto each skewer.
  • Put skewers on grill and cook for 2 to 3 minutes on each side, or until fish cooks all the way through.
  • Top fish with remaining pesto.

Recipe adapted from Good Housekeeping[10]


Protect Your EFIN From Fraud

Preventing identify theft and protecting accounts filed with the IRS is a year-round responsibility for taxpayers. Thieves commonly break into tax professionals online accounts to steal taxpayers’ Electronic Filing Identification Number (EFIN). Fortunately, you can take steps to manage your account and monitor suspicious activity throughout the year.

To check your EFIN records:

1. Register for the IRS e-services.
If you’ve not yet registered with IRS e-services, then you’ll need to first do so before checking your EFIN records. You can create an account through the IRS website.

2. Check the EFIN records associated with your account.
Log in to your e-services account. From there, you can opt to view your “EFIN Status,” which updates weekly and lists the number of tax returns associated with your account.

3. Report suspicious activity.
Promptly contact the IRS if you see discrepancies between your listed file returns and your personal records. You can report your concern by calling the IRS e-Help Desk at 866-255-0654.

Other details may apply, and you can find more information on the IRS website.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

Tip courtesy of IRS.gov[11]


Avoid Chunking Your Chip

Chunking your chip most often happens when golfers try to avoid swinging their club too hard. They stand too far away from the ball, take a full swing, and try to slow the impact at the last moment. The result: a chunked chip. Try moving closer to the ball, making your shaft vertical so the club head is on its toe.

If you find yourself chunking the ball, follow these steps to improve your stance and swing.

Step 1: Stand directly across from the ball, about 10 inches away. You’ll want to step in with your back foot.

Step 2: Identify your target and aim your clubface directly at it.

Step 3: Settle your weight forward by stepping in with your front foot; keep your weight shifted as such throughout your swing.

Step 4: Make sure you lean the shaft slightly toward the target. From there, brush back and through.

Tip courtesy of Golf Digest[12]


Control Bruising With Self-Care

Bruises result from when blood vessels break and leak into tissues near the surface of your skin. The often black-and-blue bruise will stay visible and change colors until it fully heals. Here are some ways that you can care for any bruises once they happen.

  • Elevation: Be sure to lift up the part of your body with bruising.
  • Ice Packs: Hold either ice packs wrapped in a cloth or a towel soaked in cold water on the bruise for up to 10 minutes. Repeat multiple times a day, up to one or two days after the injury an as needed.
  • Time to Rest: Make sure you rest the injured body part and minimize movement.
  • Reduce Pain and Swelling: Find relief from pain by taking either aspirin or ibuprofen.

If the injury subsists after 3 days without lessening, you may need deeper treatment. Consult your doctor if the pain continues or if you have a history of internal bleeding or other symptoms emerge, such as nose bleeds.

Tip courtesy of Mayo Clinic[13]


Alternative Ways to Use Baking Soda

The baking soda you store in your cabinets is more helpful than you may think. As a chemical compound, sodium bicarbonate is a great PH neutralizer and bufferer, making it helpful for a variety of home and personal care needs. As many beauty and cleaning products can contain harmful chemicals, swapping some of these items with baking soda can help you minimize the toxins in your home. Here are some easy ways to use baking soda beyond baking.

Mouth Freshener: When combined with water, you can create a mouth rinse that will both freshen your mouth and neutralize any odors (rather than just cover them up). To do so, mix one teaspoon of baking soda with a half-glass of water. Swish some in your mouth, spit it out, and rinse.

Antacid: You can use baking soda to settle heartburn, acid indigestion, and an upset stomach. To do so, follow the instructions listed on the baking soda package.

Silver Polish: Mixing 3-parts baking soda with 1 part water will create a great polish for your silver. Rub the mixture onto the silver with a clean sponge or cloth, rinse, and dry.

Garbage Disposal Deodorizer: You can freshen your garbage disposal and neutralize odors by sprinkling baking soda down the drain and running warm tap water.

Tip courtesy of Care2.com[14]


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[1]https://www.census.gov/prod/2014pubs/p25-1141.pdf
[2]https://www.fool.com/retirement/2017/03/28/10-retirement-stats-every-baby-boomer-should-know.aspx
[3]https://www.fidelity.com/about-fidelity/employer-services/health-care-costs-for-couples-in-retirement-rise
https://www.usatoday.com/story/sponsor-story/motley-fool/2016/12/09/half-american-baby-boomers-face-frightening-retirement-reality/94813358/
[4]https://www.forbes.com/sites/robertlaura/2017/02/22/baby-boomers-breaking-retirement-rules/#33c02b764c96
[5]http://www.physicalactivitycouncil.com/pdfs/current.pdf
[6]http://www.pewsocialtrends.org/2009/06/29/growing-old-in-america-expectations-vs-reality/2/
[7]https://www.statnews.com/2016/06/23/nursing-homes-fade-baby-boomers-age/
[8]https://www.forbes.com/sites/kauffman/2016/06/30/the-boom-in-boomer-entrepreneurs-why-older-workers-are-finding-entrepreneurial-success-or-not/#7a2e15c470c6
[9]https://www.inc.com/leigh-buchanan/next-act-the-real-reasons-so-many-baby-boomers-are-starting-businesses.html
[10]http://www.goodhousekeeping.com/food-recipes/a44100/swordfish-kebabs-mint-pesto-recipe/
[11]https://www.irs.gov/uac/safeguarding-taxpayer-data-monitor-your-efin-for-suspicious-activity
[12]http://www.golfdigest.com/story/no-chunk-chipping-stand-closer-to-simplify-your-swing
[13]http://www.mayoclinic.org/first-aid/first-aid-bruise/basics/art-20056663
[14]http://www.care2.com/greenliving/51-fantastic-uses-for-baking-soda.html
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