Archive for the ‘Elderly Problems’ Category

Boomers Who Are Looking To Retire In New Places

Wednesday, January 14th, 2009

Assisted Living Facility

Assisted Living Facility

Where is a Good Place to Go

By Boomeryearbook.com

As we get older, some of us are likely to make the decision to relocate. For some, it may be to a nice ranch house in Florida; but many others must decide whether to move and live with other family members or to an adult care facility because of health and/or financial issues(http://boomeryearbook.com/blog/2009/01/06/boomers-need-long-term-planning-for-long-term-care-insurance/). It is important to consider your family, as well as your own well being as you make this important move. There are advantages and disadvantages that come with each living arrangement and so it is important to weigh your options very carefully.

Family Matters

Living with family members can be a wonderful experience. You will be able to see them regularly, perhaps spend more time with grandchildren, and feel at home. However, sometimes it turns out to be not such an easy thing. If the household is already full, then adding one more person may put a strain on budget and space. Also, depending on your age, you may not have as much freedom to come and go as you would if you were on your own. Your health is another big factor. If you know that your health requires lots of medical attention a family member’s home may not be the best place for you to be.

This decision is dependent on your personal situation. Sometimes living with family would mean moving way across the country or simply moving across town. It would be something that you and your family really want to discuss as thoroughly as you possibly can. It is not possible to look at all the scenarios that might occur, but it’s important to have a plan as to how to integrate you into the family’s routine over time.

Adult Care Facility

The term “Adult Care Facility” sounds really unfriendly, but actually most of them are not like that at all. Hence, the name that’s currently associated with them is assisted living communities. Baby Boomers are able to maintain their independence while under the assistance of trained professionals that are there when needed. They are outfitted with the necessary equipment to meet their patient’s needs. Many facilities have multiple sections that are specialized for the amount of care and attention a person needs. Once you get to the stage where you are unable to take care of yourself you can be transferred to another area within the community. You can also meet others in your age group who live there and participate in fun activities. Many decide to choose this route and often have no regrets.

However, sometimes the community may not be the best choice for you. In some cases, they may feel too much like an island without any family members close by, and in some communities, you might not be treated well by the employees. Long-term care in these facilities can be very expensive and require careful financial planning.

Assisted living communities have become very popular and can provide for all your needs. It is important to do your homework on each community and find the one that is most recommended. Whatever your decision may be, make sure that everyone involved approves and is willing to do their part to make the process as enjoyable as possible.

Share with us your thoughts on relocating for retirement at BoomerYearbook.

www.boomeryearbook.com is a social networking site connecting the Baby Boomer generation. Share your thoughts, rediscover old friends, or expand your mind with brain games provided by clinical psychologist, Dr. Karen Turner. Join today to discover the many ways we are helping Boomers connect for fun and profit.

The next challenge for us boomers: Minding our wallets

Sunday, January 11th, 2009

minding our wallets

For boomeryearbook.com

Here is the thing that concerns me: Over the next twenty years, millions of baby boomers will be retiring; but only a small percentage of the baby boomers are equipped with any sort of financial education that would help them make profitable “money-related” decisions. My prediction is that these baby boomers would happily handover their life savings to so-called financial experts. Now, here is the catch about investments: 1) less than twenty percent of stock and real estate brokers actually invest in the stock/property they advise their clients to invest in, 2) almost all of the financial journalists have absolutely no real life investing experience, and 3) the same goes for people who stand infront of students in colleges and universities (professors) to teach finances. Surprisingly it takes more time to become a licensed masseur than to become a financial advisor. This reminds me of what Warren Buffett has said, “Wall Street is the only place where people drive to in a Rolls Royce to take advice from someone who rides the subway”. I think that pretty much sums up what investment advisors and brokers are all about.

The best advice that anyone can give can be summed up in one sentence: invest in “Real Wealth” like gold, silver and property, instead of its pale counterparts; currency, stocks and bonds. I hear people brag about how wise they have been by investing in Mutual Funds and about the fact that they get an interest rate of eight, nine, ten or eleven percent per annum. Well what they don’t realize is that, silver, for example, has gone up APPROX ONE HUNDRED PERCENT in less than a year. They also fail to see that the nine and ten percent interest is offset by the huge rate of inflation. To get an idea of how rapid the inflation is, consider the fact that the price of gold has gone up by twenty times in the last thirty odd years. Here are some numbers to help you understand how bad the inflation really is: Per ounce price of gold in 1880 was $21, $21 in 1930, $38 in 1970, $354 in 1985, $444 in 2005 and $700 in 2008. Even worse: most predictions are that the gold prices would climb to $1,500 or more during the year 2009 because of the imploding global economy – that sure beats the nine percent interest from the Mutual Funds.

The fact is that Boomers who are retiring will have to invest TIME in their financial literacy. There are three kinds of business men and investors: 1) those that spend neither time nor money to gain knowledge and awareness of whatever is happening around them, 2) those that spend money but not time and 3) those that spend TIME but not necessarily money. The first two fail while the third kind makes it through. Boomers have to understand NOW that knowledge is the real wealth and a mind that’s eager to learn is the only ever-lasting asset. Developing a taste for acquiring financial literacy and dedicating TIME towards its study is the only secret. Never “learn” for wealth. Simply learn for the sake of learning - and if you are enjoying the learning, the wealth will follow.

Has this article provoked you to think and re-think your finances? Do you have agreements or disagreements with the article? We welcome both praise and criticism – especially criticism. Sign up, join us at Boomer Yearbook and let your fellow boomers know what you think.

www.boomeryearbook.com is a social networking site connecting the Baby Boomer generation. Share your thoughts, rediscover old friends, or expand your mind with brain games provided by clinical psychologist Dr. Karen Turner. Join today to discover the many ways we are helping Boomers connect for fun and profit.

Baby Boomers Search To Find Work In A Struggling Economy

Saturday, January 10th, 2009

What’s Out There And Where To Look

By Boomeryearbook.com

job search

Today’s struggling economy and rise in unemployment will put a damper on anyone’s hope of finding a job. Many Baby Boomers may feel that there are not many opportunities to find jobs that will make use of our skills. But, actually, there are many good employment opportunities available for retired baby boomers who still want to work. Being familiar with what is out there and knowing your options can put you at ease during the searching process.

Can I Do That?

Before beginning your job search it is important to know what you are willing and capable to do. You must take your age, health, and mobility into consideration. If you are over the age of 70, it may also be a wise idea to make a visit to your doctor and ask his or her opinion on what you may or may not be capable of doing. After getting the OK, the next step is to start your search.

The Process

There are many websites that are filled with great practical job ideas for Baby Boomers. They range from registered nurses and education administrators to working for a non profit organization. The possibilities are there, but it is up to you to research. Careerbuilder.com and boomersjobsearch.net are two amazing resources to help you through your search. If you rather not use the internet, the good old newspaper is still a reliable place to look for job listings.

Preparation

To prepare for interviews it is a good idea to practice, especially if you have not been to one in a while. Think of questions that they may ask you and practice with family members or friends. Remember to stay calm and answer confidently. Use the knowledge you have from your previous experiences in the job world to market yourself as being competent and capable.

Is It That Easy?

Can finding a job really be that easy? No, it is not an easy process. As a Baby Boomer, you may come across many doors that close in your face. Some may think you are too old, too slow, or “over qualified”. It is important that you learn to accept the disappointments and not let them hinder you in your search. Stay positive and keep searching, one door closing is part of the process for you finding one that is open just for you. It may take some time, but the possibilities are endless.

And If All Else Fails?

If you find yourself being given the brush off or the run-around, start you own business. Do not waste too much time trying to convince some cocky 25 year old that you can actually hear what he says clearly without him having to shout. Use you Boomer skills and experience to start your own business. Be sure it is something that you can do from home and start with your friends and neighbors and then widen your customer-base. You’d be surprised how quickly your very own business can boom!

Even if you don’t really need the extra income after you’ve retired, it is still a very good idea to stay active. Doing something that you really love will give you a joie de vivre that will put a spring in your daily step. You’ll live a longer, healthier, and more fulfilled life than you’ve ever imagined.

Do you have any ideas about possible jobs that you think are suitable for Baby Boomers? Share with us at BoomerYearbook.com.

boomeryearbook.com is a social networking site connecting the Baby Boomer generation. Share your thoughts, rediscover old friends, or expand your mind with brain games provided by clinical psychologist, Dr. Karen Turner. Join today to discover the many ways we are helping Boomers connect for fun and profit.

The Baby Boomer’s perspective on changing times.

Friday, January 9th, 2009

By Salman A. Kureishi For boomeryearbook.com

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We Baby boomers are a lucky bunch as we were born just as America was setting itself up to become the world super power, both financially and militarily. Ironically enough, we are also the generation who currently has a front seat view of America’s financial decline. We as baby boomers were the lucky generation who witnessed the dying days of the industrial age and welcomed the dawn of the information age – in more respects than one; the baby boom generation is a transitional generation.

As the baby boomers grow older the rift between the rich baby boomers and the poor ones will widen and how they fare in the years to come will depend entirely on how aggressively they embrace the information age (and its economic mechanism). The fact of the matter is that the road is only going to get bumpier from now on in. In the years 1971-72 when most of the boomers were finishing college, the price of gold per ounce was $35 and today its price is somewhere around $700 – that is how much the dollar’s buying power has slipped. On a similar note the per-barrel price of oil was a meager $3 in 1973 but today it hovers around the $100 mark. According to estimates, in the next few years, around 80% of the baby boomers will not be able to retire comfortably – it wouldn’t be so bad had these boomers invested in understanding how the rules of the game changed with the dawn of the information age.

But if you are a baby boomer with little or no savings then you don’t need to hang your head and drop your shoulders just yet. There is still hope and this is what you need to do:

Invest in whatever you love: most people invest in things they know nothing about at all, and the reason they do so is simply because “the experts said to” – well that is a sure shot way of losing money. The best thing to do is to look within your self and try to uncover your true interests (estate, gold, education, stocks etc) and then to fuel that interest by studying that subject aggressively. You will soon find yourself making decent money and relishing the process as well. Finances and investments have everything to do with your in-depth knowledge of the subject and the only way by which you can get that in-depth knowledge is by being positively obsessed by it.

On a slightly similar note, investments don’t necessarily have to be stocks, bonds and estate. It can be anything you have a natural ability and inclination towards. And investments don’t just mean “money”; it means everything – time, effort, imagination, love and dedication etc. What I mean is beautifully summed up by Steve Forbes in one of his books, “the real source of wealth and capital in this new era is not material things – it is the human mind, the human spirit, the human imagination and our faith in the future. That’s the magic of a free society – everyone can move forward and prosper because wealth comes from within.” This is truer today (in the information age) as compared to any other time in history. As baby boomers we have the best chance to capitalize and maximize on the opportunities presented by these times.

If you have a story you want to share with us or if there is something you would like other baby boomers to know then visit and sign up for www.boomeryearbook.com.

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www.boomeryearbook.com is a social networking site connecting the Baby Boomer generation. Share your thoughts, rediscover old friends, or expand your mind with brain games provided by clinical psychologist Dr. Karen Turner. Join today to discover the many ways we are helping Boomers connect for fun and profit.

Female Boomers vs. the economy

Friday, January 9th, 2009

For Boomeryearbook.com

1a
It is being pointed out by many experts and analysts that retirement could be more uncomfortable for baby boomer women as compared to their male counterparts. The primary reason being given for this is that boomer women are working at comparatively lower wages and are supporting themselves and their children.

Other statistical studies indicate that Boomer women tend to have lesser qualifications and fewer skills, therefore they can often be found doing two (sometimes even three) jobs in order to support themselves and their families. Also Boomer women would tend to spend more and more on “having-more-in order-to-be-more” as they get older – that’s one reason why plastic surgeons will never lack for business. Susan Sterne from the Economics Analysis Association says that consumers aged between 45 and 54 tend to spend approximately 30% more than the average consumer. As these boomers become older, it becomes harder and harder for them to maintain their lifestyle and therefore they end up digging deeper and deeper into their savings.

The question for women boomers really boils down to whether they would want another fancy pair of shoes or would they prefer to drop that penny in their piggy bank and use it at a latter stage in life or in case an emergency comes along – surprisingly enough many women boomers choose the former. The women boomers either don’t earn enough to save or either they squander their earnings by “living in the moment” – which leaves them with loads of mortgage payments and credit card debt to paddle through.

Now add to the equation the limping economy and America’s trillion dollar dept, and you will have a recipe for disaster. To gain some perspective on how bad the situation is, consider the fact that the economic condition has not been this bad since the post world War era. The bad news is the government may not be able to fulfill its promises of Social security and heath care when hundreds of thousands of Baby Boomers start to retire in the next few years.

So what do the baby boomers do? The answer is simple, yet difficult to put into practice: understand your finances and try to also gain a deeper understanding of your cash flow patterns. Ideally you would want the money to flow out of your assets column and into some rock solid investments which will then generate further cash. Buy real assets instead of liabilities masquerading as assets. A really big house may not necessarily be an asset as it will take money out of your pocket every month for maintenance. Similarly having an additional car that’s not really needed will also take money out of your pocket, and is therefore a liability masquerading as an asset - real assets will feed your income column and may also, at some point, become a viable source of money generation.

The point here is that Baby boomers (especially women Boomers) will have to sharpen their skills and awareness of how personal finances work. This is surely far better than hoping the government will take care of you once you decide to call it a day.

Are you a Boomer that has something to add? If you have tips, insights and solutions for your fellow boomers then sign up to Boomer Yearbook now and let us know.

signup10www.boomeryearbook.com is a social networking site connecting the Baby Boomer generation. Share your thoughts, rediscover old friends, or expand your mind with brain games provided by clinical psychologist Dr. Karen Turner. Join today to discover the many ways we are helping Boomers connect for fun and profit.

This article is Copy right protected by Salman A. Kureishi© 2009

Attention Baby Boomers: its time to raise your financial intelligence!

Friday, January 9th, 2009

attention-baby-boomersits-time-to-raise-your-financial-intelligenceby Boomeryearbook.com

The definition of “intelligence” is the ability to solve problems. Some people can solve math problems, some tech savvy gurus can fix a dead computer and great CEOs can take a failed company and turn in into a flourishing enterprise – the common ability of all such people is the knack to solve problems relating to a particular field.

The baby boomer generation may be exceptional Doctors, Engineers, Lawyers, Accountants and Teachers, but that certainly doesn’t mean that they are financially intelligent enough to weather the economic storm faced by them today. Today it has become an absolute must for the baby boomer generation to invest time, effort and resources in raising their ability to solve financial challenges – in other words to raise their financial IQs. To give a small sampling of how important this kind of intelligence is today, consider the following: national dept is on the rise, wages are drastically decreasing, unemployment is on a record high, jobs are being exported, the dollar is falling in value, billions (if not trillions) are being spent on wars overseas, social security and Medicare are going bankrupt and the rift between the rich and everyone else is rapidly expanding.

Many of the financial problems that exist on both, micro and macro levels, is because people have been made to expect the government to solve many of their personal financial problems – problems that could have otherwise been solved by themselves provided they were equipped with the financial awareness and skills to do so. The bottom line is that today’s financial problems cannot be solved using yesterday’s solutions. In a year or so if each of the seventy five million baby boomers begins to receive a social security payment of $1000 /month in Medicare and Social Security then the government will end up paying a staggering $75 billion dollars a month – this is equivalent to an Iraq war every month.

But all is not lost yet for the baby boomers and all that is primarily required is the ability to change from the entitlement mindset to the proactive mindset. The baby boomers have got to develop an interest in learning how finances work instead of just turning in their money to the experts and hoping they will make the right decisions. It’s an overall change in the mindset and attitude that is important – once people start looking at their life and its challenges through a positive and proactive frame of mind then possibilities (not problems) start showing up all around.

A major difference between the financially intelligent and the financially blind is that the intelligent have goals whereas the blind only have dreams. Unlike a dream, a goal has a process and a path that leads up to it. If you have a dream then turn it into a goal and chalk out a process by which you can achieve that goal. Gather knowledge and develop an interest in the process itself. Enjoy the process and the process will teach you more than the attainment of the goal ever can. When Henry Ford was asked what he would do had he lost his billion dollar fortune, he simply replied that he would “have it back in less than five years” – and that is because the process of becoming a billionaire had made him financially intelligent – and that “intelligence” is the real wealth-generator.

Enjoyed this article? Share with us your views, thoughts and life experiences on financial intelligence by visiting www.boomeryearbook.com.

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www.boomeryearbook.com is a social networking site connecting the Baby Boomer generation. Share your thoughts, rediscover old friends, or expand your mind with brain games provided by clinical psychologist Dr. Karen Turner. Join today to discover the many ways we are helping Boomers connect for fun and profit.

Could A Reverse Mortgage Be What You Need?

Wednesday, January 7th, 2009

reverse-mortgageThe Facts You Need To Know
By boomeryearbook.com

There comes a time in our lives when we need a little extra money to take care of everyday expenses or an unexpected occurrence. For many Baby Boomers, some of these expenses may include medical, home improvements, and/or supplementing your social security income. Many have decided that a reverse mortgage loan would be the best option to meet their needs. But is it? Let’s look at some facts with regards to this revolutionary mortgage idea.

What is a Reverse Mortgage?
A reverse mortgage allows you to turn your home equity into cash that you can use, without you having to sell your home or take out any additional loans. You remain the owner of your home; you keep title, and continue to live there as before. You can choose to receive payment in a lump sum, in monthly or quarterly payments, or as a line of credit. Sounds pretty reasonable, doesn’t it? Now, how do you go about getting a reverse mortgage?

Do You Qualify?
To qualify for a reverse mortgage the following applies:
• You must be 62 years of age or older.
• You must live in your home.
• You have paid off any existing mortgages on the property.
• Neither your credit rating nor your income is considered.
• The amount of money available to you will be based on the value of your home, government or lender limits, your age, current and future interest rates, and fees collected by the lender or intermediaries.
A reverse mortgage requires no repayment as long as you are living in your home and must be paid in full when the last living resident of the home dies, sells the home or makes a permanent move. Also, not every type of home is eligible, so it is important that you do some research to know if yours does.

Reverse mortgages are offered by state and local governments as well as banks, saving associations, and mortgage companies. Those offered by government are less expensive and have lower fees and rates; however they usually have to be used for specific purposes such as home repairs. The others are much more expensive; however they do not require any explanation for the use of the funds.
What are the Pros and Cons?
There are many advantages to a reverse mortgage, especially when you are your wits end and need immediate help. You are able to continue to own and live in your house and receive the funds that you need according to your choosing, whether it is in one lump sum, monthly, quarterly, or as a line of credit.
However, there are many aspects to consider before choosing this route:
• The first thing to consider is the fact that this loan is very expensive and the amount you owe grows more each month. According to the American Association of Retired Persons (AARP), origination fees and insurance premiums typically eat up $25,000 or more of the total proceeds of a common reverse mortgage on a $250,000 house.
• Consider how long you plan to continue living in your home. The longer you live in your home the more cost effective a reverse mortgage is. If you only plan on living there for several more years, then you might want to reconsider this option.
• Reverse mortgages could have tax consequences, affect your eligibility for assistance under Federal and State programs, and have an impact on your estate and heirs.
Get All the Facts
It is recommended that you seek independent counseling on the matter before signing any contracts. This is a very important decision that can affect the rest of your life. Be sure to know exactly what you’re getting into and with whom. Be on the lookout for predators who try to scam you for everything you worked so hard to obtain. Make sure you’ve explored other options of earning more income before you make a final decision because it is not easy to reverse a reverse mortgage.

What do you think about reverse mortgages? Are they good for Baby Boomers or not? Share your opinions with us at BoomerYearbook

www.boomeryearbook.com is a social networking site connecting the Baby Boomer generation. Share your thoughts, rediscover old friends, or expand your mind with brain games provided by clinical psychologist, Dr. Karen Turner. Join today to discover the many ways we are helping Boomers connect for fun and profit.

How To keep Your Home When Threatened By Foreclosure

Wednesday, January 7th, 2009

foreclosed
By Boomeryearbook.com
The housing market was one the first indicators of the economy taking a turn for the worst. Many people, including a lot of Baby Boomers, began to get behind on mortgage or home equity loan payments and sooner or later came face to face with foreclosure. Foreclosure is one of the most heart wrenching problems that can arise in anyone’s life. All is not lost even if you’re faced with the prospect of losing the home that you have put so much love, care and money into. In fact, there are things Boomers can do to avoid foreclosure.
KEEP WORKING
Even though you may be close to retirement, you might have to look at working a few years longer if that is at all possible. The reason is you don’t want to deplete your savings trying to save your home; you, therefore, have to have the means of maintaining a steady income. For some Baby Boomers, this may not be an option depending on the company you work for and the type of job you do. In that case, you may want to seek alternative employment. Working past retirement is a great option for Boomers with the earning potential that would enable them to pay their mortgages easily. If you will still be struggling despite keeping your job, you may do well to retire and look at other available options.
REFINANCE YOUR MORTGAGE
If you’re earning a steady income, you can talk to your bank and refinance you loan. Ask for a lower interest rate if you have an Adjusted Rate Mortgage (ARM) or lower payments if you have a fixed-rate mortgage (FRM). Before you go in to discuss this, be sure to do your research so you know what the going rate is and how much you can reasonably ask for. This is important because no matter how nice your loan officer might seem, he/she still works for the bank – not you. You have to look out for your own best interests.
GET A FINANCIAL PLANNER
Another thing you can do is to find a financial planner to help you research the possible options you can take. Many banks offer this service for free so you will be best served by going to your bank and possibly one other to ensure that you will have as much of the information you need. Because a financial planner is familiar with the banking system, they are well equipped to give you good advice as to how to get the best deal based on your profile, i.e. age, gender, etc.
SELL YOUR HOME
Another possible solution for Baby Boomers living on a fixed income that are getting behind in payments is to sell, take the profits and buy a smaller home. The fact that you’ve paid most of your mortgage over the years means that you’ll most certainly get back more money than you owe; therefore, you should have a nice bonus left over after the sale and repayment to your bank. Your kids are grown and they only come to visit a few times a year, do you really need that big of a home? Probably not. It is often difficult to just pack up and leave a home that you’ve lived in for most of your life, but it can save you a lot of money and heartache in the long run.
LOOK INTO A ‘NEGAM’ LOAN
Another possible option for Boomers with an ARM is to get a Negative Amortization Loan, also known as “NegAm.” This allows you to keep your monthly payments the same and whatever the difference is between the interest and payment is added to the principal. This is good for those who have seen their mortgage payments doubled or tripled. The major disadvantage to this type of loan is that you will end up paying interest on accrued interest that has been added to the principal. It is, therefore, only a great option if you plan to make a lump sum payment in the very near future to reduce the principal. This may be a bonus from your job or access to your IRA or 401K.
LOOK INTO AN INTEREST-ONLY LOAN
One other loan option is for Baby Boomers to refinance into an Interest-Only Loan. This is one wherein you pay only the interest on the loan and nothing on the principal. Like the ‘NegAm,’ it is only a great option if you plan to make a significant lump payment to the principal in the near future.
LOOK INTO A REVERSAL MORTGAGE
Many Baby Boomers qualify for a Reverse Mortgage. Your home is evaluated and the sum of its value is paid to you in monthly payments. This is a reasonable option for those who’d like to stay in their homes, have made most of their mortgage payments already and have a good equity on their homes. The government housing website, www.hud.gov, offers a lot of information on how best to go about this procedure. BoomerYearbook.com will be looking further into this option in the near future so keep an eye out for more information on this option.
It is important not to panic. Keep up-to-date with the initiatives being put out by the government regarding the housing crisis. Baby Boomers should also keep an ear out for information that applies to them in particular. While there are many scam artists out there targeting Boomers, some companies are really genuinely trying to help. It is, however, essential that you do your research on any company that you choose to do business with. Don’t let all your memories and dreams be taken from you. Get informed, talk to your lender and get help now!
Join us at BoomerYearbook.com in discussing these options.
www.boomeryearbook.com is a social networking site connecting the Baby Boomer generation. Share your thoughts, rediscover old friends, or expand your mind with brain games provided by clinical psychologist, Dr. Karen Turner. Join today to discover the many ways we are helping Boomers connect for fun and profit.

A Baby Boomer’s Guide to Selecting A Good Annuity Insurance Company

Tuesday, January 6th, 2009

Retirement-Fund

By BoomerYearbook.com

An insurance company becomes useful to Baby Boomers when it is time to buy retirement plans (among others), such as an annuity. The rate of earnings of your money may be dependent on the insurance company’s behavior and we have all heard horror stories of many people who were not able to reap the benefits of their labors, simply because some insurance companies have declared bankruptcy and can no longer pay its policy holders.

I will enumerate some simple guides on how you can choose a good insurance company from which you can purchase an annuity plan.

The brand: always look at the name brand of the insurance company. If it is something that has been around for a couple of centuries, you can be sure that you are partnering with a solid company who has made wise decisions in the past; you can rely on their wisdom to invest your money accordingly, gaining considerable returns for you. An insurance company that has been around for a hundred years and more must have also served their customers well, and has not been plagued by controversial dealings. Otherwise, the media would have lapped it up and, their permit to operate will be terminated, thus causing them to stop doing business.

The numbers: because an annuity plan is actually an investment, you should look at the business aspects of the company you are investing in. Look at the triple bottom line, their assets and liabilities, their cash on hand, gains in the last three years or so, and other financial information which can easily be viewed online, and will most probably be contained on their Annual Report. Check as well how much payout has been made in the past, and how many active policy holders there are currently.

The principles: insurance companies will have different principles and ethics on which they anchor their business. You might want to check what these principles are and see if you are comfortable with them. Most of these principles will be reflected in their social and environmental responsibility programs. For example, many individuals are now turning green and an insurance company that has already looked at its environmental issues will most likely be your preferred company. This will make you a socially responsible investor. Some insurance companies favor education as their worthy cause and if you are an advocate of the issue, of course you would want your money to be placed in this company.

Do you have any other tips on choosing the right insurance company? Please share with your thoughts on Boomer Yearbook and together, we can evaluate these companies.

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Choosing A Retirement Plan, What Every Baby Boomer Should Know

Tuesday, January 6th, 2009

Retirement By BoomerYearbook.com

Retirement is inevitable, and will certainly be most welcome for those of us Baby Boomers who have spent a considerable amount of time in the workforce. No more waking up early to make it to the office on time, no more deadlines, no more bossy bosses. You have been handed the pink slip and proverbial watch and you are literally free to do whatever you want to do, when you want to do it. You do not have to wait for a vacation anymore since every day is vacation day. This is the time for you to do those things you’ve always wanted to do but never had the opportunity to. Been wanting to travel but just haven’t been able to take an extended work leave to do so? Well, now is the time and you can even travel the world if you so wish – that is, if you have the appropriate funds.

Retirement certainly reduces your spending capacity and this is the reason why you should be thinking of an appropriate retirement plan while you are still gainfully employed, and can consider yourself to be earning the most you can. You can look at it as purchasing a lifestyle for the future while you can still afford it. Annuity plans will certainly be an attractive option, and it is very sensible to purchase one while you are still working at your peak. Annuity gives back your money along with the significant earnings it has gained over the years.

Many insurance companies sell annuity and you will have to be very, very careful in choosing which insurance company to invest in. Annuity is like investing in a company, since you trust that company to grow your money for you.

So just how should a Baby Boomer choose a suitable insurance company to purchase an annuity plan from?

One good selection method is to choose an insurance company that has been around for some time. There are many who will have centuries of experience in their hats and this certainly says something about the company. Perhaps you have heard of them while you were still young, and the fact that they have survived over the years guarantees you that they have a strong management and you can sort of trust them to be around for a longer time than the younger companies who have no track record yet to speak of. Baby Boomers should also look at the financial records of the company, including assets and liabilities, as well as the number of payouts that have been made. This information will easily be available online and there might even be other pertinent information online which will help you decide if an insurance company feels right. Bottom line is you need to be comfortable with your insurance company for you will be partnering with each other for a long time.

Another great way to learn about the operation of an insurance company is to hear stories from actual policy holders. Are there any Baby Boomers out there who can recommend an insurance company to buy an annuity from? Share your thoughts on Boomer Yearbook Perhaps you can help other Baby Boomers make a wise decision for their future.

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