State of the Union? For Boomers, its spelled “A-N_X_I_E_T_Y”

Tonite, President Obama will give his State of the Union address. While the focus will supposedly be on “jobs” and “the economy,” both topics strangely absent from the liberal manifesto given at inauguration, I wonder if he will hit the hot buttons for Boomers.
Just when we thought it was safe to head towards retirement, the stock market and economy collapsed, sending most of us into high anxiety. The plan to sell the big house and use the proceeds for that cute condo in Sun City when out the window with the housing crash. As adult children, well-educated yet un- or under employed, moved back home with their college debt in tow, it added to our stress.
We all know this. So what’s the plan? We need a strategy for this country that puts us back on a growth track now. A strategy is a choice, and provides clear goals for setting the agenda. It is not vague, it is not partisan, it is not high- minded. Unfortunately, those adjectives seem to apply to the president’s messaging. No, Boomers across both parties should listen up tonight. If there is a growth strategy that is well articulated, we can all take a chill pill. I fear that is not in the plan.

Something every Boomer should know about READING

From Lumosity, a brain-training APP/online tool: “Researchers from the Stanford Center for Cognitive and Neurobiological Imaging took brain scans of several literary PhD students as they read a chapter from Mansfield Park. First, the PhD students were asked to read the book casually, for fun. Then students were asked to switch to a critical reading mode similar to how they might analyze it in a literature classroom

This switch in reading modes created a significant shift in brain activity patternson fMRI scans. Casual reading activated pleasure centers while critical reading increased activity in the prefrontal cortex, which is responsible for the executive functions heavily involved in attending to tasks like reading.

Executive function is responsible for more than just attentive reading: this brain function helps moderate how you divide your attention, use your working memory, and generally direct your brainpower. It plays a powerful role in decision-making.

While the findings of the Stanford study are preliminary, they make a good case for further research on the impact of reading on cognition. Philips posits that critical reading could serve as a type of training, “teaching us to modulate our concentration.”

There is other evidence that reading can be good for your brain. A 2007 study from the Center for Occupational and Environmental Neurology found that avid readers benefited from an increased cognitive reserve. Cognitive reserve is the concept that challenging intellectual activity — like reading or brain training — can protect the brain against negative cognitive impacts later in life.

The studies on reading indicate that investing in intellectually challenging habits as early as possible can benefit your brain over the long term.”

I think every Boomer can agree. And every parent should get their kids reading!!!

Another Thing: The Feds say EVERY BOOMER should get tested for Hep C!

Apparently, one in every 30 Boomers has Hep C and doesn’t even know it. It doesn’t show up on a normal blood test–you have to ask for it. It can cause liver cancer, and other fatal problems. I guess there is a treatment, or they wouldn’t bother nagging us about this. This is from the CDC, so I would take it seriously.
So do it.

The Most Poorly Named Investment Product– that Every Boomer Needs

They are called DEATH PUTS!!  But do not be put off by this term! See this excerpt from Saturday’s Wall Street Journal:

“A growing number of financial advisers are pointing to a little-known strategy that can help solve this problem [of low returns on investments]: “death puts.” Formally known as estate-feature puts, they are available on a handful of high-grade corporate bonds as well as most CDs sold through brokerages.

Death puts guarantee that when the owner of the bond or CD dies, the heirs can redeem it at face value, meaning they get back all the money that originally was invested. The fees usually amount to about 0.125% a year, and come out of the interest payments.

Meantime, buyers collect yields significantly higher than they can get on shorter-term investments. A typical investment-grade 10-year corporate bond currently yields about 3.5%, roughly double the yield of a similar five-year bond. A 10-year CD yields about 2.85%, more than a percentage point better than a five-year CD.

Those yields are far better than can be gotten from longer-term government bonds. A 10-year Treasury note now yields only about 2%, while a German bund yields only about 1.75%.”

I am no financial guru. Like many in my generation, I have lived for today, and never trusted anyone over 30. (I still can’t accept that that group now includes me.) Saving for tomorrow was boring, old school, and the future would take care of itself.

So imagine my surprise when my little “never-grow-old” Boomer brain actually got interested in finding out more about something called a “DEATH PUT!” You see, this is perfect for Boomers: we live off the higher yields NOW, and our heirs get to cash in the face value. It should be renamed. Write me and tell me your suggestions!

This fits perfectly in my “live for today” mindset!!! I can’t wait to find out what the real story is here….like the risks and all that other boring stuff. Fellow Boomer: there’s also a risk to doing nothing.

I suggest you join me in checking it out.

http://online.wsj.com/article_email/SB10001424052702303990604577366312337599238-lMyQjAxMTAyMDAwMTEwNDEyWj.html?mod=wsj_share_email

“OUR TIME” Ads hit, and miss, the mark

These ads for this on line 50+ dating site pass the cringe test, but that’s about all. I wouldn’t want to be these people! If you are single, and 50+, you are probably looking to find interesting things to do, and interesting people to share them with. You get it that the romantic part of love has to be there eventually, but the fun part–the part where you are interested in each other because you are interested in the same things…becomes more important. After all, most of these folks have been here before.

I was almost expecting one of those joint bathtub shots at the end and a Cialis plug. That would have made me cringe, for sure.

Working Longer Helps Younger Workers! What a concept!

A recent Opinion piece in the Sunday NYT quotes a surprising fact: “recent studies in Britain and Germany find a positive correlation between labor force participation among the elderly and youth employment.”  As they earn more, they spend more first of all. (Boomers will second that.)  http://www.nytimes.com/2011/11/20/opinion/sunday/retirement-goodbye-golden-years.html?scp=1&sq=boomer%20retirement&st=cse

And older workers may be more likely to be entrepreneurs, imparting valuable skills to the young. Older folks ( I still deny that I am one of those…) are very often the MOST ENTREPRENEURIAL!  The example given is Palm Beach, which has the highest self employment rate in the country. Listen carefully, AARP: Don’t think of Florida as “retirees”….think of them as “re-inventers” with the ideas, skills, energy, and yes sometimes, the NEED to keep working well past the so-called golden age of 65.

I personally never thought it was going to be too “golden” anyway. At least not in that sense.

Like most Boomers, what keeps me going is that I still think I can make an impact on the world, somehow, and that people will care to listen if I have something to say, no matter what the “clock age” says. Those experiences will be my new definition of “the golden years.”

WSJ says Number of 90+ People Surged in Past 30 Years. They Ain’t Seen Nothing Yet.

The WSJ today says that the number of people 90+ has nearly tripled since 1980 to 1.9 Million. They go on to say that “this group is projected to increase to 8.7 million by mid century. A century ago, fewer than 100,000 people reached 90. ” They say that better nutrition and medical care have driven down the number of strokes and deaths from heart disease. Here are the states with the highest share over 90: North Dakota, Connecticut, Iowa, South Dakota. In terms of absolute numbers: California, Florida and Texas lead the nation in the 90+ group.
Baby Boomers are going to upend these numbers. Who is thinking and planning and preparing for that. Maybe not the Boomers themselves. Many are still in denial, since the average is 55 years old…and they’re still working.

Wait till we make 90 the coolest age to be! Count on it…

Will Boomers keep spending? One thing for sure: They will keep voting…and making the rules.

This is from Smart Money’s list of “World’s Most Influential Players.”

We know this, but it is interesting that Smart Money is just discovering the most influential generation in history… and the one spends the most and votes the most,  so their influence can only grow.

“BABY BOOMERS
With $14 trillion in assets and a proven willingness to spend, this group has been driving the economy. As the first wave turns 65 this year, many hope those wallets will keep opening.
Jane & Joe Boomer
They grew up watching The Andy Griffith Show, came of age during the tumultuous ’60s and bad-hair ’70s, raised their kids, and now…10,000 of them are hitting retirement age every single day, on average. But don’t think the 80 million-strong baby boom generation is going to go quietly to the land of canasta and early-bird specials. With a median age of 55, most boomers are not only still working, earning and saving; they’re also spending like crazy — buying some $2.6 trillion worth of stuff in 2009 alone. Indeed, the current crop of 45- to 64-year-olds spends 70 percent more than the same age group spent a decade earlier.

But while money is power, as the saying goes, that isn’t the only mark of their might: In the 2008 election, 65 percent of this generation reported casting a vote (a much greater proportion than that of most other age groups). And in 2012, experts say, it will be boomers, again, who decide who makes the rules.”

AARP Tries to Rally “Seniors.” Are Boomers listening??

Another rendition of the "Greedy Geezers" from AARP

A new political ad from AARP http://www.aarp.org/protectseniors is the latest attempt by AARP to rally their base and build political clout. As a Baby Boomer, this new attempt just goes right over my head. I cannot relate to it, and I wonder how many in my generation can. First, the man in the ad, while he may be actually not that far from Boomers’ age group, looks old enough to be my Dad. Second, the camera pans wide to reveal a group of very serious- looking, definitely- not- working “retirees”–not a group I can relate to either. The “R” word again. The message is strident, angry even, aimed at getting seniors to call their congressmen and tell them not to cut their benefits. This just sounds like another ad in the “greedy geezers” genre. The message does not resonate with Boomers because Boomer’s benefits have already been cut! We don’t get social security until sometime AFTER age 65, not sure when we get Medicare.  We are the generation that coined the phrase “If you’re not part of the solution, you’re part of the problem.”  We get that there have to be changes, many of us accept that, and frankly have probably known all along that we would have to plan for our own “second act” whether or not we actually have, which is beside the point.

AARP, which I continue to believe should be renamed the “American Association of Reinventing People” if it has a chance of winning over Boomers, has to shift its message to the Boomer generation if it is going to gain traction. Instead of  “there are 50 Million of us and we don’t want to give up one measly cent” how about ” We are the largest block of voters in the history of this country. Work with us, talk with us, and let’s fix entitlements so they are there for us and for our kids.” AARP: rally the Boomers. Anyone who underestimates the power of the voice of the Boomer does so at their peril.

Baby Boomer Women are the fastest growing demographic on Facebook!

Why am I not surprised? Women are inherently wired as “connectors” and there is no better way on the planet to get connected than through Facebook. They are conversationalists, and there is no better way these days to converse than through social media. Whether its their grandchildren, their children, a long- lost lover, whomever, they want to reach out and touch someone. This is the way, now, and they will not be deterred. That is a Boomer value: defiance in the face of the expected. So, listen up tech world. Boomer women are maybe not the new nerds, but they have come a long way, Baby. Any marketers who targets them and doesn’t advertise on Facebook needs to fire their agency. Check out the video Social Media Revolution by Erik Qualman, author of the best- selling book Socialnomics. http://vimeo.com/11551721

Prudential gets it (nearly) right

Finally! For at least ten years, advertisers have been trying to find an appeal for Baby Boomers that would get us out of our denial about the “R” word, and into some kind of savings or investment planning. They have tried threats–the elephant in the room that we are avoiding. They have tried strident appeals from fellow boomers such as Dennis Hopper–” You need a plan!”

Ameriprise gets it wrong

Let’s face it, no one has gotten it right. Boomers don’t respond to fear, logical appeals, or threats from someone who claims to know more. They don’t feel helpless. They feel entitled. They are perennial optimists, driven by the belief that they are in charge, still important, and still are changing the world. So…this Prudential commercial hits exactly the right emotional tone…Boomers want to live forever, think they will, and believe it will all work out somehow. This is such a hopeful approach: a series of actual photos taken on the first day of retirement by a bunch of different boomers. The shots look cool, look real, and are very hopeful married up with inspirational not insipid music–no ’60s rock track redux. And the message is right on target: You are going to live a long long time! The “R” word is not “Retirement”…its “Rejoice”! It’s “Reinvent.” And yes, it’s “Revel”…in the simple beauty of the world, and every morning that you are going to see from here on out, till maybe forever. And yes, you’re entitled. Bravo, Prudential. One teensy thing I’d fix: take out the number. It should say, “one of the thousands and thousands of sunsets retirees will see….” Remember…We are going to live forever.

“Live Forward”–Finally, a good tag line for Men’s Hair Color.

"Live Forward"

If you want to attract Boomer men that is. “Last year, men spent more than $130 million on hair color, making men’s hair coloring one of the fastest growing categories in the health and beauty business. Just ten years ago, only 46 percent of men surveyed thought it was okay to color their hair. Now, according to a recent Clairol study, nearly two-thirds of men vote “yes” to hair coloring. ” (Hairstyles&Hair.com).  If this is true, it is because of the aging Boomer. And the old Grecian Formula ads were so cheesy they could make your skin crawl.  The new ones for Just For Men are a different take on the category: if you color your hair, its because we get it, you want to stay in it, keep at it, keeping moving on. And yes, you think your old man hair might not be able to keep up with you. Boomers will never give in, and never give up the notion that the best is yet to come. And I agree. It’s nice to see a company acknowledge this.