Baby Boomers: Caring for three generations?

Baby Boomers, are the next generation set to retire. Saving for retirement continues to be the top priority for this group also known as the Sandwich Generation.  Some of Baby Boomers’ stress could be because saving for their own retirement isn’t their only priority. According to the sixth annual Scottrade American Investor Survey, nearly one in four Baby Boomers (born 1945-1966) reported they are financially supporting an adult child and their sandwich is growing. Grandchildren are being added to their financial demands; 9 percent of Baby Boomers surveyed reported they hold a college or education savings account, an increase from 4 percent in 2010. And, while most (72 percent) continue to name retirement as their primary reason for investing, they also reported saving:

• For their own or a family member’s education expenses (11 percent)

• To build an emergency fund (36 percent)

• To reduce their debt (21 percent)

See full article from DailyFinance http://www.dailyfinance.com/2011/12/08/the-triple-threat-to-baby-boomers-retirement-plans/

A recent Wells Fargo survey finds that Americans are expecting to work longer to ensure they have enough money for retirement, 80 may be the new 65 for many American retirees. Of respondents age 40 to 59, 54% indicate they need to work in their retirement years, while only 34% of the 25 to 39 age group indicates they will be working in retirment.





At one of my last Managing Money in Tough Times workshops the financial reality facing retired Wyomingites became very apparant. We haven't been unaffected by the financial turbulance experienced in our country in recent years. It is a very real and difficult financial challenge for seniors who find themselves facing the reality of having outlived their retirement savings.





A tip from the class.... if at all possible, practice living on your retirement income before making the big decision to leave the workforce.

Retirees aren't planning far down the road, study finds

Many retirees overlook important issues such as health care costs in their planning, according to a study by the Society of Actuaries. "The study highlights the importance of retirees educating themselves on how to successfully plan for their retirement years while understanding the value of partnering with a trusted financial advisor for guidance," according to the society. Retirees with financial advisers increased to 61% this year, from 56% in 2008.

Strategies for taking required minimum distributions

Older investors who must take minimum distributions from retirement plans should consider taking them from the smallest of multiple retirement accounts or taking the distribution in-kind if they don't need the cash, certified financial planner Gary Brooks writes. Another tip: Consider taking more than the required minimum in order to shrink a future tax bill, when income tax rates may be higher. Read the full article from The News Tribune (Tacoma, Wash.)

Evaluating buying vs. renting

Renting a home can be a better option than buying, Walter Updegrave writes. Potential buyers should consider that the housing market probably hasn't bottomed out, the job market is unstable and a down payment and other costs could leave buyers without enough cushion, Updegrave writes. In addition, renting offers more flexibility. Read the full article at CNNMoney.com

National Prescription Drug Take Back Day on Saturday, October 29

The Drug Enforcement Agency has scheduled National Prescription Drug Take Back Day on Saturday, October 29, 2011, from 10am-2pm for persons who want to dispose of unwanted and unused prescription drugs.

More than seven million Americans currently abuse prescription drugs, according to the 2009 Substance Abuse and Mental Health Services Administration’s National Survey on Drug Use and Health. Each day approximately 2,500 teens use prescription drugs to get high for the first time according to the Partnership for a Drug Free America. Studies show that a majority of abused prescription drugs are obtained from family and friends, including the home medicine cabinet.

Find a disposal site at dea.gov.

Pills, Potions and Profits begins today

The 11th Consumer Issues Conference begins tonight with a free showing of Big Bucks, Big Pharma at 7pm in the UW Union. The conference sessions begin Thursday morning in Laramie with speakers on business/legal, health and criminal aspects of drugs and consumers. Sessions include sessions on medical marijuana, alcohol and Wyoming law, the proliferation of drug ads targeted directly to consumers, alternative medicine, a panel of legislators focusing on policy issues raised during the conference, and more.

Details and registration are at www.uwyo.edu/consumerconference

Continuing education credits are available for attorneys, educators, health professionals, and family and consumer sciences professionals.