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Boomers; Progenitors of...Halloween?!

10/25/2018

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Yes, it's true: we were the first generation to go "trick or treating" so, in essence, Boomers (and our parents) invented Halloween traditions as we know them.
And we know how to do Halloween right.

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Kids, that means if you want a fistful of good, un-nutritious candy instead of kale (yep, a woman in VT is dispensing it), an apple, or rice cakes (in our neighborhood, whoever dispensed apples was off the next year's tour list - & luckily rice cakes hadn't been invented yet), you must go to the homes of the people who know what Halloween is all about – Boomers.
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But, before I go on about how Halloweeny we are, let's get in the holiday mood with a well written/quite the chuckle recount of how it all began, from columnist Michael Howlett:

"Halloween originated in Ireland and was called Hallow E’en, or All Hollows Eve among the sober people. But, who are we kidding...we’re talking Ireland; there are no sober people...

Folk lore has it that during this pagan holiday the veil between the living and the world of the dead was (veeerry) thin... Because of this, the dead just walked right through the veil to visit the living, which was more thrilling for the dead than the living, who would hide under their beds chugging whiskey.

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However, that didn’t stop the dead from a-knockin’ so the Irish decided to try something different. In their drunken state, they ascertained that leaving food and candies for the dead would appease them, and prevent them from making scary noises and performing some nasty tricks, such as cutting off the head of the family horse.

Just in case being nice didn’t work, the frightened people would carve out turnips and rutabagas, and place embers in them to ward off the evil spirits, who would often laugh and joke a great deal before eating the family dog.

The Roman Catholic Church got a little fed up with all this foolishness and created All Saints Day, also called Hallomas, on Nov. 1 and All Souls Day on Nov. 2 in an effort to get rid of this Hallow E’en craziness. However, it didn’t work and the Druid Holiday is bigger now than it has ever been."


And in America, Boomers' influence keeps its popularity intact because we love Halloween. A study by the National Confectioners Association (NCA) shows that people aged 60+ are most likely to hand out candy on the big night. It also shows that we’ve got plenty of candy on hand. Only 37% of Boomers report running out of treats, vs. half of the general population.  Groovy

So...given that we were the first generation of trick-or-treaters, we are the first generation of grandparents who have trick-or-treated ourselves. Of course, the NCA study gives another reason Boomer abodes are the best place for good treats: we're also most likely to be home. While 51% of the 18-to-29 year olds will most likely be attending a Halloween party, only 14% of the 60+ generation will be partying away from home.

So to all those out kids who get their trick-or-treat bags full to the brim of all the good stuff, we Boomers gladly say, “You’re welcome!”

You have been boo-fficially alerted....

PS: If you want to hand out candy made in America, go with:
  • Mike & Ike's,
  • Tootsie Rolls,
  • all Hershey's products,
  • Butter Fingers,
  • DOTS,
  • Jelly Belly's & Jelly Belly's Candy Corn, and
  • Dum Dum pops.
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How to Prepare for a Spouse's Retirement

10/11/2018

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When only one member of a married couple retires, planning and preparation are still necessary - in fact, they're essential. That's because couples often underestimate the social, psychological and financial impact of having a spouse retire.

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Income might be cut in as much as half after one spouse retires, so both of you will need to adjust to the reduced cash flow, which can take some time (for many, a year or two...). 
The retired spouse will also have considerably more free time than the working spouse, so who does which household chores and how to spend leisure time are likely to change.

Here's how to prepare so the inevitable changes don't take a toll:
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Make a New Budget

Usually the amount you two will net will be lower.  Do the math based on the retiring spouse's new "take-home" from the monthly amount s/he will be taking from a retirement account and/or Social Security.  Better to know now what you'll be working with than after the smaller amount is in play.

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Plan Your New Lifestyle

Prepare for the possibility that the new retiree may want to do things the working spouse still won't be able to, so plan for what things you will and will not do able to do together. The retiring spouse and the working spouse need to clearly communicate about shared and separate experiences in order to avoid conflict.

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Prepare for Impacts on Your Relationship

Roles and duties could change when one spouse retires. The working spouse may come home after a hard day not expecting to cook and clean, even if that was his/her role previously.  You want to avoid "This guy is annoying me because he has nothing to do."

Your personal routines will also need to be adjusted. The retired spouse could become a night owl, staying up late to watch movies, which could disrupt the working spouse, who has to get up early to go to work. An employed spouse might want to relax in the evenings after working all day, while the retired spouse slept in and is eager to go out and socialize.  Look ahead as realistically as possible and prepare for what you see.

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Have/Update Your Plan for Collecting Social Security

Married couples can coordinate when they sign up for Social Security to maximize their benefit as a couple.

Benefits payments are reduced if you enroll in Social Security in your early 60s. For those who wait beyond 66 or 67, benefits increase every year until age 70. If both spouses are in good health, it's typically recommended that people wait until their full retirement age, 66 or 67 depending upon the actual year born, to claim Social Security benefits. Remember, these decisions are very interdependent, so a good practice is for couples to create a two models: one based on what it would look like to have one spouse claim Social Security versus delay Social Security and vice versa, and one to model what happens to Social Security when one spouse dies.

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Plan Ahead to Reduce Your Portfolio Risk

The working spouse might be continuing to save for retirement, but it's also important to protect the money you have already accumulated. Since retirees often shift a portion of their retirement savings to more conservative investments that are less likely to lose money, you will want to decide sooner than later the amount of risk you can tolerate now that one of you is no longer working.

Another thing to consider according to a number of financial planners: If as a couple you fall into a lower tax bracket due to loss of one income, convert some of your traditional 401(k) or IRA savings to a Roth account. The tax on the conversion will be charged at your new lower tax rate, and you won't have to pay taxes on future growth in the Roth account.

And here's a little known option: Since one spouse is still working, s/he can make an IRA contribution for the nonworking spouse in a spousal IRA. You can defer paying income tax on up to $5,500 in a spousal IRA, or $6,500 for people 50 or older. The rules: The couple must be married, file a joint return and have earned income of at least the amount being contributed.

Finally...

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Plan for Health Insurance

When one spouse continues to work, both spouses might be eligible for employer health insurance; look into it in advance.

Either way, once each of you turns 65, make sure to sign up for Medicare on time. If someone retires and doesn't file for Social Security until they are over 65, they still must enroll in Part B at age 65. There is a penalty if you don't enroll in time, and it lasts for the rest of your life. For every 12 months you don't enroll, it's a 10% hike.

You have been officially alerted

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