Most high school students headed for earning a college degree learn to search for scholarships if they need financial aid. However, senior citizens may not realize there are ways they can also cut costs if they would like a college education. here are some good ideas for earning a college degree at any age.
Senior Citizens College Scholarships
Senior citizens can search for college scholarships offered just for them. Some businesses and universities, for example, offer special scholarships for seniors. beyond scholarship money designated for senior citizens, one can look into awards offered to all adults. it is wise to keep in mind that beyond tuition there will be other fees, supplies, and books for which you will need to pay. Often students apply for and are awarded multiple types of money for school.
Discounts and Financial Aid for Mature Adults
Often, public colleges will waive tuition for senior citizens. a number of states have statewide public college tuition waiver programs for senior citizens. Some offer discounts to senior citizens. many community colleges also waive tuition for senior citizens or charge reduced rates. one should also ask about these deals and for life experience degree credits.
Alternative Education ideas for Seniors
If one does not need a college degree, but simply wishes to learn, senior citizens may be able to audit classes for free or at reduced prices. When auditing a class, the student has the choice of taking or not taking exams, writing papers, or doing other class work.
Another choice is taking continuing education classes exclusively for “mature” adults (often 50 and older). these types of classes generally run four to eight weeks and may or may not offer credits. these courses can also be a good way to meet new friends with similar ages and interests.
Many programs for senior citizens are not well known or publicized, so it is always a good idea to call around or search online.
Online Degree Programs and Courses
There are many college and university online bachelors degree programs and other classes available on the web. For Internet-savvy or homebound seniors (or even for those hoping to save on gasoline costs, etc.), this can be a viable option. Scholarships, grants, discounts, college loans, or other financial aid may still apply. Today, complete online bachelor degree programs and graduate degree programs are offered online. When searching for online degree programs, one should find out if the college or university is accredited.
Other Savings ideas for College Courses
Most colleges and universities offer many student services. these may include free or very low cost medical visits and student dental care, free cultural events, childcare, mental health counseling, free advising, and many more services.
Senior citizens wishing to extend their knowledge or skills should try not to let money be a barrier. there are plenty of options for those who do their “homework” to earn a college degree
For more information contact Senior Solutions at (954) 456-8984 or toll free at 1-800-213-3524
Wednesday, September 8, 2010
Tuesday, September 7, 2010
Choosing Your Senior Home: Money Factors
4 Financial Factors in Choosing a Senior Citizen Home:
Senior citizen homes aim to meet the unique needs of the retired community. When you retire, you are on a fixed income for the remainder of your life. Making financial decisions on a budget becomes extremely important because you lack the ability to go earn more money if needed. Costs can become more difficult to manage as you enter your senior years; medical expenses and care expenses can be very burdensome. To reduce these expenses and woes, many seniors consider a senior citizen home where care is provided. Unfortunately, living in these facilities can be a cost burden in itself.
#1 Cost of Residence
The cost of simply renting a residence in a senior living community can be very high. Where you are right now, you are the sole owner of a property. You manage it yourself, and you can control management costs as a result. When you buy into a larger community, the cost to manage the facility is also your burden, but you cannot directly control that cost. To help find a less expensive option, look for communities with a lot of residents. There, the costs will be split between more people, reducing the cost per person.
#2 Cost of Care
It is true that you will receive an abundance of medical care in a facility at a fixed rate. Instead of rushing to the doctor each time you are ill, you can simply use the services of an in-house nurse whose salary is covered by your ongoing payments. This will save money for those who visit the doctor frequently, but it can be a wasted cost if you are not making use of the staff. Look for a facility with many care levels. You can begin with a minimal care package, allowing you to save money over jumping into a maximum care facility.
#3 Cost of Ancillary Services
If you are still an active person, consider the services you would like to locate in a community of your choice. Some will offer educational opportunities, others will focus on spiritual guidance. You may want a large recreational area with pools, a gym or other active life options. The more services you elect, the more the home will cost. When you need to control costs, this is a key area you can cut back.
#4 Comparable Cost of Alternative Options
Cost is never an absolute consideration; it is always relative to the cost of other options. You may be fortunate to have a friend or family member who can support you in the future. You may also be willing to remain in your current residence or move into a mobile home or similar option. If this is the case, you have to compare the cost of these other options to the cost of the senior senior home. Of course, you should compare the relative happiness you could fell in each situation along with cost. Only choose the senior home if the benefits and service offered are worth any additional cost rendered through the decision.
For more information contact Senior Solutions at (954) 456-8984 or toll free at 1-800-213-3524
Senior citizen homes aim to meet the unique needs of the retired community. When you retire, you are on a fixed income for the remainder of your life. Making financial decisions on a budget becomes extremely important because you lack the ability to go earn more money if needed. Costs can become more difficult to manage as you enter your senior years; medical expenses and care expenses can be very burdensome. To reduce these expenses and woes, many seniors consider a senior citizen home where care is provided. Unfortunately, living in these facilities can be a cost burden in itself.
#1 Cost of Residence
The cost of simply renting a residence in a senior living community can be very high. Where you are right now, you are the sole owner of a property. You manage it yourself, and you can control management costs as a result. When you buy into a larger community, the cost to manage the facility is also your burden, but you cannot directly control that cost. To help find a less expensive option, look for communities with a lot of residents. There, the costs will be split between more people, reducing the cost per person.
#2 Cost of Care
It is true that you will receive an abundance of medical care in a facility at a fixed rate. Instead of rushing to the doctor each time you are ill, you can simply use the services of an in-house nurse whose salary is covered by your ongoing payments. This will save money for those who visit the doctor frequently, but it can be a wasted cost if you are not making use of the staff. Look for a facility with many care levels. You can begin with a minimal care package, allowing you to save money over jumping into a maximum care facility.
#3 Cost of Ancillary Services
If you are still an active person, consider the services you would like to locate in a community of your choice. Some will offer educational opportunities, others will focus on spiritual guidance. You may want a large recreational area with pools, a gym or other active life options. The more services you elect, the more the home will cost. When you need to control costs, this is a key area you can cut back.
#4 Comparable Cost of Alternative Options
Cost is never an absolute consideration; it is always relative to the cost of other options. You may be fortunate to have a friend or family member who can support you in the future. You may also be willing to remain in your current residence or move into a mobile home or similar option. If this is the case, you have to compare the cost of these other options to the cost of the senior senior home. Of course, you should compare the relative happiness you could fell in each situation along with cost. Only choose the senior home if the benefits and service offered are worth any additional cost rendered through the decision.
For more information contact Senior Solutions at (954) 456-8984 or toll free at 1-800-213-3524
Monday, September 6, 2010
Extraordinary People of the Senior Kind ~
Returns in 4 weeks
For more information contact Senior Solutions at (954) 456-8984 or toll free at 1-800-213-3524
Saturday, September 4, 2010
Symptoms of Parkinson's Disease
The diagnosis of PD depends upon the presence of one or more of the four most common motor symptoms of the disease, which are: resting tremor, bradykinesia, rigidity and postural instability.
In addition, there are other secondary and nonmotor symptoms that affect many people and are increasingly recognized by doctors as important to treating Parkinson’s.
Each person with Parkinson's will experience these symptoms differently. For example, many people experience tremor as their primary symptom, while others may not have tremors, but may have problems with balance. Also, for some people the disease progresses quickly, and in others it does not.
Find out more by reading detailed descriptions of Parkinson's symptoms below. If your questions are not answered consider Asking the Expert your question about PD.
Primary Motor Symptoms
Secondary Motor Symptoms
Nonmotor Symptoms
Coping with Symptoms
Primary Motor Symptoms
Resting Tremor: About 70 percent of people with Parkinson’s experience a slight tremor in the early stage of the disease - either in the hand or foot on one side of the body, or less commonly in the jaw or face. The tremor appears as a "beating" or oscillating movement. Because the Parkinson's tremor usually appears when a person's muscles are relaxed, it is called "resting tremor." This means that the affected body part trembles when it is not doing work, and it usually subsides when a person begins an action. The tremor often spreads to the other side of the body as the disease progresses, but remains most apparent on the original side of occurrence.
Bradykinesia (Slow Movement): Bradykinesia is the phenomenon of a person experiencing slow movements. In addition to slow movements, a person with bradykinesia will probably also have incomplete movement, difficulty initiating movements and sudden stopping of ongoing movement. People who have bradykinesia may walk with short, shuffling steps (this is called festination). Bradykinesia and rigidity can occur in the facial muscles, reducing a person's range of facial expressions and resulting in a "mask-like" appearance.
Rigidity: Rigidity, also called increased muscle tone, means stiffness or inflexibility of the muscles. Muscles normally stretch when they move, and then relax when they are at rest. In rigidity, the muscle tone of an affected limb is always stiff and does not relax, sometimes resulting in a decreased range of motion. For example, a person who has rigidity may not be able to swing his or her arms when walking because the muscles are too tight. Rigidity can cause pain and cramping.
Postural Instability (Impaired Balance and Coordination): People with Parkinson's disease often experience instability when standing or impaired balance and coordination. These symptoms, combined with other symptoms such as bradykinesia, increase the chance of falling. People with balance problems may have difficulty making turns or abrupt movements. They may go through periods of "freezing," which is when a person feels stuck to the ground and finds it difficult to start walking. The slowness and incompleteness of movement can also affect speaking and swallowing.
Secondary Motor Symptoms
The secondary motor symptoms include those below, but not all people with Parkinson’s will experience all of these.
Stooped posture, a tendency to lean forward
Dystonia
Fatigue
Impaired fine motor dexterity and motor coordination
Impaired gross motor coordination
Poverty of movement (decreased arm swing)
Akathisia
Speech problems, such as softness of voice or slurred speech caused by lack of muscle control (See fact sheet, The Science and Practice of Speaking Loud)
Loss of facial expression, or "masking"
Micrographia (small, cramped handwriting)
Difficulty swallowing
Sexual dysfunction
Cramping (See Q&A booklet, page 32)
Drooling (See Q&A booklet, page 22)
Nonmotor Symptoms
Nonmotor symptoms of Parkinson’s, such as sleep problems and depression, can be, for many people, as troublesome as the primary movement symptoms of the disease.
The following is a list of nonmotor symptoms of Parkinson's disease. To read more about nonmotor symptoms, read our fact sheet, PD: More than a Movement Disorder or check the Living with PD section of the website to learn more about living well with different aspects of PD.
Pain
Dementia or confusion (See two fact sheets, Not Just a Movement Disorder: Cognitive Changes in PD and Coping with Dementia: Advice for Caregivers)
Sleep disturbances (See Q&A booklet, page 27)
Constipation (See Q&A booklet, page 28)
Skin problems
Depression
Fear or anxiety
Memory difficulties and slowed thinking (See fact sheet, Not Just a Movement Disorder: Cognitive Changes in PD)
Urinary problems (See Q&A booklet, page 29)
Fatigue and aching
Loss of energy
Compulsive behavior (See fact sheet, Gambling, Sex and...Parkinson's Disease?)
Coping with Nonmotor Symptoms
More Questions?
Do you have more questions about the symptoms of PD? Ask the experts your questions directly using our online form, or call the helpline at (800) 457-6676.
For more information contact Senior Solutions at (954) 456-8984 or toll free at 1-800-213-3524
Friday, September 3, 2010
SARDINES ARE THE BEST FOOD
My dad’s family is from Norway and for as long as I can remember we’ve been eating fish balls, fish puddings, pickled fish, fish in a tube and fish in a can. Most people thought it was a little weird.
But these days, I’m feeling less like an outcast when I bust open a can of fish, especially sardines. I know a lot of you have strong feelings about sardines, but want to know why I love them?
Sardines (Pacific, wild-caught) are one of the healthiest foods we can consume, according to the health and environmental experts we interviewed for “Sea Change” in our latest issue of EatingWell magazine. These days so many of us are trying to get more omega-3 fats in their diet, because they benefit your heart and your brain. Click here for delicious recipes to help you eat more of these super-healthy omega-3 fats. These nutritional powerhouses are one of the best sources of omega-3 fats, with a whopping 1,950 mg/per 3 oz. (that’s more per serving than salmon, tuna or just about any other food) and they’re packed with vitamin D. And because sardines are small and low on the food chain, they don’t harbor lots of toxins like bigger fish can. Find out why leading scientist Carl Safina thinks eating smaller fish can benefit your health and our oceans. Plus, they’re also one of the most sustainable fish around. Quick to reproduce, Pacific sardines have rebounded from both overfishing and a natural collapse in the 1940's, so much so that they are one of Seafood Watch’s “Super Green” sustainable choices. (Click here to find out which 6 super-healthy fish and shellfish you should eat and which 6 to avoid.)
If you’re trying sardines for the first time, or you just really want to learn to like them, here are a few tips and a few recipes to stoke your sardine love:
For the uninitiated, a good place to start is with a boneless, skinless variety. They come packed in water or olive oil. They’re mild, and can be used in recipes in place of canned tuna fish.
If you’re lucky enough to have fresh sardines available in your supermarket, try them in place of the canned sardines. Lightly dredge them in salt-and-pepper-seasoned flour and sauté them in a little olive oil.
Sardines also come smoked, and come packed in sauces like tomato and mustard—give one of these a try. Smear them on a cracker or piece of toast for a snack or light lunch.
For veteran sardine eaters, the sky’s the limit! Sardines with bones and skin are delicious, too, and they look awesome on top of a salad or platter. P.S. The bones and skin are both edible. Those tiny bones deliver calcium too!
Try sardines in these delicious recipes:
Greek Salad With Sardines The fresh, tangy elements of a Greek salad—tomato, cucumber, feta, olives and lemony vinaigrette—pair well with rich-tasting sardines. Look for sardines with skin and bones (which are edible) as they have more than four times the amount of calcium as skinless, boneless sardines.
Spring Salad with Tarragon Vinaigrette A bold, layered salad that showcases sardines and asparagus, this beautiful dish adds variety to your weekday dining. If you prefer tuna to sardines or have fish from the night before, go ahead and use that instead.
Sardines on Crackers
A protein-packed and portable snack.
Makes: 4 servings
Active time: 5 minutes | Total: 5 minutes
4 whole-grain Scandinavian-style cracker, such as
8-12 canned sardines, preferably packed in olive oil
4 lemon wedges
Top each cracker with 2 to 3 sardines each. Finish with a squeeze of lemon.
Per cracker: 64 calories; 2 g fat (0 g sat, 1 g mono); 20 mg cholesterol; 8 g carbohydrates; 4 g protein; 1 g fiber; 94 mg sodium; 102 mg potassium.
Tomato Toast with Sardines & Mint (pictured above)
Canned sardines make an elegant, yet inexpensive appetizer when served with fresh mint, tomato and onion on toast.
Makes: 12 toasts
Active time: 15 minutes | Total: 30 minutes | To make ahead: Cover and refrigerate the sardine mixture (Step 2) for up to 2 days.
1 4-ounce can boneless, skinless sardines packed in olive oil, preferably smoked
2 tablespoons finely chopped fresh mint
2 teaspoons extra-virgin olive oil
1/8 teaspoon salt
3 slices multigrain bread or 12 slices baguette, preferably whole-grain
1/2 medium ripe tomato
1 tablespoon very thinly sliced yellow onion
1. Preheat oven to 350°F.
2. Flake sardines with a fork into a mixing bowl. (The pieces should not be mashed, but should be no bigger than a dime.) Add mint, oil and salt; toss gently to combine.
3. If using whole slices of bread, cut off the crusts and cut each into four triangles. Place the triangles or baguette slices on a baking sheet and bake until crispy and golden brown, 12 to 14 minutes. As soon as you remove them from the oven, rub each slice with the cut side of the tomato. As you progress, the tomato will break down until only the skin remains; discard any remaining tomato.
4. Top each toast with about 1 1/2 teaspoons of the sardine mixture. Top the sardine mixture with a couple of onion slices and serve immediately.
Per toast: 41 calories; 2 g fat (0 g sat, 1 g mono); 5 mg cholesterol; 3 g carbohydrate; 0 g added sugars; 3 g protein; 1 g fiber; 113 mg sodium; 63 mg potassium.
For more information contact Senior Solutions at (954) 456-8984 or toll free at 1-800-213-3524
Thursday, September 2, 2010
Hi-Tech Keeps Seniors In Their Own Homes
Seniors are going high-tech, and that is keeping a lot of them out of nursing homes.
HealthFirst reporter Leslie Toldo shows us the advances that are keeping people independent longer.
This is so important. Forty million Americans are over age 65, and one of the hardest things to face is being forced out of your own home into a nursing home.
Nothing slows Josie and Bernie Shankman down. She's 76, he's 86. "We usually ride every Saturday to a different place. I've never been afraid a day riding with him. I got on it the first day, and I've never been afraid."
Although she's not scared on the road, she worries a fall at home will put the brakes on life. "I think that's always on your mind. If you were to fall and one or the other wasn't to be here."
As we grow older, we also lose balance. One in three people over age 65 fall each year. Forty percent of nursing home admissions are because of a fall.
"Half of those will not return to their own homes and be able to live healthfully," said Debra Krotish, Ph.D., assistant director for Senior Smart at the University of South Carolina School of Medicine.
New technology is keeping a watchful eye on the elderly. This vibration detector can be placed on the surface of a floor to detect if a person has fallen, and notify caregivers. These motion detectors track a person's movement.
"For example, if you put them by the bedside or the bathroom door, you know that mom's gotten up in the middle of the night," Krotish said.
This piezo-electric material can be put underneath a mattress to read a person's heart rate and respiration.
There are also devices to monitor a person's health.
This blood pressure cuff and scale sends data by Bluetooth to an online system family members and caregivers can access.
Helen Coplan, 91, still lives alone. She thinks the technology would be very useful. "If anything can help a person stay in their own familiar surroundings, it's well worth it."
Keeping seniors safe and giving peace of mind to loved ones.
Dr. Krotish says the smart home technology could help ease the economic strain on the health care system as more of the population ages.
Costs vary depending on what patients need, but can run from a few hundred dollars to up to $8,000.
According to the American Association of Retired Persons, the average cost of a nursing home stay is about $50,000 a year.
HOME ALONE: Thanks to advanced medical care and increasing life expectancies, many more Americans are growing older. There are about 37 million people living in the United States who are over age 65, but as the population ages, there is also a growing concern for the health and safety of those individuals.
According to the United States Census Bureau, 7.5 million senior women and 2.6 million senior men live alone. While living alone can offer individuals a sense of independence, there are many challenges these seniors face. For example, one major concern is their security and safety. Those who have never been married or who are divorced or widowed are more than twice as likely to be robbed compared to those who are married.
ISSUES SENIORS FACE: Another concern is falls. According to the Centers for Disease Control and Prevention, falls are the leading cause of injury and death among the elderly. One in three adults aged 65 and older fall every year. Between 20 percent and 30 percent of falls result in moderate to severe injuries. Falls are also very costly. Today, injuries from falls cost more than $19 billion. A decade from now, the annual cost is expected to reach $54.9 billion.
Another concern for seniors living on their own is medication errors. It can be difficult juggling a schedule of different drugs. A study published in the Archives of Internal Medicine in 2008 revealed more deaths from medication errors occurred at home than in hospitals, from January 1983 through December 2004.
TECHNOLOGY- A WATCHFUL EYE: New home automation technologies are allowing seniors to remain in their own home longer while improving their safety. Such technologies can range from computer controlled network interfaces to monitoring devices like lighting, motion sensors, environmental controls, video cameras, automated timers, emergency assistance programs and alerts. "Smart" homes can also include devices to monitor medication usage -- dispensing the right dose at the right time. Thermometers can detect fever, and blood pressure devices can recognize when blood pressure medications are needed.
For more information contact Senior Solutions at (954) 456-8984 or toll free at 1-800-213-3524
Wednesday, September 1, 2010
Baby Boomers: Crushed Retirement Dreams
Those nearing retirement adjust to dashed dreams and diminished portfolios
Randy Kamen Gredinger and her husband, Martin, had big dreams for retirement. The couple had talked about taking a trip around the world or maybe spending time in Asia or Africa.
Then came the market downturn in 2008, which erased 25% of the Gredingers' savings.
With two children in college, their immediate concern turned to cutting costs so that they could cover tuition expenses. “We had the lion's share of college covered before the crash,” Mr. Gredinger said. “Now we don't.”
The Gredingers, both 59 and making six-figure salaries — she's a psychologist and he's a certified public accountant — still plan to retire, but probably later than they had envisioned and well past the customary retirement age of 65. And when they stop working, their travel itinerary probably won't be as extravagant as they had hoped.
“I love what I do, but the challenge for me is coming to grips with the fact that we have to work, rather than thinking of it as a choice,” Ms. Kamen Gredinger said.
The retirement dreams of many baby boomers like the Gredingers were based on having a solid nest egg consisting of ever-appreciating stocks and real estate.
The financial crisis cracked the egg.
And while stocks have made up some of the losses sustained in 2008 and early 2009, and housing values show signs of stabilizing, employment is still sluggish, and it may take a while for many boomers to recover financially and regain the confidence they had as they looked forward to their golden years.
So, boomers are making adjustments.
Forty percent of workers 45-59 now expect to retire later than they did before the market downturn, according to the Center for Retirement Research at Boston College. Most of these workers intend to delay retirement by four or more years.
Fifty-five percent of workers 45-64 are postponing travel, according to a January survey by AARP; 68% are reducing spending on entertainment.
Some are cutting back on necessities — 17% said they are reducing medications. Eight percent have taken on a second job, while 19% have increased the number of hours they work, according to AARP.
“People are really husbanding their resources and trying to save more,” said Alicia Munnell, director of the Center for Retirement Research. “Some are trying to work longer, but unfortunately, the financial crisis was accompanied by a dramatic decline in economic inactivity.”
While the Gredingers have partially replenished their savings, thanks to the market rebound, they also have taken steps to cut expenses.
Mr. Gredinger has encouraged his son to sign up for a work-study program and apply to be a resident adviser so he'll get room and board for free.
Ms. Kamen Gredinger has cut back on her shopping trips. She used to have so many designer shoes that her husband once placed them around the entire exterior of their home, just to make a point. Now if she buys one pair a year, that's a lot, she said, and she won't set foot in Bloomingdale's unless there is a sale going on.
Ms. Kamen Gredinger is also considering doing volunteer work abroad so they could travel at a discount, she said.
For some, postponing retirement is not an option — even if it means living a more frugal lifestyle than they had imagined.
John Buchter, 63, and his wife, Roberta, 65, proceeded with their plans to retire to Savannah, Ga., last year even though it could mean living on a shoestring budget for the rest of their lives.
“My father passed away at 58 and never had an opportunity to retire,” Mr. Buchter said. “So I had retirement in my mind since I was 50.”
The Buchters relocated from Reading, Pa., where Mr. Buchter worked in the steel industry. They chose Savannah because it has a warm climate and they can live there inexpensively.
Today the Buchters are living off the $2,600 a month they get in Social Security payments. They have agreed not to touch Mr. Buchter's 401(k) account for four years in the hope that it gains back the 15% it lost during the market crash.
As a result, the couple is more careful with money. They try to walk rather than drive to save on gas. And they buy generic brands at the grocery store.
“Sure, we would like to be more carefree with money, but I don't miss anything,” Ms. Buchter said.
Financial advisers and experts are worried, however, that many baby boomers, like the Buchters, are tapping into their Social Security accounts too soon.
Forty percent of 62-year-olds eligible for Social Security are taking it, according to AARP.
“Taking Social Security at 62 makes sense for those people who have shorter life spans, but that is not 40% of the population,” said Jean Setzfand, AARP's director of financial security.
Financial advisers said they are spending more time managing baby boomers' expectations.
Michael A. Masiello, a financial adviser with Masiello & Associates Estate and Wealth Preservation Council LLC, is seeing a number of new baby boomer clients who are struggling with how they are going to live off their retirement savings.
“We tell clients what they need to hear, not what they want to hear,” Mr. Masiello said. “I keep a box of Kleenex on the table.”
Many of these investors understand that the notion of retiring at 65 is more the exception than the rule, said Steven Brett, president of Marcum Financial Services LLC, which has $400 million in assets under management.
“Some of them will have to take on third or fourth careers,” he said.
But for those baby boomers who lost their jobs, finding new ones can be challenging.
Larry Benson, 53, was laid off from his job as a graphic designer at SEIU United Healthcare Workers-West in February 2009 after only 11 months.
Before that, he had been a freelancer. Since then, he has been sending out four or five résumés a week — but has been on only one interview.
“I don't know if it's my age or because I am competing against so many people,” Mr. Benson said. As for retirement, he is relying on the value of the house he shares with his partner, Rick Fitzgerald.
They bought the four-bedroom house in Oakland, Calif., for $400,000 in 2001 and figure they could sell it for $500,000 today if they had to.
“I used to think that I would retire when I could still move around — maybe in my mid- to late 50s,” Mr. Benson said. “Now I don't think I will ever retire.”
Mr. Benson isn't alone. Fourteen percent of baby boomers have lost their jobs since the market downturn, according to AARP, and 27% have had their hours or pay cut.
As a result, many baby boomers are cutting out things that could help them save for retirement, experts said. For example, only 27% of baby boomers are consulting financial planners.
“They see it as another expense they have to pay for,” Ms. Setzfand said.
In fact, a number of baby boomers interviewed for this story said they have stopped seeing financial advisers as a result of the market crash.
Doreen Orion, 50, and her husband, Timothy Justice, 52, fired their financial adviser after the market crash and decided to handle their investments themselves.
“Since we did just as badly as everyone else, we wondered why we were paying someone else to do it,” she said.
But some baby boomers, such as the Gredingers, are making a point to check in with their advisers periodically to make sure they can still meet their retirement goals, even if they are not as lofty as they once were.
For more information contact Senior Solutions at (954) 456-8984 or toll free at 1-800-213-3524
Randy Kamen Gredinger and her husband, Martin, had big dreams for retirement. The couple had talked about taking a trip around the world or maybe spending time in Asia or Africa.
Then came the market downturn in 2008, which erased 25% of the Gredingers' savings.
With two children in college, their immediate concern turned to cutting costs so that they could cover tuition expenses. “We had the lion's share of college covered before the crash,” Mr. Gredinger said. “Now we don't.”
The Gredingers, both 59 and making six-figure salaries — she's a psychologist and he's a certified public accountant — still plan to retire, but probably later than they had envisioned and well past the customary retirement age of 65. And when they stop working, their travel itinerary probably won't be as extravagant as they had hoped.
“I love what I do, but the challenge for me is coming to grips with the fact that we have to work, rather than thinking of it as a choice,” Ms. Kamen Gredinger said.
The retirement dreams of many baby boomers like the Gredingers were based on having a solid nest egg consisting of ever-appreciating stocks and real estate.
The financial crisis cracked the egg.
And while stocks have made up some of the losses sustained in 2008 and early 2009, and housing values show signs of stabilizing, employment is still sluggish, and it may take a while for many boomers to recover financially and regain the confidence they had as they looked forward to their golden years.
So, boomers are making adjustments.
Forty percent of workers 45-59 now expect to retire later than they did before the market downturn, according to the Center for Retirement Research at Boston College. Most of these workers intend to delay retirement by four or more years.
Fifty-five percent of workers 45-64 are postponing travel, according to a January survey by AARP; 68% are reducing spending on entertainment.
Some are cutting back on necessities — 17% said they are reducing medications. Eight percent have taken on a second job, while 19% have increased the number of hours they work, according to AARP.
“People are really husbanding their resources and trying to save more,” said Alicia Munnell, director of the Center for Retirement Research. “Some are trying to work longer, but unfortunately, the financial crisis was accompanied by a dramatic decline in economic inactivity.”
While the Gredingers have partially replenished their savings, thanks to the market rebound, they also have taken steps to cut expenses.
Mr. Gredinger has encouraged his son to sign up for a work-study program and apply to be a resident adviser so he'll get room and board for free.
Ms. Kamen Gredinger has cut back on her shopping trips. She used to have so many designer shoes that her husband once placed them around the entire exterior of their home, just to make a point. Now if she buys one pair a year, that's a lot, she said, and she won't set foot in Bloomingdale's unless there is a sale going on.
Ms. Kamen Gredinger is also considering doing volunteer work abroad so they could travel at a discount, she said.
For some, postponing retirement is not an option — even if it means living a more frugal lifestyle than they had imagined.
John Buchter, 63, and his wife, Roberta, 65, proceeded with their plans to retire to Savannah, Ga., last year even though it could mean living on a shoestring budget for the rest of their lives.
“My father passed away at 58 and never had an opportunity to retire,” Mr. Buchter said. “So I had retirement in my mind since I was 50.”
The Buchters relocated from Reading, Pa., where Mr. Buchter worked in the steel industry. They chose Savannah because it has a warm climate and they can live there inexpensively.
Today the Buchters are living off the $2,600 a month they get in Social Security payments. They have agreed not to touch Mr. Buchter's 401(k) account for four years in the hope that it gains back the 15% it lost during the market crash.
As a result, the couple is more careful with money. They try to walk rather than drive to save on gas. And they buy generic brands at the grocery store.
“Sure, we would like to be more carefree with money, but I don't miss anything,” Ms. Buchter said.
Financial advisers and experts are worried, however, that many baby boomers, like the Buchters, are tapping into their Social Security accounts too soon.
Forty percent of 62-year-olds eligible for Social Security are taking it, according to AARP.
“Taking Social Security at 62 makes sense for those people who have shorter life spans, but that is not 40% of the population,” said Jean Setzfand, AARP's director of financial security.
Financial advisers said they are spending more time managing baby boomers' expectations.
Michael A. Masiello, a financial adviser with Masiello & Associates Estate and Wealth Preservation Council LLC, is seeing a number of new baby boomer clients who are struggling with how they are going to live off their retirement savings.
“We tell clients what they need to hear, not what they want to hear,” Mr. Masiello said. “I keep a box of Kleenex on the table.”
Many of these investors understand that the notion of retiring at 65 is more the exception than the rule, said Steven Brett, president of Marcum Financial Services LLC, which has $400 million in assets under management.
“Some of them will have to take on third or fourth careers,” he said.
But for those baby boomers who lost their jobs, finding new ones can be challenging.
Larry Benson, 53, was laid off from his job as a graphic designer at SEIU United Healthcare Workers-West in February 2009 after only 11 months.
Before that, he had been a freelancer. Since then, he has been sending out four or five résumés a week — but has been on only one interview.
“I don't know if it's my age or because I am competing against so many people,” Mr. Benson said. As for retirement, he is relying on the value of the house he shares with his partner, Rick Fitzgerald.
They bought the four-bedroom house in Oakland, Calif., for $400,000 in 2001 and figure they could sell it for $500,000 today if they had to.
“I used to think that I would retire when I could still move around — maybe in my mid- to late 50s,” Mr. Benson said. “Now I don't think I will ever retire.”
Mr. Benson isn't alone. Fourteen percent of baby boomers have lost their jobs since the market downturn, according to AARP, and 27% have had their hours or pay cut.
As a result, many baby boomers are cutting out things that could help them save for retirement, experts said. For example, only 27% of baby boomers are consulting financial planners.
“They see it as another expense they have to pay for,” Ms. Setzfand said.
In fact, a number of baby boomers interviewed for this story said they have stopped seeing financial advisers as a result of the market crash.
Doreen Orion, 50, and her husband, Timothy Justice, 52, fired their financial adviser after the market crash and decided to handle their investments themselves.
“Since we did just as badly as everyone else, we wondered why we were paying someone else to do it,” she said.
But some baby boomers, such as the Gredingers, are making a point to check in with their advisers periodically to make sure they can still meet their retirement goals, even if they are not as lofty as they once were.
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