Posts Tagged ‘baby boomers’

8 warning signs your older parents may need help with their finances…

December 30th, 2015 No Comments

8 Warning Signs Your Older Parents Need Help With Their Finances

If you’re like many baby boomers who are concerned about their senior parents’ financial situation, you’re not alone. Would you recognize warning signs that they may need some help handling their money? Below is a list of 8 signs that may warn you of their need for some extra help:

  • 1. Do you see mail unopened accumulating?
  • 2. Are they becoming forgetful with cash?
  • 3. Are they receiving calls from creditors?
  • 4. Do they bring home expensive purchases?
  • 5. Are their gambling habits becoming excessive?
  • 6. Have they become victims of financial scams?
  • 7. Do they complain about how much everything costs?
  • 8. Are they physically unable to pay their bills?

If your parents are showing any of these 8 signs, you may need to intercede. Have a conversation with them and express your concerns. Having a neutral third party may make the conversation easier.

Will baby boomers make tricycles cool again?

July 25th, 2013 No Comments

Active baby boomers to set trend with recumbent trikes

Tricycles are for preschoolers, right? Think again! As baby boomers age, their bodies may become less able to handle the stress upright bicycles have on their bodies. More and more active boomers are turning to recumbent trikes to replace their traditional bikes. Lower to the ground, these trikes are physically less stressful for those with back, shoulder, knee, and wrist issues. While the trikes are not widely known, a Sacramento bike store owner, Mickey O’Brien, predicts they will become a new trend. With prices ranging between $1,000-$5,000, these trikes have attachments for cameras, mirrors, and smartphones. Recumbent 2 and 3-wheel vehicles account for about 2% of national bike sales. People who ride these trikes are happy not to have to hold their neck in an awkward position. Balance issues aren’t a factor, either. Read more at The Sacramento Bee: Visit to see more models of these recumbent tricycles.

Tips on Repairing Debt During or Before Retirement

June 18th, 2013 No Comments

Repair Credit Before Retirement Aging Adults New Jersey

Many people dream that their golden years will be filled with leisurely days spent volunteering, tending a garden, globe-trotting and playing with grandchildren. However, due to heavy debt loads, many retirees are facing the reality of having to keep a simple lifestyle in order to survive. In fact, the average amount of credit card debt for people 65 and older averages $9,300, according to Twenty-four percent of seniors over the age of 75 still have mortgages, the Business Insider stated. This is due in part to being part of the sandwich generation and providing financial support to both parents–perhaps to provide them with home care NJ services–and children simultaneously. Fortunately for many seniors, it is possible to get out of debt and build up a nest egg that will help make their dreams a reality.

Reduce Mortgage and Vehicle Debt

One way to cut expenses and debt is to purchase a used car when you’re in need of another vehicle. Buying used will significantly reduce car payments. For those afflicted with bad credit and in need of an inexpensive car, dealerships are stocked with thousands of used vehicles for your perusal. After solving your automotive woes, there’s still the issue of keeping up on your mortgage payments. One option to earn cash rather effortlessly is to rent out a spare bedroom or garage space to singles or young couples. It really won’t cost much to have another body or two in the house, which will enable you to apply the bulk of the rent check to the mortgage. However, if downsizing is in your future, don’t put it off any longer. You can take this opportunity to liquidate items you no longer use or want, thereby earning extra cash and making it possible to fit into a smaller, less expensive dwelling while the housing market is favorable for sellers.

Pay Off Credit Card Debt and Consumer Loans

If you’ve been carrying a balance on one or more credit cards, now’s the time to eliminate them by being aggressive in your payments or consolidating several cards and loans to reduce the overall interest rate. The most affordable way to consolidate is to take out a personal loan from your bank and use it to pay off all of your debts in full. Then you’ll only need to repay your bank loan, reducing the chances of forgetting to make a payment or having it get lost in the mail.

Tips to Become Debt Free Before You Retire

By becoming debt free before you retire, you can decrease your debt and increase your savings.

Get a second job. Now that the kids are out of the house, you probably have a few extra hours on your hands in the evenings and on weekends. Stay active, socialize and earn more by turning a hobby into a business or get a part-time job that’s flexible. Pet sitting, working in retail, tutoring, consulting, babysitting, house cleaning and delivering take-out are great ways to get more green in a low-stress work environment.

Work a few more years. By working longer, and not tapping into retirement accounts, you can add to them while they continue to grow. If you just work an extra three years, and save $10,000 a year, you can help your nest egg grow to support you for an extra 15 years, suggests an article from Forbes.

Stick to a budget. Adhering to a zero-balance budget keeps you from adding to your debt load, and will even help you pay off your debt faster if you keep your living expenses to the bare minimum. Say you are used to spending $200 on eating out each month. Commit to cooking at home, thereby saving $150, and toss that extra money at your debt.

By buckling down and putting the pedal to the metal, it is possible to reduce a significant portion— or all— of your debt before you retire. Having a paid-for home, vehicle and belongings will be the greatest relief of your life. It will enable you to savor every moment of your retirement rather than stress over monthly bills.

By Guest Author Kyle Sanford  | As a financial advisor and business writer, Kyle shares finance news and strategies that help small businesses improve operations.

Mild cognitive impairment can put you at risk for financial abuse

February 13th, 2013 No Comments

About 20% of Americans over the age of 70 have mild cognitive impairment, or MCI. It’s described as a stage between an expected mental decline of normal aging and the more significant decline of dementia. You may have more difficulty with completing tax forms, for example, or keeping on top of your finances, but it’s not severe enough to stop you form doing your day-to-day activities. An interesting article on reinforces the need for baby boomers to make their long-term plans BEFORE they have MCI. Not doing so in advance may lead to unsavory people taking over your finances at a time when you’re most vulnerable. The article offers tips of ways to prepare, such as putting together a support team of those you trust to take care of your finances. It’s also advisable to prepare your documents, such as medical directives (such as your desire to have home care NJ rather than living in a nursing home) and power of attorney. Read more:


Study shows 4 ways to age healthier…not as hard as you would think!

December 18th, 2012 1 Comment

An interesting new study from England’s University College of London shows 4 simple ways for baby boomers to age in a healthier way. The study followed healthy adults aged 35-55 from 1985 to 1988 and did a follow-up study in 2008-2009, when all participants were over the age of 60. The study showed 4 main healthy habits which stood out in participants:

  • Not participating in smoking
  • Consuming alcohol in moderation
  • Maintaining consistent physical activity (at least 2.5 hours a week of moderate activity or 1 or more hours of intense activity)
  • Daily consumption of fruits and vegetables

How do you fare with these healthy habits? It’s not too late to change with these easy habits! Visit Huff Post to read more

New hair products soon to be on the market specifically for aging hair…

November 26th, 2012 No Comments

With the baby boomer demographic becoming older, we knew it wouldn’t take long for all types of mainstream products to be specifically aimed at the growing aging population. Proctor and Gamble has developed a line of hair products for women designed to counteract 7 signs of aging hair. A study showed those signs are thinning, dull color, breakage, split ends, being dry, frizz, and out-of-control grays. For those of us in elder care New Jersey, we’re looking forward to more and more products directed toward the older market.

To read more, go to



Talking to your aging parents about “the future”–a conversation you need to have…

April 10th, 2012 No Comments

If 10,000 baby boomers are turning 65 each day, it’s a fair assumption that many of them have parents who are now over 85 years of age. Since adults are living longer than in the past, the boomer generation, experts think, may care for its parents as long as it’s cared for its own children. Elder care New Jersey is inevitable.

As children of older parents, do you know where the deed to their house is? Who would they like to assign Power of Attorney? Do they have a living will? Is their home designed with considerations for aging bodies (handrails in the tub, easy-open door knobs, adequate lighting)? These questions–along with many more–are ones adult children need to ask in order to clarify needs and wishes. has developed a list of 35 great questions (go to to read more).

45% of NJ’s baby boomers plan to leave the state when they retire, poll shows…

December 14th, 2011 No Comments

A recent Kean University/New Jersey Speaks poll of NJ baby boomers revealed some interesting results. It shows that 45% of NJ’s boomers plan to retire out-of-state due to the high cost of living in New Jersey. It also shows they are worried about losing their jobs, reports New Jersey residents aren’t alone in their concerns about their financial situation as they head toward retirement (an assisted living facility in NJ, for example, averages $59,250 per year, according to Genworth Financial). Many seniors do not have the financial resources to live throughout their “golden years”—many even plan to work until they are 80, reports

Visit our Resources Page on to learn of Options to Age at Home.

More and more baby boomers are getting joint replacements…

December 6th, 2011 No Comments

More and more US baby boomers are getting joint replacements. Even celebrities such as Billy Joel (double hip), Mary Lou Retton (hip), and Jane Fonda (knee) have undergone surgery. Aging boomers want to stay active, rather than living a more sedentary lifestyle as their parents’ generation has done. Adults in the 45-64 age group had more than 40% of the total hip/knee replacements in 2009. Read the full story at


Over 65? There are more of you than ever, according to 2010 Census…

December 1st, 2011 No Comments

If you’re over the age of 65, you’re in good company. Seniors over the age of 65 has grown 5 million since the 2000 Census–40.3 million–making this the fastest growing group. As baby boomers age, the trend will continue. Read the CNN story at