Looking Young and Feeling Young

We may not have a corner on the market for an urgent desire to stay youthful but we certainly have set a high standard for creating a virtual avalanche of products and services to attend to that need.  The quest to look young in my age group has resulted in an explosion of profits in the cosmetic and plastic surgery markets.  It’s easy to criticize our desire to want to see ourselves as youthful as simple vanity.  But it goes a lot deeper than that.

It doesn’t take a lot of research or analysis to see that my generation rounded our identities in the youth movement of the 1960s and 1970s.  Before we erupted like a generational volcano, there really was no youth movement.  But in the 1960s, when youth culture virtually took over American and indeed world culture, everything changed and that change was never really reversed. 

The culture of that time that now seems very long ago, was one of the adorations of youth.  That desire to put an age on a pedestal and worship everything about being young has permeated the culture even as we moved into middle age and is now creating the largest retirement generation ever. 

Not all of the youth worship that is easy to document in some of my age group it is just about looking sexy and dreading the physical changes of growing older.  Some of us believe the concept of youth has to do with the idealism and the commitment to causes.  The desire to change the world and to be a force to make mankind better was part of what made the new youth culture in the 1960s so unique.  Because those values are laudable, we really can’t completely condemn the desire by some of us to stay youthful and committed to those ideals.

So, the quest to stay young often manifests itself in cosmetic attempts to look young.  You can almost understand the appeal.  We all like to look good.  But the real source of youth is not in tight butts and abs and smooth, wrinkle-free skin.  The phrase “you are as young as you feel” is often scoffed.  For some, this can be used to have an excuse to behave younger than you are and perhaps socialize with younger people in an inappropriate way. However, it can also reflect that an inner youthfulness which is fueled by a youthful outlook on life and a basic policy of good health and exercise will keep anyone spy and vital.

It is when we combine those elements of “inner youthfulness’ with their cosmetic efforts to stay young that we really do retain much of our youth beyond what their years would report.   We all have met an elderly man or woman who is so full of life and fun that they leave you feeling older than they are.  The sparkle in the eye, the curiosity about everything life has to offer and that optimism and idealism that you ordinarily associate with teenagers are truly inspiring when it is being expressed by a boomer.

This is the real youth movement that we are pioneering.  It is more than dying the hair or using Botox and wrinkle creams.  It is about being strong role models to the youth so they don‘t give up on their dreams and that their idealism and excitement in living can thrive no matter what age they are.  And if that is the legacy of our generation, it’s a fine ethic for us to leave behind for future generations to enjoy.

The Amazing Human Body

Here is an amusement for you from Time Goes By. It is called The Amazing Human Body and I have no idea if these facts are true. But just go with it and you'll be rewarded with a good laugh at the end):

It takes your food seven seconds to get from your mouth to your stomach.

One human hair can support 6.6 pounds.

The average man's penis is two times the length of his thumb.

Human thighbones are stronger than concrete.

A woman's heart beats faster than a man's.

There are about one trillion bacteria on each of your feet.

Women blink twice as often as men.

The average person's skin weighs twice as much as their brain.

Your body uses 300 muscles to balance itself when you are standing still.

If saliva cannot dissolve something, you cannot taste it.

Your body is made of about 7 octillion atoms (that’s 7,000,000,000,000,000,000,000,000,000 atoms).

There are 37 trillion cells in your body.

Stomach acid can dissolve metal.

Your skin’s outer layer sheds every 2-4 weeks, amounting to roughly 0.7 kg of dead skin in a year.

Cells in the inner lens of the eye, muscle cells of the heart, and the neurons of the cerebral cortex are the only cells that will be with you your entire life.

If you were to spread out all the wrinkles in your brain, it would be about the size of a pillowcase.

There are a trillion nerves powering your memory. Studies have shown that after viewing 2,500 images for only 3 seconds, participants could recall if they had seen the images with 92 percent accuracy.

You spend 10 percent of the day blinking.

Women will be finished reading this by now.

Men are still busy checking their thumbs.

Retirement Readiness by Generation

As the retirement landscape continues to evolve, those thinking of retirement whatever generation, Baby Boomers, Generation X, or Millennials will face different challenges. However, there are some things all of us can do to prepare for retirement. These are fundamentally common to all generations. In the 15th Annual Transamerica Retirement Survey, there are tips for workers and employers on how to prepare for retirement. The following is taken from the report:

Seven tips for workers toward achieving retirement readiness:

1.   Save for retirement. Start saving as early as possible and save consistently over time. Avoid taking loans and early withdrawals from retirement accounts.

2.   Consider retirement benefits as part of total compensation. Ask your employer for a plan if they don’t offer one.

3.   Participate in employer-sponsored retirement plans, if available. Take full advantage of matching employer contributions, and defer as much as possible. If not offered a plan, consider contributing to an IRA or the U.S. Department of Treasury’s my RA.

4.   Calculate retirement savings needs, develop a retirement strategy, and write it down. Factor in living expenses, healthcare needs, government benefits and long-term care. Envision future retirement and have a backup plan in case retirement comes early due to an unforeseen circumstance. Seek assistance from a professional financial advisor, if needed.

5.   Get educated about retirement investing. Whether relying on the expertise of professional advisors or taking a more do-it-yourself approach, gain the knowledge to ask questions and make informed decisions. Also learn about Social Security and government benefits.

6.   Take advantage of the Saver’s Credit. Check if you qualify for this tax credit available to eligible tax filers who contribute to a 401(k) or similar plan, IRA or my RA. If you age 50 or older, make catch-up contributions, if available in your plan or through an IRA.

7.   Be proactive to help ensure continued employment even in retirement. Take proactive steps to stay employed and maximize opportunities by keeping job skills up to date, staying current on employment trends and marketplace needs, and even going back to school to learn new skills.

Recommendations for Employers

Working with their retirement plan professionals and providers, employers can help improve their workers’ retirement outlook through these opportunities:

1.   Offer a retirement plan along with other health & welfare benefits if not already in place. Take advantage of the tax credit available for starting a plan.

2.   For employers that offer a plan, extend eligibility to part-time workers. Seek expertise of retirement specialists familiar with plan design on how to best accomplish this.

3.   Proactively encourage participation in existing retirement plans. Consider adding automatic enrollment and automatic escalation features to increase participation rates and salary deferral rates.

4.   Discourage loans and withdrawals from retirement accounts. Limit the number of loans available in the plan. Ensure participants are educated about the ramifications of taking loans and early withdrawals. Allow for an extended loan repayment time for terminated participants.

5.   Consider structuring matching contribution formulas to promote higher salary deferrals (e.g., instead of matching 100 percent of the first three percent of deferrals, change the match to 50 percent of the first six percent of deferrals or even 25 percent of the first 12 percent of deferrals).

6.   Ensure educational offerings are easy to understand and meet the needs of employees. Provide education on calculating a retirement savings goal, principles of saving and investing, and, for those nearing retirement, ways to generate retirement income and savings to last throughout his/her lifetime.

7.   Offer pre-retirees greater levels of assistance in planning their transition into retirement–including education about distribution options, retirement income strategies, and the need for a backup plan if forced into retirement sooner than expected (e.g. health issues, job loss, family obligations).

8.   Create opportunities for workers to phase into retirement by allowing for a transition from full-time to part-time and/or working in different capacities.

9.   Promote incentives to save, including the Saver’s Credit and catch-up contributions.

Are you the family banker?

I was talking to my brother as he was doing the math needed to see when he could retire. As part of the conversation, he told me that his son was soon going to be in a position to start to pay back the loans my brother had given him to get his degree. I have another friend that also had helped his daughter to finish her degree and then to get resettled after her divorce.

I started to wonder how many Boomers act as the family bank. I know that I have helped support my son and have paid for trips to come home for my daughter and her family. For most Boomers, a family makes life, and life in retirement, richer and more enjoyable. But family connections can also complicate retirement. Retirement planning has traditionally centred largely on the needs of an individual or a couple. Our lives and the lives of pre-retirees today are complicated a few converging trends. One of which is that Parenthood Doesn’t Retire. In today’s uncertain economy, adult children and other younger relatives, struggling with career stalls and financial difficulties, are increasingly turning to us for a helping hand.

According to a Merrill-Lynch Study six in ten people ages 50 and over are providing financial support to family members. This support may be to meet a one-time need, or it could be ongoing assistance over the course of many years and is often offered without expecting anything in return. But those providing support to family members are often not accounting for it in their retirement planning, nor are they talking with family members about it, which can pose a hidden risk to retirement.

Financial help extends in multiple directions, including adult children, grandchildren, parents and in-laws and siblings. The amount of support provided by Boomers to a family can be thousands of dollars a year and averages $14,900 among people with less than $5 million in investable assets

Three out of five people (56%) age 50+ believe a member of their family is the “Family Bank,” meaning someone who their extended family is most likely to turn to for financial help.

The role of the Family Bank is often assigned to those who saved and invested responsibly. In fact, the more financially responsible you are, the more likely other family members will consider you to be the Family Bank

Half of the younger Boomers say they would make major sacrifices that could impact their retirement to help family members. Three in five say they would retire later, four in ten would return to work after retirement, and more than one-third say they would accept a less comfortable retirement lifestyle to help the family financially Family

We are willing to make major sacrifices to our own retirement and financial security in order to support family members, without knowing why the money is needed. We don’t expect to be paid back but we hope that at some point if we need assistance or help our family will be there for us. We believe helping family “is the right thing to do” and our “family will help me in the future”. If we think that the money we are given is being misused, we are more likely to stop helping. When we give the help, we do not expect to be paid back although if that happens it nice.

Unfortunately, very few of us have prepared financially for potential family events and challenges. The vast majority of people of us have never budgeted and prepared for providing financial support to other family members, caring for an ageing parent or relative, or helping to pay for their grandchildren’s education. We have not prepared but we still provide such support. This lack of preparation extends to end-of-life issues as well. Among Boomers only about half of us have a will, four in ten have a healthcare directive and just one-third have both a will and a healthcare directive. We have to plan better.