Baby Boomer Insights

Boomers like Black Friday too: look for us in the big box stores and online

The countdown is on. Black Friday is just a few days away and if the research can be believed, Boomers will make up about a quarter of the people who hit the stores the day after Thanksgiving. According to Maritz, those with incomes of $100,000 or more are significantly more likely to hit the stores on Black Friday than those who make less than $25,000.

Want to avoid these shoppers? Well, here's where the research says they'll be: Wal-Mart (63%); Target (57%); Best Buy (43%); K-Mart (28%); Sears (23%); Circuit City (21%); Kohl's (27%); Macy's (25%); and Victoria's Secret (17%). No big surprises there, huh? These are the stores where people line up at 5 in the morning in the freezing cold to snap up some bargains before going home to take a nap.

Same story, different year. What  isn't so obvious among these numbers is how much shopping will actually take place on the Internet, including among Boomers. Already many are searching Black Friday for deals online and off so they can better plan their trips and decide ahead of time what they're better off buying in a store vs. online.

Then there's "Cyber Monday," the first "work" day after Thanksgiving when 88% of online shoppers make a purchase. Most have a list of things to look for, built after spending the weekend in the malls. What a way to ease into what's certain to be a hectic work week by snagging a coveted item online - and getting free shipping to boot!

So what's this have to do with Boomers? We're increasingly turning to online resources to do our shopping as well. If you want our attention, you need to:

1.  Make your site easy to find. Buy or use search terms WE use
2. Make your site easy to navigate. If it's hard to get around, we don't keep trying
3. Make it clear that any purchase we make is secure. We tend to be skeptical
4. Make sure your site is easy to read. I love the ones that let me pick the font size!
5. Send us a confirmation of our order. We like proof of our transactions

It's not too late to snap up some keywords through a Google ad buy and if you're selling products online that are targeted specifically to boomers, now would be a good time to experiment with some keywords.

If you're a Black Friday shopper, good luck! And let us know if you got your best bargains in the store or online this year!

Boomers and Long Term Care Insurance: Most aren't covered (even though we think we are!)

This  "open enrollment" season may be the one that changes your life. Employees in corporations across the country find themselves trying to decide just how much insurance they should buy. My husband and I have compared our company plans to see who should carry what coverage.

Only recently have I given much thought to Long-Term Care Insurance (LTCI). My parents bought a policy 25 years ago when they were in their late 50's and as I was reviewing it in preparation for having to potentially seek long-term care for them, I started thinking about my own future and how Ralph and I need to consider whether our coverage is adequate. If you're Boomer and you haven't been through this exercise of figuring out your LTCI needs, keep reading for some shocking information.

Here are a few results of a survey just released by America's Health Insurance Plans (Full disclosure: this study was conducted for AHIP by Strategy One, the research arm for Edelman Worldwide.):

> 1 in 4 Boomers think they are covered for long term care, but they aren't;

> 75% of Boomers aren't really sure what LTCI provides;

>54% of Boomers think Medicare will pay for their long-term care (it won't);

> 44% assume "other health insurance" will pay for long-term care;

> 41% of Boomers haven't even discussed the subject of long-term care in the past 12 months.

I certainly understand that Boomers are healthier, living longer and are more vital than previous generations, but facts are facts. One day, most of us will need some kind of professional care beyond what we can provide for ourselves or have provided for us within our families. And the cost of long term care continues to rise. It seems to me Boomers who aren't already considering LTCI are behind the eight ball. It won't get any cheaper.

AHIP is recommending that people check out the Long-Term Care Champions Network, where you can learn more about how to stop the rising costs of long-term care. The group is dedicating the entire month of November to calling attention to the need for people to understand long-term care and the need to plan for it.

So, while insurance is on your mind during this "open enrollment" season, it seems like a good time to at least discuss your own needs and plans.