Baby Boomer Insights

Boomers flock to seminaries; what's that all about, Alfie?

Lord Have Mercy! Boomers, it seems, are flocking to seminaries! According to the Association of Theological Schools (ATS) the 50+ demographic now makes up 20 percent of all new students. That's up from just 12 percent since 1995.

Finally, an occupation where advanced age is an asset, not a liability! A lot of poeple find gray hair on their pastors quite comforting. I would be among them. If I want parenting advice, I seek out someone with parenting experience. If I want advice on avoiding temptation, I prefer to get it from someone who has successfully faced that challenge regularly.

Of course, there are many reasons seminary school is attractive to boomers. Some have always thought they would be a good spiritual advisor, but felt doing so full time required too much financial sacrifice. Now that the kids are grown and the mortgage is mostly paid, some feel it's time to follow their passion. Others grew into the idea. Growing older and raising families has deepened their faith, given them perspective, and made them wiser - and they feel it's time to give back.

I'm really not so surprised by this trend. After all, we have also seen an uptick in boomer volunteerism (even in the way they vacation through voluntourism) and boomers have long been known for the willingness to mentor others. These are skills that can serve them well as counselors. And heaven knows, boomers have been through the highest highs and the lowest lows. They've earned every gray hair they still try to cover in color! And let's not forget how determined most boomers are to leave a legacy. What better way to do that than to help others when they most need it?

What do you think? Do you prefer a spiritual advisor who's been around the block a time or two or does it matter? Have you ever considered going to seminary?

Boomers still have a lot to offer employers; 1 in 5 workers in U.S. now 55+

With the turning of the calendar from 2010 to 2011, two key significant things happened that affect boomers: 1) the oldest boomers turned 65 and became eligible for full Social Security benefits; and 2) boomers now represent one of every five workers in the U.S.Thirty years ago, people 55+ held one of every seven jobs.

A study by the U.S. Department of Labor in December revealed that 28.2 million people 55 and over hold jobs today. That's a 7.6 percent increase over just three years ago when the recession began. Does that mean boomers are getting more jobs? Not necessarily. Some of the stats can be attributed to the fact that as boomers age, more of this huge population (78 million) now fall into the 55+ category. Another reason is that boomers are working longer. In fact, a recent study by the Center for Work-Life Policy revealed that 62 percent of boomers plan to work at least another nine years.

And consider this: in just 10 years, in 2020, 80 percent of all U.S. workers will be 50 or older. Of course, some of that growth in older worker employment will be the direct result of entrepreneurism, especially as boomers look to find a way to finance their health care. That means boomers will also create a lot of the jobs that will be available over the next decade or so.

In short, boomers will continue to be a powerful lot. They're making money, spending money and creating money for others. Shouldn't we all be encouraging that?

That's one reason it irks me to hear people suggest there should be a mandatory retirement age. The only reason 65 is the "official" retirement age now is because it was an arbitrary number chosen when Social Security was created during the Roosevelt administration.

For boomers to continue working voluntarily is nothing but a good thing. They will help contribute to the solvency of Social Security, help reduce the national deficit and (especially as business owners) generate economic growth, all good things. Oh... and that's not to mention all we contribute by mentoring younger employees, one of the things I enjoy most about my job.

I am one of those people who expects to work past age 65 simply because I want to. I've done a good job of financial planning for retirement, but the fact is I just love to work. I - and many of my boomer colleagues - are more creative today than we were a decade ago. (My friend, Leslie Charles, says when she went through menopause, all her fertility moved to her head!) We still have the energy, curiosity and mental faculties to contribute more than at any time in our careers.

So I'm delighted to see that the 55+ group is playing such an important role in American business today. How about you? What has been your experience in working with boomers? In finding a job as a boomer?

Boomers reach new milestone: the oldest turn 65, and redefine retirement

Unless you just haven't been paying attention, you know that today, January 1, 2011, marks a significant milestone for the boomer population. The oldest boomer turns 65 today - and in this year alone, 7,000 boomers will reach this milestone EVERY SINGLE DAY!

Currently, boomers (born between 1946 and 1964) make up 26 percent of the American population. That's rougly 78 million people in this one generation. Some 13 percent of the total American population is 65 or older, but by 2030 (when today's youngest boomer hits 65) the percentage of Americans 65 and older will reach 18 percent, according to the Pew Research Center.

So, how are these newly-minted 65-year-olds feeling about this new milestone? Here are 11 things I learned about them from a new study by AARP:

 1.  Most will work past the traditional retirement age of 65. In fact, 40 percent say they expect to never retire. There are a lot of reasons why many will continue to work, but I like to think some are inspired by Sally Gordon, who, at 101, is still working!

 2.  On average, boomers turning 65 in 2011 expect to live to be 85.2 years old. Asked how long they wanted to live, they answered, on average, 88.7 years.

 3.  Some 78 percent of boomers turning 65 this year say they're satisfied with the way their lives are going.

 4.  Asked to describe the next five years, today's 65ers were significantly more positive than they were just five years ago. 87 percent used the word "hopeful" and 84 percent described life as "fulfilling."

 5.  Boomers' interest in taking care of themselves and becoming - or staying- healthy is at the top of their list of priorities.

 6.  Achieving financial health made the list of top priorities for 35 percent of boomers hitting 65.

 7.  Overall, 70 percent of those surveyed (about 1,500 people), said they had achieved all or most of what they wanted in life.

 8.  About 40 percent said they are about where they expected to be financially at this stage in their life. Put another way, 60 percent - a vast majority - are NOT where they expected to be. See item number one.

 9.  Boomers still dream of traveling. In fact, when asked to name a dream or ambition for the next five years, the number one answer, at 18 percent, was "travel." Number two was to "improve health."

10. Asked what barriers would keep them from achieving their dream of traveling, the top two answers were "having more money" and "having better health." Obviously, they go hand-in-hand.

11. It was especially gratifying to see that 54 percent of respondents said that among the important life changes they plan to make in the next few years is volunteering more.

I am optimistic about what the boomers reaching this new milestone will do next. In my experience, boomers are optimistic, hard-working problem solvers who want to leave the world a better place. So, in many ways, 2011 isn't about the end of an era - the oldest boomers hitting a ceiling - it's about starting a whole new phase of life, one in which many great things can still happen. Here's wishing all milestone boomers a healthy, happy, prosperous New Year!

Resources boomers can use to help elderly parents: gifts that keep on giving

The holidays are a time when many of us boomers spend more time with family, often leading to conversations about how to help elderly parents, who seem to be rapidly aging before our very eyes. Whether they need in-home care or a way to get to the doctor, we often struggle to find ways to help, especially if we don't live nearby. So, I've decided to share in this blog post some of the resources I have used with my own elderly parents because I've found that getting the house in order, so to speak, can be a wonderful gift, both for your parents and you!

> Thinking about paying a family member or friend to look after mom and dad? There are many ways to legally do this, including paying an hourly wage, giving a lump sum payment annually, or even arranging for the caregiver to receive a larger inheritence. Whichever route you go, it would be wise to consult an elder care attorney so you and the caregiver know exactly what the law allows. Here's a great source for finding an elder law specialist. You might also want to check out the National Academy of Elder Law Attorneys.  Just this week the WSJ ran an excellent informative article on this subject. If you have access online to the WSJ, you'll find the article here.

> Those of us who don't live near our elderly parents are often looking for an easy way to find services for them, whether it's skilled nursing, transportation to a doctor's appointment, or even just someone to check in on them. Try The Senior List. I've been watching this site grow over the past two years and find that they do a great job of keeping their resources up to date.

> With the December 31 deadline looming for Medicare recipients to choose their prescription drug option, many elderly people find themselves confused and concerned about changes in the way this works in 2011. Here's where you can find out more information and help someone figure out what's the best option for them. Of course, you can also go straight to the federal government's Medicare site.

> Maybe this is the year you intend to get your parents' paperwork in order. Once you've figured out what insurance policies and financial assets they have, here's a great way to keep up with it all online - try We Remember. This wonderful site lets you input all the policies, plans and instructions. It then connects directly to the vital records web site. Upon the death of the policyholder, the beneficiary will receive specific instructions and forms for filing claims. In other words, the site remembers for you exactly what you need to do. You may even want to put your own information in there.

> I haven't lived with my parents in 35 years, but one thing I can count on when I visit is that there will always be a copy of Reader's Digest and Guideposts on the bedside table of the guest room. My mother has read these my entire life. Now, thankfully, they come in large print editions, along with several other popular publications. Did you know you can find them on Amazon.com in a special section? So while you're visiting this season, you might check and see if your parents are missing out on favorite publications simply because the regular issues are too hard to read.

What resources do you find helpful that you'd like to share with readers?

I hope your holidays are filled with joy, the comfort of family and the love of everyone you spend time with.

Boomers love Black Friday and Cyber Monday too! Retailers: learn from us how to improve the experience we have with your brand

I confess: I'm one of those people who loves Black Friday and Cyber Monday! Mind you, not enough to start shopping at midnight on Thanksgiving day, or even before 7 on Friday morning, but by 7:15, I was out and about making a dent in my list. It turned out to be a productive day, in part because of the technology improvements in shopping just over the past year.

This year I observed many changes in the way people shopped, including myself. First, I made a list, but kept it on my smart phone, rather than writing it on paper and leaving it on the kitchen counter as I headed out the door. I used the phone to compare prices, check store hours and locations, and take pictures of various things like leather jackets so I didn't have to remember specific features from one store to the next as I shopped.

Meanwhile, I made use of in-store price scanners and appreciated a new service at Michaels where a clerk came to me as I waited in line, handed me a plastic card with a bar code on it and then scanned every item in my basket. When I got to the cash register, the clerk scanned the plastic card, gave me the total and I was on my way in no time.

So, the shopping experience has certainly been improved, but I'd like to offer retailers a few suggestions on how to better grab the attention of boomers:

> Prioritize your mobile sites. Not many are easy to use and most are hard to read. Don't assume we do all our shopping from a desktop and a 17-inch screen.

> If you want to offer coupons - or groupons - think like we do. By and large, boomers appreciate coupons we can share with friends. I can't tell you how many times I overheard women standing in line asking others if they needed or had a specific coupon. And why think of a coupon as a single transaction? Why not encourage people to share them, perhaps even increasing the coupon's value as it is shared?

> Use coupons as a way to promote your charitable giving. Research shows boomers are actually willing to pay a little more for a product if the company contributes part of the proceeds. Give me 15% off and donate that same 15% to an organization whose mission aligns with your company values in some way. Just yesterday, my family drove past three Christmas tree lots to buy our tree at Pike Nursery specifically because they were donating a portion of each tree sale to Clark Howard's Christmas Kids. We wanted to help them meet their goal of donating $30,000. Yep, we probably paid more for the tree than we might have elsewhere ($110) but knowing part of the money helped kids made it worth it.

> Make sure your online site is easy to read and navigate. Although boomers make up only a quarter of the U.S. population, we make up 36% of all internet users. So make it possible for us to alert family and friends of deals through a singe click. And while you're at it, how about adding a function that lets us change the font size?

> Understand that much of the time, the people buying your product are boomers shopping for other generations. Last night, for instance, I ordered some clothing from Buck and Buck for my dad, who has never even touched a computer keyboard. I loved being asked while shopping if I'd like to send a catalog to someone else. I immediately signed up my parents so they could peruse it and let me know if they want me to purchase anything on their behalf.

Do you see what these suggestions have in common? They're all about finding ways to engage the boomer shopper, not just provide a way for us to hand over our money. Too often, retailers assume we boomers get cheaper as we get older, but that's simply not the case. We're not just looking for deals - we shop with a "bigger picture" in mind, one that includes sharing information, giving back to others, and being efficient.

What advice do you readers want to offer retailers? Even if it's too late to incorporate suggestions for this holiday season, online shopping an technology-enhanced in-person shopping won't go away. Let's help them - and ourselves!