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Babyboomers, Retirement, and COVID-19

Babyboomers, Retirement, and COVID-19

| September 21, 2020
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Babyboomers, Retirement, and COVID-19- E. Todd Fowler
COVID-19 has changed the way most baby boomers live, work, and play. It’s quite an unusual perspective to be alive and be able to remember the days when there was no internet, no instant messaging, and no voicemail. Back in the day, the way many baby boomers used the grid was as a preset alarm clock; when the streetlights came on at night it was time to end the endless games of baseball or bike riding. The streetlights were on we went home. Now the grid can tell us who around us has been exposed to infections and other issues. Times sure have changed. COVID-19 has provided a catalyst for the change. Here are three areas I think will be changed for the foreseeable future and have an impact on Baby boomers.
Health Insurance
As I age, it’s noticeable to me that personal health has a significant role in our lives. I concur with the medical experts, proper nutrition, exercise, and sleep can help keep our bodies functioning to the best we can. It’s widely accepted that genetic predisposition is a factor that we can not control. Sometimes bad health can not be prevented. Now more than ever baby boomers should review their Medicare coverage or other health coverage at least one time a year. During the annual enrollment period ( Oct 7- Dec 15 ) Medicare recipients have an opportunity to compare new plans and make changes or stay in the same plan. If you are under 65 and not a Medicare recipient, there is an open enrollment period from November 1st - December 15th.
Personal Retirement Plans
Between the recession of the early 2000s, the financial collapse in 2007-2008, and COVID-19’s impact on the economy, retirement planning hasn’t been as easy to manage as one might hope. Not to mention another problem with real wages: real wages have not kept pace with inflation for the past 40 years, causing many boomers to fall further behind. Baby boomers have had a difficult time planning for retirement. COVID-19 has provided some negative and positive news. The positive news: COVID-19 has given many Baby boomers an opportunity to reshape the way retirement will look. They may be able to work from home or from any safe internet connection and they may able to work flexible hours. This could be a good time to talk with your employer about future workforce plans. This also could be perfect timing to speak with your financial professional regarding your retirement and income plans. Developing a flexible retirement plan could bring peace of mind and help focus your attention on areas that could benefit you in years to come.
Estate Planning Documents
Now more than ever having the proper documentation in place could be a life-saving event. Planning your estate is a method that allows you to designate who and how your assets should be divided. Be sure to consult with an attorney about your situation.
According to www.investopedia.com, there are six documents every estate plan needs:
  1. Will/trust
  2. A durable power of attorney
  3. Beneficiary designations
  4. Letter of intent
  5. Healthcare power of attorney
  6. Guardianship designations
About the Author
E. Todd Fowler is a Financial Adviser and Funeral Director in Butler County, Ohio.  He enjoys writing about topics that impact baby boomers and generation x. Topics such as financial matters, healthcare, technology, travel, and aging. He also enjoys exploring and writing about the history and current events in Butler County Ohio.  He advises individuals in the areas of investment management, retirement income planning, Medicare health coverage, estate, and final wishes planning. He may be reached by calling 513-887-PLAN (7526) or email etoddfowler@yourwealthcenter.com.
Advisory Services Offered through Creative Financial Designs, Inc., Registered Investment Adviser. Fowler Financial Group is not owned or controlled by CFD companies. Please note we cannot accept email or telephone voice mail message instructions for the purchase or sale of any security. Securities offered through CFD Investments, Inc. Registered Broker/Dealer, Member FINRA & SIPC.

 

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