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A recent article talks about when should a Boomer retire? It provides views from experts in the field. The background to this discussion is that many Baby Boomers do not have enough saved to substitute for their main source of income. This means they either keep working longer OR reduce their standard of living. If you have enough saved to support you for the next 3-4 decades in retirement, then you can retire when you want to. For those that do not have enough saved, Alicia Munnell, Director of the Center for Retirement Research at the Boston College recommends people to work until they are 66 years. Others think this is very conservative. For example, Marc Freedman, founder and CEO of think tank, Civic Ventures suggests that people work until they are 70 years of age to make sure they can finance their lifestyles for the rest of their lives.

When the talk about retirement age comes up, invariably I think about the definition of retirement. You know, in the traditional sense, retirement is where you give up working, just stick around the house, may be volunteer a bit or travel and just spend the remaining years in solitude. There is debate whether this was ever the case, but never the less, this is the common perception of debate.

 Considering the health and active lifestyles people in their 60’s and even 70’s in many cases lead, there is a new saying these days that 60 is the new 40. For example read this article about an Australian Rider, Laurie Lever, who at age 60 is taking part in the Beijing Olympics. Although Laurie Lever began riding when he was 10 and has been a showjumper by profession, he says it took him this long to find a real ‘winner’ horse. Though he hasn’t won yet, Laurie you are a real champion. 

Coming back to our discussion, a retirement now means more like I might still work, but it will be on my terms, when I want to and how I want to. As opposed to working for someone or working long hours day in and day out. I can afford to take this approach only when I have the financial wherewithal to support myself and my family to live, enjoy and give. The more disciplined we are in our financial matters, the sooner this time will be.

So take that next step to your own financial freedom and build on and grow your discipline.

It sure is great watching the athletes compete to win the gold medals. Especially watching Michael Phelps on his gold medal spree, he makes it look so easy, like a child’s play to swim and win those races. But we all know that these athletes spend many years preparing, training and practising for this moment, to win the Gold Medals. If you can pause for a moment and visualize their lives, they spend many hours per day training and practising, foregoing other pleasures and activities that we all enjoy. All with an aim to win that gold medal. A single-minded focus on being the best, winning the race and taking home that coveted prize. Their every action, every thought is to take them closer towards their goal.

Well, just as these athletes have a clear target and how it motivates them and inspire them to strive and prepare, each one of us can transform ourselves into achievers only if we also had a clear target like them. Be it a healthy and happy retirement, be it living on the beach in retirement or whatever your target gold medal may be.

Do you know what gold medal you are striving to attain?

If not, take some time to think and clearly define what it is that you want to achieve in your life? If you already know your gold medal target, work on visualizing it as vividly as possible, put together a plan for what you can accomplish this year to get there and focusing your thoughts and actions on achieving it.

Enjoy your journey to the gold medal as much as you’d enjoy the achivement of that goal.

by Rita R. Robison, Consumer Specialist

Guest Blogger

Consumer Reports has a great article in its September 2008 issue on “Seven Online Blunders: These Common Mistakes Can Ruin Your Computer or Invite Identity Theft.”

The seven blunders are:

• Assuming your security software is protecting you.
• Accessing an account through an e-mail link.
• Using single passwords for all online accounts.,
• Downloading free software.
• Thinking your Mac shields you from all risks.
• Clicking on a pop-up ad that says your PC is insecure.
• Shopping online the same way you do in stores.

See the article for details and tips on how to shop online safely.

For more information for boomer consumers, see my blog The Survive and Thrive Boomer Guide.

Today’s quote highlights the importance of how we live. Someone once said, don’t count your age by the number of years you have lived, but rather by the number of friends you have. One can simply live through the years and make it, if they are lucky. But even more important is how those years were spent.

“It is not how old you are, but how you are old”

                          - Jules Renard

By Rita R. Robison, Consumer Specialist
Guest Blogger

It’s important for boomer consumers to know whether the products they and their family members use daily are safe.

Last week, we had good news, bad news, and still worse news about toxic chemicals in everyday items consumers buy and that workers are exposed to in the workplace.

Good news

The House and Senate passed the Consumer Product Safety Improvement Act of 2008.

The legislation bans lead from children’s toys and improves the regulation of chemicals posing possible health problems for children who play with and chew on toys. It also strengthens the regulatory processes for the products the Consumer Product Commission oversees and increases resources and funding for the commission.

The act represents the biggest overhaul of the commission since it was established in 1973.

President Bush is expected to sign the bill, according to an Associated Press article.

The photo to the right shows one of the millions of toys that was recalled by the commission in the last few years.

The bad

Six laundry products and air fresheners tested in a University of Washington study gave off at least one chemical regulated as toxic or hazardous under federal laws. However, the chemicals weren’t listed on the labels.

Anne Steinemann, a professor of civil and environmental engineering and public affairs, said the number and the potential toxicity of the chemicals that were discovered surprised her.

Chemicals included acetone, the active ingredient in paint thinner and nail-polish remover; limonene, a molecule with a citrus scent; as well as acetaldehyde, chloromethane, and 1,4-dioxane, according to a University of Washington report on Steinemann’s study.

“Nearly 100 volatile organic compounds were emitted from these six products, and none were listed on any product label. Plus, five of the six products emitted one or more carcinogenic ‘hazardous air pollutants,’ which are considered by the Environmental Protection Agency to have no safe exposure level,” Steinemann said.

The ugly

The White House is working to get federal agencies to weaken the regulation of hazardous substances in the last days of the Bush administration. Scientists who usually have input into regulatory processes are complaining.

The agencies involved are the Environmental Protection Agency, Department of Labor, and National Institute for Occupational Safety and Health, according to an article in the Seattle Post Intelligencer, “Agencies Asked to Ease Safety Rules.”

Efforts include:

• A plan to alter the way the cancer-causing risk of asbestos is measured.

• Plans for how workers are protected from chemical hazards go directly to the White House Office of Management and Budget, bypassing scientists.

• The firing of John Howard, the director of the National Institute for Occupational Safety and Health.

• Regulations to protect workers from lung cancer and other serious disorders delayed.

• Little action on the regulation of hazardous substances used by manufacturers of consumer products in everyday items used by consumers.

For more information for boomer consumers, see my blog The Survive and Thrive Boomer Guide.