Description
Book SynopsisFully updated and revised survival guide – including up-to-date changes due to life with Covid-19 – for Baby Boomer generation entering retirement!
Baby Boomer Survival Guide, Second Edition: Live, Prosper, and Thrive in Your Retirement is the premier roadmap to retirement for anyone focused on financial security. This is a comprehensive, easy-to-understand guide that covers all the significant financial, healthcare, and lifestyle-related considerations today's Baby Boomer generation needs to know.
This essential happiness handbook to financial & health security includes key topics:
- How to Live a Long, Happy, Healthy Life
- Expanding Your Interests, Hobbies, Social Network, Community Involvement & Quality Time with Family
- Where to Live & Where to Travel
- What to Do With Your Extra Years
- Strategies for Not Outliving Your Savings
- Financial Planning and Investing: Rules for Success
- Taking Advantage of the Trump Tax Cuts
- Homeownership vs. “Real Estate” & Renting vs. Buying
- WORKING in Retirement
- Social Security Optimization Strategies
- Having a Medicare Game Plan
- Key Questions and Answers to Long-Term Care
- Why You Should Think About Inheritance
- Wills, Trusts & Taking Care of Your Family
A little planning and foresight can go a long way toward making sure your hopes and ideals for retirement don’t collide with harsh economic, financial, and health-related realities. Baby Boomer Survival Guide will give you the wherewithal to make your retirement the rich-est, most fulfilling chapter in the book of your life — for yourself and your loved ones.
Table of ContentsBaby Boomer Survival Guide, Second Edition: Live, Prosper, and Thrive in Your Retirement
Table of Contents
Introduction..................................................................xv
PART I — Financial Decisions by Barbara Rockefeller
Chapter 1......................................................................3
Getting Started: Taking Stock
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You are Not Alone...............................................5
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Baby Boomer Worries.........................................5
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Will You Outlive Your Savings?...........................6
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How Much Do You Need?.....................................9
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The Monster under the Bed: Long-Term Care......11
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Homelessness.....................................................12
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The Solution.......................................................15
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Calculating the Cost of Retirement......................19
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Planning..............................................................20
Chapter 2.......................................................................25
Retirement Age
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Longevity.............................................................25
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What to Do With Your Extra Years........................26
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Retiring Early Is Dangerous to Your Health..........28
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Who Do You Want to Become?..............................30
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Working After Retirement.....................................30
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Changing Jobs Before Retirement.........................32
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Starting Your Own Business after Retirement.......35
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Resources.............................................................38
Chapter 3...............................................................................41
Social Security
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The Real Social Security Problem.................................44
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Final Debunking...........................................................45
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How it Works in Practice..............................................46
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How Your Social Security Benefit is Calculated.............47
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The Best Age to Apply..................................................50
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Monthly Benefits at Retirement Age.............................51
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Cumulative Benefits by Retirement Start Age...............51
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The Breakeven.............................................................51
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Spousal Benefit............................................................52
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If You Are Single..........................................................53
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Cost-of-Living Adjustments (COLA)..............................56
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Social Security Optimization Strategies........................58
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62/70 Strategy...................................................58
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Double Dipping...................................................58
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File and Suspend................................................59
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Start-Over Strategy............................................59
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Working and Social Security.........................................60
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Taxing Social Security...................................................61
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Social Security Disability Benefit Claims on the Rise.....62
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Other Aspects of Social Security...................................63
Chapter 4................................................................................67
A Place to Call Home in Your Golden Years
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Homeownership vs. “Real Estate”.................................68
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Cashing Out..................................................................70
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Reverse Mortgages.......................................................72
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How Do Reverse Mortgages Work?......................72
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A Family Affair..............................................................74
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Downsizing...................................................................75
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Managing the Real Estate Broker..................................76
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Renting vs. Buying........................................................79
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Boomer Mobility............................................................81
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On Retiring Abroad........................................................87
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So You’re Determined to Take The Plunge.....................89
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Real Estate/Housing............................................89
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Healthcare...........................................................90
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Crime and Violence..............................................91
Chapter 5.................................................................................95
Inheritance
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Why Do We Have Inheritance and Estate Taxes?............96
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Federal Estate Tax..........................................................99
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Portability......................................................................100
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Here’s How It Works......................................................100
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State Inheritance Taxes.................................................101
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The Gift Tax and Exemptions..........................................102
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Why You Should Think About Inheritance......................103
Chapter 6.................................................................................107
Wills and Trusts
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Why Do People Fail to Prepare for the Inevitable?..........108
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Dying Without a Will.......................................................108
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The Essence of a Will......................................................111
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Writing a Will..................................................................111
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Changing and Revoking Your Will....................................113
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Contesting a Will.............................................................115
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Do You Need a Living Trust, Too?....................................117
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What is a Revocable Living Trust?.........................117
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Advantages of a Living Trust.................................119
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Disadvantages of a Living Trust.............................120
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Special Trust Cases................................................121
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Generation-Skipping Trusts (GST)...................................122
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Credit Shelter Trust (CST)................................................122
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Charitable Remainder Trusts............................................123
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Private Foundations.........................................................124
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Fiduciary Duty..................................................................125
Chapter 7....................................................................................129
Trading and Investing: Rules for Success
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Rule 1: Achieve Basic Financial Literacy............................131
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Rule 2: It’s Not Savings Unless It’s a Savings Account......133
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Rule 3: Only Greater Risk Boosts Return...........................134
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Rule 4: Leverage Boosts Return but Increases Risk...........135
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Rule 5: Seeking Risk On Purpose.......................................137
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Rule 6: Avoid Catastrophic Losses, Part 1..........................140
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Rule 7: Avoid Catastrophic Losses, Part 2..........................142
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Rule 8: Learn to Look at Charts.........................................144
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Rule 9: Conventional Wisdom is (Probably) Bunk..............145
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Rule 10: Options................................................................146
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Rule 11: Avoid Fraud and Scams........................................151
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Avoiding Bad Investments:
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Advice from Credit Analysts.....................................154
Chapter 8.....................................................................................157
Financial Planning
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Planning vs. Advising.........................................................159
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Credentials.........................................................................160
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Do Your Homework............................................................162
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Retirement Investment Mentors.........................................165
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Retirement Coaches............................................................165
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Components of a Retirement Plan.......................................166
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Measuring Outgo.................................................................166
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Measuring Income...............................................................169
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Putting Income and Outgo Together....................................170
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The 4 Percent Rule...............................................................171
Part II — Considerations for Quality of Life by Nick J. Tate
Chapter 9...............................................................................................................175
The Long and Winding Road to Long-Term Care
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7 Key Questions and Answers to Long-Term Care.........................................177
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No. 1: What Is Long-Term Care?.........................................................178
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No. 2: Is Such Care Pricey?.................................................................178
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No. 3: How Much Do Long-Term Insurance Policies Cost?...................179
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No. 4: Is Insurance The Only Option?.................................................180
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No. 5: Won’t Medicare Pay for Some Long-Term Care?........................182
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No. 6: What about Medicaid?..............................................................183
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No 7: How Can You Tell if You’re Likely to Need Long-Term Care?......184
Chapter 10..............................................................................................................................................................................187
The Silver Tsunami
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The Politics of Medicare.................................................................................................................................................189
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The IPAB: “Death Panel” or Expert Board of Directors?................................................................................................ 191
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“Premium Support” Payments:
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Voucher Program?...............................................................................................................................................192
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Coming up with a Medicare Game Plan...........................................................................................................................192
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No. 1: Who Is Covered by Medicare?....................................................................................................................193
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No. 2: What Are the Primary Elements of Medicare?.............................................................................................193
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No. 3: Do You Even Need Medicare?.....................................................................................................................196
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No. 4: Should You Stick With Your Current Medicare Plan?...................................................................................197
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No. 5: What Type of Plan Works Best for You and Your Budget?...........................................................................197
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No. 6: Do You Qualify for a Discount?...................................................................................................................198
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No. 7: When Can You Sign Up?.............................................................................................................................198
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No. 8: Are There Certain Rules and Restrictions for First-Time Enrollees?............................................................199
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No. 9: What If You Don’t Like Your Plan?..................................... 199
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No. 10: What Is the “Donut Hole” in Prescription Drug Coverage, and Is It Really Closing Under Obamacare?.....199
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No. 11: What Is Supplemental Medicare Coverage and Do You Need It?...............................................................200
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No. 12: Where Can You Get Unbiased Help and Information?................................................................................203
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No. 13: Will Cuts To Medicare Advantage Doom the Program?..............................................................................204
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No. 14: Is a Stand-Alone Medicare Part D Drug Plan Right For You?......................................................................206
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No. 15: Medicare Scams And How To Avoid Them.................................................................................................209
Chapter 11........................................................................................................................................................................213
Thinking Through the Unthinkable
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No. 1: What Is a Living Will?....................................................................................................................................215
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No. 2: What Is a Healthcare Proxy?.........................................................................................................................216
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No. 3: Can Your Medical POA Be a Non-Relative?.....................................................................................................217
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No. 4: What Treatments Would You Want — and Not Want?.....................................................................................218
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No. 5: Why Do You Need to Put It in Writing?..........................................................................................................220
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No. 6: Should You Update Your Advance Directives Periodically?.............................................................................221
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No. 7: Can Your Healthcare-Related Documents Be Invalidated or Challenged as Faulty?........................................222
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No. 8: Can Your Doctor Refuse Any of Your Advance Directives?..............................................................................222
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No. 9: Are There Other Documents You Might Need to Be Sure Your Wishes Are Carried Out After You’re Gone?.....222
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No. 10: How Can You Help an Older Parent or Relative Make Similar Plans?.............................................................223
Chapter 12........................................................................................................227
The Lifelong Journey to Health
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Data from the Experts.............................................................................228
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Some Hopeful Signs................................................................................231
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Prescriptions for Health..........................................................................232
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Screening Recommendations for Men and Women of All Ages.................233
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Avoid Tobacco...............................................................................233
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Limit Alcohol.................................................................................233
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Maintain a Healthy Weight............................................................233
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Eat Healthy...................................................................................234
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Get Moving....................................................................................234
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The “Goldilocks Effect” for Heart Rate...........................................235
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Get Regular Physical Exams..........................................................236
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Do Something to Manage Stress and Get a Good Night’s Sleep......236
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Screening Recommendations As You Age................................................237
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Men: 40 and Older.........................................................................237
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Women: 40 and Older....................................................................238
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Both sexes: 40 and Older...............................................................239
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Men: 50 to 65.................................................................................239
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Women: 50 to 65............................................................................239
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Both sexes: 50 to 65.......................................................................240
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Men and Women: Over 65...............................................................241
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Beyond the “Big C”...................................................................................241
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Minding Your Mental Health......................................................................244
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5 Rules to Live By.....................................................................................245
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No 1: Exercise.................................................................................245
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No 2: Weight Control.......................................................................247
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No 3: Mental Challenges..................................................................248
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No 4: Social Interactions.................................................................251
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No 5: Cut Down onStress.................................................................252
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Beware of Bogus Cancer Cures..................................................................255
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Will You Live to 100?.................................................................................258
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Move more, eat less.........................................................................258
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Banish stress...................................................................................259
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Rest up............................................................................................259
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Follow your bliss..............................................................................259
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Learn new things.............................................................................259
Chapter 13.................................................................................................................................263
** NEW Healthcare: What Boomers Need to Know
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What Are the Smartest Ways to Budget and Plan for Healthcare Costs in Retirement?.....272
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Explore Health Savings Accounts......................................................................................273
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Consider Long-Term Care Insurance.................................................................................274
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Resolve to Stay Healthy....................................................................................................274
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Manage Any Chronic Conditions You Have.........................................................................274
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Become a Comparison Health Shopper..............................................................................274
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Itemize Medical Deductions on Your Taxes........................................................................275
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Save on Drug Costs...........................................................................................................275
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Investigate Insurance Rebates..........................................................................................275
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Look into Employer Wellness Programs.............................................................................276
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Other Savings Options.......................................................................................................276
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Healthcare Spending Skyrocketing.....................................................................................276
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Avoiding Scams.................................................................................................................278
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Fraudulent O Websites......................................................................................................278
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Medicare Scare Ploys.........................................................................................................279
Chapter 14...................................................................................................................................281
Quality of Life by Barbara Rockefeller and Nick J. Tate
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One Size Does Not Fit All...................................................................................................286
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Best Places to Live............................................................................................................287
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Staying Connected............................................................................................................288
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Volunteer..........................................................................................................................289
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Groups and clubs..............................................................................................................290
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Don’t Neglect Your Physical Health...................................................................................290
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Dating over 50..................................................................................................................291
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Adopt a pet.......................................................................................................................291
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Time Well-Spent...............................................................................................................292
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Living Long and Healthy....................................................................................................293
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Lessons from Centenarians...............................................................................................293
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Strive for Balance..............................................................................................................296
Afterword....................................................................................................................................299
Appendix A:.................................................................................................................................301
Unbiased Resources
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State Health Insurance Assistance Programs (SHIP) by State............................................302
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Patient Advocates, Insurance Ombudsmen by State...........................................................309
Appendix B......................................................................321
Assisted-Living Facilities and Nursing Homes
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How to Choose an Assisted-Living Facility..............321
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Compare Assisted Living to Home Care.........321
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Research and Visit Prospective Facilities......322
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Calculate Costs.............................................323
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Top 40 Assisted-Living Companies..........................323
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How to Choose a Nursing Home..............................328
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Do Your Homework.......................................328
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Visit Multiple Times.......................................328
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Ask Questions about What You See...............329
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Nation’s Best Nursing Homes..................................329
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Additional Resources for Long-Term Care................335
Index................................................................................337
