↓
 

Baby Boomer Going Like Sixty

Baby boomer man humorously looking at life after 60, retirement in Costa Rica and Florida.

Baby Boomer Going Like Sixty
  • Home
  • Belize Maruba Resort
  • Start Here
    • Thanks for taking time to comment!

Post navigation

← Previous Post

A Guide to the 3 Most Common Debt Problems Boomers Face

Baby Boomer Going Like Sixty Posted on November 21, 2019 by goinglikesixtyNovember 21, 2019

guest post

Baby Boomers

So… you are nearing or in retirement and you have a debt problem, or you have a friend who
does and you are concerned and wondering what can be done for them. You’ve worked so
hard for so long – you deserve to be free of financial stress! Let’s talk about the three most
common financial scenarios boomers face and options for resolving them.

1. I have a first and second mortgage on my home and can’t
afford to pay them both on my retirement income. I think my
house is worth less than the first mortgage – is it true
bankruptcy can help?
It is true – with a caveat.
The scenario you describe is called “lien stripping” or “strip-off.” I know, it sounds more exciting
than it is – unless you have large second or third mortgage balances! The rule of thumb is, a
Chapter 13 debtor can strip off a second and third lien if the market value of the property is less
than the amount owed on the first mortgage. A lien that is stripped off is then discharged as
unsecured debt.
As you might imagine, this is hotly contested by 2nd and 3rd mortgage lenders, who will likely
fight the appraisal with one of their own showing that the property is worth more than the
amount of the first mortgage. Here’s where the expertise of your bankruptcy attorney comes in –
he or she will make sure that the appraisal is credible and will pass muster with the court.
Here is an example: Hazel has owned her house for over 30 years, but refinanced some years
ago when she divorced her then-husband. At that time the home was appraised at $330,000.
A few years ago she took out a HELOC (Home Equity Line of Credit) in the amount of $30,000
for a kitchen renovation.
Hazel has the renovation done, but in the years since has had increasing medical expenses and
other home repairs that needed to be done, and she can’t afford to pay both first mortgage and
the HELOC and everything else. She has resorted to using a credit card to buy gas and
groceries and had to let the home repairs go unpaid.
Hazel currently has a first mortgage with a balance of $262,000 and the HELOC balance is
$29,500 because she had been paying mostly just the minimum on that balance each month
since the renovation. Worried about the unpaid house repairs and her medical and credit card
debt, she visits a bankruptcy attorney who tells her to get an appraisal of her home. It comesback appraised at $260,000, which seems to be supported by the comparable properties that
recently sold in her neighborhood.
Hazel files a Chapter 13 bankruptcy case and proposes to strip off the HELOC and have it
discharged as unsecured. She will also get her credit card balance and medical bills discharged
as unsecured debt and arranged to have the home repair debt repaid over five years through
her Chapter 13 plan.
Hazel completes her Chapter 13 plan and gets a discharge of all of that debt including the credit
card, medical debt, and the HELOC. Now Hazel can move on with her life, owing only about
$238,000 on a first mortgage with no other debt hanging over her head.

2. I co-signed for my son’s/daughter’s student loans and
unfortunately, s/he is unemployed and not paying the loan
payments. What can I do?
Unfortunately, student loan debt is the most pernicious form of debt one can have in our
country. You can’t readily settle it, have it forgiven, or get it discharged in bankruptcy. For older
parents collecting Social Security, if your children do not pay the student loan debt themselves,
up to 15% of your monthly SS payment can be garnished to pay it.
If you find yourself in this situation, the first thing you can do is contact the lender – there are
income-sensitive repayment plans that might apply to your situation. Also, have a heart-to-heart
talk with your child – there may be a way you two can work out repaying the loan together.

3. I just divorced and my ex left me with a mountain of credit card
debt, what can I do about it?
If the debt was incurred by you in support of the marital residence and lifestyle, you should talk
with your divorce attorney – the responsibility for repaying that should be shared with your ex
and become part of the property settlement agreement. The same goes if you and your ex had
joint credit cards, or your ex was an authorized user on your card.
If this issue cannot be resolved in family court, you can rely on bankruptcy to help you out from
under that burden. If you income-qualify to file a Chapter 7 bankruptcy petition (and most
seniors do), within 4-6 months you can have that debt discharged. If you have more income
than allowable in Chapter 7, you can file a Chapter 13 petition and repay a small portion of the
debt over three or five years, having the unpaid portion discharged when you complete your
plan.
Contact an experienced bankruptcy attorney near you to schedule your free consultation – you
will be glad you did.

About the Author
Veronica Baxter is a legal assistant and blogger living and working in the great city of
Philadelphia. She frequently works for busy Philadelphia bankruptcy attorney David M. Offen, Esq.

Posted in Baby Boomer | Leave a reply

Christmas Gift Ideas For The Older Person In Your Life

Baby Boomer Going Like Sixty Posted on November 16, 2019 by goinglikesixtyNovember 16, 2019

Buy Christmas Gifts

Christmas is now just a few weeks away, and if you’re behind on you’re shopping – you’re not alone. Buying presents can be stressful, especially if you’re unsure of what to buy someone. While your go-to Christmas gift for an older person might be something like socks or cozy nightwear, these types of gifts can be a little boring! 

Why not change things up this year by thinking outside of the box? Here are some fantastic gift ideas for the older person in your life that will truly make their Christmas.

A trip

Some of the best gifts you can buy are experiences rather than something physical. Booking a trip with your loved one can help make some incredible memories, and mean a lot to someone who might not get out much. From day trips to a vacation, you can plan a trip that you think is appropriate and that they’ll look forward to. Being able to see more of the world is one of the great things about retirement, so why not give them the push they need to enjoy some exciting adventures with the family?

An on-demand subscription

Watching TV on-demand has quickly caught on as the way to watch the latest TV. Unbound by a schedule, it’s great to be able to watch what you want when you want, so why not give an older friend or relative the chance to do the same? An on-demand subscription makes an excellent gift, and can introduce them to a whole new load of shows and movies. There are plenty of fantastic video-on-demand services to choose from, although Netflix still stands out as one of the most popular.

Some great tech (and guidance on how to use it)

Older people can feel lonely, especially if they are a long distance from their family. The gift of technology such as a phone, tablet or a computer can be an excellent way to help them feel connected to the world. As well as buying the tech itself, make sure you teach them how to use it. Being able to use video calling or shopping online can make a huge difference to an older person, opening up a whole new world they couldn’t access before. Purchase and set up a smart speaker and include some podcasts or music lists.

A new walking aid

If mobility is an issue for an older relative, then helping them to get around could be a wonderful gift idea. A new, specially decorated walking cane is a great example, and shows that you care. As well as physical aids, you could help by gifting some personal training sessions or helping them workout as a way to boost strength and flexibility and experience some big improvements to mobility that will make it easier to get out and about.

Movie theater gift cards or event venue gift certificate

Your older friend will appreciate seeing the latest movie matinee – and filling up on refreshments. Gift cards to the local theater usually allow the purchase of refreshments.  Stretching that movie matinee discount by using a gift card will please anyone.  Or if there is an event venue with “big name” entertainment, search out the gift certificate for a truly fun night on the town. Throw in a dinner before or dessert after to make it more memorable.

Taking the time to think of a thoughtful gift for others is a wonderful thing. By finding a gift for an older person that will make a difference and help them enjoy life, you’ll have a gift that keeps on giving. Start planning something special for your loved one and give them something great this Christmas.

Posted in Baby Boomer | Leave a reply

Things You Have to Get Used to Once You Retire

Baby Boomer Going Like Sixty Posted on September 23, 2019 by goinglikesixtySeptember 23, 2019

Retirement offers so many new opportunities that you can make the most of. You’ll have the time and opportunities to do things that you might never have done before. As well as offering lots of positives, there are some adjustments to make and things to get used to. Some of them are good, others are more challenging for some people. That’s just the nature of retirement.

If you’re going to be retiring soon, this huge life change and adjustment is probably something that’s occupying your mind a lot. It needn’t be daunting, though. If you enter retirement with all the information and knowledge you need, it’ll be a lot easier. You can find out more about the things you’ll have to get used to in retirement below.

Having Less Structure to Your Days

There tends to be less structure to your days when you enter retirement. Going from a job in which you were expected to be at certain places at certain times to not having those kinds of constraints can be strange at first.

Many people struggle with that lack of structure simply because they’re so used to it being there. It’ll now be up to you to lend structure to your days with activities and the other things we’re going to talk more about below.

Spending More Time with Loved Ones

One of the very best things about retirement is the opportunity you have to spend more time than ever before with your family. You can look after the grandkids, spend more valuable time with your partner and generally make the most of life.

For most people, the opportunity to spend time with the family is the thing that makes them look forward to retirement so much. Be sure to make the most of it when that opportunity arrives for you.

Having Time to Cook

As you get older, you should be looking for ways to work on your health and improve it anyway. Doing so is a lot easier when you’re retired because you have more time to cook your meals, and that means you can make them healthier.

Take the time to take some cooking classes if you don’t know how to cook great food but have always wanted to. It could be the boost you need to start improving your health and moving in a more positive direction.

Finally Having the Opportunity to Travel

With that extra time and potentially more funds at your disposal, you should make the most of any opportunity you have to travel and see more of the world. If it’s something you missed out on in the past, now is the time to finally do it.

If you and your partner both have places in the world you’d like to visit but never have before, now is the perfect time to make it happen.

A New Approach to Budgeting and Money Management

You’ll be managing your money in a rather different way once you enter retirement. Of course, your income will change and you’ll have to get used to a new way of budgeting and covering your monthly costs. How you make this adjustment will, of course, depend on your financial circumstances.

Whenever you’re breaking old habits and forming new ones it can be tricky, so it’s something that you’ll med to get used to. Once you have new routines and ways of managing your money in place, you’ll be on the right track.

You Can Still be Hit by Unexpected Costs

There are lots of things that can go wrong in life and these things can lumber you with unexpected costs. That doesn’t change just because you’re retired, so you need to think about how you can prepare. $85,800 is the median cost of nursing home services. Can you afford to deal with those expenses if you needed to in the near future.

It’s worth thinking about what you can do to prepare yourself for things like this, as well as other potential costs that might strike you in the near future. Doing so will leave you in a much stronger position going forward.

Feeling the Need to Help and Give Back

Everyone wants to enjoy a comfortable and leisurely retirement, but that doesn’t mean that you can’t give something back. Many people look back on their lives and realize how lucky they’ve been and this leads them to want to give something back.

You might choose to volunteer for a charity and give something back in that way. There are lots of ways of doing it, and you should go for it if you feel that urge to give something back to your local community that’s done so much for you.

Taking More Pride in Your Home

With a career and a family to take care of, taking pride in your home is something that’s often put on the back burner for many years and even decades. So. when you finally get the chance to pay more attention to the upkeep of your home, you might want to make the most of it.

You can take care of those little DIY fixes you’ve been putting off for so long once your retirement begins and you have more spare time on your hands. It can be a nice way to spend your time if you’re into that kind of thing.

Developing New Hobbies

With so much spare time, you’ll have the chance to start developing some new hobbies. It’s one of the best things about retirement for many people. They either take the opportunity to develop some new hobbies or pick up old hobbies that you haven’t practiced for a long time.

It can be good to get back in touch with old hobbies that you had to abandon a long time ago because of other things taking up your time. Or maybe there’s a hobby or activity you always wanted to try out but haven’t had a chance to until now.

Realizing It’s the Meaningful Things That Matter

When you spend so much of your life at work and making sure that your family’s short-term needs are taken care of, it can be easy to lose sight of what really matters in life. Your future might not be something you’ve given much time or consideration to before now.

That can all change when you retire and you suddenly have more time in which you can focus on these things. You’ll quickly come to realize that the things that have real meaning in your life are the things that you should focus on first and foremost.

Time Goes by Quickly

One unfortunate fact you’ll have to get used to once you enter retirement is time passing by quicker than it should. This is why it’s so important to make the most of each day in your retirement because if you don’t, you’ll regret it later and no one wants that.

Do the things you love and spend your time wisely because you don’t want to look back and wish you had done more rather than having actually done it. Make the most of the time because you’ll quickly realize how quickly it passes by.

Retirement is a whole new experience and it’ll change your life in many ways. That’s nothing to be scared of or anything you should run away from though. Instead, you should embrace everything it brings and enjoy the ride. It’ll allow you to do things you might never have had the chance to do before.

Related Posts with Thumbnails
Posted in Baby Boomer, Empty Nesters, Food

Post navigation

← Previous Post

Read More Stuff

Just Random Stuff. Click!

Big Boomer Blogs

  • After Fifty Living
  • Boomer Cafe
  • Boomeropia - Boomer Travel
  • BoomSpeak!
  • Expat Exchange
  • Modern Senior
  • Offbeat Travel
  • RetireWOW
  • Survive and Thrive Boomer Guide

Boomer Blogs

  • As Time Goes By
  • Baby Boomer Baloney
  • Boomer Musings
  • Boomer Places
  • Boomington Post
  • Catch Her in the Wry
  • Crabby Old Fart
  • Cranky Old Doods
  • Cranky Old Man
  • Fragments from Floyd
  • Happy Hotelier
  • Head Rambles
  • http://www.jeffs60s.com/
  • Itchy Travel Feet
  • Junk Drawer
  • Just Thinkin'
  • Later On
  • Midlife Bloggers
  • Midlife Gals
  • Polly Vous Francais?
  • Redneck Diva
  • Roaming Boomers
  • Rosie's Renegage Humor
  • Second Effort
  • Self Absorbed Boomer
  • Sightings At Sixty
  • SK Waller
  • The New Sixty

Costa Rica Blogs

  • Cafe Toledo Tour
  • Costa Rica Curious
  • Expat.com
  • Happier Than A Billionaire
  • Mi Chunche
  • Niki Sims - Life in Costa Rica
  • Pura Vida Mommy
  • Spider Monkey Rehab
  • The Real Costa Rica

Hire This Guy

  • Shotgun Concepts

Archives

©2019 - Baby Boomer Going Like Sixty - Weaver Xtreme Theme
Hosted by Curratech Blog Hosting
↑