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BOOMERS NEWSLETTER: The purpose of this publication is to INFORM, EDUCATE, and ENTERTAIN. It is a free SUBSCRIPTION ONLY service. You will find the subscription instructions at the end of this newsletter. The publication will be delivered to its members on a monthly basis. If you have something you feel is helpful to others and want it published here, just send it to: boomersint@aol.com
Celebrate Earth Day! Here's a new page brimming with Sixties Midis. How hip would you like to be? Compiled by Chuck Nyren.
SECTION TWO: RETIREMENT MYTHS.
Don't Myth Retirement American Express thinks you need to re-think what you've always thought about retirement. And, in order to help you do just that, AE has released their list of the top retirement myths held by most Americans. •Social Security and Pension are enough for a comfortable retirement. Social Security and Pensions provide only 40% of retirement income. The remainder must come from personal savings, investments, and possibly a part-time job. •It takes a million dollars to retire comfortably. Your real needs will depend on your mix of investments, savings, part-time work, and other creative initiatives such as reverse mortgages to provide an income stream. •Family inheritance is a reliable source of income. It's risky to count on inheritance because unforeseen expenses (catastrophic illness, nursing home costs) could erode your parents money before it can be passed on to you. •There are ways to force the government to pay my medical bills. A new federal law now governs the time period in which people who are old and sick can "spend down" their assets in order to qualify for government assistance. The law imposes a fine of $25,000 for those who cheat. •Retirees are all in a lower tax bracket. Many retirees face additional taxes on income streams from work, capital gains, and stock dividends. •Retirement communities provide a lower cost of living. Do your homework on real estate values, property taxes, health care costs, and sales tax. Many cities grow into expensive communities. That sleepy little village where you vacationed every summer may attract many more retirees like yourself. That means growth. More city services, more homes, more schools, more roads. •Upon retirement my investment strategy should be conservative. This could be a mistake. A 20-25 year retirement life-span will require investments that provide a hedge against inflation. Also, shifting your investments may result in taxable capital gains. •Nursing home costs will be covered by Medicare. The majority of care provided in nursing homes is custodial, not medical care. Medicare does not pay for custodial care. And, if Medicare doesn't pay, then neither will most Medigap insurance policies. •Continuing to work will provide an income stream. Sometimes, even a part-time job can place you in a higher tax bracket. Your Social Security benefits could be reduced depending on how much income you earn, your age, and your filing status. Take time to discover the truth about these retirement myths, and your retirement income should last as long as you do. Reprinted by Permission From: AgeVenture News Service, Editor, Dr. David Demko, PhD http://www.demko.com
SECTION THREE: USA TODAY LIFE SNAPSHOTS.
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Age Group of Top Executives:
39-Under 14%
40-49 29%
50-59 30%
60s Plus 27%
Source: Dun & Bradstreet
Middle age at the top
The pecentages of top executives (CEOs, partners, owners, presidents,
chairman) in these age groups
TOP GROSSING TOUR OF 1997:
U2 $138.5 Millions.
Rolling Stones $89.4 Millions.
Michael Jackson $83.5 Millions.
Source: Amusement Business
Music appeal
Higher ticket prices raised 1997's worldwide gross by 20%
over 1996 to more than $1 billion.
A look at statistics that shape our lives
Source: Tax Foundation
1955 27.9%
1997 38.2%
Taxing trends
Percentage of income claimed by federal,
state and local taxes for median households
one and two incomes.
:How Much Of Our work day goes to pay taxes.:
Conn, NY. 3:09
DC, NJ. 3:01
Alaska 2:17
Missisippi 2:21
Source: Tax Foundation
Working for the taxman
So just how much of our average eight-hour work day is spent
earning money that goes to pay federal, state and local taxes?
It may come as no surprise that nationwide, the average is 2
hours and 46 minutes - more than halfway to the lunch hour.
Where do people work longest for taxes?
Connecticut and New York: 3 hours, 9 minutes
And the least?
Alaska: 2 hours, 17 minutes
|| NOVEMBER 1997 ISSUE DECEMBER 1997 ISSUE
|| JANUARY 1998 ISSUE FEBRUARY 1998 ISSUE
|| MARCH 1998 ISSUE Woman's History Month! || MAY 1998 - Coming Soon
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