“Zoomers” is a word originally coined by Toronto-based media executive Moses Znaimer. It refers to a growing breed of senior Canadians who aren’t just reasonably affluent, but remain extremely active, live large and still want to enjoy the best that life has to offer.

Donna Messer

In Canada, there are just over 14 million Boomers and Zoomers (age 44 – 62). This group accounts for almost 45% of the population and has more that 75% of our wealth. In as little as 10 years, according to Statistics Canada, this group could actually outnumber children under 15. The current life expectancy of Canadians is 82.5 years for women and 77.7 years for men.

As the baby-boomer generation grows older and thoughts of retirement come to mind, so do thoughts of the economy. Today, the question may not be “Am I ready to retire?” But rather, “Can I afford to?” While many Boomers and Zoomers may be in good financial shape, some may need to keep networking to supplement their retirement income.

How much money do these Boomers and Zoomers need to live the lifestyle they’ve been used to? Like it or not, the answers still revolve around that over-worked word called “networking.”

I was contacted by a Certified Financial Analyst. When he called he told me he was concerned with what he’s calling the current “economic crisis.” He wanted to bring people nearing retirement together so that he could provide a few solutions that might relieve some of the concerns that Boomers and Zoomers, teetering on the edge of retirement, might have.

Today’s Boomers and Zoomers not only need to keep their networks current, they must expand them and be prepared for the changes that might be on the horizon. Statistics show that Boomers and Zoomers can help make their assets last in retirement with a little help from the experts.

A market research firm reports that online networking activities, once mainly popular with teens, now see more than 61 percent of Boomers and Zoomers “connected.” Research shows that they are using social networks like LinkedIn, Facebook and MySpace.

As an experiment, ConnectUs Communications posted a networking video on YouTube. Then we registered with all of the social networks. We sent out a message throughout the social networking system that we wanted an opinion on the video. The purpose of the experiment was to find out if the response would generate business development or be strictly a social connection. After only one week, we had over 300 replies that were all business comments; there were many people who we hadn’t heard from in years. Now, based on our experiment, we are able to say that using the Internet and social networking sites can benefit both career opportunities and business growth.

Looking at what some are calling an “economic crisis,” the experts say we should be proactive rather than reactive. How can we do this? It’s simple; we use our networks!

There is a wealth of information out there, and the experts are more than willing to share their knowledge. Don’t worry and wonder; take action, attend workshops and seminars that can provide you with the answers you need to put in place an economic strategy that will work for you.

So, here are a few timely tips that can guide you through the process.

• Don’t Make Rash Decisions — Recent events highlight the need to have a financial plan that you can follow regardless of market swings. Don’t let your emotions drive your investment decisions. Reacting to every up and down in the market is not good for your health, or your financial portfolio.
• Revisit Your Reasons For Investing — In volatile markets, keeping a long-term time horizon can be very challenging. However, if your investment goals, time horizons, and financial situation have not changed, your best course of action may be not to take action.
• Establish an emergency fund — Keep at least six months of living expenses easily accessible in savings or money market fund accounts. This enables you to meet unexpected financial obligations.
• Make saving automatic — The best way to get past volatile markets or tough economic times is to make investing automatic. Establish an automatic investing plan. Make investing a seamless process by regularly deducting a set amount from your paycheck. One good option: transfer that amount to a retirement savings account.
• Review fees and expenses — Take another look at the fees and expenses you pay on your financial products and services. For mutual funds, review expense ratios and credit cards. Scrutinize interest rates, banking products, and transaction charges. Switching to a lower-cost product may save you money.
• Resist impulse purchases — Think twice before making a discretionary spend. Avoid incurring debt on any impulse purchase regardless of the “deal.” Maybe put that money in a savings or investment account.
• Have a plan — It is never too late to put a retirement plan in place. Having a plan helps you determine if you are on the right path to the financial future you want. And in times like these a plan, not your emotions, should drive your investment decisions.
• Consult with an expert — Financial advisors are specially trained to help people manage their finances. Schedule an appointment to review your portfolio. Discuss your concerns and request an assessment on the performance of your holdings.
• Get Informed — Research shows that many people struggle with fundamental financial terms and concepts.
• Don’t be Afraid to Ask for Help – Find a Financial Advisor who can provide you with personalized investment advice to help you make the most of your retirement investments.

Read Donna Messer online … click here.

If you can’t wait that long, at least try to avoid taking Social Security until 66 — that will increase the size of your checks by one third. Sure, you’ll forgo some income in those early years, but you’ll make up the difference quickly once those larger checks start coming in.

Click here for the whole story.

“Things are a little bit worse than had been expected,” said Social Security Administration Chief Actuary Stephen Goss. “Clearly, we’re going to be negative for a year or two.”

A look at some of the specific numbers makes clear the gravity of the deficit. In 2009, more than 2.7 million joined the giant retirement program, which was nearly half a million more than those who had enrolled in 2008. And 2008 had been considered a “busy” year of growth for the program before the 2009 figures were released. This brought the total number to more than 52 million, or one in every six Americans, who received Social Security benefits in 2009.

In 2008, Social Security received $63 billion more in taxes than it paid out in benefits. Last year, it collected only $3 billion more than it spent. The massive slide is attributed to both the spike in retired workers collecting benefits or disability, and an end of growth in payroll tax revenue, which before 2009 had been keeping pace with 4.5 percent average annual wage increases.

Sixty-five years ago, there were 40 workers paying into the Social Security program for every beneficiary that drew from it. That figure has fallen sharply to just over three workers to support each recipient.

Click here for the full story.

The Age of Retirement was one of America’s most successful social reforms ever. But that era is over. A new vision of old age is emerging from the trauma of the credit crunch and the Great Recession: Forget retirement. Keep working, reports BusinessWeek.

Click here for the full story.

No doubt about it, these are very tough times. You are in the minority if your retirement finances have not taken a twenty percent hit. How can you think about retiring when you watch your financial security drain away? Working longer and harder than we had planned is a very real possibility. We are being forced to re-consider retirement. Putting off a planned retirement is likely, and this a bitter pill to swallow. When we equate retirement with not working, not retiring is the only option we have. The truth is, though, that you can retire even while you are working.

The act of retiring, of stopping work, is but one of many events that occur as we enter our late 50s and early 60s. During this period, our forty-year focus on work success gives way to a greater emphasis on our financial, physical, social, and personal well-being. Think back to your early 20s, the time you became a young adult. Taking a job and/or raising a family were some of many adult actions you took. Dating and marriage, experimenting with interests and hobbies, finding a place to live, managing your own money, and taking responsibility for yourself were the challenges and opportunities of the time. Forty years later you are again making decisions about your work and finances, and for your social and personal life. As work was one piece of our early adult growth, so it is again today as we enter this new chapter of adulthood.

Whether you retire from work or decide to keep working, you continue to grow, into your 50s, 60s, and beyond. You can work while also taking on the challenges and opportunities of the retired adult, or as I prefer, the ‘new adult.’ New adults grow past career ambition and focus on personal satisfaction and meaning. This new time of life is not defined only by your work life.

If you know how, you can begin your “retirement” now, even as you work.

Over the past five years, I have found that six out of ten of my pre-retirement clients think that they may work, for money, after they retire. Generally about four out of ten people do continue to work after they formally retire. This is especially true for professionals (doctors, lawyers, accountants, professors) and for business owners who retire by working less and living more. People leaving corporate and government types of jobs tend to look for enjoyable activities – which can include work – after they leave their employer. The ‘retired’ people who work for money are great examples of how you can work and still move ahead. So take heart: although you may have to work, you can continue to build your new adult life.

Transitioning from the forty or so years as a career-focused adult to a new adult begins with a clear shifting of priorities. A man I interviewed for my book Beyond Work (Wiley 2008) described this change as “putting myself in the forefront, in the place work used to be.”

I recently talked with Joe, a 62-year-old supervisor at a manufacturing company, who has seen layoffs occur all around him while his 401(k) is a third less than it was a year ago. He and his wife Amy had planned to retire from their jobs in about six months. Retiring fully is no longer an option, yet they will continue with their plans as much as they are able. He has been happily involved with his town’s Little League since his oldest son joined 32 years ago. He had been asked to take on the lead role once he retired. While he will not have as much time to devote to the league as he would have if he was not working, he still plans to be a great leader, especially now that his oldest grandson is joining the league. Amy will also keep her job at a doctor’s office and will pursue her retirement travel planning, although in a scaled down way. Joe and Amy’s plans have had to change but they have not packed them away for good.

Their lesson is one that can teach all of us. Part of retiring, of becoming a new adult, is a new focus on finding personal fulfillment from life outside of work. Both Joe and Amy have moved beyond career ambitions. For them, that part of life is complete and professionally they have accomplished most of their goals. Now, Little League and traveling are the activities on which they want to spend more time and gain more energy. While financially they are not able to dedicate themselves fully to those things, emotionally they make up a greater part of their lives.

Our finances are one of four challenges and opportunities we encounter as we become new adults. If your finances are compromised, focus on building your physical, social, and personal well-being. A successful retirement depends it.

What to do about retirement when your finances require you to work? Most importantly, you do what you must do and work. Also, talk with a good financial advisor at least once to get an objective view of your situation and what you need to do. And, use this time to strengthen your physical, social, and personal life. Start concentrating on your passions. Now is the time to do more of what you can do and worry less about what you cannot do.

You can continue to work as you ease into your retirement so long as you focus on other things important and meaningful to you. Confidence is your key to success. Confidence is an attitude, and if you know where to focus your energy, you can improve it. I invite you to take the 20-item version of Retirement Confidence Profile at www.beyondwork.net to learn where your retirement confidence is strong and where it is weak. You can then choose one or two areas you could improve. The more you improve, the better your life will be as a new adult, even during these trying times.

Bill Roiter, Copyright 2009. Used by permission of the author.

Bill Roiter’s new book, Beyond Work, is available at Amazon.com.

Remember all those headlines about how the baby boom cohorts just lost several trillion dollars in home equity due to the collapse of the housing bubble and how they lost trillions more in their retirement accounts as a result of the stock market crash? Most people probably don’t remember those articles because most of the media have failed to notice the stories.

Click here for the whole story.

That’s because the Social Security Administration’s estimates are based on the assumption you will continue to work full-time, at about your current rate of pay until you are 66.

The government indexes actual earnings to account for changes in average wages since the year the earnings were paid. Next, it calculates your average monthly indexed earnings during the 35 years in which you were paid the most. Then it applies a formula to those earnings to compute the amount at, 66, considered your full retirement age.

But as Baby Boomers are well aware in this soured economy, working full-time at the same or even a higher pay each year until you are 66 years old is a challenge.

There are more and more stories of Baby Boomers losing their jobs because of layoffs or forced retirements. And there are more and more stories of the difficulty of finding new jobs in this recession.

Most everyone gets a paper estimate mailed from the Social Security around the time of his/her birthday each year.

The most accurate method to narrow what a benefit might be — especially in this fast-changing economy — is use of the on-line estimator.

It can walk you through a variety of scenarios related to your work status.

For example, if you are 55 and had been working for many years as a progressively good salary, your calculation might show an estimated benefit of $2,284 per month. That is, if you keep working until you are 66 and if you maintain that good salary for the next 11 years.

But let’s say that same 55 year old person has lost that good paying job and eventually finds one at half the pay. In that case the estimate drops slightly to $2,128 per month at age 66.

For first-wave Baby Boomers, you can begin collecting Social Security benefits at age 62, but you’ll get larger checks if you wait until 66 and even larger benefits if you wait until age 70. When should you start taking payments? It depends on a variety of factors, including your health, family history and sources of income.

The Social Security Administration recently rolled out the ability to apply for benefits online at www.socialsecurity.gov, and click on “Applying Online for Retirement Benefits.” You’ll be asked a series of questions about you and your work.

The Social Security Administration recently announced that people who reach retirement age, as early as 62, can go to the federal agency’s Web site and fill out a benefits application.

The agency said the push to offer online enrollment will help it manage a flood of retirement requests in coming years. Officials estimate that as many as 10,000 people a day will become eligible for retirement benefits over the next 20 years, as the first post-World War II generation eases into retirement.

A link to the online retirement application is featured at www.socialsecurity.gov.

Mark Hinkle, a spokesman for the agency, said the push to move the retirement benefits application — and other applications — to the Web is vital.

The agency’s 1,300 field offices won’t be able to handle the crush of baby boomers signing up for benefits in the future, so automating the process via the Web will help employees manage the workload, he said.

Read the whole story.

Click here for link to the online retirement application is at www.socialsecurity.gov.

The stories are the product of reporter Cicily O’Connor and Spot.Us, a non-profit project for community-funded journalism.

The series — “When the longevity revolution hits your town” — is significant on two fronts:

• First, it explores a topic of interest for Baby Boomers as they consider how they’ll age in the community in which they want to live;
• Second, it demonstrates a new kind of pay-to-play journalism.

Let’s examine the first point first.

The age friendly value of a community is important, according to the introduction to the series: “That question is becoming more urgent as 78 million US boomers race toward retirement like a ‘silver tsunami’ that, by its sheer size and market power, will change the way we think about aging. The answer will likely redefine retirement, not only for boomers but for the generations that follow.”

The three-part series focuses its attention on communities in northern California. But the examination of the issue is instructive everywhere because cities and towns across the country have varying resources and strategies of dealing with the graying population of Baby Boomers.

“If you took a tour of Northern California, you’d see a microcosm of what’s happening elsewhere. Big cities like Sacramento are better prepared, thanks, in part, to a downtown ripe for redevelopment. Others like San Rafael, the county seat of the nation’s richest county, are watching new housing proposals dry up as the economy contracts. And not one city has figured out how services for different age groups can complement one another,” writes O’Connor in Part Two.

“Planning prudently now can mean the difference between a highly livable multigenerational city that succeeds, or bankrupt communities struggling with poverty and street crime.”

Read the “longevity revolution” series here.

On the second level is the concept of pay-to-play reporting. Spot.Us invites story suggestions. When an idea is accepted, as it was with the aging series, Spot.Us goes looking for the funding from individuals to pay for the reporting. Spot.Us raised $1,000 to support this particular project. (See an examination of community-funded journalism here.)

Spot.Us is currently looking for funding for its next accepted project: “Will Oakland Survive the Next Earthquake?”