The Survive and Thrive Boomer Guide

Change the batteries on your smoke detector and CO alarm Sunday

Now that you've figured out Sunday is Daylight Saving Time and you'll be setting your clocks back one hour, it’s a good time to change the batteries in smoke and carbon monoxide alarms.

“Early warning is crucial to getting out of a house fire alive and for surviving CO poisoning,” Robert Adler, acting chair of the U.S. Consumer Product Safety Commission, said in an agency blog article. “I encourage everyone to check and change the batteries in their smoke and carbon monoxide alarms. Doing this can save you and your family in a fire or CO emergency.”

The CPSC estimates that in 2016 nearly 352,000 residential structure fires resulted in about 2,410 deaths, 10,370 injuries, and $6.36 billion in property damage in the United States.

Facts and figures for Halloween 2019

Source: WalletHub

 

Copyright 2019, Rita R. Robison, Consumer and Personal Finance Journalist

What are baby boomers doing these days?

Baby boomers are living much longer than their great-grandparents or even their grandparents. The average 65-year-old American today can expect to survive well past 80. So the question is: are boomers using the additional time constructively?

That’s one of the topics our boomer blogging group is writing about this week. Other topics include:

• House sharing when you’re single.
• Ways to make a transition work for you.
• A mother’s sayings make warm memories after she’s gone.
• A rightsized way to travel.
• The joy in finding a lost car key.
• The arguments couples have over and over.
• How to reduce the amount of plastic you eat.
• What you need to set your air conditioner at in the summer.

Tom Sightings of Sightings Over Sixty writes about these articles on the Best of Boomer Blogs #611. Click here to get the links to the blog posts. And be sure to leave a comment on the articles you like or find thought provoking. Boomer bloggers love to hear from readers.

Copyright 2019, Rita R. Robison, Consumer and Personal Finance Journalist

iBuying costs sellers more, study shows

What is iBuying? iBuyers purchase homes from sellers at a lower than market price based on proprietary algorithms, pay the seller almost immediately, make any needed improvements, then re-sell the homes.

The total cost of using iBuying for home sellers is 13-15 percent of a home’s sale price, according to research by Collateral Analytics.

That compares to a 5-7 percent commission, plus the costs of any needed home repairs or preparation, for a seller working with a traditional real estate agent. In addition, iBuying sellers are freed from the uncertainty of selling their home.

Where are baby boomer living now?

By Florentina Sarac, Guest Blogger

Researcher for RENTCafé

As a generation that values individual choice and can easily adapt to change, baby boomers are known to favor certain parts of the country when it comes to retiring.

No longer tied to a particular city, many prefer to pack up their bags and leave for sunnier places. But while some only take a nice climate and entertainment options into consideration when choosing their next destination, others might want to move closer to family. Affordability also plays a big part in their decision as choosing a city with lower taxes can help them save money.

A study by the apartment search website RENTCafé shows that along with popular retirement zip codes in warm states such as Florida and California, baby boomers also prefer living in lively zip codes in New York or Las Vegas.

CFPB needs to quash draft rule aimed at weakening discrimination reporting requirements for mortgage lenders, attorney general says

The Consumer Financial Protection Bureau shouldn’t adopt its recently-proposed rule that would undermine the ability to enforce fair lending laws and prevent discrimination in the mortgage lending market, New York Attorney General Letitia James said Friday.

On May 13, the CFPB announced that it would raise the reporting threshold for mortgage lenders under the Home Mortgage Disclosure Act, or HMDA, a 1975 law that requires mortgage lenders to make some mortgage data publicly available as a check to ensure compliance with fair lending laws. Some of this data includes information, which lenders already collect to comply with other regulations as well as their own underwriting standards, such as race, ethnicity, gender, age, census tract, credit score, total cost of the loan, and property value, and whether the application was accepted or denied. 

“Fair lending laws exist to protect consumers and ensure that lenders cannot engage in discriminatory practices,” said James. “The proposed rules would undermine these very protections and greatly hinder our ability to hold bad lenders accountable for such behavior. The CFPB was created to protect consumers, not put them in harm’s way by adopting regressive policies.”

New York Times editorial rips Trump administration for failing to protect borrowers

With the Trump administration proposing to reduce federal oversight of mortgage lending, perhaps the most obvious lesson from the 2008 financial crisis, the need for stricter supervision of mortgage lending, has been lost, the New York Times editorial board said in an editorial Thursday.

The Consumer Financial Protection Bureau was created in 2010 to protect borrowers, and it increased the reports mortgage lenders are required to file each year. The new information makes it easier to identify predatory lending and discrimination.

The Trump administration is proposing to increase the number of small lenders exempt from the requirements and has announced it won’t penalize lenders who don’t comply with the requirements this year, the first year the new reporting requirements went into effect.

What baby boomers have on their minds

As my yard is bursting into spring, I’m reading the articles of my baby boomer blogging buddies that are bursting with ideas on their blog sites.

Their recent posts include:

• Solutions to ease neck and shoulder tension.
• Comments on the Democratic presidential candidates.
• Which companies have the cheapest car insurance.
• What to say when your sister is dying.
• Whether people leave home when they grow up and don’t come back, or they never leave, or they do leave, but return to retire.
• How to make quick chicken soup from chicken broth to help with healing.

Carol Cassara of Heart•Mind•Soul writes about these articles in Best of Boomer Blogs #594. Click here to get the links to the articles. And be sure to join in the conversations. Boomer bloggers enjoy hearing from readers.

Copyright 2019, Rita R. Robison, Personal Finance Writer

How to improve your finances during Financial Literacy Month

It’s a good time during April’s Financial Literacy Month to take a look at how you handle your finances.

What is financial literacy? It’s knowing how to manage your personal finances.

How are Americans doing with financial literacy? In a survey of 1,500 people, respondents estimated that lacking knowledge about personal finances cost them an average of $1,230 in 2018, according to a study by the National Financial Educators Council.

What can you do to improve your financial literacy?

Take a look at your finances.

If you don’t have one, you need a budget. It’s a financial plan that will help you reach your goals. To develop a budget, you’ll need to keep track of your spending. Write down what your fixed monthly expenses are such as car payments and rent or mortgage payments. Determine what your periodic expenses are. They include items such as vacations and tax payments. Then you’ll need to track your variable expenses – food, clothing, transportation, and entertainment, costs that probably change every month.

How is Trump’s tax act affecting you?

On Saturday afternoon, I mailed in my income taxes for 2018. Instead of getting a refund of around $1,000 like I do most years, my refund was $170.

The TurboTax representative I spoke to said deductions that were helpful to me in the past, such as for my small business and charitable donations, have been eliminated.

So while Trump’s tax revisions are helping the rich, they have no benefit for me. That huge corporations pay little or nothing in income taxes and I’m paying more is discouraging. I don’t mind paying my fair share of taxes. I support good schools, roads, and bridges. But Trump’s tax law is making the rich even richer.