The Allstate Blog » Retirement http://blog.allstate.com Expert tips and fun facts on protecting your car, home, motorcycle or RV from Allstate Auto Insurance Tue, 18 Jun 2013 19:31:13 +0000 en-US hourly 1 http://wordpress.org/?v=3.5.1 4 Ways to Use Your Tax Refund Wisely [INFOGRAPHIC] http://blog.allstate.com/4-ways-to-use-your-tax-refund-wisely/?utm_source=rss&utm_medium=rss&utm_campaign=4-ways-to-use-your-tax-refund-wisely http://blog.allstate.com/4-ways-to-use-your-tax-refund-wisely/#comments Fri, 12 Apr 2013 17:00:32 +0000 Brendan http://blog.allstate.com/?p=4430 Money-Cash-iStock

Tax time may not actually be 'fun,' but once the process of filling out all those forms is completed, dotting the Is and crossing the Ts, many of us have a refund coming our way. With the average tax refund near $3,000, it's important to put that money to use in the best way possible. For some that means paying down credit cards, for others it means putting it toward retirement. In any case, many options should be considered and evaluated. Here's a brief look at 4 wise ways to use that money.

Are you a big spender? Click to visit the Allstate Priorities Sweepstakes, choose the video that most closely matches your spending habits, and you could win $2,500

[infographic]]]> Money-Cash-iStock

Tax time may not actually be 'fun,' but once the process of filling out all those forms is completed, dotting the Is and crossing the Ts, many of us have a refund coming our way. With the average tax refund near $3,000, it's important to put that money to use in the best way possible. For some that means paying down credit cards, for others it means putting it toward retirement. In any case, many options should be considered and evaluated. Here's a brief look at 4 wise ways to use that money.

Are you a big spender? Click to visit the Allstate Priorities Sweepstakes, choose the video that most closely matches your spending habits, and you could win $2,500

[infographic]]]> http://blog.allstate.com/4-ways-to-use-your-tax-refund-wisely/feed/ 0 5 Quick & Easy Strategies to Save More for Retirement http://blog.allstate.com/5-strategies-save-more-for-retirement/?utm_source=rss&utm_medium=rss&utm_campaign=5-strategies-save-more-for-retirement http://blog.allstate.com/5-strategies-save-more-for-retirement/#comments Wed, 13 Mar 2013 11:00:39 +0000 Admin http://blog.allstate.com/?p=4340 save for retirement

According to the Employee Benefit Research Institute, almost one-third of all Americans have less than $1,000 set aside for retirement and more than half have less than $10,000. This is surprising in light of the fact that many experts warn that your future Social Security income--a traditional form of retirement income--may not be enough. Saving for retirement, or saving more, is really not something to put off. Consider these five strategies to boost your retirement portfolio today: 1. Put Yourself on a Budget If you don't know where you are financially, you'll have a hard time getting to where you want to be. The solution is to budget, and it's easier than you might think. Use an online tool, such as Mint, or simply list all of your income and expenses in a spreadsheet or on paper. True, collecting your monthly statements, such as credit card and bank statements, and bills, may take a few minutes, but it's worth the effort. Then, review your expenses to see where you can cut back, and set monthly limits for each spending category. Deposit what you save into a Roth or traditional IRA, or increase your contribution to your 401(k) at work.

Are you a big spender? Click to visit the Allstate Priorities Sweepstakes, choose the video that most closely matches your spending habits, and you could win $2,500

2. Clip Coupons to Save on Groceries According to the Department of Agriculture, the average American household spends as much as $1,200 per month on food. This means that if you reduce your food bill by 20 percent, you could save almost $3,000 per year. One good way to save is to clip coupons. Even if you don't take it to the extreme, regular couponing can translate into serious savings. Check the Sunday paper for coupons, sign up for your grocery store's loyalty program, and match coupons to in-store sales and incentives to get the biggest bang for your buck. 3. Generate Extra Income Consider reallocating the time you spend watching TV or posting on Facebook. You might consider selling unneeded items on the Internet, or even filling out paid surveys online. Or consider starting your own consulting business specializing in an area of your expertise. 4. Review Your Monthly Bills Review all of your monthly bills and look for ways to cut back, including negotiating extra fees and charges. Also, use the Internet to research less expensive options for your cable TV, cell phone and other monthly services. If you're not currently bundling, investigate this option, too. 5. Eliminate Credit Card Debt According to the Federal Reserve, the average American carries roughly $7,000 in credit card debt, which can result in significant interest payments. Consider your credit card's APR and the amount you end up paying every year in interest, and think how much you could save by paying off your credit card debt. Final Thoughts There are two chief components to saving more for retirement: One is to save more money, and the other is to actually deposit what you save into a designated retirement account. If you haven't already, open an IRA, a Roth IRA (if you qualify), or deposit more of your income into your 401(k) at work. A great way not to be tempted to spend what you save is to set up automatic deposits into your retirement account on a monthly basis. Remember, if you make early withdrawals (before you turn 59 1/2) from a 401(k) or traditional IRA you may be penalized. However, you can withdraw contributions made into a Roth IRA at any time without penalty. What other ways to save more for retirement can you share? David Bakke is a contributor for MoneyCrashers.com. He was once buried in more than $30,000 of credit card debt, and now shares his story and tips for smart money management. Recommended by the editors: ]]> save for retirement

According to the Employee Benefit Research Institute, almost one-third of all Americans have less than $1,000 set aside for retirement and more than half have less than $10,000. This is surprising in light of the fact that many experts warn that your future Social Security income--a traditional form of retirement income--may not be enough. Saving for retirement, or saving more, is really not something to put off. Consider these five strategies to boost your retirement portfolio today: 1. Put Yourself on a Budget If you don't know where you are financially, you'll have a hard time getting to where you want to be. The solution is to budget, and it's easier than you might think. Use an online tool, such as Mint, or simply list all of your income and expenses in a spreadsheet or on paper. True, collecting your monthly statements, such as credit card and bank statements, and bills, may take a few minutes, but it's worth the effort. Then, review your expenses to see where you can cut back, and set monthly limits for each spending category. Deposit what you save into a Roth or traditional IRA, or increase your contribution to your 401(k) at work.

Are you a big spender? Click to visit the Allstate Priorities Sweepstakes, choose the video that most closely matches your spending habits, and you could win $2,500

2. Clip Coupons to Save on Groceries According to the Department of Agriculture, the average American household spends as much as $1,200 per month on food. This means that if you reduce your food bill by 20 percent, you could save almost $3,000 per year. One good way to save is to clip coupons. Even if you don't take it to the extreme, regular couponing can translate into serious savings. Check the Sunday paper for coupons, sign up for your grocery store's loyalty program, and match coupons to in-store sales and incentives to get the biggest bang for your buck. 3. Generate Extra Income Consider reallocating the time you spend watching TV or posting on Facebook. You might consider selling unneeded items on the Internet, or even filling out paid surveys online. Or consider starting your own consulting business specializing in an area of your expertise. 4. Review Your Monthly Bills Review all of your monthly bills and look for ways to cut back, including negotiating extra fees and charges. Also, use the Internet to research less expensive options for your cable TV, cell phone and other monthly services. If you're not currently bundling, investigate this option, too. 5. Eliminate Credit Card Debt According to the Federal Reserve, the average American carries roughly $7,000 in credit card debt, which can result in significant interest payments. Consider your credit card's APR and the amount you end up paying every year in interest, and think how much you could save by paying off your credit card debt. Final Thoughts There are two chief components to saving more for retirement: One is to save more money, and the other is to actually deposit what you save into a designated retirement account. If you haven't already, open an IRA, a Roth IRA (if you qualify), or deposit more of your income into your 401(k) at work. A great way not to be tempted to spend what you save is to set up automatic deposits into your retirement account on a monthly basis. Remember, if you make early withdrawals (before you turn 59 1/2) from a 401(k) or traditional IRA you may be penalized. However, you can withdraw contributions made into a Roth IRA at any time without penalty. What other ways to save more for retirement can you share? David Bakke is a contributor for MoneyCrashers.com. He was once buried in more than $30,000 of credit card debt, and now shares his story and tips for smart money management. Recommended by the editors: ]]> http://blog.allstate.com/5-strategies-save-more-for-retirement/feed/ 0 Thinking About Early Retirement? A Few Things to Consider: http://blog.allstate.com/thinking-about-early-retirement-a-few-things-to-consider-2/?utm_source=rss&utm_medium=rss&utm_campaign=thinking-about-early-retirement-a-few-things-to-consider-2 http://blog.allstate.com/thinking-about-early-retirement-a-few-things-to-consider-2/#comments Thu, 24 Jan 2013 11:57:33 +0000 Sue http://blog.allstate.com/?p=4170 Early Retirement

Early retirement isn’t for everyone. But for those who do dream of it, it’s an idea that sounds very enticing. If you’re thinking that you’d rather not spend your sunset years toiling away at a 9-5 job, you have options. Just don’t give your notice until you’ve considered some of the following factors involved in granting yourself an early release from the workforce.

You can’t begin to claim Social Security benefits until you’re at least 62

This means is that if you decide to retire from your career at the age of 59, you’ll have three potentially long years to wait before you can begin to receive monthly Social Security checks. Unless you’re in line to receive a generous pension from your employer or have a lot of money saved up from years of penny-pinching, coupon-clipping and resisting impulse shopping, you may have no choice but to keep working until you are 62 -- or even older.

If you retire before 66, you won’t get your full social security retirement benefit

In other words, the monthly check you’ll get from the Social Security Administration won’t be as high if you retire before 66 as you’d receive if you wait until reaching the full retirement age, which is determined by the year in which you were born. Although the checks will begin to increase in value the closer you get to 66, it’s an incremental process. For example, if you retire at the age of 62, you’ll only receive 75 percent of the full value of your Social Security earnings. If you retire at 63, that amount rises to 80 percent. At 64, you’ll get about 87 percent, and at 65, around 93 percent. There are plenty of retirement age and income calculators available online, include this one from Allstate Financial, which takes a snapshot of what you have and helps you make the most of it.

Give careful consideration to health care

Medicare doesn’t kick in until you’ve turned 65 – but what are your options if you choose to retire early and are still years away from that age? If your current employer’s pension plan offers medical coverage, this is likely going to be your best option, as long as it’s affordable. But, if health care isn’t offered, or if it’s too expensive or is only offered for a short period of time, that’ll leave you uninsured until you’re eligible for Medicare. You may be eligible to get group health insurance as a paying member of the American Association Retired Persons (AARP). There’s also this: If you’re retiring within 18 months of your 65th birthday and your employer isn’t offering a retirement health care package, you could always pay for COBRA benefits to bridge the gap to Medicare coverage. Needless to say, this is expensive, but it may be a better option than crossing your fingers and hoping you won’t get sick between now and then.

Keep in mind the reality of inflation

If you decide to retire at the age of 55 and have a nest egg of a $250,000, you may want to consider: How far will that money get you in another 20 years, when inflation has its way with the cost of living, and what’s affordable now may be downright expensive then? As a rule, whenever you’re planning your retirement – early or not – it’s critical that you take into consideration what inflation will do to your savings much further down the line. Check out this inflation calculator from the Bureau of Labor Statistics to get an idea of what you may be looking at and how far your dollar will take you in a couple of decades. Early retirement may be doable, as long as you’re willing to do the math and plan far in advance. Whether you’re 25 or 55, it’s never too early to start planning ahead. The sooner you do, the better chance you’ll have at spending your sunset years enjoying yourself instead of losing sleep over money.   Recommended by the Editor: ]]> Early Retirement

Early retirement isn’t for everyone. But for those who do dream of it, it’s an idea that sounds very enticing. If you’re thinking that you’d rather not spend your sunset years toiling away at a 9-5 job, you have options. Just don’t give your notice until you’ve considered some of the following factors involved in granting yourself an early release from the workforce.

You can’t begin to claim Social Security benefits until you’re at least 62

This means is that if you decide to retire from your career at the age of 59, you’ll have three potentially long years to wait before you can begin to receive monthly Social Security checks. Unless you’re in line to receive a generous pension from your employer or have a lot of money saved up from years of penny-pinching, coupon-clipping and resisting impulse shopping, you may have no choice but to keep working until you are 62 -- or even older.

If you retire before 66, you won’t get your full social security retirement benefit

In other words, the monthly check you’ll get from the Social Security Administration won’t be as high if you retire before 66 as you’d receive if you wait until reaching the full retirement age, which is determined by the year in which you were born. Although the checks will begin to increase in value the closer you get to 66, it’s an incremental process. For example, if you retire at the age of 62, you’ll only receive 75 percent of the full value of your Social Security earnings. If you retire at 63, that amount rises to 80 percent. At 64, you’ll get about 87 percent, and at 65, around 93 percent. There are plenty of retirement age and income calculators available online, include this one from Allstate Financial, which takes a snapshot of what you have and helps you make the most of it.

Give careful consideration to health care

Medicare doesn’t kick in until you’ve turned 65 – but what are your options if you choose to retire early and are still years away from that age? If your current employer’s pension plan offers medical coverage, this is likely going to be your best option, as long as it’s affordable. But, if health care isn’t offered, or if it’s too expensive or is only offered for a short period of time, that’ll leave you uninsured until you’re eligible for Medicare. You may be eligible to get group health insurance as a paying member of the American Association Retired Persons (AARP). There’s also this: If you’re retiring within 18 months of your 65th birthday and your employer isn’t offering a retirement health care package, you could always pay for COBRA benefits to bridge the gap to Medicare coverage. Needless to say, this is expensive, but it may be a better option than crossing your fingers and hoping you won’t get sick between now and then.

Keep in mind the reality of inflation

If you decide to retire at the age of 55 and have a nest egg of a $250,000, you may want to consider: How far will that money get you in another 20 years, when inflation has its way with the cost of living, and what’s affordable now may be downright expensive then? As a rule, whenever you’re planning your retirement – early or not – it’s critical that you take into consideration what inflation will do to your savings much further down the line. Check out this inflation calculator from the Bureau of Labor Statistics to get an idea of what you may be looking at and how far your dollar will take you in a couple of decades. Early retirement may be doable, as long as you’re willing to do the math and plan far in advance. Whether you’re 25 or 55, it’s never too early to start planning ahead. The sooner you do, the better chance you’ll have at spending your sunset years enjoying yourself instead of losing sleep over money.   Recommended by the Editor: ]]> http://blog.allstate.com/thinking-about-early-retirement-a-few-things-to-consider-2/feed/ 9 The Road to a Happy Retirement http://blog.allstate.com/the-road-to-a-happy-retirement/?utm_source=rss&utm_medium=rss&utm_campaign=the-road-to-a-happy-retirement http://blog.allstate.com/the-road-to-a-happy-retirement/#comments Wed, 21 Nov 2012 12:00:54 +0000 Brendan http://blog.allstate.com/?p=3675 Senior couple relaxing outside

Ask any two people what a happy retirement looks like and you’re likely to get two very different answers. “Golfing every day and reading presidential memoirs,” one person might say, while another might wax poetic about taking an Alaskan cruise and spending time with grandchildren. Still others might enjoy the peace of mind that comes from feeling financially secure or the satisfaction of volunteering for a worthwhile cause or even working part-time to stay busy and active. All of these visions for retirement are perfectly valid ways to spend your time, and it’s a good idea to share your definition of a happy retirement with your spouse. You may be surprised to discover that your visions vary slightly, but discussing your goals and priorities can help you create a joint vision that incorporates both of your needs. Share this vision with your financial representative so he can help you set a realistic budget for the activities and lifestyle you want during retirement.  Plus, he’ll be able to help you choose the investment vehicles that align with those goals. Depending on your financial goals and other factors, there are some retirement investment options you might consider:
  • 401(k): This is among the most popular retirement savings options because the money in a 401(k)—or a 403(b), the nonprofit equivalent to a 401(k)—grows tax-deferred, meaning you don’t pay taxes on the income until you withdraw money. Some employers offer matching funds, which can also help boost your retirement savings. If you need to access funds in your 401(k) before you turn 59 1/2, you might be able to take a 401(k) loan if your plan administrator allows it. Or, you could withdraw funds early, which could be subject to early withdrawal penalties. However, withdrawing money early or borrowing from your 401(k) means missing out on potential growth and possibly having less money when you retire.
  • IRA: An Individual Retirement Account (IRA) is another retirement savings vehicle that comes in a few different forms. Based on IRS guidelines for 2012, most taxpayers can contribute up to $5,000 per year to an IRA, according to irs.gov. Contributions to a traditional IRA may be fully or partially tax-deductible, while contributions to a Roth IRA are not tax-deductible. (However, your distributions from a Roth IRA may be tax-free if you satisfy the IRA’s requirements.) Simplified Employee Pension (SEP) IRAs are a retirement savings option for self-employed people who don’t have an employer-sponsored 401(k) or 403(b). SEP-IRAs have higher contribution limits  than traditional or Roth IRAs.
  • Deferred annuity: Generally, when you purchase an annuity, you make a lump-sum payment or series of payments, and in exchange, the insurance company makes ongoing payments to you, typically so you’ll have steady income during retirement, according to myallstatefinancial.com With an immediate annuity, you’ll often start receiving payments right away, while with a deferred annuity, you would receive payments in the future, perhaps when you retire.
Want to know more? An Allstate Personal Financial Representative  can answer your retirement-savings questions and discuss which investments vehicles might make sense for you and your retirement goals.

Recommended by the Editor:

]]> Senior couple relaxing outside

Ask any two people what a happy retirement looks like and you’re likely to get two very different answers. “Golfing every day and reading presidential memoirs,” one person might say, while another might wax poetic about taking an Alaskan cruise and spending time with grandchildren. Still others might enjoy the peace of mind that comes from feeling financially secure or the satisfaction of volunteering for a worthwhile cause or even working part-time to stay busy and active. All of these visions for retirement are perfectly valid ways to spend your time, and it’s a good idea to share your definition of a happy retirement with your spouse. You may be surprised to discover that your visions vary slightly, but discussing your goals and priorities can help you create a joint vision that incorporates both of your needs. Share this vision with your financial representative so he can help you set a realistic budget for the activities and lifestyle you want during retirement.  Plus, he’ll be able to help you choose the investment vehicles that align with those goals. Depending on your financial goals and other factors, there are some retirement investment options you might consider:
  • 401(k): This is among the most popular retirement savings options because the money in a 401(k)—or a 403(b), the nonprofit equivalent to a 401(k)—grows tax-deferred, meaning you don’t pay taxes on the income until you withdraw money. Some employers offer matching funds, which can also help boost your retirement savings. If you need to access funds in your 401(k) before you turn 59 1/2, you might be able to take a 401(k) loan if your plan administrator allows it. Or, you could withdraw funds early, which could be subject to early withdrawal penalties. However, withdrawing money early or borrowing from your 401(k) means missing out on potential growth and possibly having less money when you retire.
  • IRA: An Individual Retirement Account (IRA) is another retirement savings vehicle that comes in a few different forms. Based on IRS guidelines for 2012, most taxpayers can contribute up to $5,000 per year to an IRA, according to irs.gov. Contributions to a traditional IRA may be fully or partially tax-deductible, while contributions to a Roth IRA are not tax-deductible. (However, your distributions from a Roth IRA may be tax-free if you satisfy the IRA’s requirements.) Simplified Employee Pension (SEP) IRAs are a retirement savings option for self-employed people who don’t have an employer-sponsored 401(k) or 403(b). SEP-IRAs have higher contribution limits  than traditional or Roth IRAs.
  • Deferred annuity: Generally, when you purchase an annuity, you make a lump-sum payment or series of payments, and in exchange, the insurance company makes ongoing payments to you, typically so you’ll have steady income during retirement, according to myallstatefinancial.com With an immediate annuity, you’ll often start receiving payments right away, while with a deferred annuity, you would receive payments in the future, perhaps when you retire.
Want to know more? An Allstate Personal Financial Representative  can answer your retirement-savings questions and discuss which investments vehicles might make sense for you and your retirement goals.

Recommended by the Editor:

]]> http://blog.allstate.com/the-road-to-a-happy-retirement/feed/ 0 Living Longer: Men Are Closing the Gender Longevity Gap http://blog.allstate.com/living-longer-men-are-closing-the-gender-longevity-gap/?utm_source=rss&utm_medium=rss&utm_campaign=living-longer-men-are-closing-the-gender-longevity-gap http://blog.allstate.com/living-longer-men-are-closing-the-gender-longevity-gap/#comments Fri, 05 Oct 2012 11:00:29 +0000 Melissa http://blog.allstate.com/?p=3251 We lean on each other still to this day

Men planning for retirement may want to take a second look at the size of their portfolios. According to a recent study released by the Institute of Health Metrics and Evaluation, they are living longer than ever before. Men are adding years to their lives at such a fast pace that the gender longevity gap is narrowing for the first time. According to data from IHME, from 1989 to 2009, the average life expectancy for men increased by 4.6 years. Female life expectancy only grew by 2.7 years over this same period. Today, men are expected to live to 76.2 years old, compared to 81.3 for women. Why is the average life expectancy inAmericagrowing faster for men than for women? Men are less likely than women to be obese and more likely to exercise and treat cardiovascular disease. Overall, men have also adopted healthier habits. For decades, more men than women smoked, and men were also more likely to follow unhealthy eating habits. Now, major cities likeNew York CityandSan Franciscoare leading a cultural attitude shift toward healthy lifestyle habits. IHME identified 10 major metropolitan areas that showed the biggest increase in male longevity. In New York City, men added 13.6 years to their lives, and inSan Francisco, men added 11.7. Many of the increases were also seen in the greaterNew York Cityregion, includingKings County, N.Y., with 11.5 years; the Bronx with 11.1 years; Queens with 8.9 years;EssexCounty, N.J., with 8.4 years; andHudson County,N.J., with 8.2 years. Other metropolitan areas seeing a major increase include Washington, D.C., with 10.9 years; Yuma County, Ariz., with 9.5 years; and Fulton County, Ga., with 9.3 years. What about the women? Over the same 20-year period, cardiovascular disease became the leading cause of death for women. According to Dr. Ali Mokdad, a professor of global health at IHME, men are more vigilant than women when it comes to treating cardiovascular concerns. Additionally, the American Heart Association reports that cardiovascular disease is often misunderstood, unrecognized and untreated in women. Consequently, women are still expected to outlive men, although by far less than they were expected to 20 years ago. Traditionally, women live longer than men. According to Tom Perls, founder of the New England Centenarian Study at BostonUniversity, 85 percent of all people over 100 years old are women. Experts estimate that up to 70 percent in the variation of life expectancy for men and women may be due to environmental factors. In his research, Perls cited three behaviors that men traditionally engage in more than women: smoking, eating foods high in cholesterol and internalizing stress. The study showed that when men eliminated these bad habits, their overall life expectancy increased. That’s good news for women. As the IHME study shows, behavioral changes for men made a big difference. According to Mokdad, women need to start exercising and be more proactive when it comes to their cardiovascular health. Ladies, it’s time to hit the treadmills!]]> We lean on each other still to this day

Men planning for retirement may want to take a second look at the size of their portfolios. According to a recent study released by the Institute of Health Metrics and Evaluation, they are living longer than ever before. Men are adding years to their lives at such a fast pace that the gender longevity gap is narrowing for the first time. According to data from IHME, from 1989 to 2009, the average life expectancy for men increased by 4.6 years. Female life expectancy only grew by 2.7 years over this same period. Today, men are expected to live to 76.2 years old, compared to 81.3 for women. Why is the average life expectancy inAmericagrowing faster for men than for women? Men are less likely than women to be obese and more likely to exercise and treat cardiovascular disease. Overall, men have also adopted healthier habits. For decades, more men than women smoked, and men were also more likely to follow unhealthy eating habits. Now, major cities likeNew York CityandSan Franciscoare leading a cultural attitude shift toward healthy lifestyle habits. IHME identified 10 major metropolitan areas that showed the biggest increase in male longevity. In New York City, men added 13.6 years to their lives, and inSan Francisco, men added 11.7. Many of the increases were also seen in the greaterNew York Cityregion, includingKings County, N.Y., with 11.5 years; the Bronx with 11.1 years; Queens with 8.9 years;EssexCounty, N.J., with 8.4 years; andHudson County,N.J., with 8.2 years. Other metropolitan areas seeing a major increase include Washington, D.C., with 10.9 years; Yuma County, Ariz., with 9.5 years; and Fulton County, Ga., with 9.3 years. What about the women? Over the same 20-year period, cardiovascular disease became the leading cause of death for women. According to Dr. Ali Mokdad, a professor of global health at IHME, men are more vigilant than women when it comes to treating cardiovascular concerns. Additionally, the American Heart Association reports that cardiovascular disease is often misunderstood, unrecognized and untreated in women. Consequently, women are still expected to outlive men, although by far less than they were expected to 20 years ago. Traditionally, women live longer than men. According to Tom Perls, founder of the New England Centenarian Study at BostonUniversity, 85 percent of all people over 100 years old are women. Experts estimate that up to 70 percent in the variation of life expectancy for men and women may be due to environmental factors. In his research, Perls cited three behaviors that men traditionally engage in more than women: smoking, eating foods high in cholesterol and internalizing stress. The study showed that when men eliminated these bad habits, their overall life expectancy increased. That’s good news for women. As the IHME study shows, behavioral changes for men made a big difference. According to Mokdad, women need to start exercising and be more proactive when it comes to their cardiovascular health. Ladies, it’s time to hit the treadmills!]]> http://blog.allstate.com/living-longer-men-are-closing-the-gender-longevity-gap/feed/ 0 Caregivers: Choose the Right Car for the Job http://blog.allstate.com/what-caregivers-should-look-for-in-a-car/?utm_source=rss&utm_medium=rss&utm_campaign=what-caregivers-should-look-for-in-a-car http://blog.allstate.com/what-caregivers-should-look-for-in-a-car/#comments Thu, 04 Oct 2012 11:00:21 +0000 Brendan http://blog.allstate.com/?p=3261 Elderly-Drivers-iStock

The American Association of Retired Persons estimates that 44 million Americans are currently caring for a relative. For today’s older drivers, that can mean caring for a spouse, sibling, parent, adult child or grandchild. Since caring for someone else usually involves taking them to doctors’ appointments and other activities, as well as bringing them along on regular outings and errands, having a car that supports your caregiving efforts is important. Here’s what caregivers should look for.

Basic Features

When you’re looking for a car to support your caregiving efforts, think about what your needs are now and what they’re likely to be in the next few years. If you or the person you’re caring for has limited or diminishing mobility, look for cars that are easy to get into and out of. Minivans tend to have a low step-in but high seating position, so occupants don’t have to stoop or climb to get in them. The same is true for crossovers, which look like SUVs, but ride lower to the ground, like cars. A chair-like seating position is easier to get in and out of than the low-slung seats you see in many sports cars and sedans. Make sure that the doors can open wide enough to make getting in and out easy and to accommodate any equipment you may need to carry. If you think you may need a modified vehicle, check with the National Mobility Equipment Dealers Association to see what modifications are available on various cars. In addition to ensuring that any car you consider works for your passengers, make sure it also works for the gear you usually carry. This not only means making certain your stuff will fit in the cargo area, but also seeing how difficult loading and unloading it is. Before you buy a new vehicle, take the things you usually carry to the dealership and practice loading and unloading it. Finally, make sure the gas mileage of any vehicle you’re considering fits with your budget. If you drive a lot of miles heading to appointments with specialists, going for something with good gas mileage could save you a lot of money in the long term. Though the small cars and hybrids that get the best fuel economy may not fit your caregiving needs, you can still find something that can comfortably fit your loved ones and your gas budget.

Helpful Car Technology for Caregivers

Having the right high-tech tools in your car can improve the quality of care you give. If you care for children or adults that are easily bored, a good entertainment system can help keep everyone happy. Rear-seat entertainment systems can play DVDs, video games and, in some cars, even show live TV. These systems, though pricey, are available in almost every type of car on the market now. If you don’t want to spring for a built-in entertainment system, a portable DVD player can make a lot of sense. Most cars on the market today have 120-volt electrical outlets, just like the ones in your home, or power sources that can keep electronics charged with an adapter. Before committing to passenger entertainment, make sure it won’t distract you while you’re trying to drive. When you’re in an unfamiliar area, a navigation system can be a godsend, giving you directions while your eyes stay on the road. Many navigation systems, including aftermarket models you can buy at any electronics store, go beyond giving directions. You can use these systems to find the nearest hospital or pharmacy. Lots of navigation systems also offer real-time traffic updates and can route you around backups. That can help you make appointments on time and limit aggravation. Telematics systems, which use satellite technology to pinpoint a car’s location and connect it to help centers, are becoming increasingly common on new cars. You can also purchase an aftermarket adapter to get a telematics system on an older car. Though these systems usually require a monthly subscription fee, in an emergency, it can be worth it. Telematics systems can connect you to emergency services at the touch of a button and transmit your exact vehicle location to first responders. They also can alert emergency services that you’ve been in a crash even if everyone in the car is incapacitated. If you get locked out of your car, a telematics service can unlock the doors for you remotely. Most of these services also provide vehicle location services. That’s handy if the car is stolen, but some of the latest systems will call or send you a text or email if the car is driven beyond parameters you set. If the car is driven after a time you specify, over a certain speed or outside of a certain area, you’ll know about it. It’s helpful if you have a hired caregiver using the car, or if the person you’re caring for is at risk of wandering or driving away. It’s also a good tool for keeping tabs on your teenagers.

Little Comforts

Even if you don’t want to spring for the latest high-tech systems, some seemingly insignificant features can help make caring for others easier. Going for a car with heated and cooled seats can make people who need help regulating their body temperatures more comfortable. Heated seats can also soothe aching muscles and joints while you’re on the road. A remote start system can get the car heated up or cooled down before anyone gets into it, making everyone more comfortable. Most importantly, however, make sure that you’re happy with the car you buy. You may feel like you need a large van or SUV, but if you’re intimidated at the thought of driving one, a crossover may be easier to drive and still fit your needs. Though you need to make your loved ones comfortable, don’t forget to make sure you have the space, comfort and features you need, as well.
]]> Elderly-Drivers-iStock

The American Association of Retired Persons estimates that 44 million Americans are currently caring for a relative. For today’s older drivers, that can mean caring for a spouse, sibling, parent, adult child or grandchild. Since caring for someone else usually involves taking them to doctors’ appointments and other activities, as well as bringing them along on regular outings and errands, having a car that supports your caregiving efforts is important. Here’s what caregivers should look for.

Basic Features

When you’re looking for a car to support your caregiving efforts, think about what your needs are now and what they’re likely to be in the next few years. If you or the person you’re caring for has limited or diminishing mobility, look for cars that are easy to get into and out of. Minivans tend to have a low step-in but high seating position, so occupants don’t have to stoop or climb to get in them. The same is true for crossovers, which look like SUVs, but ride lower to the ground, like cars. A chair-like seating position is easier to get in and out of than the low-slung seats you see in many sports cars and sedans. Make sure that the doors can open wide enough to make getting in and out easy and to accommodate any equipment you may need to carry. If you think you may need a modified vehicle, check with the National Mobility Equipment Dealers Association to see what modifications are available on various cars. In addition to ensuring that any car you consider works for your passengers, make sure it also works for the gear you usually carry. This not only means making certain your stuff will fit in the cargo area, but also seeing how difficult loading and unloading it is. Before you buy a new vehicle, take the things you usually carry to the dealership and practice loading and unloading it. Finally, make sure the gas mileage of any vehicle you’re considering fits with your budget. If you drive a lot of miles heading to appointments with specialists, going for something with good gas mileage could save you a lot of money in the long term. Though the small cars and hybrids that get the best fuel economy may not fit your caregiving needs, you can still find something that can comfortably fit your loved ones and your gas budget.

Helpful Car Technology for Caregivers

Having the right high-tech tools in your car can improve the quality of care you give. If you care for children or adults that are easily bored, a good entertainment system can help keep everyone happy. Rear-seat entertainment systems can play DVDs, video games and, in some cars, even show live TV. These systems, though pricey, are available in almost every type of car on the market now. If you don’t want to spring for a built-in entertainment system, a portable DVD player can make a lot of sense. Most cars on the market today have 120-volt electrical outlets, just like the ones in your home, or power sources that can keep electronics charged with an adapter. Before committing to passenger entertainment, make sure it won’t distract you while you’re trying to drive. When you’re in an unfamiliar area, a navigation system can be a godsend, giving you directions while your eyes stay on the road. Many navigation systems, including aftermarket models you can buy at any electronics store, go beyond giving directions. You can use these systems to find the nearest hospital or pharmacy. Lots of navigation systems also offer real-time traffic updates and can route you around backups. That can help you make appointments on time and limit aggravation. Telematics systems, which use satellite technology to pinpoint a car’s location and connect it to help centers, are becoming increasingly common on new cars. You can also purchase an aftermarket adapter to get a telematics system on an older car. Though these systems usually require a monthly subscription fee, in an emergency, it can be worth it. Telematics systems can connect you to emergency services at the touch of a button and transmit your exact vehicle location to first responders. They also can alert emergency services that you’ve been in a crash even if everyone in the car is incapacitated. If you get locked out of your car, a telematics service can unlock the doors for you remotely. Most of these services also provide vehicle location services. That’s handy if the car is stolen, but some of the latest systems will call or send you a text or email if the car is driven beyond parameters you set. If the car is driven after a time you specify, over a certain speed or outside of a certain area, you’ll know about it. It’s helpful if you have a hired caregiver using the car, or if the person you’re caring for is at risk of wandering or driving away. It’s also a good tool for keeping tabs on your teenagers.

Little Comforts

Even if you don’t want to spring for the latest high-tech systems, some seemingly insignificant features can help make caring for others easier. Going for a car with heated and cooled seats can make people who need help regulating their body temperatures more comfortable. Heated seats can also soothe aching muscles and joints while you’re on the road. A remote start system can get the car heated up or cooled down before anyone gets into it, making everyone more comfortable. Most importantly, however, make sure that you’re happy with the car you buy. You may feel like you need a large van or SUV, but if you’re intimidated at the thought of driving one, a crossover may be easier to drive and still fit your needs. Though you need to make your loved ones comfortable, don’t forget to make sure you have the space, comfort and features you need, as well.
]]> http://blog.allstate.com/what-caregivers-should-look-for-in-a-car/feed/ 0 Allstate Seniors’ Guide: The New Rules of Safe Driving http://blog.allstate.com/allstate-seniors-guide-the-new-rules-of-safe-driving/?utm_source=rss&utm_medium=rss&utm_campaign=allstate-seniors-guide-the-new-rules-of-safe-driving http://blog.allstate.com/allstate-seniors-guide-the-new-rules-of-safe-driving/#comments Tue, 04 Sep 2012 11:00:01 +0000 Sean http://blog.allstate.com/?p=3055 iStock_000015968851Medium

Remember the basics from driver’s education? Keep your hands at 10 and 2 o’clock, pump your brakes to keep your wheels from locking in a panic stop and turn in the direction of a skid to regain control. It turns out that those rules aren’t always the best way to avoid an accident anymore. New automotive safety technology is keeping everyone on the road safer, but it can only do its job if you know how to use it properly.

New Tech and New Skills

The cars that a lot of baby boomers and older drivers learned to drive in had basic braking systems, no airbags and few computerized parts. New cars today have all that technology and then some. Whenever you get behind the wheel of a new or unfamiliar car, pay attention to what safety technology it has so you can make sure to drive in a way that allows those high-tech systems to do their jobs. Anti-lock brakes: Anti-lock brakes are not new, but many people who learned to drive before they were common don’t know the proper way to use them. Anti-lock brakes do the pumping automatically. If your car has anti-lock brakes and you pump the brake pedal during a panic stop, all you’re doing is applying braking power intermittently. Instead, apply firm, consistent pressure to the brake pedal during panic stops, and don’t be surprised if you feel a pulsing or shimmying sensation coming from the pedal. Being familiar with how anti-lock brakes feel can make you less likely to panic and let up on the brakes in an accident. Airbags: Airbags have been credited with saving thousands of lives and preventing millions of injuries. As a system that activates after a crash, you may think that airbags don’t have any impact on the way you should drive. That’s incorrect. While you may have been taught that the best place for your hands on the steering wheel are at the 10 and 2 o’clock positions, hands that are at 10 and 2 may actually interfere with airbag deployment. Airbags explode out of the steering wheel, and hands in the 10 and 2 position can get caught in the airbag deployment. That can result in mild burns to your hands, but the bigger risk is that your hands and arms will fly back toward your chest and get between your torso and the airbag. That can cause extensive injuries not only to your arms but also your chest. Stay safe by lowering your hands on the steering wheel. The 9 and 3 o’clock positions are best for maintaining control of the car and also staying safe with airbags. Electronic Stability Control: Older driver’s education classes focused a lot on how to recover from a skid, in part because older cars didn’t have the ability to avoid skids and traction losses on their own. Today’s cars are much better at keeping the driver in control. Electronic stability control, which is required on all 2012 and newer cars, uses a sensor under the car to tell when a loss of traction is imminent. The sensor tracks the car’s movement and the driver’s steering, braking and accelerating inputs to determine where the driver intends the car to go. Then, the system brakes or gives power to individual car wheels to keep the car on its intended path. The car needs you to continue to drive so it can read conditions and determine where you’re trying to go. Just keep your movements controlled. If you want to keep up with the latest driving skills, organizations like AARP and even some car insurance companies offer refresher courses. Devoting a few hours to learning the newest driving techniques can pay off down the road by keeping you accident-free. For helpful hints about vehicle maintenance, check out the Tools and Resources section on Allstate.com.]]> iStock_000015968851Medium

Remember the basics from driver’s education? Keep your hands at 10 and 2 o’clock, pump your brakes to keep your wheels from locking in a panic stop and turn in the direction of a skid to regain control. It turns out that those rules aren’t always the best way to avoid an accident anymore. New automotive safety technology is keeping everyone on the road safer, but it can only do its job if you know how to use it properly.

New Tech and New Skills

The cars that a lot of baby boomers and older drivers learned to drive in had basic braking systems, no airbags and few computerized parts. New cars today have all that technology and then some. Whenever you get behind the wheel of a new or unfamiliar car, pay attention to what safety technology it has so you can make sure to drive in a way that allows those high-tech systems to do their jobs. Anti-lock brakes: Anti-lock brakes are not new, but many people who learned to drive before they were common don’t know the proper way to use them. Anti-lock brakes do the pumping automatically. If your car has anti-lock brakes and you pump the brake pedal during a panic stop, all you’re doing is applying braking power intermittently. Instead, apply firm, consistent pressure to the brake pedal during panic stops, and don’t be surprised if you feel a pulsing or shimmying sensation coming from the pedal. Being familiar with how anti-lock brakes feel can make you less likely to panic and let up on the brakes in an accident. Airbags: Airbags have been credited with saving thousands of lives and preventing millions of injuries. As a system that activates after a crash, you may think that airbags don’t have any impact on the way you should drive. That’s incorrect. While you may have been taught that the best place for your hands on the steering wheel are at the 10 and 2 o’clock positions, hands that are at 10 and 2 may actually interfere with airbag deployment. Airbags explode out of the steering wheel, and hands in the 10 and 2 position can get caught in the airbag deployment. That can result in mild burns to your hands, but the bigger risk is that your hands and arms will fly back toward your chest and get between your torso and the airbag. That can cause extensive injuries not only to your arms but also your chest. Stay safe by lowering your hands on the steering wheel. The 9 and 3 o’clock positions are best for maintaining control of the car and also staying safe with airbags. Electronic Stability Control: Older driver’s education classes focused a lot on how to recover from a skid, in part because older cars didn’t have the ability to avoid skids and traction losses on their own. Today’s cars are much better at keeping the driver in control. Electronic stability control, which is required on all 2012 and newer cars, uses a sensor under the car to tell when a loss of traction is imminent. The sensor tracks the car’s movement and the driver’s steering, braking and accelerating inputs to determine where the driver intends the car to go. Then, the system brakes or gives power to individual car wheels to keep the car on its intended path. The car needs you to continue to drive so it can read conditions and determine where you’re trying to go. Just keep your movements controlled. If you want to keep up with the latest driving skills, organizations like AARP and even some car insurance companies offer refresher courses. Devoting a few hours to learning the newest driving techniques can pay off down the road by keeping you accident-free. For helpful hints about vehicle maintenance, check out the Tools and Resources section on Allstate.com.]]> http://blog.allstate.com/allstate-seniors-guide-the-new-rules-of-safe-driving/feed/ 0 Financial Security Tips for Single Retirees http://blog.allstate.com/financial-security-tips-for-single-retirees/?utm_source=rss&utm_medium=rss&utm_campaign=financial-security-tips-for-single-retirees http://blog.allstate.com/financial-security-tips-for-single-retirees/#comments Tue, 28 Aug 2012 11:00:08 +0000 Brendan http://blog.allstate.com/?p=2976 Money-Cash-iStock

Single retirees don’t have it easy. The cost of living for single retirees is 40 to 50 percent higher than that of retired married couples, according to a recent report by the BMO Retirement Institute. And almost half (43 percent) of Americans who are 65 or older fall into that single category, according to a 2011 Census Bureau report. Several reasons explain the high number of single retirees. According to The Vanier Institute of the Family, 44 percent of marriages in theUnited States will end in divorce before the couple’s 30th anniversary. There are also a lot of women simply outliving their husbands. Thirty-nine percent of women 65 and older are widowed. A number of people are also choosing not to marry. Unmarried young adults ages 25 to 34 outnumbered their married counterparts by approximately 2 percent. With a substantially higher cost of living, single retirees have to be more mindful of their finances. “It’s extremely more expensive living as a single person than as a couple,” says Tina Di Vito, head of the BMO Retirement Institute. Couples can share living expenses and use their joint savings to pay for retirement, whereas single retirees are on their own. To help alleviate extra costs, single retirees should set a spending budget and stick to it. “When single retirees are entering retirement, they can only rely on themselves for the financial perspective—one pension, one Social Security, one savings account—so that person needs to make sure they have a spending budget and know where their money is going,” says Di Vito.

Share and Share Alike

Another recommendation is that single seniors consider shared housing arrangements for the sake of cost-sharing and for additional support around the house with things like chores. According to a 2010 Census Bureau report, 557,000 seniors age 65 and older are involved in some kind of shared housing arrangement. You’ll be taking a lesson from The Golden Girls, a T.V. sitcom in which Bea Arthur’s character and three older women shared a home in Miami. The women had camaraderie, led full lives and helped each other during difficult times. Single women in particular need to plan more for retirement, as women generally have longer life spans than men. However, many women earn less during their working years and accumulate a smaller nest egg. Because of this, they will need to really consider how much they are putting away for retirement. Women may need to save for a longer period of time to accumulate more capital.  

Do your retirement plans include a roommate or a strict budget?

]]> Money-Cash-iStock

Single retirees don’t have it easy. The cost of living for single retirees is 40 to 50 percent higher than that of retired married couples, according to a recent report by the BMO Retirement Institute. And almost half (43 percent) of Americans who are 65 or older fall into that single category, according to a 2011 Census Bureau report. Several reasons explain the high number of single retirees. According to The Vanier Institute of the Family, 44 percent of marriages in theUnited States will end in divorce before the couple’s 30th anniversary. There are also a lot of women simply outliving their husbands. Thirty-nine percent of women 65 and older are widowed. A number of people are also choosing not to marry. Unmarried young adults ages 25 to 34 outnumbered their married counterparts by approximately 2 percent. With a substantially higher cost of living, single retirees have to be more mindful of their finances. “It’s extremely more expensive living as a single person than as a couple,” says Tina Di Vito, head of the BMO Retirement Institute. Couples can share living expenses and use their joint savings to pay for retirement, whereas single retirees are on their own. To help alleviate extra costs, single retirees should set a spending budget and stick to it. “When single retirees are entering retirement, they can only rely on themselves for the financial perspective—one pension, one Social Security, one savings account—so that person needs to make sure they have a spending budget and know where their money is going,” says Di Vito.

Share and Share Alike

Another recommendation is that single seniors consider shared housing arrangements for the sake of cost-sharing and for additional support around the house with things like chores. According to a 2010 Census Bureau report, 557,000 seniors age 65 and older are involved in some kind of shared housing arrangement. You’ll be taking a lesson from The Golden Girls, a T.V. sitcom in which Bea Arthur’s character and three older women shared a home in Miami. The women had camaraderie, led full lives and helped each other during difficult times. Single women in particular need to plan more for retirement, as women generally have longer life spans than men. However, many women earn less during their working years and accumulate a smaller nest egg. Because of this, they will need to really consider how much they are putting away for retirement. Women may need to save for a longer period of time to accumulate more capital.  

Do your retirement plans include a roommate or a strict budget?

]]> http://blog.allstate.com/financial-security-tips-for-single-retirees/feed/ 2 Does Birth Order Affect Financial Decisions? http://blog.allstate.com/understanhe-affect-of-birth-order-on-finances/?utm_source=rss&utm_medium=rss&utm_campaign=understanhe-affect-of-birth-order-on-finances http://blog.allstate.com/understanhe-affect-of-birth-order-on-finances/#comments Wed, 11 Jul 2012 10:00:00 +0000 Brendan http://blog.allstate.com/?p=2483 iStock-Money

Does birth order affect your personal finances? According to Derrick Kinney, an Ameriprise Financial Advisor, your birth order position as the eldest, youngest, middle or only child may impact your finances. In fact, according to psychiatrist Dr. Soroya Bacchus, birth order traits like independence, creativity and secrecy subtly affect the financial decisions we make each day. Are birth order traits affecting how you manage finances? Read on to see if you agree with Dr. Bacchus’s assessment.

Eldest children:

Firstborns love to be seen as stable and independent. According to Dr. Bacchus, you’re punctual about paying bills and managing finances. Since 35 percent of a FICO score is thanks to on-time bill pay, firstborns typically have strong credit scores. However, this perfectionism can also backfire, leading to burnout and unrealistic financial expectations. Do you expect a 30 percent annual return on your 401(k)? Are you trying to double your savings account while also building your IRA and emergency fund? Too many financial priorities at once can lead to unnecessary financial stress. Prioritize your short-term and long-term goals, and take steps each month to achieve these goals.

Middle children:

As natural problem solvers, middle children believe that they can handle anything themselves. When it comes to paying bills, Dr. Bacchus says that your independent, inventive streak may backfire. You’re more likely to move money around between different cards to hide financial problems. You’re also more likely to hide money troubles from the spouses. This can mean that your spouse is blindsided by financial troubles, such as a home loan rejection. Resist the urge to “get creative” with your accounting and be honest with your partner—together, you can build financial stability and trust.

Youngest children:

Parents often dote on younger children, giving in to their demands for new toys or clothing while growing up. Unfortunately, Dr. Bacchus says that this precedent makes it difficult for you to impose any self-discipline on your own financial affairs. Younger children are often more social than older children, prioritizing dinners with friends, shopping trips, and expensive vacations over financial prudence. To combat overspending, Bacchus recommends that you create a “social budget” for each month. Set aside a fixed amount of cash for social expenditures, like coffee with friends or dinner and a movie. Using cash helps keep you accountable for how much you spend—teaching you to make responsible spending choices.

Only children:

Like firstborns, only children are perfectionists who are extremely responsible with their money. You pay your bills on time and have a great credit score. However, Dr. Bacchus says that approval from others is essential, which means that you’re more likely to overspend in an effort to impress. Are you living beyond your means? Even if you pay bills on time, you may not be saving for future goals or investing in your retirement. If you spend beyond your means, cut down on shopping and social expenses. Instead, make regular savings a required part of your monthly budget.  

What do you think—do your birth order traits affect your personal finances?

]]> iStock-Money

Does birth order affect your personal finances? According to Derrick Kinney, an Ameriprise Financial Advisor, your birth order position as the eldest, youngest, middle or only child may impact your finances. In fact, according to psychiatrist Dr. Soroya Bacchus, birth order traits like independence, creativity and secrecy subtly affect the financial decisions we make each day. Are birth order traits affecting how you manage finances? Read on to see if you agree with Dr. Bacchus’s assessment.

Eldest children:

Firstborns love to be seen as stable and independent. According to Dr. Bacchus, you’re punctual about paying bills and managing finances. Since 35 percent of a FICO score is thanks to on-time bill pay, firstborns typically have strong credit scores. However, this perfectionism can also backfire, leading to burnout and unrealistic financial expectations. Do you expect a 30 percent annual return on your 401(k)? Are you trying to double your savings account while also building your IRA and emergency fund? Too many financial priorities at once can lead to unnecessary financial stress. Prioritize your short-term and long-term goals, and take steps each month to achieve these goals.

Middle children:

As natural problem solvers, middle children believe that they can handle anything themselves. When it comes to paying bills, Dr. Bacchus says that your independent, inventive streak may backfire. You’re more likely to move money around between different cards to hide financial problems. You’re also more likely to hide money troubles from the spouses. This can mean that your spouse is blindsided by financial troubles, such as a home loan rejection. Resist the urge to “get creative” with your accounting and be honest with your partner—together, you can build financial stability and trust.

Youngest children:

Parents often dote on younger children, giving in to their demands for new toys or clothing while growing up. Unfortunately, Dr. Bacchus says that this precedent makes it difficult for you to impose any self-discipline on your own financial affairs. Younger children are often more social than older children, prioritizing dinners with friends, shopping trips, and expensive vacations over financial prudence. To combat overspending, Bacchus recommends that you create a “social budget” for each month. Set aside a fixed amount of cash for social expenditures, like coffee with friends or dinner and a movie. Using cash helps keep you accountable for how much you spend—teaching you to make responsible spending choices.

Only children:

Like firstborns, only children are perfectionists who are extremely responsible with their money. You pay your bills on time and have a great credit score. However, Dr. Bacchus says that approval from others is essential, which means that you’re more likely to overspend in an effort to impress. Are you living beyond your means? Even if you pay bills on time, you may not be saving for future goals or investing in your retirement. If you spend beyond your means, cut down on shopping and social expenses. Instead, make regular savings a required part of your monthly budget.  

What do you think—do your birth order traits affect your personal finances?

]]> http://blog.allstate.com/understanhe-affect-of-birth-order-on-finances/feed/ 1 Understanding the Differences Between Older and Younger Baby Boomer Home Buyers http://blog.allstate.com/understanding-the-differences-between-older-and-younger-baby-boomer-home-buyers/?utm_source=rss&utm_medium=rss&utm_campaign=understanding-the-differences-between-older-and-younger-baby-boomer-home-buyers http://blog.allstate.com/understanding-the-differences-between-older-and-younger-baby-boomer-home-buyers/#comments Tue, 03 Jul 2012 10:00:19 +0000 Lindsay Listanski, Coldwell Banker http://blog.allstate.com/?p=2408 iStock-Retired-Couple

Like most people, baby boomers are anxious about how the current economy will impact their later years—and their living arrangements during that time. But while the oldest members of this 79-million-strong generation have just reached the traditional retirement age of 65, the youngest members skew as young as 47. With a nearly 20-year age difference among those making up the ‘bookends’ of the group, and because boomers have been driving trends for decades, Coldwell Banker Real Estate recently enacted a survey of 1,300 agents to gain a unique understanding of the home-buying differences between older and younger boomers. The results revealed a dynamic picture of the real estate market. While 87 percent of the agents and brokers polled agreed that the economy has delayed boomers’ plans to sell their homes, the survey revealed a clear division between the types of homes older boomers want and those that younger boomers desire. Younger boomers (ages 47 to 55) are in their prime earning years, with strong lifestyle implications that impact their housing decisions. They may be moving for a job, perhaps making an investment on a second home, or downsizing as empty nesters. Older boomers (ages 56 to 65), on the other hand, are either moving into or beginning to think about their retirement years, and they’re seemingly focused on smaller homes with simpler lifestyles near their children and/or lifelong passions. Here are some additional findings on the home buying differences between older and younger baby boomers:

Purchasing second homes?

Younger boomers: More than one-third of agents (34 percent) say younger boomers are interested in purchasing a second home. Older boomers: Just 22 percent of agents say older boomers are interested in purchasing a second home.

Shopping for larger homes?

Younger boomers: 31 percent of respondents said that their younger boomer clients are selling their current homes and looking for larger homes. Older boomers: Only six percent of agents reported that older boomers are selling their existing homes for larger ones.

Looking to downsize? (and the reason behind a downsize)

Younger boomers: 52 percent of respondents said younger boomers are more likely to want to downsize, and 49 percent of agents reported the primary reason as the desire for a simpler lifestyle. Older boomers: While 80 percent of agents reported that older boomers are more likely to want to downsize, 28 percent of respondents said saving money is behind older boomers’ desire to downsize.

Searching for a single family home?

Younger boomers: 82 percent of agents reported that younger boomers are much more likely to prefer a single family home. Older boomers: Just 47 percent of agents agree that older boomers are much more likely to prefer a single family home. Agents reported that about half (47 percent) are looking for a townhome or condo; and 27 percent said their older boomer clients prefer an active adult community.
Guest blogger Lindsay Listanski is the social media manager for Coldwell Banker Real Estate, a leader in full service real estate sales.
]]> iStock-Retired-Couple

Like most people, baby boomers are anxious about how the current economy will impact their later years—and their living arrangements during that time. But while the oldest members of this 79-million-strong generation have just reached the traditional retirement age of 65, the youngest members skew as young as 47. With a nearly 20-year age difference among those making up the ‘bookends’ of the group, and because boomers have been driving trends for decades, Coldwell Banker Real Estate recently enacted a survey of 1,300 agents to gain a unique understanding of the home-buying differences between older and younger boomers. The results revealed a dynamic picture of the real estate market. While 87 percent of the agents and brokers polled agreed that the economy has delayed boomers’ plans to sell their homes, the survey revealed a clear division between the types of homes older boomers want and those that younger boomers desire. Younger boomers (ages 47 to 55) are in their prime earning years, with strong lifestyle implications that impact their housing decisions. They may be moving for a job, perhaps making an investment on a second home, or downsizing as empty nesters. Older boomers (ages 56 to 65), on the other hand, are either moving into or beginning to think about their retirement years, and they’re seemingly focused on smaller homes with simpler lifestyles near their children and/or lifelong passions. Here are some additional findings on the home buying differences between older and younger baby boomers:

Purchasing second homes?

Younger boomers: More than one-third of agents (34 percent) say younger boomers are interested in purchasing a second home. Older boomers: Just 22 percent of agents say older boomers are interested in purchasing a second home.

Shopping for larger homes?

Younger boomers: 31 percent of respondents said that their younger boomer clients are selling their current homes and looking for larger homes. Older boomers: Only six percent of agents reported that older boomers are selling their existing homes for larger ones.

Looking to downsize? (and the reason behind a downsize)

Younger boomers: 52 percent of respondents said younger boomers are more likely to want to downsize, and 49 percent of agents reported the primary reason as the desire for a simpler lifestyle. Older boomers: While 80 percent of agents reported that older boomers are more likely to want to downsize, 28 percent of respondents said saving money is behind older boomers’ desire to downsize.

Searching for a single family home?

Younger boomers: 82 percent of agents reported that younger boomers are much more likely to prefer a single family home. Older boomers: Just 47 percent of agents agree that older boomers are much more likely to prefer a single family home. Agents reported that about half (47 percent) are looking for a townhome or condo; and 27 percent said their older boomer clients prefer an active adult community.
Guest blogger Lindsay Listanski is the social media manager for Coldwell Banker Real Estate, a leader in full service real estate sales.
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