BoomerVille's Blessed And The Others: What The Others Can Do About It
Aging has split into two.
There are the blessed. As The Wall Street Journal documents, those are the ones who own stocks:
"Many Americans who own stocks are feeling good about their
finances, with a market that’s continually shrugged off economic concerns and
pushed major indexes to record highs."
They don't have to work for additional income. But they come to me for coaching in order to start a micro enterprise. That's to stay involved with what's happening in business. They are making being a solopreneur increasingly standard for the over-65.
They might have tried to pick up gigs but gave up. They realized youth is also chasing that kind of work. Actually they don't need the income to survive. Just wanted to stay busy.
If they are fully retired they are staying that way. Since it's so difficult to gear up to re-enter a tech-driven workplace I no longer accept as clients those who are struggling to unretire. The exception, of course, is if they want to try to start a business. That's open. It might not involve any tech. And there might not be any cost of entry. About 77% make a profit the first year.
The other group is those who don't have assets to help them fund their longevity. The family house might have been sold years ago. Or already they have drained the equity out of their homes. If they sell it they will just break even or maybe not even that. Along the way they have not acquired other kinds of investments.
Chasing income from landing work, any kind, may be impossible. The old standbys such as seasonal customer service jobs taking orders for flowers or delivering food are less available. What is available such as part-time in fulfillment centers might demand physical abilities they no longer have. How much weight can they lift? How long can they stand on their feet?
Amid inflation, Social Security, even with add-ons like pensions, might not ensure keeping a roof over their heads. "Rich Dad, Poor Dad" Robert Kiyosaki predicts more will wind up unhoused. They probably didn't reduce fixed expenses quickly enough to build a reserve to the pay rent if the lease goes up.
The film "Nomadland" captures how they can wind up on the road searching for survival. One traveler receives $700 a month in Social Security. For 2026, her COLA would be 2.8%. Peanuts.
If they move in with middle-aged children it might not go well. That generation has its own problems staying financially solvent, especially with the escalating cost of healthcare. I have coached those in a midlife crisis because of fear of losing their jobs. Or a whole career. While having their parents' Social Security coming in might help with the bills the settling in might be rocky.
So, it comes to this brutal reality. If you didn't become financially independent you probably are in a world of financial uncertainty. An immediate step to take to get some control is to begin living below even the income you now have.
That might entail pulling up roots from the High Cost of Living (HCOL) area you have gotten used to and relocating to a Low Cost of Living (LCOL) one. Traumatic. But a real survival strategy.
For example, Tucson, Arizona, a one-time LCOL area and retirement mecca, has become HCOL. You don't have to be based on the coast to experience that new kind of rental squeeze.
In contrast, large one-bedroom apartments centrally located in Toledo, Ohio rent monthly for about $760. That covers not only water, trash and sewer but also heat and air-conditioning.
On Facebook Marketplace, Next Door and Craigslist you can sell your material possessions and start your budget over again. Route 20 in the Toledo Metro area is jam-packed with thrift stores. The new life goal is to have shelter.
You can get intel and caring insight on cost of living matters on Reddit.
Meanwhile, CNBC reports that stock futures are up for today.
UPDATE:
Thrown off your game, maybe the first time since you started working? You made all the right moves and then the world moved in another direction.
Intuitive Coaching. Special expertise with transitions,
reskilling and aging. Psychic/tarot readings, upon request. Complimentary
consultation with Jane Genova (Text 203-468-8579, janegenova374@gmail.com).
Yes, test out the chemistry. Zero risk.
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