It’s a given that baby boomers are facing an uncertain future in terms of retirement. Thanks to the recent ups and downs in the market (with seemingly more downs), plans for retirement among baby boomers have likely changed accordingly; perhaps some are still figuring out just what that Plan B, C, or D looks like. Given this climate, some may consider the recent study in the October issue of the Journal of Occupational Health Psychology to be comforting news, for others, it may be just another twist of the knife.

Here’s the recap: Study authors Yujie Zhan, Mo Wang, and Songqi Liu from the University of Maryland, along with Kenneth S. Shultz from California State University, San Bernardino, used a nationally representative sample of 12,189 retirees (participants range in age from 51 to 61) from the first four waves of the Health and Retirement Study. Entitled “Bridge Employment and Retirees’ Health: A Longitudinal Investigation,” the study purports that full retirement may be bad for your physical and mental health. That’s right, folks. According to the study, seniors who continue to work in the same field in some capacity post-retirement fare better physically and mentally than those who quit cold turkey.

By definition, bridge employment is “the pattern of labor force participation exhibited by older workers as they leave their career jobs and move toward complete labor force withdrawal (Shultz, 2003). It could be a part-time job, self-employment, or temporary employment after full-time employment ends and before permanent retirement begins (Feldman, 1994).”

I have heard numerous accounts of retirees doing the bridge employment thing – retirees who pick up part-time work for financial reasons, or because they can only spend so much time with the grandchildren (wink, wink), or maybe because they just need some structure in their day. Others are interested in that third career – they’ve always wanted to drive a tour bus but never could do it as the family breadwinner.

So, for those prospective retirees who seek work in a different field, the health benefits still outweigh the risks of working longer – but your mental health will be better if you stay in the same field. As per the summary of findings, “Hierarchical regression analyses showed that compared with full retirement, engaging in bridge employment either in a career field or in a different field was associated with fewer major diseases and functional limitations, whereas engaging in career bridge employment was associated with better mental health.”

Study co-author Kenneth Shultz encourages employers to review this study and perhaps take a fresh look at the skills and experience offered by the older, wiser worker. If there are part-time jobs to fill, perhaps a retiree seeking bridge employment is a better fit than the college student juggling three jobs and 13 credits. Shultz also admonishes employers who are sweating out the labor shortage to offer bridge employment options for retirees before sending them out with a cake and a gold watch.

SFL followers, what are your thoughts about this study?  What are your bridge or career bridge employment stories?  Share them here!

-Michelle Seitzer

This guest blog post is contributed by Boomerater, a free online resource for Baby Boomers helping you find everything from a Seattle financial adviser to great vacation ideas. Seniors for Living contributes its senior housing properties to Boomerater’s local directories including retirement living in New York,  Arizona Alzheimer’s care, and more.

A new Q&A discussion from Boomerater’s forums appears here each Friday. In this week’s post, we discuss ways to maximize your social security income.

Boomerater Question:
“My wife was a stay-at-home mom, but did work for about 12 years. Is she entitled to Social Security benefits? If so, what’s the best age to begin taking benefits? She and I are both 60 years old and would like to learn of any tips that can help us maximize income from Social Security.”

Responses:
Most people can elect to begin taking Social Security when they turn 62, but benefits increase each year they are not taken until age 70. The level of your benefits are determined by your lifetime earnings history. Outside earnings may reduce your Social Security benefits until you’ve reached what’s known as your Full Retirement Age (FRA) — 65 for those born before 1938, and increasing to 67 for those born in 1960 and later. You can go to this link and use the Retirement Estimator to determine your benefit amount.

To qualify for retirement benefits you will have needed to work for at least 10 years or 40 quarters of credit. You can delay receiving your benefits until age 70 and will receive Delayed Retirement Credits (DRCs) for doing so. Depending upon your age, your eventual monthly benefit will be increased by 6.5 percent to 8 percent per year for each year benefits are deferred up to age 70.

Most recipients receive benefits tax free. However, those with higher incomes must include up to 85 percent of their Social Security benefits in their taxable incomes.

Lesser known, but very important Social Security “factoids”:

1) If you are married and your spouse has not earned any Social Security credits, your spouse can collect a spousal benefit once you’ve reached your FRA and are collecting benefits yourself. You can then “suspend” your own benefits and earn more DRC’s up until age 70. That way, your spouse gets benefits now and your benefits continue to increase both for yourself and your spouse (widow/widower benefit).

2) If you are married and both spouses have earned Social Security credits, the higher earner should consider delaying benefits, and the lower earner should consider starting benefits early at age 62. The reason behind this is that the lower-earning spouse receives his/her benefits now and would also be eligible for increased benefits should their spouse die. Actuarially, this usually makes good financial sense (based on the net present value of total benefits received). However, if there is a family history of poor health or longevity, a different approach should be considered (if in poor health, both spouses should consider taking Social Security early; if in good health, both should consider delaying until age 70).

This information was contributed by certified financial planner Paul C. Bennett, a featured advisor in Boomerater’s financial advisor directory.

To read responses from Boomerater members and to share your own experiences, go to the Boomerater post: Maximizing Social Security Benefits.

Welcome to the June 23, 2009 edition of Boomers and Seniors – News You Can Use – the first of the summer! And with the new season comes new trends, advice, and resources for boomers and their aging loved ones, courtesy of the fabulous blog contributors below. Enjoy, and keep cool!

Boomer Trends

Here’s an interesting trend to consider: Retiring Overseas. SeniorsForLiving’s very own Michelle Seitzer highlights author Barry Golson’s tips for spending the golden years abroad.

Looking for a fun activity for you and your grandkids on a rainy day? Kaye Swain presents Rainy Day + Chuck E. Cheese = Happy Grandkids & Grandparents posted at SandwichINK.com, which offers some practical tips for navigating the popular play place.

Confused by the big move by TV to digital? Maryan Pelland of the Digital Grandparent blog presents TV’s Changing Bandwidth to help demystify the technology behind the changes. “The TV conversion has befuddled lots of us,” she says. “TV is a big part of life and here’s an explanation of one more piece of the puzzle.”

Senior Care/Caregiving

With the largest generation of Americans entering the latter stages of life coupled with our longer life expectancy, it is crucial that patient care is readily available, writes Victoria Powell in her post Arkansas’ Institute on Aging Gets $33.4 Million. Read more about the good news at the VP-Medical News blog.

Mary N. presents a roundup of blog resources suited for Only Child Parent Caregivers. Posted at Eldercare on Hubpages, if you’re an only child taking care of an aging parent, you’ll find some useful advice and realize you’re not alone.

Caring for an elder is tough work, and if often takes it toll on the caregiver, who is more often than not female. Patricia Grace uncovers The new ‘female problem’: Caregiver stress at the Aging with Grace CareConnection blog, revealing why it’s vital for caregivers to first take care of themselves.

Financial Issues

The prescription drug bills of a senior with medical conditions can be staggering! SeniorsForLiving’s guest blogger from Boomerator.com offers some great tips on how to save money despite the rising costs of prescriptions.

No matter how carefully you think you planned out your retirement, the economy has more and more people adjusting their best laid plans. Check out Super Saver’s post Planning to Retire Later Also has Risks for some resources on how and why you may have to reconsider your retirement at the blog, My Wealth Builder.

When it comes to the golden years, two areas of finance that you’ll spend countless hours thinking or worrying about are your pension and your social security check. Jeff Rose covers both topics at the Good Financial Cents blog. Check out Company Is Going Bankrupt. What About My Pension? and Cash Your Social Security Check Now Not Later; your wallet will thank you for it.

Mr. ToughMoneyLove offers unique strategies for those living on a fixed income: How to Make Your Retirement Money Last posted at the Go To Retirement blog. “Find a strategy that works for you,” he urges.

If your parents’ money is disappearing, you need to intervene, poses Patricia Grace in her post, Does the Buck Stop Here? at the Aging with Grace CareConnection blog. “If your elderly loved one is spending money inappropriately, this could be a warning sign,” she says. Find out why…

If you’ve got another minute to think about your financial future today, Jeff Rose has one more important post to share:  What’s in a Number? Choosing a Withdrawal Rate for Your Retirement Assets.

Health & Wellness

You’ve seen the commercial, now get the facts about RLS. Heartstrong’s post Restless Leg Syndrome May Increase Your Risk for a Heart Attack posted at Healthy Hearts with Heartstrong sheds some light on the relationship between the two ailments. If you have RLS, it’s a definite read.

Catherine Eagleson presents Improving Your Memory posted at Crosswords For Fun, saying, “It seems to be harder and harder to remember the stuff that matters amongst all the chatter and static of the ever-increasing, technology-based information overload.” Click into her post on Improving Your Memory at  Crosswords For Fun for some slick memory tricks.

When you reach a certain age, some health examinations must be done, one being the colonoscopy. “Recently there has been a movement to find an alternative technique to colonoscopy that will bring more people to get their routine screenings done,” claims the How To Live a Longer Life blog. A recent post, CTC Scan vs Colonoscopy: Which Is Better? weighs the pros and cons of the latest CTC Scan technology.

Dale Carter poses an interesting question at Transition Aging Parents: Can Memory Loss Be Prevented? “Read about a new research trial assessing whether learning a new skill can preserve cognitive function,” she encourages. “Quilting, anyone?” Don’t miss her short and sweet list of tips to incorporate into your lifestyle to prevent memory loss.

“Currently, about 40 million Americans have Medicare insurance, according to medicare.gov.”

An article in The New York Times documents a disturbing new trend: As millions of baby boomers become eligible for Medicare in the coming years, more doctors are opting out of the insurance system and turning away patients with Medicare coverage.

Citing low reimbursement rates and too much paperwork, internists, gynecologists, and other specialists are shifting the cost burden to the patient. These doctors can charge whatever they want, but they cannot bill Medicare (nor can the patient) for reimbursement for their services.

Another concurrent trend creates further complications: If you’re looking for an internist (a primary care doctor who treats adults) who accepts Medicare, the challenge is even greater. According to the New York-Presbyterian Hospital’s website, “only 37 percent of the hospital’s 93 affiliated internists accept Medicare.”

Julie Connelly, the article’s author, advises those approaching the age of eligibility to get a head start on things. Patients should talk to their current doctor about keeping them on their service after their 65^th birthday, even if that doctor does not accept Medicare.

And if you can’t find a doctor who accepts Medicare? Don’t give up. Ask about signing a private contract that “stipulates the patient will be responsible for paying the doctor’s fees.” Be sure the contract lists exactly what those fees are and what they cover. Connelly says some doctors may be willing to negotiate and tailor prices to what patients can afford.

There are other options too, one being utilizing the increasingly popular, stand-alone urgent care centers. Currently, there are 18,000 of these centers in the U.S., and nearly all of them accept Medicare. Boutique or concierge care is also an option, albeit a more costly one.

Yet another sign of the times, the amplified need for more doctors to participate with Medicare lends itself to the creation of these niche operations like urgent care or concierge care. I’m sure there are pros and cons to both care settings (urgent/concierge vs. primary care), but it might be too early to say at the moment which is best. I do know for sure that a lot of baby boomers will need a lot of care in the coming years, and our health care system probably needs to change to meet those needs.

What are your thoughts about the ever-changing health care environment? Have you heard stories about patients with Medicare being turned away or being forced to pay higher costs? Tell us all about it!

-Michelle Seitzer

More seniors face a longer time in the workforce as dreams of retirement fade, people of all ages worry about pending unemployment, and many have already received that fateful pink slip - maybe not the best time to plan that trip to Hawaii or Hong Kong. And yet, the gloom and doom of the daily news, the water cooler gossip about who’s next to go, and the ever-present “signs of the times” point to a tremendous need for an escape from the daily grind.

We need more than a couple squeezes of the stress relief ball. The little Zen garden with the rake thing?  Not enough. At the time we need it most, a vacation is a dream that many won’t realize in the near term.

If you subscribe to any type of “travel deals” notifications, you’ve probably seen an increase in messages touting “half-price tickets” or “drastically reduced packages.” My husband heard that round-trip flights to Europe had dipped as low as $400 per person. Ironically, as travel companies offer enticing and highly affordable packages, most people can’t afford to spend the money or take the time off.

But even before the economy began to unravel, a 2007 survey indicated that “more than half of American workers fail to take all their vacation days. Thirty percent say they use less than half their allotted time. And 20% take only a few days instead of a week or two.”

We just don’t know how to relax. In Money vs. Time Off: Why We Don’t Take Vacations, the author suggests what gets in the way of a little zen: American individualism, job insecurity and office guilt, and keeping up with the Joneses. The pressure is on - in the workplace or at home. When we’re away from the office, we want to know what’s going on (hello, Blackberry?).  We exchange time off for a bigger paycheck, so we can buy the latest gadget (ahem, Blackberry Storm?). If no one else takes a vacation in the office, who wants to be the “slacker” that does?

So maybe a luxury vacation isn’t in the cards until the economy improves, but boomers and seniors who have worked hard over the years deserve a break, and there are ways to do it without breaking the bank. White Star Tours specializes in budget vacations, along with packages geared specifically towards baby boomers. Their website is worth checking out — from creative category names like Canadian Bacon to information on becoming a group tour leader (how much fun would that job be??), White Star Tours is well-designed for this travel niche. There’s also Boomeropia, a travel site devoted to baby boomers, and Grandtravel, tailored to grandparents and grandchildren traveling together — both are excellent resources for this growing market.

“Vacation is what you take when you can’t take what you’ve been taking any longer.” - Author Unknown

What are your vacation plans? Have they changed because of the economy? Share your story here.

- Michelle Seitzer