It’s tax preparation time and there is no better time to take stock of your finances. Tax reporting forms are piling up and you’re beginning to sort through receipts from last year for deductions (telling yourself next year will be the year you get organized!)

As you look over how much money you made and how you spent your money, it’s a good time to look at some of your insurance expenses and make sure you have the right coverage and take advantage of your tax benefits. Here are  tips:

Life Insurance — Take a look at your life insurance policy in light of last year’s income. Do you have enough coverage to take care of your loved ones in case something happened to you? Often we’ll buy life insurance and then forget to update the coverage to reflect current lifestyle. If you have a term life insurance policy you purchased several years ago, you also may find that you can buy a new policy with more coverage for the same or less premium. A recent survey from MetLife Mature Market Institute found that over 40% of people admit they don’t have enough life insurance coverage or aren’t sure.

Long Term Care Insurance – Long term care insurance policies comes with tax benefits. A Federal tax credit is available to you each year. The amount depends upon your age. If you are using a tax preparer make sure they know you have a long term care policy. Some states also provide a tax credit or deduction. Check your state tax laws to find out what is available to you.

Health Insurance – If you are still working and have a flexible saving account don’t leave money in your account. You have until mid-March to use those benefits so make that doctor, dentist, and optometrist appointment now and use up your funds…or you lose them.

Health Insurance Deductions — For many people reaching the threshold of 7.5% of your adjusted gross income can be difficult. But if you are self employed and paying your own health insurance premiums you’ll want to find out what is deductible. Many seniors with Medicare health insurance plans don’t realize that they may now be eligible for this deduction. Their health care expenses could include their Part B premiums, their Medicare health insurance premiums, co pays and deductibles, their prescription drug costs and most out-of-pocket health care expenses.

For those on Medicare, reviewing expenditures during the previous year may also provide an important picture of whether their Medicare plan is the right plan and if it is appropriate to consider switching to a different type of Medicare plan in the coming year.

Tax day in 2012 is April 17. Once you’ve gathered up your information and sent it off to the IRS, take a look at your insurance coverage and see if some changes need to be made to your insurance plans in 2012.

Guest contributor Laura Rossman heads up communications for iQuote by Longevity Alliance. The independent national insurance broker works with more than 20 companies to help seniors compare and find the best term life insurance, medicare supplement plans, and long term care insurance. Laura has worked in the health and senior care services industries for over 20 years.

• Overall Drug Pricing and Patient Safety Rating
• Overall Complaint Rating
• Overall Member Experience Rating
• Overall Customer Service Rating

At this relatively late stage in a person’s life, cost and expenses are endlessly important. I recommend you consider all costs associated with a change in Medicare coverage and that you apply the points raised below to your personal situation:

(1)  MedicareBlu RX – S5743

This top rated Medicare plan has contracts available to consumers in Minnesota, Iowa, Montana, Nebraska, Wyoming, and North Dakota. Total premiums for these contracts range from $39.70 – $104.60. Paying a higher premium has its benefits, as the drug deductible associated with that higher premium is much smaller. The drug deductibles for these higher premiums are $0.00 compared to $160 associated with the lower premiums.

(2)  Advocare – H5211

Brought to you by Security Health plan of Wisconsin Incorporated, this plan has contracts available to residents throughout the state of Wisconsin. With total premiums ranging from $26.60 – $62.30, all drug deductibles are at $0.00. On top of that, customer service associated with this plan was 40.1% higher than the average customer service rating for all Medicare Part D plans.

(3)  Kaiser Permanante Senior Advantage –  H0630

This plan from Kaiser is offered to residents of Colorado. Contracts for this Senior Advantage plan vary widely with total premiums from $0.00 – $48.70 and drug deductibles from $0.00 to $320. Quality of customer service associated with this plan was about 12% higher than the average rating for all Medicare part-d plans reviewed.

(4)  Excellus Health Plan, inc – H3335

Contracts offered under this plan vary widely with total premiums from $0.00 – 55.40. Drug deductibles also vary widely for this plan ranging from $0.00 – $160. When choosing new plan, it is important to research the quality of customer service. This company’s quality of customer service associated with this plan was rated about 40% higher than that of all Medicare plans reviewed.

Overall, there are many aspects of Medicare part-d coverage that should be considered before choosing a plan. It is most important to find a plan that works best for you. When choosing a new plan, make sure your health care providers accept the coverage that you’re interested in choosing. Also, be sure check into the extension of your plan geographically to avoid unexpected expenses. And don’t forget, make sure the quality of customer service provided for your Medicare plan is what you expect. There are many useful Medicare ratingson the market that review quality of customer service. I highly suggest using one before finalizing such an important decision.

Peter Griggs is a business development associate at FindTheBest Health, which
helps users compare everything from dialysis centers to community health centers.

Famous Pisces: Sidney Poitier, Aretha Franklin, Peter Fonda, ELizabeth Taylor, Ralph Nader, Bruce Willis, Johnny Cash, Jane Goodall, Nat King Cole, Steve jobs.

ARIES   (MARCH 21 – APRIL 20)

Even your best laid plans can run afoul of the powers that be, wherever they are lurking. So be it. Allow your gut feelings to take over, Aries. You need to do what you need to do and don’t rely on others to get you to the goal. If the stress gets too much, how about letting things pile up and divert your attention to other more pleasant tasks . And who might that be?

TAURUS   (APRIL 21 – MAY 21)

Fun can get frantic in February because there is too much good stuff going on all over town all at the same time. Such a dilemma! Parse and choose the best of the best and allow your creativity to spurt. Not only will you personally feel more fulfilled, you will also navigate your boat into more selective and elite groups. Fill your sails before your hot air scuttles you..

GEMINI   (MAY 22 – JUNE 21)

Geminis may be at a crossroad. You may have been laser focused on weighing various retirement options. But now you will also need to decide how to best balance these financial goals with the full enjoyement of your home life. Is your scrimping putting a crimp in your domestic agenda? They say the best things in life are free. What do they know?

CANCER   (JUNE 22 – JULY 23)

Itchy travelling feet must be scratched. Cancerians are ready and raring to go anywhere and everywhere. Spread your wings and try someplace new – the tried and true just doesn’t hold the same appeal. Plan your itinerary carefully and ask advice as to the best hotels and sites.  For those with tight budgets, expand your horizons with new stuff nearby. Anyone we know?

LEO   (JULY 24 – AUGUST 23)

Leos are ready and willing to spend on their interests and passions. Your appetite is sated now only by beauty and luxury. And why not? When you’ve got it, flaunt it. There will come a point however where you find yourself spending more and getting less. Know what is what, when is when and who is who. Why and how will follow later.

VIRGO   (AUGUST 24 – SEPTEMBER 23)

Strengthen all of your relationships – from platonic to romantic – especially those that require more sharing and compromises. It will not be as bad or as difficult as you think. In fact, you may find it relatively easy to do. Those Virgos who are seeking new connections should request introductions from friends. You are too fresh for fresh faces now.

LIBRA   (SEPTEMBER 24 – OCTOBER 23)

Don’t be a pin cushion for every backstabber. You are putting out the effort so be sure that you get the credit. The best way to protect yourself is to keep you eyes open for any unusual activity. You will eventually triumph, Libra, but not before your stress level peaks for much of February. So find any excuse to take a nice long relaxing vacation.

SCORPIO   (OCTOBER 24 – NOVEMBER 22)

Your loud party hound antics may rub some of your pals the wrong way. Maybe you are becoming too popular? Maybe you are pulling away from the conformity of the pack? Whatever it is, be sensitive to friends feelings especially when you are all in the social swirl. It is better to celebrate with a crowd than to celebrate alone in a crowd, Scorpio.

SAGITTARIUS   (NOVEMBER 23 – DECEMBER 22)

If the stress of your day to day tasks are getting too much for you, use the next weeks for a temporary escape. Retreat into your cocoon and refresh and recharge. Find ways to enjoy life and put things in perspective. If your home is your castle, pull up the gate and fill the moat with sharks… but not before you let some close companions and the home delivery in.

CAPRICORN   (DECEMBER 23 – JANUARY 20)

You have some great ideas bubbling in your head. How can you best present them to the world? The answer may elude you but that is because it is hard to choose the best way to fully express yourself. Capricorns are often careful and cautious. Maybe too much so. This may be the time to blow the lid off life. Make your mark on the world. Don’t make it a smudge.

AQUARIUS   (JANUARY 21 – FEBRUARY 19)

This is the perfect time to research and implement any long term financial plan. Dream big, Aquarius. Your monetary goals can be within reach with a little discipline, pluck and focus. That may mean curtailing expenses and avoiding frivolous spending on trifles. If you are really clever, you will find a well endowed benefactor to spoil you while you stash your own cash.

PISCES   (FEBRUARY 20 – MARCH 20)

Pisces can enjoy their time on center stage now. Not only can you hobnob and rub elbows with many new and impressive people, you can also show off your talents to the crowd. Play it like you mean it and make good use of time. Before you know it the spotlight will shift and others will elbow into your space. But in the meantime, rubadub with both arms.

(c) 2012 THE STARRY EYE, LLC., All Rights Reserved. For Entertainment Purposes Only.

However, while I was researching my new book “Take Back Your Career” I discovered that very few people wanted to meet face-to-face or answer phone calls…..”what’s up with that?” I thought….and then a client explained that the best way to communicate with him was IM’s. He didn’t have time to meet and phone calls were a hassle. I had been making the assumption that everyone wanted to communicate the way I prefer: face-to-face or phone. I’m a baby boomer so these are the methods I grew up using. However, I was trying to communicate with generations young than I am. I learned that other generations prefer different methods. If I wanted to connect with them, I needed to adjust my methods.

I didn’t realize how large the generational communication chasm had become until I was home for Christmas. My twenty-something nieces and nephew had gotten new phones. They came for dinner one night and sat at the table all night staring at the phone and sending each other text messages. I tried to start a conversation with my niece who is getting married in May. I asked about the appliances they needed. I was hoping to get a gift idea and inside information. Instead, she looked up from her phone and said “Just check out our wedding website. We’re registered at Target, Pier One and Kohl’s. Everything you need is there.” I wanted to remind her that I had changed her diapers and cleaned up her highchair when she had thrown mashed peas on the floor. She didn’t know any better than, but she did now.
Suddenly, I remembered my mother asking me to “sit down and have a conversation with her”…..that was forty years earlier. I was fresh out of college and had no time to sit and talk to my Mother. I was going to save the world and make a difference! Now I look back and realize that the reason I make a difference is because I took time to visit with my Mom. I learned about what made her a strong and powerful woman. She grew up during the Depression when jobs and goods were scarce. She taught me that no one owed me anything; that values were not for compromising; that family is everything; and that nothing lasts forever.
Back to my twenty-something niece conversation…..We eventually had a nice conversation. She put her phone down and I tried not to be pushy. I discovered that she doesn’t like to cook, so appliances aren’t high on her list. Her colors are teal and yellow. She’s bought her dress and she’s still looking for a veil. She discovered that I’ve been married longer than she’s been alive. I’ve lived in six states and I’m working on a new book.
I learned a lot about communicating this year. I learned that there are many options. Using all options and not relying on one works best if you want to REALLY communicate.
Four generations and preferences.
 Traditionalists: 61+, born before 1946, 27 million – prefer face-to-face, phone
 Baby Boomers: 43-61, born 1946-1964, 76 million – prefer face-to-face, phone
 Generation X: 29-42, born 1965-1978, 60 million – prefer phone, email
 Millennials: 20-28, born 1979-1997, 74 million – prefer texting

Jan Marino
High Gain Companies, Inc.
630-299-9927

It’s a known fact that from 1946 to 1964, approximately 76 million American kids were born and they were referred to as the historic generation of Baby Boomers. Experts forecasted that when this historic generation of Baby Boomers would retire, it will pose a magnanimous threat to US economy. However, this is not the bad news; the worst is yet to come.  This historic Boomer generation has finally started reaching their retirement age last year in 2011 and it seemed most of them couldn’t save up sufficient money for their retirement days. In an age when state and government pension plans lack adequate funding, private sector pension plans are insufficient in resource and the social security benefits have been adversely affected by inflation, it seems millions of baby boomers will find retirement quite harsh and painful. Moreover, thousands of financial issues like the dwindling home values, the delayed returns on stock market investments, the lack of interest rate returns and the employment scarcity after 50 have worsened the situation for these baby boomers. If you want to know more about the dark future that baby boomers are encountering now, read on these astonishing details below.

•  As per the Employee Benefit Research Institute, the amount of retirement saving that 46 percent American employees have is below $10,000.
•  An examination conducted by Boston College’s Center for Retirement Research shows that American workers requires at least $6.6 trillion to cover their minimum retirement fund.
•  Within 2030, the number of Americans, who are reaching their retirement age would be a staggering 18 percent and by 2050 that number will reach to 89 million.
•  Statistics reveals at least 74 percent of American workers have to keep on working even after 65, which is their official age of retirement. In fact AARP survey claims, 40 percent of them have already planned to work “until they drop”.
•  Right now, one out of every six senior Americans lives below the federal poverty line.
•  CESI Debt Solutions poll claims 56 percent of the Americans would continue carrying an outstanding balance even when they are retired.
•  The number of senior Americans declaring insolvency rose by a staggering 178 percent within 1991 to 2007. In fact a professor at the University of Michigan claimed that the elderly Americans above the age of 55 are now responsible for 20 percent of all bankruptcies across the United States.

However, every dark cloud has a silver lining. If the rest of the bay boomer generation who are yet to hit their  retirements age show a bit of prudence and take their financial decisions responsibly from early 30’s, they can weather the storm and can ensure a better financial future for themselves. For this, all they have to do is they have to practice money management tactics. For example, they have to start living within their means, have to work harder to increase their flow of income, have to set some realistic financial goals and strive hard to achieve them. Most importantly they should all address their debt problems quite seriously and take baby steps towards paying down their outstanding debts. If the members of baby boomer generation, who are solely dependent on Social security and Medicare in their retirement days would like to secure their financial future, they should immediately start following the aforementioned points.

Post courtesy of Sidney Terrell, an associate writer with Oak View Law Group. Her expertise includes finance and investment. She has written several articles on debt settlement, bankruptcy, bill consolidation and mortgage since 2005.

Marquette, Michigan

As surprising as it might seem, the beautiful town of Marquette, Michigan, has some of the best retirement options to be found in the entire nation. One of the best things about this quiet, picturesque location is the huge amount of options it has for year-round fun.

Although tanning on the beach to the gentle crash of waves may sound ideal at first, doing it every day for the next 30 years could become quite a chore. Marquette, Michigan, is situated on a broad peninsula that extends out into Lake Superior. With a huge body of water never more than a short drive away, you will be able to enjoy as many water sports and activities as you like all summer long. There is plenty of snow during the winter months, and skiing, ice-fishing, and other winter activities will make sure you are never bored when the cold hits.

The average home price in this town is a mere $145,000 and the state income tax hovers at around 4.35%. Marquette, Michigan, sits in close proximity to Northern Michigan University, which offers plenty of exciting indoor activities. Additionally, the city has one of the best cardiovascular hospitals in the nation.

Cape Coral, Florida

Of course, when it comes to retirement, the beach is hard to beat. Cape Coral, Florida, is not only near some of the most beautiful beaches in the United States, but it also has a mild climate, an economic housing market, and low taxes. Real estate prices have dropped an average of 60 percent over the last five years, and they are showing no signs of slowing down. The average home price in Cape Coral, Florida, currently sits at only $95,000. On top of this, there is a cost-of-living index that ranks at an ideal 96, and no state income tax.

If you like water, there is plenty of it in this quiet town. About 400 miles of canals cut through Cape Coral, many of which empty directly into the Gulf of Mexico. Although there is very little nightlife here, there is a great outlet mall, a lively farmer’s market, and a beautiful golf course.

Austin, Texas

Although the summers in this bustling cultural city do err slightly on the sticky side, Austin, Texas, has just about everything else going for it. Knee-deep in performing arts and music culture, Austin has a never-ending line-up of cultural events such as orchestral performances, ballet presentations, and live indie bands. There are no less than three senior centers run by the city of Austin, where you will be able to sign up for a huge variety of fitness classes and other activities. Austin’s University of Texas also features learning programs for all ages.

Austin, Texas, has an average home price of only $124,000 and no state income tax. There are plenty of great nature preserves and beautiful parks to explore, and if you like spending Cinco de Mayo in Mexico, it’s only a short drive away.

Megan writes for Assisted Living Today, a leading source of information on a range of topics related to elderly living and retirement care and facilities including a Maryland Assisted Living guide.

Paul Roarke Jr. is a retired Marine Corps Master Gunnery Sergeant and an Iraq war veteran. He is author of the best selling fitness book Corps Strength and works as a physical training and leadership instructor at the US Navy’s International Training Center located in Pensacola, Florida.

Ms. R. was 89 years old when she called our agency for home care.  She had gone through some minor surgery, and needed someone to be with her for a few days until she fully recovered.  She had a wonderful demeanor and a life full of social activities.  Like many of our patients, she lived independently, and without the support of a family.  She had a few cousins, a niece, and a nephew.  They were not especially close to her, and the contact with them was minimal.

      When our aide started working with Ms. R., she was very vocal about not trusting her family and thinking that their only interest in her was the money she would be leaving them.

      We noticed that a non-for-profit organization, visited Ms. R. regularly, bringing small gifts, and slowly gaining her trust.  As was our policy, we did not interfere in the client’s affairs, unless there is something illegal or endangering to the client.

      Ms. R. decided to maintain home care service, even though she bounced back from her surgery.  Months went by and the service went smoothly, with Ms R. resuming her social life, going to senior centers, small trips, concerts, and religious services. The aide was always by her side.

     One morning I received a phone call from a representative of the organization that was regularly visiting Ms. R. One of their administrators, in a very friendly voice, introduced herself and said that they have a very good relationship with Ms. R., and they are working toward having her appoint them as her guardians. This would transfer the  management of her finances to them.                                                                         

     She proceeded to ask me how much our agency was charging Ms. R. for the services we provide.  I refused to give her this information, stating that this was private information.  “Don’t worry; we will pay you twice as much, when we take over.  And everyone will be happy.” 

     I refused to continue the conversation, and hung up.  I did inform Ms. R. about this call and advised her to let her lawyer know about this.

     Some months went by, until one morning I received a call from Ms. R.; she was crying and told me, “Please come, they are forcing me to sign some papers.” I caught a taxi, and ran up to her apartment, which was not very far.

     In the apartment, a woman and a lawyer representing the organization were trying to explain to me that Ms. R. had asked them to take over the management of her financial affairs.  All the while, Ms. R. kept repeating that she never said any such thing, and she may be old, but she is not crazy.

     I asked Ms. R. “Do you want them to leave?” she said “yes.”  I proceeded to ask them to leave, and informed them that I will inform my client’s attorney regarding what had just happened.  I did just that, and as far as I recall, her attorney wrote a letter to the organization, stating that it is illegal and unethical to try to force an elderly person to sign legal papers without the presence of her attorney.

     For a long time I kept thinking, what if I had not been there?  What if she had no one to call?  Most elderly people can be talked into or intimidated into doing things that may hurt them in the long run.  And this was a so-called legitimate organization that was out to get control over her finances, and in turn, control over her life.

    To prevent this from happening, a person that does not have family or friends involved in their life needs to put in place a financial plan, designating someone their trust to step in to look after their needs, when they are unable to do it independently. It is advisable to designate two people; it may be your attorney and a relative or friend, so they are accountable to each other.

For more info: www.goldenyearsgolden.com

Between my own lifelong experiences with glasses, helping my mom and her battle with readers, and my day job as a writer for Reading Glasses Shopper, I feel that I have some tips worth sharing.

Tip #1: Find your prescription. Figuring out your prescription is easier than you might think. For reading glasses, you do not have to take a visit to the eye doctor to determine your power. A simple test with this print-out diopter chart will help you find the glasses you need. If you still want some reassurance that you’ve diagnosed your correct power, the next time you are in the drug store, just pop over to the reading glasses display and test out a few pairs of specs. If you don’t like the small selection of glasses that drug stores normally carry, you can order multiple pairs of reading glasses online now that you are 100% sure you have your correct power.

Tip #2: Find your face shape. I did not realize the importance of finding your face shape until I had a pair of bad glasses. My face is more round/heart shaped so I should steer clear of round glasses and balance my face shape with a rectangular pair of glasses. Of course I learned this the hard way after wearing a pair of round wire-rims in high school… (It looked pretty bad.) Since that mistake I’ve always chosen rectangular glasses and they are more flattering.

Tip # 3: What colors look best on you? Think about the colors that look best against your skin tone and choose a pair of glasses that fit your complexion. (Ehow has a really great article on finding your skin tone season.) Choosing the color of your reading glasses is really important because the glasses are (obviously) against your face. For example, I look pretty washed out in white and gray so I would never choose frames in those colors. If you don’t want to choose a color at all, you can always go with more subtle clear glasses. Some of the rimless reading glasses are so subtle you barely notice they are there.

Tip #4: Choose frames you love. To state the obvious, your glasses go on your face. The first thing people see when they talk to you. Make sure that you don’t feel uncomfortable or ashamed of your frames– there is no sense in losing confidence because you didn’t take the time to choose a pair you love.

(My clear glasses and I.)

Tip #5: Still having troubles? Don’t be afraid to phone a friend and ask for advice. Whenever I feel overwhelmed by too many options I just ask my mom or a friend. Make sure you choose a friend that will give you their honest opinion.

I firmly believe that life is too short to blindly forge through even one day, so I would love to host a giveaway for any Babyboomers.com reader. All you have to do is leave a comment below with your favorite pair of reading glasses from Reading Glasses Shopper. Once the contest is over I will ship out the winner’s choice!

*US entries only, please.

Stacie Grissom is a writer for Reading Glasses Shopper where she writes about everything from reading sunglasses to eye health. As a lifelong glasses-wearer, Stacie believes that the perfect pair of glasses is a key to positive self-assurance. In her free time, Stacie loves to take pictures with her collection of old cameras, work on her DIY craft blog, and play with her three-legged dog, Bridget.