Post Category → aging

How Much Boomers [REALLY] Need to Ditch Their Day Jobs and Follow Their Dreams?

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Table #1

Starting out this discussion with lifespan projections is already a bummer, but don’t worry. It gets worse.

 

how much saved up by now-1

Table #2

If you’re a Baby Boomer [51-68 yrs of age] making 300k/yr, a 60-year-old will need approximately 11.7 times that amount properly invested in order to realize the same income – and that’s assuming market conditions are stable. They’re not. 

So let’s get real.

As I state in my book, “Urban Dystrophy,” on Amazon, a starter portfolio starts at around $5,000,000.

The reason I say this is because most guys I know like to do things like date beautiful women [or men], travel, dine out, and buy cool shit – all of which cost money. Lots of it.

None of this is a problem if your day job is bringing in 300k and your retirement money is – for the most part – rolled back into your portfolio.

But what if there is no day job and you’re living off of passive income alone [investments]?

Now the numbers have to change drastically, because in order to earn 300k on a 3.5 mil portfolio, you’ll have to be either an investment genius or selling crack on the side. 

In my world [i.e., urban, educated, worldly, sophisticated – probably entitled], you’ll need approximately $7.5 mil to live a very nice – but not extravagant – lifestyle without having to worry about spending it all.

~~~

$7.5 million dollars is a lot of money.

Most guys making $600k/year for 25 years don’t have anywhere close to that amount invested.

Hell, most guys making a 1 million a year for 25 years don’t have that amount in savings.

How is this possible?

Easy.

On a 1 million dollar a year salary, you walk home with approximately $600k, or $50k/month, net-net.

If you own a $2 million dollar home, which is considered normal in these circles, you’re paying $50-$60k in annual property taxes alone on a 30-year house note of $1.5 million [after a 500k down payment], which lands you in the $10k/month range – excluding everything that goes into running a house, like utilities, repairs, and so on.

Add a second home somewhere in the mountains [a small place], a wife, two kids in private schools, and a couple of exotic vacations a year and you have about 150k left to invest, if you’re disciplined. 

At the end of 25 years, you will have saved approximately $3,750,000 plus whatever your portfolio has generated over that time period, which most people place at about 8% /year [on good years].

Weird, huh?

And you thought everyone had at least $20 mil in the bank.

~~~

With $7.5 million well invested, you can comfortably take out 500k/yr, enough to live a great life without worries.

This doesn’t mean you can run out an buy yachts, travel in private jets, or buy a big place in Aspen.

But you can own a $2 mil home, put two cars in the driveway, shop at Whole Foods, and stay in 5-star hotel properties suites accompanied by reasonably well-equipped gold-diggers who might also love you for who you are, though most gold-diggers with the capacity to feel actual human emotions usually start in the $10 mil range.

Majority of Boomers are Positive About Their Generational Label

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Many millennials don’t even want to be identified as such, with 60 per cent not considering themselves to be part of the ‘millennial generation.’ Instead, 33 per cent say they are part of Generation X~~~

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Millennials attribute negative traits to their generation and the Silent Generation and Boomers see themselves in a positive right, describing their generation as patriotic, responsible, hard-working and moral.

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Generational identity was strongest among the baby boomers, with 79 per cent of those within the applicable age group identifying with the ‘baby-boom’ generation.

 

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Around 30 per cent of Generation Xers – those ages 35-50 – said their own generation was self-absorbed and wasteful, and 20 per cent of the baby boomers said the same about their age cohort.

Source:
A few more facts about Baby Boomers:
  • The last of the baby boomers turned 50 in 2014 – there were 77 million people born between 1946 and 1964, which is defined as the baby boomer era (U.S. Census).
  • The 2010 Census shows the senior age group is, for the first time, the largest in terms of size and percent of the population in the U.S. Ove the next 30 years, the 65+ population will be larger than the younger generations.
  • The 50+ population has $2.4 trillion in annual income, which accounts for 42% of all after-tax income in the U.S. (Consumer Expenditure Survey).
  • Boomers and seniors have seen a decrease in their median family net worth, however they still have a net worth 3x that of younger generations (Economic Policy Institute).
  • Every year, the U.S. Consumer Expenditure Survey shows adults 55-64 outspend the average consumer in nearly every category, from food, household furnishing, entertainment, personal care, gifts, etc.
  • Baby boomers account for nearly $230 billion, or 55% of consumer packaged goods sales (Nielsen).
  • The NAHB predicts that the aging in place remodeling market to be $20-$25 billion. That’s about 10% of the $214 billion home improvement industry.
  • Boomers spend $157 billion on trips every year (NextAvenue).
  • Americans 50+ account for half of all consumer spending but are targeted by just 10% of marketing (AARP).
  •  The Internet is the most important source of information for Boomers when they make major purchasing decisions (Zoomerang).
  • Boomers outspend younger adults online 2:1 on a per-capita basis (Forrester, 2009).

Straight Talk from Boomer and “Pretender” Chrissie Hynde [63]

press session for Chrissie Hynde: Stockholm

press session for Chrissie Hynde: Stockholm

There’s just something about the tenor of my generation’s words that always resonates with me.

I can’t imagine why.

http://www.msn.com/en-us/music/news/pretenders%E2%80%99-chrissie-hynde-no-regrets-about-rape-comments/ar-AAdVJVW

Up Next!

“Isn’t It Time You Older Guys Start Winding It Down?”

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No.

How many times have I heard this from spouses who feel left behind by men who’ve decided to make the most of middle-age?

“Why are you spending so much time in the gym?”

“You had your youth. Let go!”

“Acceptance is the key to happiness!”

“You’re no longer a child!”

Grow up!”

I could go on and on with this bullshit… [and I will].

~~~

Based on a true story, the following dialog takes place between a friend of mine and a woman who’s middle-aged husband is either in the gym, meal-prepping and/or planning adventure vacations that involve rock climbing, mountain hikes, kayaking, swimming and yoga.

While all this sounds great, it isn’t as much so for a woman who thought she married a very different man who would embrace the last few decades of his life with more circumspection.

SPOUSE TO FRIEND:

“I don’t know what’s happened to my husband. He used to be such a normal man.

Now all he does is workout and prepare his meals at home, as if a little bread’s going to hurt him.

Why is he doing this? He’s almost 60! 

Look at me! I’m not 25 anymore. And I’m okay with that.

Why isn’t he?

And those ridiculous handstand push-ups he does all the time are for kids, not full grown men.

It’s embarrassing!” 

FRIEND TO SPOUSE:

“Maybe he just wants to stay fit and healthy so he can do all the things he did when he was younger.

What’s wrong with that?”

SPOUSE TO FRIEND:

“What’s wrong with that is that we aren’t young anymore.

I think he’s having some sort of midlife breakdown, thinking he can go back to where he was, instead of accepting where he is!”

FRIEND TO SPOUSE:

“Maybe you’re just feeling left out, or about to be left behind. His priorities have changed. He wants to live a healthy lifestyle, and now you’re feeling pressure to do the same thing.

Maybe you think he’s going to leave you, or have an affair?”

SPOUSE TO FRIEND:

“Listen to me you idiot! He needs to grow up and accept the fact that there’s a time and place for everything in life.

He should be doing more reflecting than pumping weights!

Stop and smell the roses. Ponder his image in quiet lakes, skim rocks across the water, and reflect.

We should be walking hand-in-hand along the banks of lagoon, deep in spiritual contemplation, connected to the earth as we prepare for death in a positive, healthy way…”

FRIEND TO SPOUSE

“And you think he’s insane?”

The Case for Dating Men in Their “60’s”

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It’s not uncommon to see successful 58-62-year-old urban men dating and/or marrying women in their mid to late 30’s.

By standards that have evolved over the past decade, 37 and 60 are considered age-appropriate.

It’s a simple formula: 1/2 one’s age plus 7.

Of course, it could also be 1/2 one’s age minus 7, and still meet normal parameters.

In either case, the women are hardly 17 for God’s sake.

With this as a backdrop, I have posted a link to an Elle Magazine article I think you’ll find interesting.

I’ll follow it’s bullet points with comments of my own based upon real life urban experience.

http://www.elle.com/life-love/sex-relationships/advice/a9/dating-men-in-their-sixties/

“Old men are polite and thoughtful and young guys are generally self-centered.” Megan Megan O’Brien, founder of the marketing agency Beauty Brander, almost exclusively dates men in their sixties and older.

Her reasons?

1] I like a man’s man.

The synopsis: “To a man in his 60’s it’s the norm to treat a woman like a LADY.”

COMMENTS

Older men I know are far more appreciative of the young women in their lives because they know that authentic love is no longer a disposable asset.

2] They don’t play games.

The synopsis: “The bullshit factor dramatically declines as the years of their age rise.”

COMMENTS

Time becomes a far more valuable commodity when it becomes more scarce, forcing demand through the roof. Therefore, “sealing the deal” with a younger woman becomes a far more likely outcome.

3] They are more thoughtful.

The synopsis: “Leaving love notes in your purse for you to find later is another common trait of a more mature man…..just because.”

COMMENTS

To older men, younger women are kind of like time capsules that transport us back to a time when life was more spontaneous and carefree. Younger men have precisely the opposite effect on older women for obvious reasons.

4] They have their shit together.

COMMENTS

The synopsis: “He’s spending more time and attention on your relationship [than at the office].”

COMMENTS

He doesn’t have to spend as much time at the office [see#4]. Most men in this situation work from a laptop and a cellphone for a few hours and call it a day.

5] He will be proud to be with you.

The synopsis: “Most guys in their thirties think they’re doing YOU a favor by holding your hand and saying that you look beautiful.”

COMMENTS

When you’re young, youth and beauty are boundless resources, so you take them for granted.

But older men have already been laid more times than they can possibly count, so they focus on other aspects of the relationship.

This, of course, will then lead to even more sex – only this time with someone who’s name they remember.

~~~

Does “Low T” Cause Depression [or is aging a nightmare no matter how you look at it?]

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Testosterone is the male sex hormone responsible for the development of many ‘masculine’ traits.

It encourages fat loss and muscle development, as well as sex drive, aggression, and energy levels.

In other words, the more testosterone, the more “Alpha.”

“Low T” has the opposite effect: Use your imagination. It’s bad.

Numerous health problems, including depression are heavily linked.

~~~

However, the relationship between depression and testosterone is very confusing because they are very similar.

If your “T” levels are low you’ll will suffer low energy, zero sex drive, crappy mood, endless irritability and difficulty sleeping – all of which characterize depression.

Some guys I know attack the problem with hormone replacement therapy.

In fact, most do…with varying degrees of success.

It cheaper than psychotherapy, and with faster results.

Nonetheless, “Low T” is not always the cause of depression, though it might be responsible.

For men who aren’t depressed and have lots of time and money on their hands, increasing testosterone might be an effective way to boost mood to even higher levels, improving drive, libido and motivation.

There’s always a higher high, after all.

But like other indulgences, it can become a one way street.

In other words, once you start, there’s no going back because eventually, the body stops producing it, not that you give a crap.

Most older men don’t care about anything but now, because there isn’t anything else.

Oh God, am I depressed?

~~~

CLEARING UP THE CONFUSION

If you’re depressed but don’t know why, you might start by asking yourself why someone with so much feels like he has so little?

This is a therapy question, by the way.

On the other hand, if you also have difficulty gaining muscle, losing fat, keeping your blood pressure in check, or losing your ‘morning glory,’ “Low T” may be the culprit.

Three other factors may play a role in depression:

1] Vegetarian diets low in protein.

2] Dark offices low in sunlight.

3] Physical inactivity.

~~~

Okay, so let’s say you aren’t a fan of hormone replacement therapy, and want a natural way to achieve similar results.

Exercise – Compound movements, like squats and bench press, and HIIT (high intensity interval training).

Sleep – This is where your testosterone is produced and why rest and recovery are so important. Make sleep a priority in your life. Keep your room dark and cool, and avoid caffeine before bed.

Vitamin D – Vitamin D is responsible for helping your body to regulate numerous other hormonal processes. The easiest way to get it is sunlight. If there is no sunlight where you live – or you’re stuck in an office for 12 hours a day –  supplement. It’s no surprise that all those existentialists came from countries bereft of sunlight.

Magnesium and Zinc – Magnesium and zinc support healthy testosterone production and prevent testosterone from being converted into zinc. You can Google it.

Saturated Fat – As shocking as this may sound, the most important ingredient in terms of your diet is saturated fat. It’s no longer believed to cause heart problems, but it will increase your levels of good ‘HDL’ cholesterol, which also happens to be what your body uses to make testosterone and other sex hormones. Try a glass or two of full fat milk if your stomach can handle it. It might improve your mood.

Protein – Protein is the building block of muscle. Now you know why vegetarians look like crap. Protein produces anabolic hormones [like testosterone] that encourage muscle growth, among other benefits.

ONE VARIANT

Avoid Plastic – Random, perhaps, research on ‘xenoestrogens’ isn’t pretty. These are substances act like estrogen in the body and significantly lower testosterone.

Along with our more sedentary and indoor lifestyles, this is thought to be one of the big reasons that men today have lower testosterone on average.

To avoid xenoestrogens, don’t eat out of plastic containers, and definitely don’t microwave anything in plastic.

ON A FINAL NOTE

The Stones famously lamented “it’s a drag getting old,” and it’s no surprise that Baby Boomer do struggle with aging more than the generation preceding it.

Boomers — those born between 1946 and 1964 — are the generation most likely to report being in treatment for depression, at 14 percent, according to the Gallup-Healthways Well-Being Index. That compares to 11 percent among Generation X (born 1965-1979), “traditionalists” born before 1945, and Millennials (born 1980-1996).

This makes complete sense to me because Traditionalists lived their lives in throes of World Wars and Millennials aren’t old enough to feel their age.

Note: Baby Boomers are more likely to have been diagnosed with depression (21 percent) than any other generation (Gen X: 18 percent, Millennials: 16 percent, traditionalists: 15 percent).

This aside, Boomers are also more open to discussing their mental health issues than older Americans who refused to admit to having any psychiatric problems at all – a key reason Boomers need therapy in the first place.

Why Older Men Tend to “Go It Alone”

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When I was a kid, my guy friends were everywhere, though I’m not sure “friends” back then had much in common with friends of today.

As I’ve gotten older, I notice that friendships are something I have to pursue and nurture or they will fall off the face of the planet.

To wit, I received a phone call from a guy I know fairly well who was dismayed that after an 8-month hiatus from town, no one bothered to check in on him.

I got it.

Older men tend to fall away into their own lives like Mad Max in a desert with a dog and a shotgun.

We don’t bond well…or at all.

Why is this?

The following article sets up this discussion pretty well, and I will follow up with comments and a summary.

http://www.salon.com/2013/12/08/american_mens_hidden_crisis_they_need_more_friends/

~~~

5 reasons why older successful men I know don’t have close friendships with other men:

1] Men are viciously competitive

As I state in my new book, Urban Dystrophy [@Amazon], “older men are fully assembled entities, no longer young men of endless promise,” and therefore, disparities in life achievement can – and do – drive a wedge between relationships.

In my own life, I still feel tremendous competitiveness from my close friends, particularly those in similar lines of work.

If, however, we’re both equally successful [or close enough], we cheer lead each other.

The truth is I have yet to meet a man who applauds the success of another when his career is in the toilet. It just doesn’t happen.

Both must be on top in order to maintain balance…and applause.

This is why men who tout their success on social media often get likes from everyone but their “closest friends.”

2] Intimacy avoidance

If an older man’s greatest fear is loss of control, the last thing he wants to do is talk about his issues with his mother.

This is why men can spend 5 hours on a golf course and recall nothing more than sports statistics.

In this sense, Freud’s “Madonna-Whore” model is just as applicable to male-male friendships as it is to men and their wives.

If the guy’s too damn close, he’s cast aside.

If he’s too distant, it’s time for a fishing trip and 3 strippers.

3] Too many demands on our time

With all of the demands on our time, why attempt a communication campaign with other men when we have no idea how to do it?

Most guys I know are always busy with something, even if it’s nothing at all, which is why it’s never a good idea to cross examine them on this.

This is defense mechanism, of course, designed to maintain mystery – and distance.

Again, we’re back to competitiveness.

TYPICAL MALE-MALE INTERRACTION

Mike:

“Hey, Tom, how’s everything?”

Tom:

“It’s all good. How about you?”

Mike:

“The same. How are the wife and kids?”

Tom:

“They’re all good. Back to school after our vacation in Aspen.”

Mike:

“That’s great. We’ll all be up there in December.”

Tom:

“No place like it. Great catching up with you!”

Mike:

Yea, you too. Take care.”

~~~

So that’s it, a full-on man conversation. They both keep the narrative short and sweet, while conveying certain key points:

a] We’re both happily married, highly successful [think Ritz-Carlton, Aspen], and run in similar circles [think Aspen…again].

Slam-dunk. Now we can applaud each other.

No wonder women outlive us.

5 Physical Signs You’re an “Old Man” [at any age]

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GENERALITIES

1] Rigidity and trembling of head

2] forward tilt of trunk

3] reduced arm swinging

4] shuffling gait with short steps

4] rigidity and trembling of extremities  

Many men are literally falling apart by age 50, and it’s a Double Black Diamond downhill from there.

Everything hurts because everything is weak, particularly self-esteem.

Low self-esteem is then reinforced when people look right through them as though they don’t exist, because in a certain sense, they don’t.

With this in mind, here are 5 MORE SPECIFIC warning signs to look for – and avoid – if you don’t want to avoid stereotype:

SPECIFICS

1] man boobs [Moobs]

2] the “dad butt”

3] pregnant midsection

4] hanging flesh

5] pencil legs

The following link addresses the topic of posture:

https://www.painscience.com/articles/posture.php

~~~

SIDE NOTES

What interesting to me is how many women claim to support a “softer you.”

Of course, this comes from middle -aged matrons in average to poor physical shape, who don’t want the men in their lives to turn the backs on them to moment they do get in shape.

It’s an insecurity tactic that also doubles as a hedge against them having to hit the gym next to 20-something athletes.

People are always balancing their assets to achieve safety and security no matter what it ends up looking like.

~~~

Men my age are particularly concerned with the “SPECIFICS” column, because once they remedy these problems, everything in the first column disappears.

1] man boobs

As men age, they tend to lose testosterone and gain weight. Lower testosterone can lead to enlargement of glands in the breasts. Extra weight adds fatty tissue under the breasts. That can leave a man with bigger glandular tissue and more fat in his breasts. Fat cells make small amounts of estrogen, which can further enlarge men’s breasts.

HOW TO FIX THE PROBLEM

1] Lose Fat

2] Build muscle

3] Fix your posture

4] Exercise regularly

…and if all else fails, have a breast reduction. It’s called “gynecomastia” and it’s about a 90-minute outpatient procedure.

Final note: Get rid of those long, wiry hairs sprouting out randomly around the nipples. You can opt for laser hair removal available on every street corner in cities like Houston, or you can but a pair of tweezers at CVS.

How-to-Lose-Man-Boobs-Fast2“Boobilicious”

2] the dad butt

There is so much wrong with this condition I don’t even know where to start.

Suffice to say, when you get older and your butt starts looking like a hole in a 2 x 4, it’s time to start squatting.

Flat butts should be classified as a class-3 felony [at least] – in both men and women. 

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“Manbutteruptus in dad jeans”

3] distended midsection

Some otherwise thin older men appear to be walking around with a perfectly round “basketball” in their stomachs.

You might also notice that these same men have small arms and legs.

If it’s not a serious condition known as Cushing’s Disease [where the body over-produces cortisol], it’ poor diet, lack of resistance training, and usually, depression.

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“Pooch in pouch in dad jeans”

4] hanging arm flesh

Flesh is not supposed to hang. It’s supposed to coat the muscles like house paint.

But as aging progresses, skin sags as collagen production slows, leaving your skin less elastic than in younger years.

“Hanging out loud.”

What to do about it:

a] Drink eight to ten glasses of water per day to keep your skin properly hydrated and plumped.

b] Speak with your dermatologist regarding laser skin rejuvenation.

c] Exercise regularly to strengthen your triceps.

d] Eat a healthy diet consisting of fresh fruits, vegetables, whole grains, lean meats and low fat dairy [and don’t forget the good fats].

e] Apply an over-the-counter cream containing alpha or beta hydroxy acids, vitamin C or retinoids.

2B81843500000578-3203743-image-m-164_1440022337649“Hanging out loud.”

5] pencil legs

This is a particularly egregious condition for men of all ages, but horrendous in older men who can’t fill out a pair of slacks to save their lives.

No wonder designer labels are irrelevant. They’d be better off leaving the slacks on a coat hangar.

For the rest of you, just know that 60-70% of your total muscle mass is in your lower body.

If you don’t train your lower body, your entire body will not grow as quickly and will lack proportion.

If this is irrelevant to you, see your primary care physician for blood work to check your testosterone levels.

If they’re on the floor, you know why you don’t care.

For those with normal “T” levels, perform the following compound leg exercises at least once a week:

1] squats

2] leg presses

3] deadlifts

If you can’t even imagine yourself doing any of these, find a good personal trainer who will show you 50 different ways to achieve the same results.

Intense [and consistent] leg training is one of the true “secrets” to a muscular [and proportionate] upper body!

skinny_manWhile I’m pretty sure there’s someone for everyone, I’m not entirely sure…