This Week in Your Wallet: March 27, 2012

Posted by Jean

When do you envision retiring? Much to my husband’s chagrin, I usually say never — I love what I do and I can’t imagine a future in which I’m not doing it in at least some small capacity.

More and more people are also answering “never,” though not necessarily by choice: in a recent survey by the Associated Press, nearly one in four baby boomers predicted they will not have enough money to ever retire. As a result, 7 million people ages 65 and over have a job, a number that has grown 27 percent over five years and according to experts will only continue to climb higher and higher.

This SmartMoney article gives a fascinating account of the challenges facing seniors in the workforce — it’s a little long, but well worth the read. It highlights some of the disadvantages seniors face (slower abilities when it comes to number sequencing and reduced multitasking abilities, to name two), but also some of advantages they have: according to the article, some labor experts say the current job market’s move toward benefit-free contract work may actually favor older workers, especially if they are receiving healthcare through Medicare. The other good news? Seniors are in “high demand” among non-profits and other industries that require “good people skills and the deft touch that only comes from decades of experience.”

We recently tackled this topic — “rewirement” versus retirement” — on an episode of Cash Call. I had a great conversation with Jeri Sedlar and Rick Miners, authors of “Don’t Retire, Rewire!” We talked a little more about starting a second career (rather than staying in your current one, as the Smart Money article discussed), but I think they provided some great tips on how to not be intimidated when you look at your future and the possibility of taking on a second career that is markedly different from your first career. One of their best tips: consider doing this new work on the weekends or in your free time to see how you like it and see how it feels. This can help ease that transition between job #1 and job #2.

You can watch that segment here, and I also recommend heading to my Facebook page: I posted a clip of my interview with Trudy Carcone, a woman who went back to work nearly thirty years ago at age 55. She’s now 84 years old and does wardrobe for Lester Holt at NBC. She told me she’s so happy she had the courage to follow her passion and go back to work, even though it was intimidating at the time. She is truly an inspiration.

And now, here are the other headlines for the week:
Your kids want money… advice!

I was thrilled to see the results of a recent T. Rowe Price survey, which found that kids (ages 8 to 14) actually want to learn more about money matters. In particular, they expressed a desire to learn how to save money, and (less surprisingly) how to make money. Among the other fun facts from the survey:

• 54% of kids say they go to Mom first when they have a money question. (No word on whether that number shoots up when they’re just asking for money, though based on my kids I suspect it does…)
• 42% of kids report knowing that their parents disagree over money matters (so no matter how well you think you’re hiding it, they’re likely catching on).
• 85% of kids think an online financial game would help them learn the basics about spending and saving.

You can catch the full survey results here, and hear stories from real parents who taught their kids a money lesson here. If you haven’t started talking to your kids about money yet, do it now. As I say inMoney Rule #88: It’s more important to build a legacy than an inheritance. What you teach your kids now will far outlive any dollar amount.
Speaking of kids… save money at the movies

I saw “Hunger Games” with my kids this weekend, and I have to tell you — it was as fantastic as everyone says it is. (And in case inquiring minds want to know: I’m Team Peeta all the way.)

However, I know that a family night at the movies can be a bit on the pricey side these days, so I wanted to pass along this article that gives some great tips on saving money at the movies. My favorite deal-seeking strategy? Go to Groupon, LivingSocial, or KGB Deals, where discounted movie tickets have apparently become common amidst all the spa weekends and restaurant deals. Case-in-point: KGB Deals just offered four Fandango tickets for $24. Where I live, $24 gets you about one-and-a-half movie tickets. Doing this will even allow you to splurge on popcorn!

Have a great week!

Jean