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It's holiday time and Boomers should be thinking about... scams. That's right, scams.

This time of year we focus on celebrating the holidays but sadly, it's also a time when scammers are doing their best to bilk Boomers, as well as others. Everyone is vulnerable to scamming during the holidays since we tend to be distracted and let our guard down. This is an especially trying holiday time with the pandemic, because many of us have restricted our travel and we are likely to stay home rather than visit family and friends. That means you may be spending more time online -- so you are more prone to scams. You also may be answering calls on your phone more often, even from phone numbers you don't recognize.

Unfortunately, online and phone scammers alike are becoming much more sophisticated. They are posing as charities, banks, government agencies, shipping companies and more. For example, emails, websites and text messages might look completely legitimate, but they could be fake. (Have you gotten any of those "shipping notice" texts recently? That's one of the latest scams.) The same is true of phone calls that seem to come from banks, Medicare, the FBI or the IRS.

To keep you from turning your holidays into "scam-adays," I recommend that you read an informative series of articles, "Scams & Older Adults: What to Do?" You'll find it on an excellent website for seniors, Tech-enhanced Life, here: https://www.techenhancedlife.com/articles/scams-older-adults-what-do

This series of four articles, written by a retired psychologist, contains valuable information and tips:

Part 1: Scams & Older Adults. Why older people are especially vulnerable to scams – it’s not just because they are less tech-savvy than younger generations.

Part 2: Forewarning. How scams generally work, what their objectives may be, and ways to recognize signs and situations that increase your vulnerability. (Includes lots of actual examples.)

Part 3: Forearming. Ways to reduce your vulnerability to scams and ways to help yourself and your loved-ones to remain scam-free by following some basic safety rules.

Part 4: Taking control - When you need to step in. What you can do if you need to step in directly to help a loved-one manage their affairs to avoid exploitation. (Your parents or older family members are even more susceptible to scams than you are.)

Consider this my holiday gift to you -- so you'll be able to celebrate the holidays without getting scammed!

Image by Gerd Altmann from Pixabay

HappilyRewired.com is a Wearever Top 20 Senior Blog and a Top 75 Baby Boomer Blog

Read about 156 best and worst brands of the 50s and 60s! 

Many Boomers are "retired," but those in the know don't think of it that way. Instead, they treat retirement as if it is a small business they run. Doing so is something Boomers either learn from running a business previously or from meeting with a financial adviser. Either way, it makes a lot of sense to treat retirement like a business. Here are some of the ways it will make a difference:

• Manage income and expenses in retirement, just like a small business.
  Retirement income may be fixed (such as a monthly Social Security benefit) or variable (such as a Required Minimum Distribution from an IRA, or interest from investments). It is important to know how much income you receive on a monthly and annual basis and from which sources so you can support your lifestyle. Expenses should be itemized and managed monthly or quarterly so you know when bills are due and where you are spending your money. This will also be helpful in managing cash flow.
  
  
• Do a projected budget each year.
  Owners of well-managed small businesses project their income and expenses annually (or sometimes more often) in the form of an operating budget. This is just as valuable an exercise for retirees. Projecting income and expenses for the next year based on current and previous years is a valuable lesson in fiscal responsibility. It allows you to compare income and expenses from one year to the next, look back historically at how income and expenses have changed, make necessary adjustments to the current year and make reasonable estimates of how much money is coming in and flowing out for the year.
  
  
• Analyze expenses carefully.
  Wise business owners assess each and every expense category to determine where they can operate more efficiently. In retirement, you can do the same thing. Make your own list of expense categories and examine each one individually as part of your overall budget. Your mandatory expenses (rent, utilities, etc.) should be separated from discretionary expenses. If you use the above-mentioned budgeting process, you can start to hone in on expense categories that can be reduced or perhaps even eliminated. 
  
  
• Build in contingencies.
  Experienced business owners realize that there could be unanticipated losses of income or unexpected expenses. The conservative way to plan for this is to build contingencies into a budget. In retirement, that means ensuring that you have adequate savings, an emergency fund or other financial vehicles such as equity lines available so you'll be prepared for something out of the ordinary. One of the largest expense areas in retirement tends to be health costs, so be sure to allocate contingency money for unanticipated medical needs.

These are just a few examples of ways in which you can treat retirement like a small business. If you've done any kind of personal budgeting, you're already off to a good start. Most of what I've described here can easily be done with spreadsheet software. It just takes a bit of time and financial discipline. If you are unfamiliar with basic accounting, there are plenty of sources available via a simple internet search. Numerous personal finance apps could be of assistance, and your financial adviser could also provide valuable guidance.

The end of the year is an ideal time to think ahead and set up a simple system so you can treat your retirement like a small business in 2021. 

Image by Pexels from Pixabay

HappilyRewired.com is a Wearever Top 20 Senior Blog and a Top 75 Baby Boomer Blog

Read about 156 best and worst brands of the 50s and 60s!