What Happens When Your Entrepreneurial Light Starts to Fade After 50

My last day in a television newsroom was March 26, 2006. I decided to take a huge leap of faith and do what I love on my own terms. Plus I was totally sick of “breaking news” and the sensationalism and inaccuracy of the news business.

Three months later, my first book was published: Whatever! A Baby Boomer’s Journey Into Middle Age. It told my life story as a 40-something year-old woman dealing with subjects like working for younger know-it-alls, being back on the dating scene after 40 and suffering through menopause---all kinds of drama. With the book came a book tour, television appearances and speaking engagements. All of a sudden I was a go-to gal for baby boomers and I became a baby boomer expert. Life was good. PLUS the book became a best seller on Amazon.

From there, I created Boomer Diva Nation and started connecting with other women in my age group who were doing wonderful things to make a difference in their lives and the lives of others. I also became an entrepreneur and formed a consulting start-up known as BAMedia. As a media consultant, I offered my expertise to my fellow boomers to help them get a leg up in their businesses. My motto was: “If it’s your time to shine, I can help you turn on the spotlight.”

I was networking my behind off. If there was an event, I was there trying to be seen AND heard. I wanted others to see my gifts, talents and expertise. I wanted them to know I had what they needed. I wanted to help them.

Two things I know FOR SURE about me: 1) I am a natural when it comes to being able to communicate. 2) I love helping others shine and helping them tell their own stories.

I was so sure this was the journey I was supposed to on. But as they say, a funny thing happened on the way to.....
In my case, a not-so-funny-thing-happened-on-the-way-to-success.

I thought I had an entrepreneurial spirit that was shining so brightly that people around me would have to wear sunglasses just to be in my presence. But little did I know, spirit is not the same as heart.

So what went wrong? Stay tuned for the next post.

A Boomer Review of the Movie The Internship

The Internship is a movie about two middle-aged men who suddenly become unemployed and end up at GOOGLE as interns, along with dozens of younger, technological geeks.

Vince Vaughn and Owen Wilson portray the two middle-aged men who were watch salesmen and lifelong friends. Without warning, their company shuts down because, as the owner says, "mobile phones have replaced watches as the best means of telling time."

As "Ngooglers" Vaughn and Wilson are teamed up with a group of perceived misfits who must compete in a series of challenges, with the winning group being offered permanent jobs at the company.

Despite other not-so-flattering reviews I have read about this movie, I actually enjoyed it. As a middle-aged woman, I clearly understand the challenges my fellow boomers face when trying to re-enter the workforce. We did not grow up with computers, so when trying to re-enter corporate America or simply changing jobs, there are, in many cases, technology demands we may not be proficient in. And then there is the ribbing (or behind-the-back insults) we may get from our younger co-workers.

The Internship shows how wide the generation gap is when it comes to technology but also demonstrates the value middle-aged folks still bring to the business world. Case in point: Vaughn and Wilson are able to convince another middle-aged small business owner the importance of using technology to grow his business with a sales pitch AFTER the younger team tried to do it with a computer-laced chart of bars and graphs and a lack of understanding of how to effectively communicate face-to-face.

One reviewer calls The Internship "tired and predictable." I totally disagree. While it may not be realistic for middle-aged folks who are unemployed to believe they can get an internship at a place like Google, there is no mistaking the fact that boomers have an edge when it comes to wheeling and dealing without having to use an app for that.

If I had to point out a negative in the movie, I would have to say it's the lack of diversity, especially when it comes to young black males. It seems as if Hollywood has written off young black men as technological geniuses. Having a biracial young man in The Internship does not count especially when he shows no sign of color other than his hair.

If you're a baby boomer, I recommend you see The Internship and keep hope alive.

Solar Shades are Hip for Baby Boomer Divas

Recently, I was invited to try a new style of sunglasses offered by Solar Shield®. The sunglasses are designed to be worn over your own prescription frames and provide ultimate sun protection for eyeglass wearers. There were more than a dozen to choose from. Since red is my signature color I chose the designer temples.

I tried them on first without my eyeglasses and knew I was looking cute! Then I tested them with my prescription glasses. Sadly, they did not fit over my Michael Kors. That brings me to this point: When shopping for sunglasses, it may be wise to actually try them on instead of purchasing them without knowing specifically if it will be the right fit and style for your face. I'm sure if I had purchased them, the Company would've reimbursed me or allowed me to select another pair.

If you are planning to make a purchase of the solar shades, my recommendation would be to contact the Company directly FIRST to make sure you are ordering the right size for your prescription glasses. And they make it easy for you on their website:

Customer Service: 800.959.9038
Live representative available from 8:00am-5:00pm EST

Even if you don't get the sunglasses, you can also buy some Solar Shield® ClipOns and they also have a sizing guide on their website to help you find the correct fit.

I still absolutely love the solar shades I received from Solar Shield® and I will be sporting them while hanging out in the sun. No one has to know whether I can truly see or not. I just want to look like a cute and hip baby boomer diva!

Please note: I was offered compensation for my review of this product as a member of the Vibrant Nation Influencer Network.

What To Do When a Loved One Dies

Death is one of those subjects many of us don't like talking about but the older we get the more necessary it becomes, especially if you have a husband, children and siblings. I've written about this subject before (Have You Had the Death Talk with Your Spouse Yet) In this post, I'd like give you some tips shared by Paul Finkelstein.


Request copies of the death certificate. Depending on where you live, you have two or three places to turn to for this document. You can phone, email or personally visit the office of the county recorder (or county clerk, as the term may be). You can alternately contact your state's vital records department (sometimes called the state registrar or department of health), though it may take a little longer to get the document this way. In addition, some large and mid-sized cities maintain their own registrars of births and deaths.

Call advisors, executors & business partners as applicable. The deceased's lawyer and CPA should be quickly notified, along with any business partners and the executor of his or her estate. You must have a say in the decision-making that follows. The goals of protecting family assets, carrying out your loved one's bequests, and determining the next steps for a business will follow.

Call your loved one's current or former employer(s). Notify them even if he or she left the work force years ago, as retirement savings or pension payments may be involved. As the conversation develops, it is perfectly appropriate to ask about pertinent financial matters - say, 401(k) or 403(b) savings that will be inherited by a beneficiary or what will happen to unused vacation time and/or unpaid bonuses.

Funds amassed in a qualified retirement plan sponsored by an employer (or an IRA, for that matter) commonly go to the primary beneficiary who has been named on the most recent beneficiary form filled out by the account owner. That sounds simple enough - but certain rules and regulations can make things complicated.1

As a general rule, if the late 401(k) or 403(b) account owner was your spouse, then you are the presumed beneficiary of the 401(k) or 403(b) assets. Under the Employee Retirement Income Security Act (ERISA), workplace retirement plans are directed to abide by this guideline. If someone else has been named as the primary beneficiary of the account with your consent, then the assets will go that person.1

If the late 401(k) or 403(b) account owner was single, the assets in the account will go to whoever is designated as the primary beneficiary. The beneficiary designation will override any wishes stated in a will (for the record, the Supreme Court ruled so in 2009).1

To arrange and confirm the transfer or distribution of such assets, the beneficiary form must be found. If you can't locate it, the employer and/or the financial firm overseeing the retirement plan should provide access to a copy. The financial firm should ask you to supply:

*A certified copy of the account owner's death certificate

*A notarized affidavit of domicile (a document certifying his or her place of residence at the time of death)


If the named beneficiary of the retirement plan assets is a minor, his or her birth certificate will be requested. If the named beneficiary is a trust, the financial firm will want to see a W-9 form and a copy of the trust agreement.2

As to what to do with the retirement plan assets, there are really only three courses of action: you can a) transfer the assets into an IRA, b) transfer them into an IRA you own if the account owner was your spouse, or c) take the assets as a lump sum and pay the resulting income tax on that money, with the possibility of moving into a higher tax bracket.2

The value of these assets will be included in the estate of the deceased, unless the named beneficiary is a spouse or a charity.3

If you have been widowed, call Social Security. If you already receive benefits, you may now be eligible for greater benefits.

If your spouse received Social Security and you did not, you may now qualify for survivors benefits - and you should let Social Security know as soon as possible, as these benefits may be paid out relative to your application date rather than the date of your loved one's death.

If this is the case, you may apply for survivors benefits by phone or by visiting a Social Security office. You will need to have some extensive paperwork on hand, specifically:


*Proof of the death (death certificate, funeral home documentation)

*Your late spouse's Social Security #

*His/her most recent W-2 forms or federal self-employment tax return

*Your own Social Security # & birth certificate

*Social Security #s & birth certificates of any dependent children

*Your marriage certificate or divorce papers, as relevant

*The name of your bank & the number of your bank account for direct deposit purposes


If you have reached full retirement age, you will likely get 100% of the basic benefit amount that your late spouse was receiving. If you are in your sixties but haven't yet reached full retirement age, you may receive anywhere from 71-99% of that amount. If you have a child younger than 16, you will get 75% of your late spouse's basic benefit amount and so will your child.4


Call the insurance company. Assuming your loved one had some form of life insurance, contact the policyholder services department of that insurer and confirm the steps for claiming the death benefit. A claimant's statement will have to be filled out, signed and presented to the insurance company (one for each named beneficiary of the policy), and a certified copy of the death certificate must be attached to said statement(s). Some insurers also want you to fill out a W-9 form, which tells the IRS about any interest paid on the value of the policy.5


Death benefits are generally paid out within days of a claim. Presumably, they will be paid out in a lump sum. If that is the case, they won't be taxable.




This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Citations.

1 - online.wsj.com/article/SB10001424053111904007304576496612749922654.html [9/7/11]

2 - www.schwab.com/public/file/P-1625576/CS13416-02_MKT13598-10_FINAL_118091.pdf [12/10]

3 - www.americanbar.org/groups/real_property_trust_estate/resources/estate_planning/planning_with_retirement_benefits.html [2/11/13]

4 - www.ssa.gov/pubs/10084.html#a0=2 [2/11/13]

5 - www.360financialliteracy.org/Topics/Insurance/Life-Insurance/Claiming-Life-Insurance-Benefits [3/20/13]

6 - nvf.org/death-pension [3/20/13]

7 - www.irs.gov/taxtopics/tc356.html [1/29/13]

Aging Must Be Politically Correct

It seems as though I won’t be aging gracefully as a “little old lady” like my Big Mama (grandma) did. She, by the way, lived to be 100 years old and in my eyes she was a “sweet, little old lady.”

There appears to be a rallying cry from an ageism campaign group out of California to ban descriptions like “old” “elderly” and even “senior” when making reference to those of us over the age of 50. The International Longevity Center has gone as far as to create a new media guide.

According to Dr. Robert Butler, President and CEO of the Longevity Center, the guide “is an important step in overcoming ageist language and beliefs by providing journalists and others who work in the media with an appropriate body of knowledge…”

Here are some of the words they want eliminated:
• Ancient
• Biddy
• Blubbering idiot
• Dirt ball
• Crotchety old man
• Dirty old man
• Fogy
• Fossil
• Geezer
• Hag
• Little old lady
• Old fart
• Old goat
• One foot in the grave
• Over the hill
• Prune
• Senile old fool
• Sweet old lady

As a working journalist over the age of 50, I know better than to use those words and I would certainly hope that my younger colleagues know better too. Sometimes I even question why we use the word "baby boomer" to describe our generation, although I do understand how the terminology got its name.

The guide also suggests that “attributing physical decline to age erroneously suggests that age itself is the cause of decline when, in fact, illness is often the cause. Further, diseases that manifest themselves later in life are often caused by behavior and environmental exposure early in life.”

So I guess the middle age spread I am now in a battle with must be attributed to all that pizza I ate in my teens and twenties and not the result of the slowing down of my metabolism. But how does one explain arthritis, wrinkles and sagging breasts?

No More Paper Checks for Social Security

If you've been receiving a social security or disability check in the mail, you better get ready for a MAJOR change. Effective this month, the Social Security Administration is forcing millions of older Americans to jump into the 21st century and the digital age of banking. That means you either need to have a checking account for direct deposit or get used to spending your money with a pre-paid debit card. This move will affect about five million people.

The Department of the Treasury says the government will save approximately one billion dollars over the next ten years through the elimination of the paper checks and going paperless will also result in fewer lost and stolen checks.

If you don't have a bank account, there are a couple of options to get started:

Direct Express Card – a prepaid MasterCard debit card recommended by the Treasury. For no monthly fee (unlike many other prepaid cards), your benefits are deposited automatically to the card, which can be used to make purchases or withdraw cash from an ATM. Your deposits are also federally insured by the FDIC.

Open an Electronic Transfer Account – ETAs are available at nearly 400 banks nationwide. They are a low-cost account designed specifically for Americans receiving some sort of federal government benefit payment (including Social Security).

Some EXCEPTIONS are being made the new paperless social security checks. The government says people who are 90 and over and are still getting Social Security benefit checks will continue to receive their benefits the same way. There are approximately 275,000 people who fall into that category.

In addition to the automatic waiver from electronic payments for those 90 and over, people living in remote areas who might have trouble getting to a bank can also petition for a waiver from the new rules.

So it looks like the days of grandma stashing cash inside her mattress may be over.

Boomer Women Want the Look of Sophistication

Forty years ago I could never envision myself wearing any kind of glasses EXCEPT sunglasses. Funny, how time and aging can give you a different perspective.

As an author and reader, I know I have put tremendous strain on my eyes over the years so I was delighted to receive and try out a complimentary pair of reading glasses from iconeyewear.

Imagine my surprise when I opened up the package and saw how cute they were. I'm not sure what I was expecting but they were very stylish. I could definitely see myself reading in these.

My first test was taking them to church and following along with the reading of a Bible scripture. Hallelujah! A miracle! I could see the words without squinting.

Next was finishing up a book I had been reading where the font size was written for 20 year olds with perfect vision. Now I can read a book and look sexy too!

What I love about the Borghese readers from Icon Eyewear is they are very stylish and give me a look of sophistication. Women of a certain age deserve to look classy even if they are wearing reading glasses.

The right eyewear will allow you to get up close and personal for all of your reading pleasure.