Notes for PowerPoint
Slide #4. Various Generations
G.I. Generation Born: 1901-1926 Age in 2010: 109-84 G.I. Generation members are the:
• Grandchildren of Gilded Generation (1822-1842) • Children of Missionary Generation (1860-1882) • Parents of Baby Boomers (1946-1964)
• Grandparents of Gen Y (1977-1994) Attitudes:
• Energetic, patriotic, courageous, loyal, community oriented, hardworking, team players, respect for authority. Coined the phrase “senior citizen.” Believes in saving.
Formative Experiences: • Depression; WW II Movies, Music, TV:
• Big Band, Jazz, Casablanca, The Honeymooners Famous People:
• Jimmy Stewart, Rosa Parks, John Wayne, Ann Landers, Queen Elizabeth II, Jacques-Yves Cousteau, Joe DiMaggio. Seven U.S. presidents: Nixon, Kennedy, Johnson, Reagan, Bush, Ford, and Carter.
Silent Generation Born: 1927 - 1945 Age in 2010: 83 – 65 Silent Generation members are the:
• Grandchildren of Progressive Generation (1843-1859) • Children of Lost Generation (1883-1900)
• Parents of Gen X (1965-1976) • Grandparents of Gen Z (1995 - ) Formative Experiences:
• Korean War; Cold War; the “Beat” generation; end of 3rd world colonization Attitudes:
• Mickey Mantle, Geraldine Ferraro, Martha Stewart, Jackie Kennedy, Colin Powell, Elvis Presley, Aretha Franklin, Marilyn Monroe. No U.S. presidents from this generation.
Movies, Music, TV:
• Blackboard Jungle, Rebel Wit
Baby Boomers Born: 1946 – 1964 Age in 2010: 64 – 46 Baby Boomers are the:
• Grandchildren of Missionary Generation (1860-1882) • Children of GI Generation (1901-1926)
• Parents of Gen Y (1977-1994) Formative Experiences:
• Woodstock and hippie culture; assassinations of JFK, Martin Luther King, and Bobby Kennedy; Vietnam; Moon landing; Watergate; Cuban Missile Crisis; civil rights movement
Attitudes:
• Ambitious, optimistic, individualistic, immediate gratification, careerist, hardworking, competitive, materialistic, nostalgic about childhood
Famous People:
• Madonna, Oprah Winfrey, Bill Clinton, Hillary Clinton, George W. Bush, Madonna, Prince Charles, Peter Fonda, Al Gore, Bill Gates. Two U.S. presidents: Clinton, Bush.
Movies, Music, TV:
• Beatlemania, Rolling Stones, New Age, Easy Rider, (1st TV generation), Leave It to Beaver hout a Cause, American Bandstand, Rock and Roll, Doo Wop.
Gen X Born: 1965 – 1976 Age in 2010: 45 – 34 Gen X-ers are the:
• Grandchildren of the Lost Generation (1883-1900) • Children of the Silent Generation (1927-1945) • Parents of Generation Z (1995 - )
Formative Experiences:
• Social Security Crisis; Berlin Wall; Chernobyl; Rodney King; Challenger explosion; Iran hostage crisis; economic recession and corporate layoffs and downsizing; video games and high tech.
Attitudes:
• Skeptical, latchkey kids, isolated, cynical, entrepreneurial, independent, quality of life/family before career, self-reliant, pragmatic, reluctant to commit.
Famous People:
• Jodie Foster, Kurt Cobain, Courtney Love, Vin Diesel, Tiger Woods Movies, Music, TV:
• Grunge, Heavy Metal, Ninja Turtles, Total Recall, Terminator, E.T., Revenge of the Nerds, Robocop, Friends, MTV.
Gen Y, Echo Boomers, Millennials, Nexters Born: 1977 – 1994 Age in 2010: 33 – 16 Generation Y-ers are the:
• Grandchildren of the G.I. Generation • Children of the Baby Boomers Formative Experiences:
• September 11 attacks; Internet; Gulf War; Waco; Elian Gonzalez; Columbine shootings; globalization; terrorist attacks.
Attitudes:
• Empathic with elders. Sheltered, tolerant, sensitive to multiculturalism, inclusive, hopeful, over-scheduled and timepressured, multitaskers, short attention span
Famous People:
• Prince William, Britney Spears, Paris Hilton, Macaulay Culkin, Justin Timberlake, Venus Williams, Beyoncé Knowles
Movies, Music, TV:
• Hip Hop, Rap, Ska, The Matrix, Harry Potter, South Park, The Simpsons
Slide #8. HOPA/Fair Housing
• Housing for Older Persons Act (HOPA)
• an exemption in the federal Fair Housing Law prohibition against discrimination on the basis of familial status
• makes it possible for people 55+ to live in a community or facility with their age peers • note: the requirement applies to the occupants, not owners
“the Fair Housing Act says it’s unlawful to discriminate against members of certain protected classes in providing real estate services, even if these groups don’t fit in with your targeting strategy. More specifically, you can’t “make, print, or publish, or cause to be made, printed, or published, any notice,
limitation, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin, or an intention to make any such preference, limitation, or discrimination.” (SRES Course Material. See pages 80+ for more info.)
• Skill Builder Tip 9: HOPA in a nutshell • Qualified Housing for Older Persons
• 55+ housing – 80% of units must be occupied by at least one person aged 55 or older per unit. No more than 20% of units may be occupied by residents under age 55. -OR- 62+ housing – all residents must be at least age 62.
• The facility must publish, and adhere to, policies and procedures that demonstrate the intent to provide housing for older persons.
• Residents’ ages must be verified through reliable surveys or affidavits. • No programs of planned activities are required for either 55+ or 62+ housing.
Slide #9. Housing Options.
Housing options
• Active Lifestyles
• Active adult communities • Elder Co-housing
• “Snowbird” mobile home parks • Independent Living
• Aging in place
• Seniors only apartments
• Program of All-Inclusive Care for the Elderly (PACE), On Lok • Shared housing
• Congregate
• Elder Cottage Housing Opportunity (ECHO), Granny flat • Assisted Living
• Assisted • Continuing Care
• Care Facilities
• Board and care • Nursing home • Foster care
• Skilled nursing facilities
• Residential care facilities for the elderly (RCFE) • Short term, respite
• Hospice
Real Property
• An SRES® should be aware of how the ownership of real property might affect an estate plan and alert clients to seek the advice of an attorney who is an expert in estate matters.
Page #10. Pensions, SS, Medicare, Reverse Mortgages, etc.
Pensions, 401k accounts, and IRAs
• Distributions from pension accounts, deferred compensation, traditional IRAs, and 401k plans are generally taxable because contributions to these accounts are made with pre-tax dollars. The advantage is that in many cases, the recipient is in a lower tax bracket during retirement than during working years.
Social Security, Medicare, Medicaid and Social Security Income (SSI)
• Social Security and Medicare
• not a need-based program - therefore, income received from pensions and investments do not impact the availability or amount of benefits paid under these federal programs.
• a portion of Social Security benefits can be taxable if income exceeds specific levels.
• Medicaid and Social Security Income (SSI)
• Medicaid and SSI are needs-based or means-tested programs. Income from pensions and other sources, including income from a reverse mortgage or an annuity purchased with a lump-sum distribution, can make a recipient ineligible for these benefits.
• note: although Medicaid is a federally created program, it is administered by the states, each of which sets its own guidelines and procedures. The rule of thumb for Medicaid eligibility is the recipient can have no more than $2,000 in liquid assets - If at anytime the recipient accumulates $2,000 or more in liquid assets, eligibility is lost.
• A reverse mortgage is a special type of mortgage for individuals aged 62 or older that enables conversion of home equity into cash.
• It is a loan secured by the owner’s home; however a reverse mortgage functions as if the homeowner had sold the home early, continued to live there, and was paid for the home while occupying it.
• It is called a reverse mortgage because for years the homeowner put money into the home and is now taking money back out while retaining the title and continuing to live in the home.
• The main benefit of a reverse mortgage is it allows a homeowner to tap the built-up equity in the home by receiving immediate cash, lifetime payments, or a line of credit.
Skill Builder Tip 21: Spending assets in retirement
• For those who have worked and saved all of their lives to prepare for retirement, the switch to spending assets requires a major mind-shift. Retirement is what seniors have been saving for. It is the time for spending the assets built up over a lifetime. The questions are:
• When to withdraw cash? • How much?
• From which “savings” – pension, 401K, IRA, savings, home
Page #11. Team of Experts.
Page #12. Resources/SRES
®Council Partners
• AARP• AARP is a nonprofit, nonpartisan membership organization for people age 50 and over. AARP is dedicated to enhancing quality of life for all as we age. We lead positive social change and deliver value to members through information, advocacy and service. AARP also provides a wide range of unique benefits, special products, and services for our members. These benefits include AARP Web site at www.aarp.org, "AARP The
Magazine," the monthly "AARP Bulletin," and a Spanish-language newspaper, "Segunda Juventud.“ Active in every state, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands, AARP celebrates the attitude that age is just a number and life is what you make it.
• Snap for Seniors.
• SNAPforSeniors is a Seattle-based information company which has developed the most current and comprehensive database of senior housing communities in the U.S. We license our data and search tools to leading corporate, non-profit and governmental
senior housing decisions by making the best information available to consumers and their advocates.
• MoveSeniors.com
• Senior client home transitions often require knowledge and services beyond the scope of traditional moving. Certified Relocation &Transition Specialists (CRTS)™ help clients move forward with their decision to relocate. A CRTS manages items such as space planning, downsizing, packing, move oversight, senior living , asset management, hoarding, dementia, chronic conditions and new home resettlement. CRTS understand legal and ethical considerations that accompany senior home transitions. All CRTS meet ongoing insurance, background check, examination and continuing education
requirements. CRTS are familiar with the SRES Realtor commitment to the senior population and make perfect resource and referral partners to help move your client forward. Log on to MoveSeniors.com today and find a qualified CRTS near you!
