Seniors Speak Out
Do you prefer to work with an independent agent or a captive agent?
We’ve worked with both. To tell you the truth, sometimes it comes down to the person you deal with. I admit I might like some of the bells and whistles or offerings you hear from one or the other, but at the end of the day you have to find a person you can believe in and trust.
- Mike W., 64
Houston, Texas
We may be a little biased since my brother-in-law is our agent. He’s with ING and has been able to answer any question we throw at him. Although we don’t ask too many questions. We see where our money is and how it’s grown so we don’t worry too much about it.
- Jan M., 61
Hermosa Beach, Calif.
I like independent agents. My first agent was independent and we had a great relationship together, met at church and watched each other’s kids grow up. When he retired, his son took over his business and we have a great relationship as well. - Bill D., 73 If given a choice, I prefer an independent agent. I feel like I avoid lots of red tape and have more of a one-on-one relationship with an independent agent. - Sam A., 62
Jackson, Miss.
Mobile, Ala.
What clubs and organizations do you belong to, and how involved are you?
I belong to the AARP, but I mostly like to read their magazine and use the senior discount. Otherwise, I'm too busy to be in any clubs - unless you count golfing with the same group of guys every month."
- Frank K., 62
Oswego, N.Y.
I'm an active member of the Knights of Columbus, which is a Catholic men's group. I spend a lot time doing things for them. I'm also on the board of my subdivision's homeowners' association, and that meets once a month or so."
- Gilbert G., 51
Highlands Ranch, Colo.
I wish I had the time to do those types of things. My friends want me to join their little knitting group, but I still work full time, and I've got more than 20 grandchildren. All those kids keep me young and very busy."
- Barbara G., 72
St. Paul, Minn.
Thanks to my husband, I haven't had to work since my kids were born, and now that they're both in college, I can spend more time with my friends. And I help organize music and kids' events at the Jewish Community Center."
- Mary J., 55
Minnetonka, Minn.
What kind of marketing tends to best attract your attention?
I like to get informational things in the mail that also get my attention to make me want to open it. So if I'm interested, I like to be able to just keeping reading about something right away. A 30-second commercial might get my interest, but I can't get all the information I want, and can never remember how to find out more."
- Helen W., 79
Lamoni, Iowa
I can't say that I have a favorite marketing tactic, but I can tell you what I really don't like. I'm a big fan of the anti-spam law, and have even turned in one particularly annoying company for not taking me off its list after I asked them to. I feel pretty much the same about telemarketers. I'm also not a big fan of junk mail, and I've gotten pretty good at spotting it, despite all the alarming statements they put on envelopes designed to get you to open them. I'm not as mean as I sound; I would just rather get recommendations from people and then do my own research."
- Walt B., 68
Denver
I listen to a lot of public radio like we old folk tend to do. I love that there are no commercials, but they usually do a few quick thank-yous to their sponsors or underwriters, I guess they're called. I hear a lot of sponsorships from insurance companies and lawyers, real estate firms and landscapers. It's all servicetype stuff, but I like knowing these companies help pay for public radio and I usually remember who they are if I need a particular thing. Well, I always try to remember them first."
- James B., 76
Janesville, Wis.
If I get a really interesting-looking letter in the mail, I'll always open it. The more creative-looking, the better - it can't just be a business-type envelope. Years ago I got a really neat letter announcing a fund-raiser for a small zoo, and it was kind of like a pop-up card with different endangered animals. I thought that was really creative, and it got me to donate."
- Anonymous, 54
Casper, Wyo.
What kind of life insurance coverage do you have, and do you feel it is adequate?
I have inadequate life insurance, because I threw too much money back into my business. Then I got separated a year ago, so I didn't feel the need to maintain that level - I was paying a couple hundred bucks each month. So, the money I saved after reducing my coverage got thrown into business software. As a single person, I didn't have the desire to have that extra coverage. So, I guess in 30 years I'll get some flower bonds or something."
- Steve D., 56
Logan, Utah
I have life insurance that's offered from my employer - the state - and have extra added funds to it for the sake of my children. The state's plan is already pretty good, so right now I feel like my coverage is more than adequate."
- Lynn W., 50
Denver
My father died when I was very young, leaving my mother unemployed with four kids under six. He didn't have life insurance, so that was one thing I promised would never happen to my children. If anything, I'd say I might have too much."
- Rose Z., 61
Rochester, N.Y.
There was a long time when I thought I didn't need life insurance, since I was single and didn't have any dependents. I didn't get married until much later in life, so my wife and I started discussing it then, especially since she has two children from a previous marriage. When the kids were still minors, we each took out policies. They've grown up now, but I still think my coverage is just right. If anything happens to me, my wife should be financially set."
- Ron L., 60
Pierre, S.D.
What do you do to stay active?
Probably not as much as I should be doing. I've got diabetes and have gained weight over the years. I make New Year's resolutions every year to get to the gym and generally see the early effort peter out by around February. Maybe I should make a mid-year's resolution, too.
- John W.,
68 Dallas, Texas
My wife and I walk our dogs every day for 30 minutes. I don't know how far we go distance-wise, but we make it to a cliff that overlooks the Pacific Ocean and get to watch the sunset. It's beautiful.
- Jay P., 64
Long Beach, Calif.
I'm in a golf group with a bunch of my girlfriends. We get together three times a week and play 18 holes. I'm not very good - yet - but I love to get out there and hit the ball and talk with my friends. - Josey C., 61 I love to swim. When I was younger I swam competitively and have never stopped. I get in the pool just about everyday I'm not traveling and swim laps for 30 minutes. I tried jogging, but it was too hard on the joints. Swimming is better than medicine. - Sandra E., 77
Greenville, South Carolina
Birmingham, Ala. Swim.
Do you now or have you ever had disability insurance? What are your thoughts about disability policies?
I'm living on disability right now, even though I'm still relatively young. I never thought I would need a disability policy, especially since I had an office job, so I never thought about buying it. I was in a pretty serious car accident that effectively ruined by career. If I had disability insurance, it would have saved me almost two years of struggle trying to get approved for disability through Social Security. If I could do it over, I definitely would have purchased disability insurance through my office when I had the chance."
- Anne K., 50
Highlands Ranch, Colo.
I have never had disability coverage and really never gave that any thought. I was pleased to find out that Social Security had disability coverage. I'm sure very few seniors even know about that."
- John L., 75
Littleton, Colo.
Both my wife and I have short-term disability coverage from our employers. Since we're getting older, we thought it would be a good extra safety net. I've never had to use it, but if something did happen, I'd be covered - at least for a while. Even though it doesn't cover all the expenses, it's definitely better than nothing."
- Henry Z., 62
Overland Park, Kan.
I've never carried disability insurance on any loan. Some of my life insurance policies have attached disability clauses, but to meet those requirements you'd really be in bad shape. My employer's sickness benefits weren't that good - they have now changed and if one's financial portfolio allows, I'd say it's not a necessary expense. However, if overextended, it might fit your needs."
- Arnold M., 61
Schuylkill Haven, Pa.
What do you think about the fear that the wave of baby boomers becoming seniors will overwhelm Social Security and Medicare?
I don't really worry. It's my kids that should be worrying. After all, they'll be paying for my Social Security when I get to that point. But I hope the government puts a good plan in place soon, otherwise I'm afraid my kids won't benefit from any of the money they paid in."
- Rene S., 57
Dayton, Ohio
I don't know what most people think, but to me it's all just politics. I think the current administration is using this fear of Social Security running out to push their plan for privatization - and that's just not fair. Why should younger people have to deal with it on their own when their parents and grandparents will get the money they've paid in [to Social Security] when they retire?"
- Frank D., 62
Sarasota, Fla.
Let's just say I hope it doesn't happen. I hope that our legislature and policy guys will be forced to recognize the problem and do something about it before time runs out. That said, I don't think they'll just let it all go to pot - they will have to do something. What that might be, though, I don't know."
- Karl R., 50
Casper, Wyo.
I'll probably be dead by then, so I'm not too involved with that whole argument. My wife and I never had kids, so that makes it easier not to care."
- James W., 74
Salem, Mass.
What is your ideal work arrangement in retirement?
I guess it's what I'm doing now. I retired from my full-time job a couple years ago, but I was very bored. Now I work part time at a knitting store, which keeps my mind moving. And I really enjoy teaching younger people how to do my favorite hobby."
- Barb G., 71
Saint Paul, Minn.
I've been working since I was 13 years old, and I'm still working. I'm tired. My father was retired at 65, and he got to spend the rest of his life relaxing. But I think after we get our finances shored up, I should be able to leave the workforce in a couple of years. My wife is 10 years younger than I am, so she'll still be working, which will help. Then I can do as much fishing as I want, and she won't be able to tease me about it."
- Bill W., 66
Des Moines, Iowa
I would like the ideal situation: That is, where I wouldn't have to work for money, but I would be healthy enough to work if I wanted to. I definitely don't want to be 75 and working at McDonald's, but I don't want to be sitting around playing bridge all day, either."
- James B., 69
Janesville, Wis.
I hope I get to retire some day. It's not something I'm too worried about right now, because I've got plenty of good years left in me, but I hope I have enough money saved to retire comfortably and still get to travel, which is what I love the most."
- Monica W., 55
Des Moines, Iowa
Did you sign up for Medicare Part D prescription drug coverage, and if so, what did you think of the process?
I signed up for the plan, but it was not easy. I wanted to get it done by the deadline, so thankfully my pharmacist walked me through the process. I hope I picked the right plan."
- Paul K., 68
Savannah, Ga.
I did not sign up for Medicare Part D since I still get health benefits from my employer. I guess I'll worry about it when I finally am able to retire, but by then, they may have an entirely different plan to learn."
- Hazel Z., 56
Stillwater, Minn.
My daughter is married to a doctor, so the two of them took care of everything for me. I didn't have to go through the hassle, which I'm very grateful for. They were worried that it would be too taxing for me, especially since my wife just died."
- John W., 81
Chicago
I know it's not good to say this, but I didn't sign up for the coverage just to avoid the whole process. I had a couple of friends who went through it, and they can only describe it as an ordeal. So, because I'm lazy, I probably missed out."
- Joanne B., 68
Garden City, N.J.
What would make you likely to provide referrals to your advisor when asked?
If he or she had done a good job with my finances, and was able to impress me, then I'd probably be willing to make referrals. But I have to have a relationship established with the advisor first; I want to make sure they know what they're doing."
- Rebecca L., 60
Dover, Del.
I went to an advisor a few years ago, and before the ‘free consultation' was even finished he asked me to give him the names of five friends he could call and drop my name to. Even though he explained that referrals were a big part of his business, I kind of felt like he was jumping the gun a little. He wasn't even done handling my stuff before he was thinking about new business and more money, and I find that crass. I never went back to him."
- John B., 55
Reno, Nev.
I'm happy to help a good advisor grow their business if I can, but only if they've proven themselves to me. I'm not about to let someone call my friends or family if I'm not 100 percent happy with the situation. I also don't like the idea of the advisor cold calling people I know and using my name as an introduction. It makes me uncomfortable, since I think it's a bit presumptuous. People can be very sensitive about their finances, so I'd have to know for certain that they could benefit from working with my advisor."
- Margaret M., 56
Edina, Minn.
What type of sales approach does not work for you?
Anything that's a high-pressure approach. I don't want to be told that I have to buy something today. I like to take my time and look around, compare prices, and do my own research. I think that salespeople who work on a commission basis are particularly aggravating, because they're working in their own best interest, not mine. I'd rather pay a one-time fee to someone after I've had a chance to check out their business, knowing that they're really working for me."
- Eric D., 60
Cincinnati, Ohi.
About 10 years ago I went to buy a new car and was just looking around at this one dealership. Of course, a sales guy came up right away and started talking my ear off about how great this thing and that thing were. He never once asked what I was looking for, and I couldn't even get a word in edgewise. To top it all off, he literally blocked the doorway of the dealership when I went to leave, telling me he was doing me a favor by not letting me walk out on what he said was the best opportunity of my life. Can you believe that?"
- Joan R., 57
Grand Forks, N.D.
I hate it when companies send you mail that's designed to trick you into opening it. The envelope looks very official, and it will say something like, "Final notice," "Urgent" or "Confidential." Then when I open it and it�s just a mailer trying to get me to sign up for some sort of seminar or some great deal, I'm too annoyed to do anything but toss it with all the other junk mail."
- Betty C., 62
Springfield, Vt.
I once got a phone call from the most belligerent telemarketer in the world, just before the Do Not Call list came around. When I told him I wasn't interested but thanks anyway, he began raising his voice and shouting questions like, "So you think you're better than everyone else in the world and don't need this product? I've got news for you!" He just went on and on. I finally just hung up on him after my wife and I had a good laugh by putting him on speakerphone."
- Jacob V., 64
Larkspur, Colo.
What is the next big purchase you're planning on making?
We might plan a big trip. My wife's always been after me to go to Alaska; last year we rented a condo on the Gulf shore for the month of January. We might also think about buying a car. And if we had to downsize to a new home so there'd be less yard work, we'd have to put a bit of money into our current place. But our plans are to stay here as long as we can."
- Bill D., 67
Kent, Ohio
We’ve decided to do a major home renovation — so we’re buying new appliances and granite countertops and re-tiling the bathrooms. Our house is 20 years old and paid for, and we’ve only done the basics so far. But we’ve done nothing to bring it into the 21st Century."
- Becky S., 61
Gainesville, Ga.
It will definitely be a new home. We’re downsizing. Our last child graduated from college last year and we have empty rooms to fill. We have a five-bedroom right now and are looking for more of a condo or townhouse. One with maybe one extra room for when the kids visit." - Sam P., 64 A cruise! For the last several years my husband and I have been taking a cruise a year. This year we’ve already booked our boat. We’re taking the Alaskan cruise, which we haven’t taken before. We’re sort of amateur bird watchers, so we’re looking forward to the wildlife we expect to see off the deck." - Rachel W., 65
Nashville, Tenn.
Los Angeles, Calif.
How aware are you of the tax consequences of your investment choices?
I�m a school principal and my husband is a salesman. We have three kids in college, so when they started needing help, we basically had to drain his 401(k) to help cover tuition. I always knew there were penalties for withdrawing money before age 59 1/2, but I didn�t expect for it to be so much. He had to jump through a lot of hoops to �qualify� for an early withdrawal, and took at least a 10-percent tax hit.�
- Mary A., 58
Oak Park, Ill.
Before I got a financial advisor, I was pretty good at picking out mutual funds and things like that on my own, so I would say I had a very basic understanding of some of the tax rules. That was a long time ago, so things have probably changed by now. That�s why I have an advisor who oversees my investments.�
- Daniel D., 61
Minnetonka, Minn.
No, I�m not aware of tax consequences for different types of investments because I don�t have any. I�ve been living on Social Security for years ... wish I would have started investing when I was younger.�
- Virginia M., 72
Grand Junction, Colo.
That�s something my husband, who�s a CPA, handles. He takes care of investing our money, but I do have my own 401(k) at work. My understanding is that the money you put in is taxdeferred until you take it out later down the road � when you�re ready to retire.�
- Kathy D., 58
Amarillo, Texas
If you suddenly came into an extra $10,000, what would you do with it?
It's not very practical, but I would buy a boat. I'm sure my wife would have something different in mind, but I think I could wear her down given enough time. What a nice thing to retire with... It could be very ‘On Golden Pond.'"
- Alan B., 59
Stillwater, Minn.
That's easy. I would start a college fund for my only grandchild. I wasn't able to put much money toward our son's education when he was going through school because of some health issues, so I'd like to help out now any way I can. And, college is just going to get more expensive every year, so who knows what a fouryear degree will cost in 15 years."
- Corrine K., 60
Rancho Cordova, Calif.
Travel! If I had $10,000, on the first day of my retirement I would be on a plane to Australia. My husband and I have always wanted to go there - we traveled through Europe for our honeymoon, which was a long time ago - but don't want to take money out of our savings to do it."
- Gloria Z., 63
Lubbock, Texas
If I had an unexpected chunk of cash come my way, I'd have to resist temptation and put it away. I'd probably invest it in a mutual fund or a money market and see where it goes. Of course, in a perfect world I'd use that money to restore one of my old Mustangs, but I don't think the wife would go in for that."
- Harold L., 68
Sioux Rapids, Iowa
What do you like best about your financial advisor?
I've been with my advisor for almost eight years, and I liked how when I first started seeing her, every product she recommended for me she actually owned herself. She described how the different investments and types of insurance worked for her and her own family, and how they could work for me. I like that. It makes me feel more secure knowing that if it's good enough for my advisor, it's good enough for me."
- Bob J., 70
Kearney, Neb.
My planner is a very nice guy. He also has credentials to prove he has a spotless record, which is very reassuring, even though I already checked him out with the Better Business Bureau, and he had several licenses that allowed him to offer advice on just about everything. Best of all, he knows it's difficult for me to get out to his office, since I take care of my granddaughter during the day and still have to keep up with all the housework and bills. So, he drives to my house if we need to discuss anything. I wish my doctor would make house calls like that."
- Patricia C., 62
Kansas City, Mo.
Well, since my financial advisor is my son, that's a tricky question. The one thing I can say, and I'm not sure if it's just because we're family or what, but he keeps my wife and me in the loop whenever anything good - or bad - happens. And even though he's my son, I personally think he behaves very professionally."
- Jack W., 59
Henderson, Nev.
I'm a very picky person, so I asked all my friends who had financial plans who they would recommend. I especially wanted someone who was a Certified Financial Planner because I read that they were usually the best. When I finally chose one, it was because my friend told me he was always good about returning calls and answering questions. And it's true - I always seem to have questions, and he's very patient with me."
- Lorraine L., 56
Newark, Del.
How well are you financially prepared if a catastrophic event were to occur tomorrow?
If you mean if I died tomorrow, then yes. Both my wife and I have life insurance, so if something bad did happen, I know she would be taken care of."
- David C., 59
Wantagh, N.Y.
That's a scary question. I would hope so, but it would depend on a lot of things. Like if I lost a leg suddenly or something like that, I don't have disability insurance, but my life insurance policy might cover a portion of it. Otherwise, we would just hope there was someone to sue to make up the difference."
- Carole W., 62
Denver, Col.
I don't think so. We're struggling to make our mortgage and credit card payments as is, so there"s very little leftover money to plan for something catastrophic. I get a small amount of life insurance from my company, but that would barely pay for burial and funeral stuff, let alone something extra."
- Lisa B., 56
Eugene, Ore.
I'm pretty sure we'd be OK. I sold my company nine years ago and haven't had to work since then. Obviously, our savings is substantial, not to mention all the investments we have in my portfolio."
- Albert G., 60
Chicago, Ill.
How aware are your children about your retirement portfolio, life insurance policies, will and/or estate plan?
Probably not as aware as they should be. You know, I don't think I've ever sat down with the two of them to discuss this type of stuff. They're both busy with their own lives, and it's not really a family dinner type of conversation."
- Christopher W., 63
Katy, Texas
Our oldest - the most responsible - child knows where we keep our will and other documents. She's also in charge of our living wills, because she's the only one strong enough to ‘pull the plug.' We also just bought our plots at a nice cemetery near my family, but she doesn't like talking about that. We don't have much, but we would like to leave a little something behind for them, because they've never gotten any handouts, and she's the one we know can be the executor."
- Roseanne A., 66
Greensburg, Ind.
I don't have any kids but I do have something like a will. It's not official or anything; it's just a list that says which of my stuff goes to my brothers and sister and their kids, and some friends. I probably won't be leaving a lot of money behind when I die, but I do want them to have enough money for the funeral. I should put that in there somewhere."
- Lance R., 57
Aurora, Colo.
I didn't get married until I was in my 50s, so basically I'm an old guy with a younger wife and a beautiful daughter who's not even in high school yet. So, I don't think we'll have that discussion for a long time. But we do have a will, and my sister-in-law is in charge of that. If anything happens to us, we've got life insurance.
- Jason D., 63
Cheyenne, Wyo.
What keeps you up at night?
The fact that I know I�ll never be able to retire. Basically, I�ve got nothing going for me right now when it comes to money. At my age, I have absolutely zero savings, I�ve pretty much maxed out my income earning potential, and my debt-to-income ratio is pretty high, so I can�t even put money away for retirement. Plus, I pay $1,000 a month in child support, so I have to work two jobs � which makes it hard to see my daughter � and my credit card debt isn�t getting any smaller. I think I�ll be one of those guys who works himself into the grave. But, I have no one to blame but myself.�
- Paul K., 62
St. Louis
I work in construction, which is a boom-or-bust kind of business. So, I mostly worry about the welfare of the young guys who work for me. I constantly worry about generating enough business to keep them at an income level that lets them make ends meet, especially if they have families. I worry about bringing in enough money for myself too, since I�m getting older. Soon I�ll probably have to stop working or get a different, less physical job. Even though my kids are grown, I hope I have enough money to keep adding to my savings.�
- Mark D., 58
Oakdale, Minn.
I sleep pretty well at night � it�s my husband who�s the worrier. I think we�re doing just fine, especially since we paid off our house about six months ago. I have to say, sending in that last mortgage check was a cause for celebration. But, we�ve also got a reasonable amount of money socked away in different types of investments, so as long as we don�t go crazy with spending, we�ll spend the golden years happy in our paid-for home.�
- Janet S., 60
Seneca Falls, N.Y.
When it comes to news and issues affecting your retirement, where do you go for information?
I get the AARP magazine, and I also read the business section of the newspaper. By keeping up with the news, I'm trying to be better prepared for what's ahead by the time I go into retirement. And since I don't use a financial planner, I also do a lot of research on the Internet. Right now, I've been reading about rolling over 401(k)s."
- George H., 60
Waterloo, Iowa
I usually talk to my older sister, who, for some reason, knows a lot about finances and investments. She handled all the estate money after our parents died several years ago, and she still enjoys staying abreast of all the latest news and trends. She helped me set up some mutual funds and an IRA, and whenever I have questions, she always seems to have the answer."
- Kathy M., 54
Littleton, Colo.
My financial advisor had been with me for 15 years. I never have to look for information on retirement because he has always kept me up to date on everything; how much to expect from Social Security, Medicare facts and how my investments are performing."
- Dick T., 62
Escondido, Calif.
Straight to my wife. She won't let me have anything to do with our money, since I screwed up the bills a few times in the past. Now if I want to know how things are going, or if I see an ad on TV for some new retirement package that sounds interesting, I have to run it past her. It's actually kind of nice not having to worry about our finances or retirement, because I know my wife has everything - and I mean everything - under control."
- James B., 63
Joplin, Mo.
How satisfied are you with the level of services you receive from Medicare?
I don't have Medicare, but my elderly mother does. She's going on her third spinal surgery, and we're having trouble getting Medicare to cover it. Obviously, she lives on a very limited fixed income, and the cost of these procedures is so high that my husband and I have had to dip into our savings so Mom could get the surgery she needed. They keep covering less and less for each new surgery she has, but at least she's got some form of insurance."
- Hillary T., 58
San Pedro, Calif.
I guess it's OK - could be better, could be worse. The one thing that's really annoying is that whenever I go to the pharmacy, not only do I have to pay a king's ransom for some of my medications that aren't covered, but it takes the pharmacists a long, long time to get everything squared with Medicare. They're always on the phone trying to figure things out. I think if you use Medicare for prescriptions, you should just expect a complicated transaction.">
- Mike B., 70
Pueblo, Colo.
I was really upset when I found out that the doctor my entire family had been seeing for 20-some years doesn't do any Medicare work. That was a huge disappointment. When I did find a new physician who took Medicare, I didn't think she was as good as my old doctor. I'm going to start looking for another doctor soon, I think."
- Elaine Y., 68
Manhattan, Kan.
I've only been on it for a short time, and so far, I have no major complaints. But sometimes I have a hard time getting a hold of people when I have questions about my coverage. I hate being on hold."
- Harold R., 65
Toledo, Ohio
