for Aging Boomers
Dear Savvy Senior
I saw your Today show segment last month on popular bicycles for baby boomers and wanted to find out where I can find the list of bikes you talked about. Also, what makes a good bike for boomers?
Easy Rider
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Fun, fitness and easy on the joints are the reasons more and more baby boomers are turning to cycling than ever before. But what makes a good bike for boomers? While there are lots of hard-core, 50-plus cyclists out there, most older riders are more interested in a leisurely ride on the comfy side. Here's what you should know.
Comfort Bikes
Ask many bike owners why their bicycle is gathering dust in the garage, and they'll tell you it's uncomfortable to ride. Who wouldn't be turned off by a contraption that routinely bruises your bottom side, causes carpal tunnel syndrome and leads to neck and back pain? That's why manufacturers such as Schwinn, Electra, Sun, Raleigh, GT, Giant, and Trek are making a line of "comfort" bikes that are feel-good alternatives to the high-performance road bikes and nubby-tired mountain bikes.
Comfort bikes let you sit upright which eases lower-back strain; they come with bigger tires that ensure a smooth ride; have raised, swept-back handlebars to reduce pressure on the wrists and hands; and offer oversize seats to eliminate saddle soreness.
Some comfort bikes also come with suspension (shock absorbing) seat posts and/or forks connecting to the front tire to help ease your ride. And some offer unique design features like an ultra low step-over bar that makes getting on and off easy for people with limited flexibility (see the Biria EZ Board www.biria.com), or the "flat-foot" design offered by many manufacturers that lets you literally put your feet down flat while seated-a great safety feature for older riders. And Trek, Raleigh and Giant all offer bikes with the Shimano Coasting system which is an automatic three-speed shifter that changes the gears for you-ideal for boomers who haven't ridden in a while. Costs will range from between $400 to $800 or more depending on its features.
Keep in mind, though, that what you gain in ease when you ride a comfort or cruise bike, you lose in performance. The upright position is not exactly aerodynamic or ideal when it comes to getting the most leverage from your legs. So forget about these bikes if you have a need for speed or if you want to do some off road riding on a bumpy mountain path. Comfort bikes are for pleasure/fitness rides around town, running errands, and generally having fun.
Other Options
If the comfort bikes don't strike your fancy, some other boomer-friendly bike types you might want to consider include:
*Recumbent: These are the odd-looking, low-to-the-ground, stretched-out frame bikes that allow you to recline with your legs positioned in front of you. Recumbents are very comfy, easy on the back and aerodynamic which make them ideal for long rides and touring (see www.sunbicycles.com for a nice variety). The disadvantages, because they are low-to-the-ground, they are harder to balance and maneuver, and are more difficult for other vehicles to see. Also see www.day6bicycles.com for a fantastic semi-recumbent bike.
*Trike: If you worry about falling or want more stability when you ride get a trike (three-wheel bicycle). Recumbents also come in three wheel versions.
*Tandem: If you plan to ride primarily with your spouse or another partner, consider purchasing a tandem bike that both riders pedal at the same rate.
*Folding: For boomers who like to travel, folding bikes have become very popular. Dahon (www.dahon.com) offers the best variety including the user-friendly Ciao 8, which offers a variety of ergonomic features including a low step-through frame.
Savvy Tip: To see the list of boomer-friendly bikes I featured on the Today show go to www.savvysenior.org/today.htm.
Understanding
Reverse Mortgages
Dear Savvy Senior,
Can you tell me about reverse mortgages? My wife and I are both in our 70's and are interested in learning more about this option.
Homebody Bob
Dear Bob,
Over the years reverse mortgages have been considered loans of last resorts, only for financially desperate seniors. Not anymore! The reverse mortgage industry is booming helping retirees from all walks of life use their homes to help fund their retirement.
The Basics
A reverse mortgage is a unique loan that lets older homeowners convert part of the equity in their home into tax-free income that doesn't have to be paid back as long as they live there. But who's eligible? How much can be borrowed? What does it cost? And is this right for you? Here are the key points on how a reverse mortgage works and where you can find help:
*Eligibility: To be eligible you must be at least 62 years old, own your own home and currently be living there. There is no income qualification. Even if you have an existing mortgage, you're still eligible, but you must be able to get enough from the reverse mortgage to pay it off.
*Ownership: With a reverse mortgage, you, not the bank, own the house, so you are still responsible for property taxes, insurance and repairs. And, how you choose to spend the money from the loan is up to you.
*Types of loans: There are two basic types of reverse mortgages, the FHA insured, Home Equity Conversion Mortgage (HECM) which accounts for about 90 percent of all reverse mortgages on the market. (HECM's limit how much of the home's value you can tap- currently ranging from $200,160 to $362,790.) And conventional reverse mortgages, also known as jumbo loans, which are better suited for seniors with higher valued homes-over $400,000-because they offer larger loan amounts.
*Loan costs: The main drawback of reverse mortgages is the hefty up-front fees-a 2 percent lender origination fee, 2 percent mortgage insurance, along with appraisal fee, closing costs and other miscellaneous expenses. All told, the cost of getting a HECM can run around 5 percent of the value of your home. Conventional reverse mortgages are generally more expensive. (Note: Most up-front fees can be added to the loan balance, so you'll have no out-of-pocket cost at closing.)
*Loan amounts: The amount you get through a reverse mortgage depends on your age, your home's value, where you live and the current interest rates. Generally, the older you are, the more your house is worth, and the lower the interest rates are, the more you can borrow. To calculate how much you may be able to borrow with a HECM visit www.rmaarp.com. You can calculate conventional reverse mortgages on the Web sites of the financial institution you're considering.
*Payment options: You can receive the money from a reverse mortgage in a lump sum payment, a line of credit, regular monthly checks or a combination of these.
*Loan repayment: A reverse mortgage does not have to be repaid until you, or the last surviving borrower, permanently moves out of the home or dies. Then you or your heirs will have to pay off the loan (which includes the money you actually borrowed plus accrued interest and fees) either with the proceeds from selling the place, or if they want to keep it, with money from another source. But, you or your heirs will never owe more than the value of the house.
*Counseling: Before applying for a reverse mortgage, you are required to first meet with an independent counselor who will spell out the pros and cons, as well as the alternatives (it's free). To find one in your area call the AARP Reverse Mortgage Education Program (800-209-8085), the National Foundation for Credit Counseling (866-698-6322), or Money Management International (877-908-2227).
*Tax-free: The money you get from a reverse mortgage is tax-free and won't affect your Social Security or Medicare benefits, but it may affect eligibility for certain kinds of government assistance, such as SSI and Medicaid. Be sure you check.
*Reverse lenders: Reverse mortgages are offered by both banks and mortgage lenders. To help you choose one, talk to your reverse mortgage counselor or visit www.reversemortgage.org.
Savvy Tip: To learn more about reverse mortgages visit www.aarp.org/revmort, or call 800-209-8085 and order their free booklet "Home Made Money."
Boning Up On Osteoporosis
Dear Savvy Senior,
Can a person in their early 50's have osteoporosis? When I broke my wrist last month the doctor that treated me told me the fracture may be a result of osteoporosis. Is this possible, and if so, what can I do about it?
Bony Brenda
Dear Brenda,
For years, osteoporosis has been considered a disease that affects only the elderly, but the fact is more than half of all Americans over age 50 are at risk. Here's what you should know.
Osteoporosis is a bone-thinning disease often called the "silent disease" because most people don't know they have it until they break a bone. In the United States today, around 10 million people age 50 and older already have osteoporosis, while another 34 million have osteopenia-which means they are at risk of developing it. But the good news is osteoporosis is both preventable and treatable.
Are You at Risk?
Most people, by the time they reach their late 30's, gradually start losing some of their bone mass, but for women menopause is the time when this process really accelerates. Bone loss for men occurs much more slowly. However, by age 75, osteoporosis is as common in men as it is in women. (Tip: check your personal risk at www.yourdiseaserisk.com - click on "osteoporosis"). Here are the factors that increase your risk:
*Gender: Women are four times more likely than men of developing osteoporosis.
*Age: Women over age 50 and men over 65 are at greatest risk, and it increases with age.
*Ethnicity: Caucasian and Asian women.
*Body size: People who are very thin or small-boned.
*Family history: Osteoporosis runs in families.
*Hormones: Low estrogen levels due to missing menstrual periods or too early menopause-before age 45.
*Low calcium: A lifetime diet low in calcium and vitamin D.
*Eating disorders: A history of anorexia or bulimia.
*Medications: Certain drugs including glucocorticoids (steroids) which are used to control diseases such as arthritis and asthma; some anti-seizure medications; blood thinners; some diuretics; some antidepressants; antacids that contain aluminum; proton pump inhibitors; some medicines that treat endometriosis; some cancer drugs; and too much thyroid hormone for an underactive thyroid.
*Sedentary lifestyle: Inactivity weakens bones.
*Smoking: It robs your bones of calcium and lowers your estrogen levels.
*Alcohol: More than two drinks a day can interfere with your body's ability to absorb calcium.
Boning Up
It's never too late to help your bones (see www.nof.org). A good first step in preventing and treating osteoporosis is to get screened. For women, that should start around menopause (if you're not taking estrogen), or for anyone who has broken a bone after age 50 or has other risk factors. All women over 65 and men over 70 should be tested every two years. Here are some lifestyle changes that can help you protect your bones.
*Boost your calcium: Those over age 50 should get over 1,200 milligrams of calcium daily. I
*Take vitamin D
*Exercise
*Don't smoke, don't drink more than one alcoholic drink per day and limit your caffeine intake to two or three cups of coffee, tea or caffeinated soda a day.
Treatment
If you have been diagnosed with osteoporosis, there a variety of medications available today that can slow or stop its progress including a new once-a-year treatment called Reclast (see reclast.com).
Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit www.savvysenior.org. Jim Miller is a contributor to the NBC Today show and author of "The Savvy Senior" book.
