Jim Guido's Blog

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95125, San Jose Recently Sold Homes

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95124, San Jose Recently Sold Homes

Do you know just what can’t you live without? Is it a A car? A TV? A telephone? The internet?
And just what do people think they need in terms of technology? New Research indicates that  the TV set and landline telephone are “losing their cachet in the digital age, as fewer Americans consider them necessities of life.” The research states that 62 percent of Americans say a landline phone is a necessity and 42 percent say the same about a TV. This number is lower among the 18-29 crowd, only 46 percent want a landline and 29 percent can live without TV. Of course we know that the younger crowd spends more time texting than talking. Its clear that decisions about whether household appliances are a luxury or a necessity vary more by age than by income. People older than 65 are less inclined to view the internet as necessary and more young people say they can live without a clothes dryer. Its pretty clear that times change and technology is a big part of the changes.

Do you need or just want your Internet connection and an annual family vacation? What about your pet? For many baby boomers, those are all basic needs, not luxuries, according to a new survey. Eighty-four percent of those surveyed said having an Internet connection is a basic need, and 66% said shopping for birthdays and special occasions is. Fifty-one percent said pet care is a basic need, and 50% said taking a family vacation once a year is a need, not a luxury, according to a recent survey by MainStay Investments of 1,049 consumers aged 45 to 65.  As baby boomers reach retirement age, they are redefining what constitutes a luxury item and what defines a basic need, but being able to afford those basic needs may affect the way some boomers prepare for retirement. Traditionally, basic needs extended to three categories: food, clothing and shelter. But that’s changing.

The following items are considered to be basic needs:

- Weekend getaways, 46%
- Professional hair color/cut, 43%
- Children, grandchildren’s education, 42%
- Dining out, 38%
- Domestic travel, 35%
- Ordering takeout, 34%
- Movies, 30%

A lot of baby boomers say they’re willing to alter the way they save for retirement — or even work a few more years – in order to maintain their pre-retirement lifestyle, the study found. About three in four respondents said they would rather spend less now so they can invest in a more comfortable retirement. And 47% said they would downsize their home in retirement to be able to afford their lifestyle expenses. In order to afford the lifestyle of their choosing, many baby boomers said they’ll push back retirement, according to the survey. Some boomers may work until past their 70th birthday. While others may save more, adjust portfolio allocations and seek help from a financial adviser to help ensure they can maintain their previous lifestyle after they retire.