Thinking about retirement? Don’t forget about your tech.

Thinking about retirement? Don’t forget about your tech.

Thinking about retirement? Don’t forget about your tech.

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technology and retirees, boss magazine

By Anne-Frances Hutchinson

Here’s an open secret about Americans on the cusp of retirement age: They know how to use technology. Having been in the workforce as the digital age gestated from a fever dream into the driver of nearly every aspect of work and life in the developed world, this cohort understands its transformative power at a level digital natives have yet to grasp. Over the next decade, roughly 132 million Americans 50 and older will spend over $84 billion annually on technology.

As they approach retirement, affluent, well educated seniors are still driving technological development, participating in the digital economy as it grows and changes, and preparing for an aging process that will be largely dependent on emerging technologies to increase satisfaction, comfort, and life expectancy.

However, one of the profound changes retirement brings is access to technology. Leaving the workplace can mean losing a wealth of expensive support, from high speed internet connections and the software programs that allow seamless communication, to hardware that can be impossible to afford on a budget. And yes, that includes the person in IT who knows how to convert documents into PDFs. (Here’s another deeply held secret from a boomer: They absolutely know how to do that. They just love to see your reaction when they ask for your help. Eyerolls are always funny.)

technology and retirees, boss magazine

Teasing aside, here are five critical considerations to make before transitioning out of the tech rich workplace.

  1. Make cyber security a priority. The loss of a workplace IT infrastructure means heightened exposure to hacking, so deepening your personal knowledge about security breaches and investing in affordable, personal use security tools is a must. Don’t be put off by any implied condescension you might perceive by seeking simplified help – Internet 101.org is a great place to start the process.
  2. Forget about remembering passwords. Leaving the office shouldn’t mean swapping strong protection of digital assets for passwords that are easy to remember and a breeze for hackers to exploit. Encrypted password managers such as 1Password provide affordable protection, generous storage, and email support.
  3. Enroll in autopay. Just because you’re retired doesn’t mean the bills stop. Making sure they get paid automatically, on time, every month will take a huge weight off your shoulders. On the flip side, any income you have still have coming in: social security, a pension, etc., you can arrange to be automatically deposited in the account of your choosing. Being retired means you should be out there enjoying life, not spending several hours a week doing amateur accounting.
  4. Set up online trading. You want your money to last through a long retirement. Now that you have more time, you might want to take a more hands-on approach to your investments. Services such as Ally Invest and E-Trade make it simple and easy to manage your portfolio and do self-directed trades on a daily basis.
  5. Compromise smartly. The temptation to sacrifice capability for cost can be very compelling, especially when it comes to smartphones. While there is a fun new crop of flip phones hitting the market that may take you back to the simpler days of flip up and gab, like the updated foldable Motorola Razr, prioritize the features that are most important to you — whether it’s a great camera, the ability to use multiple apps, or mil-std ruggedization — and make sure the phone of your choice makes the grade. You’ll want something that can still keep up with your lifestyle and let you video chat with the grandkids.
  6. Think before you ditch. Switching away from a “does it all” desktop system to a tablet or laptop may make sense from a portability standpoint, but be sure your computer investments match the quality of life you’re expecting. Desktops can be much cheaper to buy than laptops, giving you the freedom to buy both. Desktop performance is better, more flexible, and far more robust than tablets; laptops that offer equivalent desktop performance are typically cumbersome and heavy despite being optimized for mobility. If you’re a gamer, crafter, or have a penchant for art, having a desktop in your post-work tech arsenal will be a very worthwhile spend.
  7. Plan your digital estate. You’re planning to leave your work environment, not your entire life, but now is the time to think about what may happen to your digital identity and it’s a risky aspect of estate planning to neglect. In the Digital Cheat Sheet, Everplans recommends the following steps to take:
  • Make a list of all your digital assets and make a plan on how they should be accessed after your passing. This includes your personal data, passwords, and hardware.
  • Choose an executor for these assets who will follow your wishes on erasing, preserving, or sharing data, and with whom you want your digital legacy to be shared.
  • Store this information where it can be readily accessed by a trusted family member, attorney, or your appointed executor.
  • Legalize your wishes. With the exception of Louisiana, Kentucky, and the District of Columbia, there are state provisions for digital asset legalization. Work with your estate planner to incorporate your digital assets into your will. Remember: Never include passwords or private data in your will, as it is a public document that anyone can access.
technology and retirees, boss magazine

Retirement isn’t the end of your life, it’s the beginning of enjoying what you’ve worked so hard for. Set yourself up for success much the same way you did in your career. There’s a whole world of things to do that you might have missed out on. A smart retirement will enable you to make the most of your time while living on the go. Get after it!

Please get your digital affairs in order

Please get your digital affairs in order

Please get your digital affairs in order

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I really wish I hadn’t had cause to write this piece, but it recently came to my attention, in an especially unfortunate way, that death in the modern era can have a complex and difficult technical aftermath. You should make a will, of course. Of course you should make a will. But many wills only dictate the disposal of your assets. What will happen to the other digital aspects of your life, when you’re gone?

There are several good guides to “digital wills” and one’s “digital legacy” out there, including e.g. handling your Facebook and Google accounts, and I encourage you to both go to those links and research the subject further. A few things seem particularly worth noting, though.

One is that this is yet another reason to use a password manager such as LastPass or 1Password . That in turn becomes an itemized list of your online accounts, and comes with a built-in recovery mechanism which can be used to pass them on to your survivors and/or heirs. LastPass (my password manager of choice) actually has a detailed guide to “preparing a digital will for your passwords,” and third-party guides to using 1Password for this purpose exist as well.

Another is the problem of two-factor authentication. What happens in case of an accident which also destroys your phone or Yubikey? Or if your heirs can’t get past your phone password? Do yourself and them a favor: create 2FA backup codes, and add them to your password-manager emergency-recovery kit.

The more technical you are, the more complex your digital affairs are. For most people we’re just talking about email, social media and photos. But for technical people, and in particular developers, things get more complicated. Do you own domains? Do your heirs even know you own domains, and who the registrar is? Are they technical? If not, by the time they figure that out, the domains may well have expired. Do you have services running on AWS or GCP or Digital Ocean? Do you have private GitHub repos, or public ones with a nontrivial number of stars / forks / issues / wiki pages? Do you administer a Slack workspace?

If you find yourself nodding along to the above, you may want to identify a separate “technical executor” and give them some guidance regarding what you want done with all of the above. Even if they have access, nontechnical people may not really understand that guidance. A little advance work can make it substantially easier for those tasked with taking care of your affairs.

Finally, what about any cryptocurrency you might personally hold? Generally, cryptocurrency wallets come with some sort of recovery seed. Is yours in a safety deposit box somewhere? Do your heirs know it’s in a safety deposit box somewhere? If you want to pass your bitcoins on to them, you’re probably going to have to let them know. (Obviously there is a security trade-off here; depending on how much we’re talking about, you may wish to be more or less cautious about this.)

So, to summarize: Do further research on digital wills, and construct one. Use a password manager, which acts as an itemization of your online accounts and ensure your heirs can access its emergency recovery key. Provide them 2FA backup codes as well, and recovery seeds for your cryptocurrency wallets if any. Identify a technical executor as and if appropriate. Also — and this is pretty key — make sure that a few trusted people know you’ve done all this. Won’t do them much good otherwise.

You may well even have occasion to thank yourself for it, in case of some hardware loss or disaster. Regardless, your heirs will definitely thank you. None of us think that we’ll meet our demise randomly, without warning — but I’m here to tell you, from grim recent experience, it does happen. Be prepared.

Ask Kip: Create a digital estate plan

Ask Kip: Create a digital estate plan

Ask Kip: Create a digital estate plan

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Q: What will happen to my social media or other online accounts after I die?

A: What will happen to these online accounts after your death depends on the laws in your state, the types of accounts involved and the terms of service governing the accounts. An executor does not automatically gain access to the accounts unless the deceased person has made specific arrangements. And heirs often find that they don’t have clear authority to access or manage a family member’s accounts. But you can take steps to increase the likelihood that your digital footprint will be handled according to your wishes.

You’ll need to make a list of what you have, name someone to act on your behalf, and provide your designee with access and instructions. Start by creating an inventory of your digital assets, including all of your online accounts. As you create a list of the accounts and their passwords, note your wishes or instructions for any you would like handled in a specific way. For example, you may request that your social media accounts be deleted or that digital photos stored in the cloud be shared with specific people.

Problems may still arise. Passwords expire, people forget to update their lists, and many sites require two-factor authentication that could go to a cell phone or email address that is no longer accessible, says Sharon Hartung, author of Your Digital Undertaker. Or a website’s terms of service agreement may prohibit anyone other than the original user from accessing the account. Many sites delete accounts upon receiving notice that a user has died.

In recent years, most states have adopted the Revised Uniform Fiduciary Access to Digital Assets Act, which allows you to designate a legal representative to access your digital assets after death. You can provide that access through a will, power of attorney or trust.

A small but growing number of online services have started to offer users a way to allow access to their accounts after they die. Facebook, for example, allows users to have their accounts deleted upon death or to designate a digital heir with the right to manage portions of the account, which will be turned into a memorial page. Google will let you select up to 10 trusted contacts who can access your Gmail, photos and more if your account is inactive for several months.

(Kaitlin Pitsker is an associate editor at Kiplinger’s Personal Finance magazine. Send your questions and comments to moneypower@kiplinger.com. And for more on this and similar money topics, visit Kiplinger.com.)