The older population of the U.S. is skyrocketing, with the number of seniors expected to approximately double in the next few decades — while the population over 85 nearly triples. The aging of the baby boomer generation means millions of job openings for elder care workers, as well as geriatricians, geriatric nurses and other health care workers, and soaring health expenses. Source/more: WBUR For a complete list of upcoming seminars, visit our website at www.davidwingate.com. Peace of mind is only a call or click away! For an Initial Consultation call Estate and Elder Planning by David Wingate at…
Elder law attorneys serve as advocates for elderly or disabled clients and their families, providing counsel on a wide range of topics including health care, guardianship, and estate planning. Though it may seem that elder law attorneys are meant to handle extreme or unusual cases, everyone can benefit from the services of an elder law attorney. Here are four things an elder law attorney can do for you: Estate Planning Making sure your affairs are in order is essential, and having an experienced elder law attorney to guide you through the process makes everything easier. Because there are strict guidelines…
So baby boomers, heading into retirement and leery of risk, will unload their stocks — and deflate the equities market for a long time, right? Don’t bet on that. For reasons ranging from low bond yields to estate planning, they’ll likely stick with stocks, especially those paying nice dividends. Of the 314 million people who live in the United States, 76 million or nearly 25 percent were born between 1945 and 1964. This baby boom generation sent a pressure wave of demand through the economy for the past 40 years. Boomer consumption created wealth. Wealth led to increased savings. Financial…
While the economy may be improving, a substantial number of older workers who lost jobs — even those lucky enough to be re-employed — are still suffering. Two-thirds in that age group who found work again are making less than they did in their previous job; their median salary loss is 18 percent compared with a 6.7 percent drop for 20- to 24-year-olds. The re-employment rate for 55- to 64-year-olds is 47 percent and 24 percent for those over 65, compared with 62 percent for 20- to 54-year-olds. And finding another job takes far longer: 46 weeks for boomers, compared…
Baby boomers in the United States are more likely than the previous generation to have a disability as they near late-life, suggest a growing number of researchers. One new study found that baby boomers (ages 49 to 67 in 2013) are living longer than people roughly 20 years older, but are not healthier. While they are less likely to smoke, have emphysema, or a heart attack, they are more likely to be obese, have diabetes, or high blood pressure than the previous generation at similar ages. Another recent study documented rising disability levels among middle-age Americans (ages 40 to 64,…
There is an estimated 78 million boomers that have or will reach the age of retirement in the next few decades. In fact there is one person reaching the age of 65 every 10 seconds, so this begs the question, what do boomers need to do in advance of reaching retirement age? In a society where healthcare costs are rising and the cost of living is increasing, it’s crucial to be prepared long before you may think it is necessary. Below is a list of tips that baby boomers should consider: - Legal documents: We are concerned with “What happens…
“He didn’t have a will, he didn’t have a trust, he didn’t have anything set up,” said Yvonne Prettner Solon, who followed her husband to serve the western part of Duluth in the state Senate and now is Minnesota’s lieutenant governor, states the Deluth News Tribune. Prettner Solon vowed to not leave her children in the same situation. Within three months, she had set up a trust and purchased long-term-care insurance, she said in an interview on Thursday. Now in her official capacity, she’s urging Minnesota’s baby boomers to take similar steps. Prettner Solon is spearheading the state’s “Own Your…
These tips may come in handy, given that far too few parents are saving the money they used to spend on their offspring in their retirement accounts. A recent study by Boston College's Center for Retirement Research found per-person spending on non-durable consumables — vacations, apparel, restaurants and food purchases, etc. — actually rises sharply after the kids leave home. In lieu of taking the money you use to spend on your kids and using it toward your retirement, most people are not changing their household spending and, in fact, are increasing their per-capita spending. In 2001, households with children…
Baby boomers are seeking out communities with culture, activities and events and turning to college towns, urban environments and smaller towns with vibrant downtowns in lieu of continuing care retirement communities (“CCRC”) The research to date indicates that boomers desire to stay involved and participate in life during their retirement years. Consequently, CCRC’s should change their approach and what programs they offer to Boomers rather than the Depression Era and the GI generation. The boomer generation wants to live among other generations they don't necessarily want to be segregated. However, this country is not prepared to manage the existing generation…
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