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…
People may suddenly need long-term care after a crisis occurs, but for many, the need develops gradually. Older individuals are the primary users of long-term services, because functional disability increases with age. In 2008, about 9 million Americans over the age of 65 required LTC services. By 2020, that number will increase to 12 million. However, while most people who need long-term care are 65 or older, such services can be necessary at any age. According to the U.S. Department of Health and Human Services, the risk of needing LTC is fairly high. About 70 percent of individuals over age…
Long-term care recipients can be of any age. Conditions that may lead to the need for long-term care include disability, mental decline or illness, AIDS, stroke, and simple frailty. The need for long-term care is primarily measured by assessing limitations in performing or managing tasks of daily living, including self-care and household tasks. Obviously, the likelihood of needing long-term care assistance increases with age. The aging of Americans will only increase the need for quality long-term care options. The growth in demand will be driven by increases in the numbers of elderly as a result of the aging of…
David Wingate and Charles Pettit spoke on “Social Security Secrets All Baby Boomers Must Know.” At the Education Event we spoke about how to best prepare for electing your Social Security Benefit! Did you know: 1. One decision can impact your retirement by tens of thousands of dollars. 2. That the Social Security Administration workers are FORBIDDEN BY LAW to give you any advice for filing your claim. 3. That there are 567 ways to claim your Social Security Benefit? This educational event changed the way the attendees looked at Social Security, and the options they had to…
When Keith Farner was 14, he made $2,000 at a summer job. Instead of buying the XBox he'd been wanting, his parents helped him open a Roth IRA. The 30-year-old, who lives in Athens, Ga., now has more than $30,000 saved. While Farner may have gotten an earlier start on retirement than most, a new study from Merrill Edge shows that Gen Y, defined by the study as those 18-34, is starting to save for retirement earlier than any other generation. Many are investing by age 22, compared with Baby Boomers who started on average at age 35. Abe Mulvihill…
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,…
Financial scams abound around the holidays, and it's long been known that the elderly are more vulnerable. Now, scientists are learning why: New research suggests age-related changes in the brain make it harder to detect suspicious body language and other warning signs that people may be untrustworthy. The prevalence of the crime has already reached epidemic proportions, according to Sandy Markwood, CEO of the National Association of Area Agencies on Aging, and will continue to grow as the Baby Boomers age. Financial exploitation of the elderly — from telemarketing scams to identity theft, fake check scams, and home repair fraud…
“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…
The average age of reverse mortgage borrowers is dropping, according to a recent report issued by MetLife. As many are aware, reverse mortgages come with risks, and likely more so for younger borrowers. Reverse mortgages allow homeowners who are at least 62 years of age to obtain a line of credit linked to their primary residence. The homeowner receives the ability to draw on this line of credit for the balance of their ownership of the residence, based largely on the value of the house, age of the borrower, and current interest rates. The borrow does not have to take…
The assisted living care model is between your home and the nursing homes and has come into prominence in the past 20 years, and will continue to grow as the Baby Boomers head into the retirement years. However, even for families who have had those conversations, making the transition from home to an assisted living can be challenging. Assisted living provides an opportunity for older Americans to enjoy the comforts of a home-like setting, plenty of activities and socialization, along with the help they might need — from bathing and dressing to housecleaning and medication reminders. Yet, many are so…
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