The Baby Boomer and Long Term Care Insurance

Not quite long ago, a new research by the American association of Life Insurers (ACLI) has revealed that baby boomers require to pay attention to the very genuine option they may possibly require long-term care. The logic being the increasing long-term care costs, Long-Term Care Insurance or Medicaid. Who will reimburse for Baby Boomers Long-Term Care? Sounds the alarm on a impending national long-term care crisis. More crucial, it is a call to action for persons to include long-term care in their retirement planning.

The research shows that a one-year stay in a nursing home averages almost $ 75,000 for a exclusive room or more than $ 62,000 for a semi-private room. By the year 2030, the same stay in a semi-private room will cost an estimated $ 195,000, more than tripling over the next 25 years. Majority of Americans can not save a sufficient amount to cover these astronomical costs on their own. Americans are living longer than ever before. That is a pleasant news, but it has several risks. One of those risks is that many upcoming retirees will be facing enormous long-term care costs.

Indeed, this matter is of particular relevance to women because, generally, they tend to live longer than men. A 65 year-old woman has a 50 percent probability of wanting nursing home care in her lifetime, a cost that might potentially wipe out her retirement savings. The question now is what can be done? Life insurers suggest long-term care insurance. Long-term care insurance is a fundamental element of a sound financial strategy for retirement. It helps individuals maintain self-sufficiency in retirement if they require long-term care services.

On the other hand, long-term care policy holders do not have to depend mostly on government programs or their household to pay for care. Moreover, the product has evolved over the years. It now offers a broad range of services in a variety of settings. Some well recognized policies may include reimbursement for respite care, medical equipment, care coordination services and also home modification. Long-term care insurance provides retirement security to millions of Americans.

But the reality is that plenty of people deserve the protection it offers. With long-term care insurance as part of a retirement plan, majority of Americans are at this point better equipped to safeguard their life-long savings and maintain their standard of living. This is without doubt, a good development and a good news for everybody.

At HP, baby boomers allege age discrimination – Computerworld

Four former Hewlett Packard Enterprise (HPE) employees, all of them over 50 years of age, allege in a lawsuit that the firm pushed older workers out so it could increase the number of younger employees — millennials in particular.

The federal age-discrimination lawsuit, which marshalled statistical evidence, job ads and internal memorandum to support its claims, will also cite public statements by HPE CEO Meg Whitman in its case.

For instance, in a CNBC interview last November, Whitman was asked by an interviewer: “You did announce significant job cuts about a month or so ago.… Is that going to be it for HP?” (HP announced cuts of up to 30,000 jobs in September last year)

Whitman responded: “That should be it. That will allow us to right-size our Enterprise Services business… to make sure that we’ve got a labor pyramid with lots of young people coming in right out of college and graduate school and early in their careers. That’s an important part of the future of the company….”

Good News for Baby Boomers Delaying Retirement? – The Motley Fool – Motley Fool

Older Man Working

Image source: Getty Images

There are a number of clear benefits to working later in life.

The first, and most obvious, is financial: More time working means less time having to stretch your retirement savings. With the average baby boomer nearing retirement only holding $136,200 in savings, that’s a pretty darn attractive reason on its own. Plus, that job could potentially enable you to add to your savings, depending on the job.

There are clear health benefits as well. The biggest one: Working later reduces your chance of death. (Seriously.)

Not particularly easy

But there are serious barriers to delaying retirement, as evidenced by the fact that the typical American retires at age 62, despite not having nearly enough financial resources for a financially safe and secure retirement at that age. Many elderly Americans have struggled to find meaningful employment after their jobs were eliminated or they were offered a buyout to leave.

Fortunately, according to new research (link opens pdf) published by the Center for Retirement Research (CRR) at Boston College, that particular problem may be getting better for many Americans. CRR researchers analyzed data from the Current Population Survey from 1996 to 2012 to identify occupations that were disproportionately hiring elderly workers and examine what percentage of workers in the 50-64 age group were being hired into these jobs. The research’s goal was simple: Determine what percentage of older workers are forced into this narrower band of occupations, and examine how this trend has changed over time.

The good…

As this chart shows, relatively fewer people over time are forced into these jobs over time, particularly women with at least some college.

Percentage of Older Workers Seeking Jobs Hired into Jobs with a High Ratio of Elderly Workers

Date Range

Men with No College

Women with No College

Men with at Least Some College

Women with at Least Some College

1996-2000

18.9%

3.5%

11.1%

7.9%

2002-2006

11.7%

2%

13.1%

3.8%

2008-2012

16.3%

1.3%

8.9%

3.3%

Source: Data from the Center for Retirement Research (chart made by author).

That’s good news, because it implies that people aren’t forced as often into what the study’s authors referred to as “old-person jobs” (yes, I’m also cringing at that phrasing) as they had been in the past. And that’s particularly good news, as these particular jobs in general paid less than other jobs — 7.4% less for those aged 55-59, and 5.9% less for those aged 60-64 (although I should note that once the authors adjusted for the skills required in those jobs, they were roughly equivalent in pay to similar jobs).

As the researchers noted in the study’s conclusion, they found “a broadening of occupational opportunities since the late 1990s, in particular for better-educated women. In addition, ‘old-person’ jobs pay no less than other jobs.”

…and the bad

One of the study’s major limitations was that it only examined people who landed jobs, which doesn’t account for the people who are trying and failing to find encore employment. And given that the American Society on Aging found that 45% of 55-64 year olds unemployed in 2014 were long-term unemployed (had been searching for — and failing to find — a job for 27 weeks or longer), there’s a big group of boomers who may be left behind even as jobs improve for those with them.

The most important thing you can do is get ahead of the problem. Fortunately, there are a number of tactics you can use. Here are two I suspect would be particularly helpful:

Formal education. Look at the first chart I included from CRR above. The lower numbers for both men and women with at least some college means you will have greater job flexibility and opportunity with those classes under your belt. Your employer may have an education program whereby they will cover classes up to a certain annual cost (or a certain number of credit hours). Even if your employer doesn’t have that, the government provides a number of tax incentives to help defray those costs if you take them on.

On-the-job education. Crosstraining in your current job may not sound like the best thing in the world, but it has a number of benefits. New skills will likely give you an advantage if you end up on the job market in your late-50s/early 60s, making you more marketable and able to diversify into more jobs. Plus, it’s a great story to tell in an interview — how you learned something new on your own because you’re a go-getter. There are studies showing that learning new skills improves mental acuity, although they were related to leisure activities, so those benefits may not translate well to work-related skills. Finally, crosstraining makes you more useful to your current employer, hopefully putting you in a spot where your job is more protected at the outset.

Difficult, but not impossible

Baby boomers have a tough road ahead, given that many are drastically underprepared financially for retirement. Fortunately, some of the job-search difficulties many near-retirees have faced could be receding. And while issues remain, there’s still time to make changes to put yourself in the best possible position should job disruption occur.

Assisted Living Apartments – A Perfect Choice For Retiring Baby Boomers

Many people thought the day would never come when the baby boomers would start retiring. This generation that made the idea of ​​eternal youth so very popular, never trusting anyone over 30, is now beginning to retire from the world of work. And they are needing places to live.

It used to be, when the boomers were kids, that nursing homes were about the only option if retirees did not live at hoe or with their children. But a new idea is becoming more and more popular as the years go by. And that is the idea of ​​senior assisted living apartments. This kind of living facility is where only seniors live.

That may sound a little silly to say but there are other kinds of assisted living apartments where people who may or may not be seniors are allowed to live. Basically the idea of ​​a senior apartment like this is that the people who live there need some amount of personal care in the course of the day, but they do not need the same kind of care that folks who are living in a skilled nursing facility would need.

In effect, this is an apartment complex where all the apartments are filled with people of retirement age, baby boomers and people who are a bit older can live there, but usually nobody younger than 55. Sometimes there are age allowances for this, like in the case where there is a couple but only one of them is over the minimum age.

Nobody wants to make life difficult for couples, so there is usually an allowance made for these situations. And if the management does not want to rent to you because one of you is under 55, then it is perfectly alright to go down the road to the next senior apartment complex.

The world of retirement living facilities is full of options right now. This is due in part to the fact that there are just so many baby boomers. They make up the lion's share of the retirement age people right now. It will not stay like that forever, but for sure, for the next 30 years or so, the vast majority of people retiring and seeking a place to live are going to be boomers.

Given the huge amount of people whoa re going to be retiring in the very near future, the choices for senior housing are going to keep expanding.

And if you or your loved ones are baby boomers in need of a place where you can get a little bit of help for your daily needs, but you do not need fulltime nursing care, then assisted living apartments for seniors may be exactly what you We are looking for.

The housing needs of Baby Boomers you should know about – Starts at 60

At almost 6 million strong, the Baby Boomer generation makes up just over 25 per cent of the Australian population, which means you should have considerable influence on the direction the country’s economy is moving in — especially when it comes to housing.

In fact, today’s 60-pluses have more than 50 per cent of the nation’s private wealth and by the time the oldest of you hit your mid-70s there will be one of the biggest intergenerational wealth transfers in history.

Chances are your home is one of your largest assets, having been purchased during a sustained boom in house prices. However, with that in mind have you ever stopped to think about how the housing market with change as you look to cash in on your real estate investments?

A study by McCrindle and another study by Freddie Mac in the United States revealed some fascinating perspectives on just what you’re looking for once you hit the sensational 60s.

First and foremost, Baby Boomers are different
Let’s acknowledge that unlike other generations you are far less diverse than Gen X-ers and Millenials. You, your parents and grandparents likely lived in Australia under the White Australia policy, which was abolished in 1973, so it has only been in more recent decades that the country’s largely European population has embraced a mix of cultures.

The other thing that sets you apart is that you are staying in the labour force longer than previous generations, which is in part thanks to longer life expectancies as well as the added financial needs to accommodate those extra years.

You want to age at home
There is an increasing number of people who feel you won’t hold on to you property forever, and will want to one day sell off your properties and spend the cash on creature comforts and luxuries.

However, almost one third of Baby Boomers want to remain in their current residence, claiming to be quite satisfied with their they live. Community is a large reason for this, but so too is the fact you just really love your house.

Renovation is a consideration
Even if you are staying put, there is clear concern about how your current residence will stand up to your changing needs. Some acknowledge that renovation is a necessity if you are to stay in your home as you age.

Read more: You can age at home if you want to, here’s how

The cost of renovations is an obvious concern.

What about renting then?
While almost 40 per cent of you own your home outright, at least one-third are still paying off a mortgage and one-fifth are happily renting. When you do decide on that ‘change of location’ the fact affordable private rentals are getting harder to find means many of you will likely buy.

Does this mean you’ll downsize?
If there is a desire to move, something smaller and more practical is not expected of Australian Baby Boomers. The Freddie Mac report found that downsizing was only ‘very important’ to about 20 per cent of Boomers and 17 per cent didn’t think it was important at all.

No, it seems that what you’re looking for is affordability. In fact, there are several facets you look for in a home:

  • Location is critical
  • Low-rise apartments are a consideration
  • Modern facilities and amenities are a must
  • The floor plan is essential
  • Read more: How to find a true sense of community in retirement

    A comfortable retirement
    The biggest issue for many Baby Boomers is having confidence that retirement will be financially comfortable. Only a very few from your generation feels that secure. If you’ve been lucky enough to make gains from property and have a super and investment strategy planned in advance you should have the confidence that you’ll be comfortable in the years ahead.

    But on the flipside, there are those of you have who not been able to save enough over your working life.

    One thing is for sure, Baby Boomers will certainly be keeping the real estate industry on its toes.

    What are your thoughts on this issue? Have you thought about your housing needs as you head towards retirement?

    Attention Baby Boomer Generation – Understand Your Silent Generation Parents and Their Clutter

    The baby boomer generation was born after 1945 when their parents (the silent generation), started to establish families and communities after the hardship of the second world war.

    Many baby boomers are now finding themselves with elderly parents to care for. Decisions regarding caregiving and life transitions to nursing homes or assisted living centers are difficult. Caring for the silent generation parents in their own home or even moving them out of their home presents many challenges for downsizing and getting rid of belongings and family ephemera that has long been treasured by its owners.

    There are many reasons why the elderly parents of the baby boomer generation may have been reluctant to purge or get rid of stuff over the years. Understanding the emotional and social influences on that generation of people might help you to understand why all that stuff is still hanging around.

    You should understand that the major influences on your parents generation were:

    • the great depression
    • second world war
    • the post war boom

    The Great Depression

    Many silent generation parents will remember living through the great depression when they had nothing and had to make do on their own. Resources were scarce and everything was recycled and re-purposed. Throwing something away was considered to be wasteful and people were convinced that saving and reusing things was a measure of good character. Your parents may not be able to get rid of things because it makes them feel like they are a bad person. They want to believe they are a person of good character and they would like others to think that too so they hang onto things to prove it.

    The Second World War

    Experiencing life through the second world war created the value of duty before self. It would have been impossible for soldiers to go off to war and for their families to be proud of them if this value was not embraced by the society in general.

    Your elderly parents may not think of an item and its usefulness in terms of their own needs but in terms of whether or not that item may have usefulness for someone else – especially family members. They will not be able to bring themselves to part with items that may be useful to someone else since they consider it their duty to preserve items for future use.

    Sometimes the silent generation is referred to as the veteran's demographic because of the great influence the second world war had on their way of thinking. There can be little doubt that this particular way of thinking can lead to accumulation of goods that have long since outlived their usefulness.

    The Post War Boom

    Once the war was over the veterans generation tried to settle into some sort of normal life and what could be more normal than marrying and raising children so that's what they did!

    Economic prosperity became the norm and the silent generation began to expect that their personal worth and assets would continue to increase. They had done their duty and were promised prosperity as a reward for living through and participating the war efforts both abroad and at home.

    Wages continued to go up and real estate values ​​rose so that the silent generation became used to being prosperous. Bear in mind that this was all happening on one household income as women were still not a normal or expected part of the workforce.

    Being able to enjoy prosperity through attention to money management and land ownership created an expectation that the accumulation of material goods would make life better and more enjoyable and so those material goods began to pile up.

    Over a life time quite a bit of stuff can be accumulated if you never learn how to balance what comes into your home with what goes out.

    If you are a member of the baby boomer generation these influences may have also had a great effect on you and it may be necessary to examine your own ideas about clutter before you can help your silent generation parent with the difficult task of downsizing for the transitions ahead.

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    Baby boomers ready to downsize may find few options available – C&G Newspapers


    Baby boomers might find that building additions to the first floors of their homes is easier and makes more sense financially than moving.

    Posted August 24, 2016

    » click to enlarge «


    Empty nesters may want to downsize their homes and move to houses that are all on one level.

    METRO DETROIT — According to www.realtor.com, millennials — buyers 35 years and younger — for a third consecutive year make up the largest group of homebuyers in the United States, at 35 percent.

    But not far behind them is the baby boomer generation, now reaching ages between 50 and 70 years old, who account for 31 percent of the market. And, strangely enough, no one seems to be building or remodeling homes for either set, according to Howard “Hoddy” Hanna, owner of Howard Hanna Real Estate Services, which has stormed into the southeastern Michigan real estate market in the past couple of years.

    “There’s a relatively low supply of homes in a fairly brisk market,” Hanna explained. “There’s very little new construction focused on what millennials and baby boomers really want. There’s a focus on apartment buildings with relatively small units for higher price points, and larger homes at higher price points.”

    Since millennials and baby boomers are both in the market for smaller homes — generally below $200,000 — and few developers are building homes to meet that criteria, there’s a huge demand for smaller properties, and they tend to sell within days of being listed.

    On top of wanting to downsize, boomers are looking for properties with first-floor living options. A first-floor master suite is gold to an aging buyer who knows they may have trouble climbing stairs in the next few years.

    “The empty nester, retiree crowd wants everything on the same level,” Hanna said. “I think you’re going to see a lot of people adding masters onto the first floor in the next few years.”

    Ray Safadi, owner of P.C. Contracting in St. Clair Shores, said he would have bet his bottom dollar years ago that he would be flooded now with requests for first-floor additions. But that’s just not the case — yet.

    “People are still (buying) colonials and tri-levels; they’re not ready to downsize yet. I’ve done more of those than I have the ranches and first-floor-level units,” Safadi said.

    But he doesn’t think that will always be the case. In fact, he said that any new builds his company takes on will look very different than the ones he’s built in the past 25 years, because homeowners’ needs are changing.

    “I’ll tell you, from this point forward we’re only going to do the ranch style. It’s easier to build than a two-story, it’s less expensive to build and it’s easier for (residents) to get around,” he explained.

    As boomers start to push the top end of their golden years, Safadi projects that many will opt to take their longtime homes and remodel them to fit their needs.

    “It’s actually better for people to keep a bungalow-style home, use the upstairs space for storage and add on to the first level. That’s probably the wisest, most cost-effective way of doing it,” Safadi said.

    A home with more than 1,200 square feet often can be remodeled to suit a homeowner’s unique needs, he explained, while homes smaller than that usually require an addition. Homeowners can design their new space to be whatever they like, with skylights and high ceilings to more functional choices like wider hallways, grip rails and other safety features.

    Building onto their existing homes could be a lengthy process — sometimes between two and four months — but for homeowners with considerable amounts of their homes paid off, an addition makes more sense financially than buying new.

    Hanna even suggested that homeowners think about revamping their current home’s floor plan to feature a master bedroom option on the first floor if they’re considering selling. With home prices continuing to increase an average of 6-8 percent yearly, and the expectation that the trend will continue for at least the next 18 months, sellers can be fairly certain they’ll see returns on their investments.

    About the author

    Staff Writer Tiffany Esshaki covers Birmingham, Bloomfield Hills and Bloomfield Township as well as Oakland County Parks and Recreation and Oakland County Animal Control and Pet Adoption Center. Esshaki has worked for C & G Newspapers since 2011 and attended the University of Michigan-Dearborn and Oakland Community College. She’s the recipient of an Excellence in Journalism award from the Detroit chapter of the Society of Professional Journalists.

    For more local news coverage, see the following newspaper:

    Baby Boomers Greatest Fear is Poverty

    As a fellow baby boomer the writer is too aware of the fear of poverty as the retirement age grows ever nearer. As one who has always had an active physical as well as mental occupation, it is a frightening realisation that the days of continuing this activity are growing shorter.

    When we were young the age of retirement was so far away (or seemed it) that we never really took into consideration the seriousness of getting there without adequate financial protection. There were those of us who started their retirement plans, but how many have seen these disappear like so many other financial funds.

    We now realise that whatever we have financially available to us once we have retired is not going to be enough to keep us in any acceptable standard of living. Even if we are not going to be in dire poverty, we are not going to be able to afford the smallest luxury or even the day to day requirements.

    This is what has brought many baby boomers to look elsewhere, such as online, for additional income. Unfortunately, the internet has brought with it, tales of scams and stories of savings lost through unscrupulous dealings, but all is not despair.

    There are ways of avoiding poverty by acting early enough and getting into legitimate businesses online. These if carefully chosen can earn a substantial residual income and can also be an answer for those retirees who do not want to be unchallenged and bored (and frightened) in their latter years.

    The great fear of poverty can be avoided by a plan of action and this can be seen by the numbers of baby boomers who have joined online companies, have learnt new skills and are building themselves as successful online marketers.