What boomers can do about retirement housing options, post market downturn

The May issue of Financial Planning magazine included a great article called Elder Housing Options. As the co-owner of YourLTCresources.net, I thought the article was well-researched, providing all types of data about those of us in middle age, quickly approaching retirement-decision age. As boomers know well, the past several years have not been financially kind to them.

As Financial Planning states, “For boomers, the housing market downturn couldn’t have come at a worse time. A large percentage (of boomers) no longer have the means to buy into appropriate senior-living facilities as they age.”

According to the Federal Reserve, the overall value of real estate owned by U.S. households fell to $17.65 trillion in 2012 from $22.7 trillion in 2006.

“And much of that decline hit boomers the hardest,” said Financial Planning magazine author June Fletcher, “since most were in their peak earning years when the financial meltdown occurred and were living in the largest homes they would ever own.”

Financial Planning magazine recommends doing what is possible now to stretch your retirement housing dollars, for instance:

  • Invest your portfolio more aggressively
  • Lower your taxes (possibly by moving to a state with lower or no state income taxes)
  • Remodel your home to make it more senior-friendly
  • Consider an ECHO home (temporary prefab units on a relative’s property)
  • Get a reverse mortgage (borrowing against the equity of your home)

Investing wisely and downsizing are good ideas. Another sound financial piece of wisdom is to think ahead and prepare for your future now, while you are healthy.

Need information and resources to make informed educated decisions about your future? That’s my specialty and my passion. I can help you learn what Long-Term Care Health Insurance, Critical Care and Short-Term Care Insurance can do to help you protect your financial future.                             ~ Elise

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Long-Term Health Care has evolved!

As consumers, we decide where we want to live, the type of car we prefer to drive, where to buy groceries, and so forth, right down to the type of phone we use. With Baby Boomers, it’s all about choices. And with 10,000 Baby Boomers turning 65 every single day over the next two decades, “Boomer’s choice” is definitely a part of the Long-Term Health Care system.

As a Boomer myself, I love choices! I welcome Long-Term Health Care Insurance in its many forms – many of them hybrids to make sure the policies work just as we need them to. Taking a new, more individualized approach allows us as consumers to dial up or dial down the health and insurance features that meet their want, needs and range of budget.

It’s great to see this freedom of choice when it comes to both insurance to public programs, Short-Term Care policies, private family support, self funding, Long-Term/life insurance hybrids, or even a combination of these.

Make sure you tailor a Health Care Insurance plan around your particular considerations. A good place to start in your planning is to evaluate the cost of care where you intend to live. As shocking as this is, a private room in a nursing home can easily run to $83,950 per year, according to a new report by the SCAN Foundation on the State of Long-Term Care Financing.

It’s not easy to think about these issues, but knowledge is power, and planning is critical to assure you get the care you might need. Since there are so many choices available, why not choose the plan that works best for you?   ~ Elise

Indiana health care insurance professional gives ‘boomers’ exactly what they are looking for

We baby boomers are changing the nature of health care planning. With 70 million of us, our dramatic numbers alone are radically altering the world of health care insurance.

As ‘boomers,’ we have high expectations and prefer to leave nothing to chance. We want control of our financial and health planning to ensure we get the type of healthy, dignified, independent, and secure future we have envisioned.

Those of us edging toward retirement plan earlier and plan thoroughly. I enjoy working with pre-retirement clients to plan for all health care contingencies. They are bright, well educated, and expect a long, healthy future with a lot more self-sufficiency and control than their parents had.

If you are a boomer, we should talk. Soon. Because nothing ever goes absolutely according to plan, it’s smart to look ahead, before a health emergency strikes you or your partner.

And, because health care prices continue to go up, health insurance costs continue to rise as well. There’s no better time to lock in rates for Long-Term Care, Short-Term Care and Crisis Care health insurance plans than right now, while you are healthy.

As a health care insurance professional for 26 years and a baby boomer myself, I can help make sure you cover all your health ‘bases’ and get the type of coverage that will leave nothing in your future to chance.

~ Elise

 

Aging U.S. population a big issue

Aging continues to be an issue and have far reaching impact, on the economy, on businesses, on families, and on individuals.

Are you familiar with these statistics?

  • The U.S. Census Bureau recently reported that the dependency ratio, or the number of people 65 and older to every 100 people of traditional working ages, is projected to climb rapidly from 22 in 2010 to 35 in 2030.

This time period coincides with the time when baby boomers are moving into the 65 and older age category.

  • After 2030, however, the ratio of the aging population to the working-age population (ages 20 to 64) will rise more slowly, to 37 in 2050.

The higher this old-age dependency ratio, the greater the potential burden on taxpayers. Another good reason to explore Long-Term Care Insurance.

With this generation of young adults waiting still longer to have and raise their children, they may not be able to – or have the time and/or means to – care for you.

Long-Term and Short-Term Care Insurance places the means for your care in your hands, so neither you nor your children need to worry about it. Let’s talk about your family situation and what Long-Term and Short-Term Health Insurance can do for you.        ~ Elise