Putting the ‘gold’ in golden years

If you were born between 1944 and 1964, you are a Boomer, and are well aware of how important it is to save for your retirement. Today, the responsibility for retirement saving has shifted from employers to employees, and Social Security provides only a base level of income. Today, it’s up to you to put the “gold” in your “golden years.”

Many Long-Term Care companies survey trends in the marketplace. Among them, Genworth, Inc. did a Financial Reality Check Survey in 2011. 73% of people answering the survey said that they “would not know what to do if they received a call today letting them know that a family member needed long term care.”

The survey also reveals that people value their independence over comfort. For example, did you know that:

  • 8% say they would turn to family for financial support in retirement
  • 11% would move in with family to ensure a comfortable retirement
  • People are 5 times more worried about being a burden than dying, and
  • 78% say they would find it “helpful to talk with a financial professional or specialist about long term care planning” but only 16% have actually had the conversation.*

While it’s tempting to look for the proverbial “pot of gold” at the end of the rainbow and to think or talk about more pleasant things, we all age and most of us end up needing help in some shape or form. It’s not difficult to keep big or small issues from overtaking the golden years! Being prepared with informed decisions based on reviewing long term care protection can mean you’re “gold to go!”

*Genworth, Inc. April 2011 Cost of Care/Financial Reality Check Survey  ~Elise

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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