Be Financially Healthy with These 7 Money Habits

Being financially healthy usually means having sufficient income to cover for daily expenses for the rest of your life without having to make loans or be in debt in order to get by every day.

There are people who achieve this by developing useful money habits which can be seen through saving and investing over many years. Others become successful enough that their investment can generate income without daily supervision.

There are many different approaches to becoming financially healthy and can be taken by average Americans.

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Boomers Delving Into Possible Future Issues, Are They Prepared For The Unthinkable?

The realities of baby boomers entering into retirement is no longer a simple matter, whether you are a few months, years or decades away from retirement, we should expect the best and worse case scenarios. Baby boomers should expect longer but not necessarily healthy lives, more expensive cost of living. market uncertainty, health and long-term care cost  and inflation.

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Protecting Adult Children From the Impact of Baby Boomer's Aging

With more than 70 million baby boomers, the aging population is expected to have a dramatic impact on the country's economy as they are expected to live longer and a vast majority of them are unprepared for retirement, these large number of seniors will soon be taking money from retirement account such as social security and IRA. As they make up a large portion of the population, moving into old age would seem to be another challenge not only for the US economy, but for their adult children as well.

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Long-Term Care Insurance: A Difficult Decision for Baby Boomers

Majority of baby boomers may already have estate, financial, retirement plans, wills and trust in place. However, if these were place years ago, this is a good time to review and reassess those plans to see if the goals and priorities are still your desires and wishes. Your wealth might have accumulated or it might have been reduced and your health is not the same five years ago. You might consider making some tough decision and include long-term care in you plan.

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Baby Boomer's Decision Making - A Reflection on Financial Abuse

Baby boomers make up a large part of the US population, and as they enter their retirement years, experts stated that they need to make important and wise decisions about finances, health and long-term care. This is the stage in their life where they have be in control of their decisions, however, as people age, making smart ad wise decisions over critical issues can be an enormous challenge especially when you are dealing with chronic illness that may affect your decision making ability.

In an article written by  Jodi Mohrmann, he discussed how elderly adults can be vulnerable to abuse when they are suffering from cognitive impairment.  Normally, boomers faced difficulties adapting to changes as they enter retirement which may include adapting to a new and different routine, missing their colleagues and daily tasks and dealing with expenses that are more than what they had anticipated. But these can be more challenging if you are suffering from memory loss like dementia.

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Long-Term Care: Believe It Will Happen To You

For most baby boomers, they want to remain independent and stay in the comfort of their home as they enter their retirement years, it is an important factor for them for aging in place. However, this may no longer be an option once a catastrophic event like a health or long-term care crisis arises.

For those who are still healthy and well-abled, they usually don't think that crisis may happen, but a sudden fall. accident or illness can change everything. As baby boomers age, they become frail and susceptible to injuries, the perception that things like these are never going to happen suddenly becomes reality. 

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Baby Boomer's Long-Term Care Expenses, A Personal Responsibility

When the CLASS Act was repealed, medicaid spending is expected to increase dramatically. A lot of baby boomers were looking forward to the said program, however, legislators and executive body think that the program may not be feasible and will be facing enormous budget funding. Medicaid is the single largest payer of long-term care expenses, and with millions of boomers not having any plan on how to cover this expense, they resort to relying on the program and go beyond the point of engaging in an activity called medicaid planning just to be eligible for the program.

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Long-Term Care Insurance: Does Baby Boomer Need It?

You may have read, seen or heard that for people aged 65 and above, the odds of needing long-term care services at some point in their life is 70%, so how come baby boomers are ignoring this prospect? Boomers have seen their parents struggle with long-term care, they are aware of the emotional, mental and physical devastation people have to deal with as a result of not taking necessary actions to plan properly for future health and long-term care needs.

Aging the Boomer Way: Who Will Take Care of Childless Seniors?

Statistics revealed that 1 in every 5 baby boomers is childless, that is about 15 million boomers who never had children. And since boomers are mostly in their retirement years, there is a looming crisis on who is going to take care of them? We are all aware that the foundation of caregiving is family, majority of caregivers are spouses and children, for spouses who are childless, women are expected to provide care, if so, who will take care of her when she eventually needed care? And how about single boomers who are likely to live alone in their old age?

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Baby Boomer's Early Retirement: Health, Finances and Long-Term Care Issues May Interfere

Based from different surveys and studies, baby boomers are more worried about the affordability of health services than their own health. Health and long-term care issues are threat to their financial strength, thus, a threat to their retirement savings and plans. It will impact not only their finances but also their relation to their family.

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Things Boomers Need To Know About Long Term Care Insurance

What’s your long term care plan? Many baby boomers are thrilled to plan for their retirement. Some already have exciting plans about the places they want to visit or things they want to accomplish. However, many people forget to plan for long term care, but not Mary Bruels’ mother. 

According to Jackie Callaway of acbcactionnews.com, 20 years ago, Mary Bruels’ mother made a life changing decision. At that point in time, Mary's mother, Marjorie, recognized that she and her husband are not getting any younger. She realized that their savings might not be enough to pay for long term care expenses not covered by Medicare.

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Understanding long term care laws - The Crisis of Denied Claims

A contract is a very complicated tool used by companies to ensure an understanding within the buyer and the company, but sometimes, they can use even the vaguest words to their advantage, so you better beware and understand every word written on your contract with them. Hiring an insurance coverage contract lawyer is one of the best ways to ensure your safety before signing with that insurance company, it might be a bit expensive, but it will surely help you because they know every nook and cranny of the long term care law and you can use that to your advantage.

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Baby Boomers Overlooked True Cost of Long-Term Care

Planning for long term care is anticipating and preparing for your future care needs. More than half of people aging 65 and older will require long term care. Meanwhile, those who are younger are not impervious to this need. In fact 40% of those aging 18-64 have a possibility of needing care even if they are not yet in their elder years. Planning is essential but before you get started, you must first have the answer to the question, “What is long term care?”

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Long term care pertains to the services that a person needs in order to retain the quality of his daily living. A huge part of long term care deals with providing assistance in basic tasks such as bathing, eating or getting dressed. These are referred to as Activities of Daily Living. Long term care mostly deals with the custodial needs of a person.

Useful Tips on Long Term Care for Baby Boomers

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Long term care allows senior citizens to maintain good health and manage their daily life as they stay at home or in facilities. Although it is better to apply for long term care insurance at age 40, many Americans choose to enroll when they are over 60. Long term care for baby boomers is essential for their well-being and even financial stability.  

How Will Baby Boomers Handle Long-Term Care Costs

At a dramatic and alarming rate, the cost to stay in a nursing home care facility is increasing. In the latest Genworth Financial report, $83,950 is the median annual cost of a nursing home care facility which has risen annually (4.5 percent/year) over the period of the last five years.

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Long-Term Care Insurance Alternatives for Baby Boomers

To get coverage for long term care, there are other ways aside from looking for a major insurance carrier and paying the premiums of a long term care insurance policy. You probably find premiums to be too expensive due to limited assets. On the other hand, if you already own a health or life insurance policy, you may not want to buy another one for long term care.

Babyboomersconcern.com discussed and provided several options as an alternative to traditional long-term care insurance.

Boomer Watch: Longevity, Long-Term Care and the Baby Boomer Women

Many baby boomers are now retiring, they are aware of the challenges they may face in their golden years especially in terms of finances, health and long-term care. However, baby boomer women need to see retirement differently compared to men. As we are all aware, women are more likely to live longer than men so they have to have extra funds to last their lifetime. 

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Boomer Watch: Benefits of Long-Term Care Insurance for Baby Boomers

There are various waysof obtaining long term care insurance plans as discussed in longtermcareprimer.com. If you have limited income and budget, you are advised to enroll with Medicaid. On the other hand, if you earn sufficient income and possess a lot of money as savings, you may consider buying a private long term care insurance policy.

Boomer Watch: Later Life Financial Planning - Long-Term Care Insurance is a Must!

Preparing yourself for your future will not only include having a stable job and savings for your family, but what about when you are older and you already hit the age where you are going to retire. What are the necessary preparations you made in order for you to have an enjoyable and pleasant elder life?

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Boomer Watch: The Long-Term Care Scenario for Baby Boomers

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There are several studies that showed baby boomers are expected to live longer than their parent's generation, and majority of these baby boomers are likely to live alone in their old age due to several factors including, divorce/separation and a lot of them not being married. In addition, despite medical advances it was revealed that the health of the baby boomers is worse than their previous generations. This actual facts and statistics only boils down to one thing, the boomers are likely to impact the long-term care state of the country due to frailty or a more serious health condition that may require ltc services.