Busted: Five Retirement Myths

Many boomers nowadays are starting to have retirement concerns, especially because many of them are nearing retirement and they are not confident that they can be financially independent once they retire. The biggest fear they have is outliving their savings due to the risk of dealing with a health and long-term care event which can be financially devastating.

The sad part is: many are frightened of retirement because they were not able to prepare for it sooner or at all. While some people were able to put away a significant amount, they forgot about inflation. What they estimated would last them for twenty years may only last for ten or less.

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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 Notion of Aging, Retirement and Long-Term Care

Majority of baby boomers are seriously weighing retirement now, with more things to put into consideration and quite a number of expenses to anticipate. They are indeed setting a new trend and are redefining retirement based on current circumstances, instead of dreaming about life's luxuries and leisure, they are taking retirement one step at a time.

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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.

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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