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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Looming US Deficit, Are Baby Boomers to Blame?

Baby boomers are known to have spend their younger years living in prosperity, and enjoyed these lucrative years until the great recession occurs. Now that all of them are in their retirement years, the US government is providing them with health, long-term care and retirement benefits, which eats up most of the national, federal and state budget.

The country is living with more debt, and federal debt is currently in the highest level. The country's debt was not expected to increase sharply, until recently, when boomers start retiring and rely on their social security and government funded health and long-term care programs. Medicare and medicaid are already strained programs and are considered bankrupt. With all these facts, are the baby boomers to be blame for the country's huge financial deficit? This is the same arguments posted in USNews, and suggested that boomers should be responsible in fixing the debt.

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Aging In The Right Place - Redefining Baby Boomer's Choices for Living

Survey showed how baby boomers are changing retirement, but when it comes to choosing their living arrangements, it seems that majority of boomers plan to stay put and "age in place". The idea of aging in place is to live independently and conveniently in the comfort of your home and with the presence of your loved ones and family members.

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Retirement Reality for Baby Boomers

The baby boomers generation is facing more challenge when it comes to retirement, if you are going to check updates and news about the baby boomers, you will find out that most of the issues concerning them have something to do with retirement and financial planning. This is because all boomers are in their retirement years now and majority of them are still struggling to build a nest egg.

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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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Baby Boomer's Health and Finances: Which One Must Be In Good Shape?

Most often than not, the main concern being discussed about baby boomers is finance, a lot of boomers are worried about their financial strength more than anything else. It also plays a big role in their retirement, estate and most especially financial planning.

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However, a survey done by Allianz proved this wrong, the result was surprising! More baby boomers are concerned about fitness and wellness, and finances only comes in second. However, this trend among boomers seems to be a little bit confusing in terms of professional help. Although majority of older adults may want to keep themselves healthier, only a few considered getting professional help to guide them in their health and fitness campaign. And a lot of them are willing to seek or consult an expert in terms of financial planning.