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When $1 Million Isn't Enough
Tweet Share on Facebook May 7, 2008 Comment (2)Is a million dollars enough to retire comfortably on? Many baby boomer millionaires don't think so, especially once recession fears come into play. Almost 30 percent of 60-year-old baby boomers with investable assets of $1 million or more say they feel more financial stress now than six months ago, according to a new survey from Bell Investment Advisors and Opinion Research Corp.
The admittedly small survey of 500 boomers born in 1948 found that 40 percent are "downsizing" their lifestyles this year by contributing less to charity (22 percent), canceling, shortening, or postponing vacation plans (21 percent), reducing retirement savings (18 percent), or putting off retirement altogether (11 percent).
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Older Patients Want Specialized Medical Care
Tweet Share on Facebook May 5, 2008 Comment (2)Young and old people use healthcare differently. While a young person might go to a doctor to get a prescription for new contact lenses or to seek antibiotics for a sinus infection, older people are more likely to see a doctor regularly to help manage and treat chronic conditions like high cholesterol or hypertension. The average 75-year-old American has three chronic conditions and uses four or more prescription medications, according to an April 2008 report by the Institute of Medicine.
A new survey found that baby boomers want medical care specifically geared toward older patients. Both 55- to 64-year-olds (83 percent) and those over age 65 (87 percent) say it is important to see a healthcare provider with specialized training for adults in their respective age ranges, according to the online survey of 3,110 adults over age 55 by Zogby International and the American System for Advancing Senior Health.
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The Greatest Retirement Expense of All
Tweet Share on Facebook May 1, 2008 Comment (10)You've probably heard the quip: Be nice to your kids because they'll pick your nursing home. But unless your kids do quite well for themselves, they may not be able to afford one. The average U.S. household pulled in $48,201 in 2006, according to the Census Bureau. The average annual cost of a private room in a nursing home: $76,460, or $209 a day.
A new survey of 10,000 nursing homes, assisted living facilities, and home care providers by Genworth Financial found that costs of long-term care have jumped by as much as 25 percent in some areas since 2004. A one-bedroom unit in an assisted living facility costs $36,090 a year. Care by a non-Medicare-licensed home health aide will set you back $19.18 an hour, or $43,884 a year for 44 hours each week. Even the least expensive option, adult day healthcare, will lighten your bank account by $15,236 a year.
