SHOCKING: Baby Boomers Losing Their Retirement Money

Baby Boomers May Need To Worry... 

Hi guys, I found something extremely important regarding your financial future for baby boomers. I've been hearing it from the "Ultra Rich" how the economy is suffering, so I wanted to share this topic from my friends at Stockton Record.

The first baby boomers, born in the year following the end of World War II, turn 65 this year, and if they've been eligible for AARP membership for 15 years and "early" retirement benefits for two and a half, this birthday marks the traditional start of senior citizenship.

The good news for boomers is that people are living longer; there's more time to enjoy retirement. The bad news is people are living longer.

That means that planning for retirement is more challenging. Besides accumulating enough savings to outlive you, there's the extra burden of saving for added medical care costs that rise with longevity.

A 2010 study by the Alzheimer's Association found that 1 in 8 Americans 65 and older suffer from Alzheimer's disease, with a new diagnosis occurring every 70 seconds. By 2050, the rate of new cases will occur every 33 seconds.

The likelihood of baby boomers needing some kind of long-term care is great, whether it be assisted living or skilled nursing care.

"It is at the forefront of my conversations with clients," said Tom McHugh, a third-generation Stocktonian who owns his own financial planning company. "The biggest threat to most people is care for the long term, and insuring against that risk is oftentimes the easiest and least expensive solution to that threat."

Ironically, though, as the need has increased, the availability of traditional long-term care insurance policies has shrunk, McHugh said. Metropolitan Life and John Hancock Insurance both have stopped selling traditional long-term care policies.

"Insurance companies will provide benefits in the event of long-term care being needed through life insurance policies," McHugh said. "They add them as riders. I like this idea, adding these riders to life insurance policies. That way if care is needed, that can tap into those benefits before they die."

You can check out the rest of this topic here... at Stockton Report.



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