The Boomer Blog |
| 6 in 10 Women Don’t Know How They'll Pay for Their Long-Term Care Needs Posted: 01 Nov 2010 08:53 AM PDT By Eileen Marcus and Samantha Palans Our friends at VibrantNation recently completed a survey on women and how they think about their financial futures. While almost half of female boomer respondents said they were raised to believe a man would take care of them financially, only 3 percent believe that now, with a stunning 97 percent saying they have to take control of their own financial futures. For these women, financial security means financial independence and not having to depend on others in the near or long-term future. For a boomer generation of women, sustaining our hard-fought independence includes long-term care planning. As women, we live five years longer than men on average and often live alone later in life meaning we need more money to cover our retirement years and face greater odds of needing future care support. Clearly, long-term care is a women's issue – it's OUR issue – but many of us don't know that and we're not thinking about it enough. A recent AARP study of women ages 45 to 64 reveals: • Six in ten (59 percent) of us haven't determined how we'll pay for our long-term care needs. • 40 percent of us don't know that long-term care is more than nursing home care. Long-term care is a combination of elements that enable us to live as well as possible how and where we want, including daily help needed if we develop chronic conditions that last a long time. These services come from many sources. • Only 23 percent of us know we'll likely pay for future care needs with personal savings. Medicare and private health insurance don't cover long-term care services. But it's not too late – there are so many easy things we can do right now that cost nothing and make a huge difference later, including: • Knowing our family medical history. Did Aunt Mary have diabetes? Learning your family medical history and adopting healthy habits can protect against chronic conditions you might be at risk for. • Ensure your home ages as gracefully as you do. Do you have lots of stairs to navigate? Or a well-designed home with a bedroom and full bathroom on the main level? Take stock of your home. Ask yourself if it will suit your changing needs. • Comfy with your community? What amenities does your community offer? Do you have access to all the transportation alternatives, activities and services that are important to you? Make sure it offers what you need and want. • Have the heart-to-heart with your loved ones. Talk with your family about your future financial and medical wishes to ensure they are aware of what you'd like. • Get up close and personal with your finances.What options do you have now? Or what care options would you want for the future? Think about your financial situation and learn the costs of long-term care. This is just the tip of the iceberg when it comes to planning for the future you want. To learn more about your many other options, visit www.aarp.org/decide. You may also enjoy hearing other women discuss their future plans by clicking on stories by Patricia, Jeannie and Mary Ann. Planning today helps you enjoy your life later. |
| FH Boom Daily Digest – November 1, 2010 Posted: 01 Nov 2010 05:01 AM PDT Top News From Today's "Boomiverse" What Should Financial Planners Sell To Women? Independence Overview: "The financial service industry acknowledges that it needs to gain the trust and business of the Boomer women who are taking control over their assets and investments. But the ads and messages it sends to these women suggest that financial planners are not getting them right." "Shock of Gray": How old people will remake the world Overview: "(Ted)Fishman deftly forecasts the larger problems that will soon consume the globe. Professionals and skilled laborers will be pushed out of their jobs before they can afford to retire, forcing many into service industries that pay a small fraction of their former salaries." Work After 50? How About 100? Overview: "Today, working through our sixties still seems unnatural and carrying on into our seventies positively outré. But soon, according to the World Health Organization, holding a job on our 100th birthday won't be unusual. Today, working through our sixties still seems unnatural and carrying on into our seventies positively outré. But soon, according to the World Health Organization, holding a job on our 100th birthday won't be unusual." |
| You are subscribed to email updates from The Boomer Blog To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
No comments:
Post a Comment
Thank you for commenting on my blog. I will write back soon!