Talking Retirement

Cheaper Long Term Care Insurance.

Got a few minutes today? It won’t take long to read Three Major Retirement Hazards to Avoid from Senior Journal. One “min-tip” is at the end of the first tip. We’ve all probably noticed that healthcare is getting more and more expensive. It’s easy to assume it will be a significant part of our expenses during retirement. But did you know this? “Buying long-term care insurance early on can help lower its costs immensely.” Good advice. Read the article for the rest of the tips.

Paying For Healthcare

Why would reading How will you pay for health care when you retire? be worthwhile? I’ll let the article do the talking.

A 65-year-old couple retiring today will need, on average, $200,000 set aside to pay for medical costs in retirement, according to a recent study by Fidelity Investments. And this number doesn’t even include the cost of over-the-counter medicines, most dental procedures and, most importantly, long-term care (such as in-home health care or an extended stay in a nursing home).

Alright, I’m listening. The article tells us there are four basic ways to prepare. Stay healthy. Open up a Health Saving Account. Plan ahead for long-term care. And, save more. Want to know more? Read the article.

Caring for Parents

American Chronicle has an article on the delicate topic of caring for elderly parents, Minding Our Elders: Should we move Mom and Dad back home?

It is more of a personal story rather than a clinical piece of reporting, but it may be the best way of addressing the difficult subject. You won’t find a definitive answer, but it offers some perspective.

Was moving right for Mary? I doubt that she could have lived independently much longer. Her family could have used the Elder Locator (http://www.eldercare.gov) to find agencies that would provide the needed help in her home. (In this case I was able to help find some help). But someone had to be able to supervise and check on the quality of care. The family wasn‘t comfortable with that option.

Working vs. Not Working: How It Effects Your Health.

The study said it’s not really retirement that might make you sick, but rather the poor way many of us manage our retirement.

People who stay physically and socially active, some of them by working part-time, pretty much escape the retirement curse. Being married, which is one indicator of having at least some social network, is also associated with less likelihood of health problems.

The easy answer taken from this article is that you might do yourself both a financial favor and get a health benefit from having a part-time job in your retirement. Read the article for more information.

Billie Jean King Plans Retirement Fitness Center

Brain Health

Arguably, the organ most in need of a solid long-term investment is your brain. And you can take specific steps to help your brain age well. According to Gene D. Cohen, a physician and Ph.D. who is the director of George Washington University’s Center of Aging, certain activities can help increase the power, clarity, and subtlety of the brain and the mind.

The article has suggestions on keeping your brain in good shape, like choosing activities that will make you “work up a mental sweat.” Want to know more? Read the article here.

If you’re looking for a quick fix for a mental challenge, check out Daily Sudoku. They’re one of my favorite types of brain teasers.

Surgeons Also Set to Retire In Large Number

This story is from Australia, but it makes me wonder how the American medical profession will be affected by baby boomers entering retirement.

Almost half of Australia’s surgical work force is aged over 55 and planning to retire within the next 15 years, just as demand for health services from ageing baby boomers reaches its peak.

Read the story.

$200,000 for Healthcare in Retirement?

An average couple retiring this year will need $200,000 to cover their healthcare costs for 20 years in retirement, not including the expense of long-term care should they need it.

I have to tell you, that figure scares me. Can you imaging large numbers our country’s elderly simply withering away at the steps of hospitals because they can’t afford to get in the door? I think our government will be forced to deal with this issue soon. Read the article.

Benefits Declining for Retirees

The New York Times has a story that reports even more changes to retirement, Benefits Go the Way of Pensions. We’ve talked about disappearing pensions since we started this site and now we’re seeing the erosion of health benefits too. The article opens with GM’s plans on cutting health care for retirees.

With retirees living longer and accounting rules forcing companies to more honestly reflect their full costs on their books, the corporate-sponsored social contract is no longer sustainable.

There is a financial reason companies are cutting benefits, but these benefits cuts don’t seem to have much of a negative impact on the company when it comes to new employees. “Companies have also noticed that, in many cases, offering a secure retirement package is no longer essential to attract formidable younger talent.” I guess that means people’s expectations are just lower than they used to be. Read the story.

Invent Your Retirement, A Retirement Reference Manual