According to a recent government report, available here, Medicare and Social Security are at risk of insolvency. Unless action is taken, Social Security will exceed its income by 2020, whereas Medicare is projected to exceed its hospital insurance fund by 2026. Social Security will have to start spending down, potentially including massive cuts in payments to […]
It is all over the media that nearly half of Americans aged 55 and older have no retirement savings in an individual retirement account (IRA) or 401(k) according to the federal Government Accountability Office (GAO). Also, while two out of five households do have a defined benefit plan (traditional pension), a full 29 percent of older
According to the U.S. Department of Health and Human Services, someone turning age 65 today will have a 70 percent chance of requiring some long term care (LTC) service and support during the remainder of their life. In the case of women, the typical LTC need will last about 3.7 years compared to men who
As we age, simple things we took for granted as kids become more difficult — and more expensive. That’s a truth all of us know. What you may not realize is that the aging middle class will face unique difficulties going forward. The private market offers options for assisted living, but at a price too
Elder financial abuse has been a growing problem of the past decade. The financial exploitation of older or vulnerable adults can take many different forms. This portion of the population can be exploited by strangers of professionals who deal with their assets, and even trusted family members and friends. It is a problem to which