Posts Tagged ‘savings’
Opinion: Never mind the Social Security increase, seniors are in trouble – here’s why
You might have heard that Social Security checks are going up 2.8% next year, the biggest rise in seven years. That translates into an average benefit of $1,461 a month, up $39. While welcome, it’s necessary to remember that the increase is tied to inflation. Higher payouts will simply enable retirees to keep up with…
Read MoreWhy millions of Americans are still working past the age of 65
Retiring comfortably at 65 is now out of reach for millions of Americans. Tom Coomer was a machinist at the aerospace manufacturer McDonnell Douglas for 29 years, but the plant closed one year before he was due to get his full pension. Now 80 years old, he works as a greeter five days a week…
Read MoreUSA Today: Reverse Mortgages Can Help Manage Retirement Mortgage Debt
Carrying a mortgage into a retirement can present a number of concerns for homeowners, so many experts recommend paying off this debt during the working years. This isn’t always possible though, and experts in a recent NerdWallet article that was republished by USA Today, offered ways to help mortgage-carrying retirees. In the article “Why you…
Read MoreWhen Are You Planning to “Get Old”?
When are you planning to get old? According to a recent study, you’d better move the date back. “Contrary to common belief, many people can live well into their 90s without becoming cognitively impaired, study findings indicate.” – Neurology 2003; 60: 477-480 But statistics are statistics. Let me give you some examples from my own…
Read MoreAmericans More Afraid of Retirement Health Care Costs than Death
Americans of all ages are more worried about future health care costs and their finances than they are about death, according to a recent online survey by TD Ameritrade. Completed by Harris Poll on behalf of TD Ameritrade, the survey “Redefining Aging” asked about 2,000 Americans over the age of 18 for their thoughts on…
Read MoreEven High-Income Seniors Could Face Difficult Long-Term Care Math
The retirement-savings crunch has been an ongoing problem for low- and middle-income seniors, but a new warning from investment research firm Morningstar suggests that even well-off Americans should double-check their retirement calculus. “Very high-income, high-net-worth people can plan to self-fund long-term care costs, though I’d advise them to do the math on long-term care cost…
Read MoreThis retirement expense has hit $100,000 annually — and it’s continuing to rise
This retirement living expense has nowhere to go but up. The annual cost of a private room in a nursing home has cracked the six-figure mark, according to Genworth Financial. The national annual median cost of a private room in a nursing home is $100,375, the insurer found in its 2018 Cost of Care study.…
Read MoreCan Protein Keep You Healthier Longer?
Researchers seeking the elusive fountain of youth are shining the spotlight on protein. Eating more protein may reduce seniors’ risk of disability and help them remain independent longer, a new British study suggests. Dietary protein slows the age-related loss of muscle mass, helping to preserve the ability to do everyday tasks, the researchers said. “Our…
Read MoreHome Equity Crucial to Health Care Planning as Costs Rise 4% Each Year
As health care costs are expected to keep rising, reverse mortgages and other home-equity tapping solutions can play a vital part in planning for health expenses for seniors. HealthView recently released its 2018 Retirement Health Care Costs Data Report, which showed that retirees can expect their health care costs to rise annually by about 4.22%…
Read MoreWarmer Weather Gets Seniors Outdoors and Moving
The better the weather, the more seniors venture out and get active. So say researchers who assessed the activity levels of more than 1,200 adults in Norway, aged 70 to 77, who were grouped based on whether they scored low, medium or high on a fitness test. “Older people in poor physical condition become less…
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