Barbara Rockefeller - Baby Boomer Survival Guide: Live, Prosper, and Thrive In Your Retirement

Barbara Rockefeller & Nick J. Tate

The DaVinci Guides Baby Boomer Survival Guide: Live, Prosper, and Thrive in Your Retirement

2014 Humanix Books

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No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any other information storage and retrieval system, without written permission from the publisher.

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ISBN (E-book) 978-1-63006-001-5

ISBN (Paperback) 978-1-63006-000-8

Library of Congress Control Number 2013948551

The golden years of retirement. For most Americans, they represent the culmination of the American dream of earning a comfortable living, raising a family, and giving back to the community. But for many baby boomers, those golden years are losing their luster.

US Census Bureau statistics show, for instance, that about 10,000 Americans will turn 65 each day over the next two decades. Yet fewer than one in four will have saved enough money for retirement by that age. What that means for many of us is that we are working longer than ever before well into our 60s and beyond not because we want to, but because we have to in order to make ends meet.

For those who are able to save enough to retire comfortably, there is another consideration: Federal health statistics show that Americans are living longer than at any other time in history, largely due to major advances in the diagnosis and treatment of many health conditions that once killed people in their 50s and 60s. In terms of longevity, 80 truly is the new 60, with seniors over 85 years of age now the fastest-growing segment of the US population.

But there is also a downside to this decidedly good news: Older Americans are also living with more chronic, costly health problems that accompany them into retirement cancer, heart, disease, diabetes, Alzheimers disease, etc. compared to a generation ago. For nearly one in four seniors on Medicare, out-of-pocket medical expenses exhaust all of their assets and life savings in the final years and months of life.

If these statistics arent enough to give you pause, consider the following:

• Medicare benefits are unsupportable at current levels and may need to be scaled back significantly to remain solvent, while Social Security taxes will have to be raised if benefits are not cut, something that is politically unacceptable today. Eligibility ages may have to be raised in one or both programs to 67 or even 70, according to experts. When Medicare was created in 1965, 19 million Americans were eligible. Today, its more than 50 million, and that figure is rising by the day, according to federal Centers for Medicare & Medicaid Services. In 2010, the federal government spent $528 billion to fund the program. By 2020, that spending is projected to hit $1 trillion.
• Seven in ten Americans 65 and older will one day require some form of long-term care in a residential facility, nursing home, adult day-care center, or in their own homes, according to the US Department of Health and Human Services. Yet only one in 12 have actually purchased long-term insurance or arranged for some other means to pay for it.
• Nearly half of Americans 85 and older will develop Alzheimers disease or dementia and require assisted medical and/or residential care, according to the Alzheimers Association. In many cases, adult children live in separate cities and are unable to help out with their parents needs.

In short, these demographic and economic trends add up to a burgeoning crisis of major proportions when it comes to retirement planning for many of the nations baby boomers. The greying generation that so revered youth and youth-culture is facing the prospect of a bleak future one that gives a chilling new meaning to Pete Townsends famous quip: Hope I die before I get old.

But it doesnt have to be this way. In fact, a little planning and foresight can go a long way toward making sure your hopes and ideals for retirement dont collide with these harsh economic, financial, and health-related realities.

In essence, this is precisely why weve decided to produce this survival guide: to help you navigate your way to a fulfilling, active, and financially-secure future.

What you will learn in this book:

• Smart financial moves you can make now in terms of investment and savings whether your retirement is months, years, or even decades away to be sure your golden years are just that
• How to calculate how much youd likely need to save for retirement based on current US life-expectancy projections and your lifestyle
• Tips for establishing a strong financial profile that will allow you to plan for any eventuality, including a catastrophic illness or unexpected monetary emergency
• What you can reasonably expect to receive in terms of Social Security benefits and other government assistance after you retire
• How to evaluate the best places to live in retirement, based on costs of living, crime, weather, and other quality-of-life factors
• Clear-eyed advice for handling estate planning, inheritances, wills, and trusts
• What the Patient Protection and Affordable Care Act (aka ObamaCare) will mean for you and your healthcare, and how to plan accordingly to take advantage of some new opportunities and minimize the financial risks the new health law may present
• Practical tips for surviving the coming changes and challenges in Medicare, including how to pick a health plan, determining whether you need supplemental insurance, avoiding Medicare- and ObamaCare-related scams, and strategies for maximizing your healthcare dollar
• A guide to choosing long-term insurance, nursing home care, assisted living facilities, and planning for the catastrophe no one sees coming: a serious medical emergency that can deplete your life savings
• A state-by-state list of patient-advocacy agencies and insurance ombudsmen to help with questions and complaints you may have about healthcare providers, insurers, or physicians
• How to craft detailed advance medical directives including a living will to make sure your wishes are carried out, should you become incapacitated and unable to speak for yourself
• An age-specific breakdown of recommended health-related screening tests that offer significant protection against cancer, heart disease, diabetes, dementia, Alzheimers disease, and other conditions
• The latest word from the nations leading doctors and anti-aging specialists on how boost your health (mentally and physically) and longevity, so that you are not merely surviving in retirement, but thriving in your golden years

In short, this book has been written to provide a handy, useful, and practical roadmap to retirement for baby boomers. It was designed specifically to allow you to expand not limit your interests, hobbies, social network, community involvement, career pursuits, and your personal goals in retirement.

Its a clich that all good stories have a happily-ever-after ending. But it is our sincere hope that what you find in this book gives you the wherewithal to make your retirement the richest, most fulfilling chapter in the book of your life for yourself and your loved ones.