Baby Boomers, Nursing Homes and Retirement
When you read this article, the first few paragraphs will make you think I have sent you to the wrong news report. I haven’t. It just illustrates the seriousness of this problem. Baby Boomers don’t want to think about nursing homes; it isn’t something that is part of the reality of our life and its future. Unfortunately, what is in our mind as reality, may be leaps and bounds away from reality. Baby Boomers will eventually need nursing homes for themselves and there is a huge problem in determing how these expenses will be met.
In fact, by 2040, 67 cents of every dollar the federal government collects will be needed to pay for current promises to boomer retirees. And that statistic doesn’t include the $16 trillion estimated unfunded liability of the new Medicare Part D drug benefit for seniors.
Terry Savage, Chicago Sun-Times
According to Savage, this translates into a 40% cut in income. Can you live on 40% less?
Boomers Could Get Buffeted By Retirement
[…] Since you knew it was a trick, and I can’t type upside-down, this isn’t much fun. Anyway, the answer is none of the above. You can retire whenever you feel like it. The question is: can you afford to? If you want to retire today, go for it. Best of luck to you… […]
By What’s the Retirement Age? » Personal Finance in the USA on June 7th, 2006 at 7:38 pm
[…] Since you knew it was a trick, and I can’t type upside-down, this isn’t much fun. Anyway, the answer is none of the above. You can retire whenever you feel like it. The question is: can you afford to? If you want to retire today, go for it. Best of luck to you… […]
By Do You Know Your Retirement Age? » Money, Mortgages, Credit Cards, Finance, Insurance, Loans on June 14th, 2006 at 2:14 pm
[…] Since you knew it was a trick, and I can’t type upside-down, this isn’t much fun. Anyway, the answer is none of the above. You can retire whenever you feel like it. The question is: can you afford to? If you want to retire today, go for it. Best of luck to you… […]
By Problems With Social Security » Money Finesse - Personal Finance in the USA on August 2nd, 2006 at 11:00 am