Getting old in America is absolutely frightening.
We certainly have the studies, and the statistics, to prove it. And we have the anecdotal evidence, as well, from millions of aging Americans who are very fearful – and very open in talking about their fears.
A nursing home can cost $8-10,000 a month. Hiring so-called non attorney “experts” to (supposedly) guide you through the maze of government regulations regarding assistance with healthcare, or Medicaid, can land you in a lot of trouble…while landing them in the penthouse suite. And spending your last months or years in a “home,” away from family and friends, is no one’s goal – and can surely empty your bank account.
As we age, it seems, our list of fears about our futures grows, encompassing not only the physical degradation of our bodies and mental decline, but also financial concerns and emotional issues. In addition, surveys often indicate that medical interventions in a person’s last days or months can sometimes destroy family finances, without bringing a sense of physical comfort or emotional dignity to the patient.
The result? At a time in our lives when, ideally, we should be able to relax and enjoy the fruits of our labors, Americans are more worried than ever before. It’s a horrible way to go into our later years. And we’re probably the first generation to face such a range of important questions.
There are nearly 80 million of us in the Baby Boom generation. And we can name a host of issues about which we’re concerned, ranging from memory loss, loss of driving ability, physical decline, illness, sexual problems, depression, loneliness, financial troubles, not being “needed” anymore, and becoming a “burden” to our families.
The reality is that, without proper planning, millions of us will be facing our later years in deep financial trouble. And millions of us will have to rely on government safety nets…which, in the first place, are insufficient, and in the second place, may not even be here anymore.
As more than one expert has said, we Americans often treat getting old as if it were a crime.
The good news? We’re living longer.
The bad news? We’re going to need more money for this longer life.
Baby Boomers control, believe it or not, two-thirds of America’s wealth. But most of that wealth is concentrated among a very small group of lucky people. The rest of us are on a ship that may be full of holes.
Some experts believe Boomers will need an extra $8 trillion to maintain their current living standards. Others, however, have estimated the potential shortfall as twice that amount!
In addition, there’s a hidden, sinister side to all of this. Older people who are fearful about money make easier targets for scammers who would prey upon them, or for unscrupulous “financial” advisors. In fact, it’s been estimated that seniors lose nearly $40 billion every year to these schemers. And, worst of all, sometimes the “schemers” are family members or close friends.
Up to a million American seniors are actually skipping meals…because they can’t afford them. And as this number grows, so will the number of scammers and schemers who will try to relieve them of their savings.
In our country, more than 42,000,000 people are now providing care to an aging family member. But there’s a growing problem here, too. Many of these caregivers are Boomers…meaning that they may need care in the not-too-distant future. So there may be a collision of sorts, between the aged and the aging. And no one, as of yet, has figured out how to handle it.
One-fifth of the 40 million Americans now over 65 receive some form of long-term care on a daily basis, whether it’s from home health agencies, adult day care, residential facilities, nursing homes, or hospice. And someone has to pay for this.
There is one bright side to all this, however. You can plan! You can plan for the possibility of physical decline. You can plan for the possibility of mental decline. And you can plan for the possibility of financial decline.
Or, you can just sit around and hope you’ll be one of the lucky ones…
Are you prepared for what’s ahead?
