Archive for January 31st, 2008

Who Should Fund The Boomer’s Retirement?

Posted on January 31, 2008 by connellan


So, my Mom met with her accountant last week. She is getting a life insurance policy to cover her business partner’s expenses if something were to happen. Her accountant suggested putting a Long Term Care Insurance rider on the life insurance policy.

Great idea, right?

Yes, the Long Term Care rider might be a great idea. The costs of Long Term Care are an expense that most retirees have not planned for and not having long term care insurance can completely devastate your finances. Please review information on the need for long term care insurance here

http://www.newretirement.com/Planning101/Serious_Medical_Crisis.aspx .

But, here comes the shocking part of the recommendation: The accountant suggested that that my mother ask my brother and I (her children) to fund the monthly premium on the rider since we would end up paying for Long Term Care expenses if she hadn’t taken care of them herself.

Indeed, Long Term Care insurance payments are likely less expensive than the ultimate cost of Long Term Care, but why should we, her children, pay for either. We would of course fund her needs — or make arrangements for her to move in with us — if necessary, but why is the general population and a financial expert recommending that it is indeed our responsibility to fund these things?

Social Security, Medicare, Long Term Care Insurance and More — Who Should Pay for It All? Boomers? Children of Boomers? Grandchildren of Boomers?

We children of boomers are already going to have to fund Social Security and Medicare. The baby boomers are retiring with these programs being unfunded. We will be paying our taxes to fund our parents (and grandparents) retirement.

What’s worse, the under- or un-funding of these programs is not even factored into the known and mounting deficit that we are inheriting.

We children of Boomers have an incredible financial burden to bear.

Retiring Boomers Should Consider Who Should Fund These Costs

Please boomers and those advising boomers, please think about the sanity of putting these costs on your children and grandchildren. Is this what you want your legacy to be?

Retirement should be earned. Barring severe health issues, there is no logical reason to retire before you have saved enough money to cover your costs.

Staying a Step Ahead of Aging

Posted on January 31, 2008 by Jason

The New York Times, January 31st, 2008

YOU know what is supposed to happen when you grow old. You will slow
down, you will grow weak, your steps will become short and mincing, and
you will lose your sense of balance. That’s what aging researchers
consistently find, and it’s no surprise to most of us.

But it is worth remembering that the people in those studies were
sedentary, said Dr. Vonda Wright, a professor of orthopedics at the University of Pittsburgh.

Dr.
Wright, a 40-year-old runner, decided to study people who kept training
as they got older or began competing in middle age. She wanted to know
what happens to them and at what age does performance start to decline.

Their
results are surprising, even to many of the researchers themselves. The
investigators find that while you will slow down as you age, you may be
able to stave off more of the deterioration than you thought.
Researchers also report that people can start later in life — one man
took up running at 62 and ran his first marathon, a year later, in 3
hours 25 minutes.

It’s a testament to how adaptable the human
body is, researchers said, that people can start serious training at an
older age and become highly competitive. It also is testament to their
findings that some physiological factors needed for a good performance
are not much affected by age.

Researchers say that you should be
able to maintain your muscles as you age, including the muscle enzymes
needed for good athletic performance, and you should be able to
maintain your ability to exercise for long periods near your so-called
lactic threshold, meaning you are near maximum effort.

But you have to know how to train, doing the right sort of exercise, and you must keep it up.

Read more of this article

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