Retirement Planning and Beyond

A statue of a business person sitting in contemplation on a park bench.
A statue of a business person sitting in contemplation on a park bench. | Source
If you are putting children through college and taking care of your parents you are part of the Sandwich generation.
If you are putting children through college and taking care of your parents you are part of the Sandwich generation. | Source

Sandwich Generation

The Sandwich Generation is that group of people who are finishing up raising their children and caring for their older parents who are reaching that stage in life where they are no longer able to care for themselves. People in their middle fifties suddenly find that while their lives are busier than ever, sometimes in this unstable economy they lose their careers in mid-stride. They are not quite ready for retirement and need to keep their jobs. Sometimes they are years away from possible retirement. Our youth oriented culture has decreed that workers in their fifties should retire and go away. While this is desirable it is not reasonable possible for everyone.

Seniors are living longer so there is a serious time gap for career minded individuals who lose their jobs when they are in their late forties or early fifties. What to do? To make matters worse Social Security and Medicare are in financial trouble and the government solution is to raise the retirement age.

Although The Affordable Health Care Act guarantees that children may stay on their parents healthcare until they are twenty-six years old, that means that parents are paying for premiums. Many children are returning home to live more cheaply.

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Baby Boomers

Baby Boomers born between 1946 and 1964 are approaching retirement. The first group of Baby Boomers will turn 65 in 2011. This will be the largest number of older adults to enter retirement for the first time in the history of this country.

For this group of retirees planning for financial and healthcare security is important. To make matters worse our floundering economy has caused many of these soon to be retirees lose 50-75% of their retirement savings. These losses create a further financial burden for a dwindling population who must carry the financial costs of Social Security and Medicare.

Now is the time for Baby Boomers to review plans for their future and take action. While many seek help from the government, it is important for every individual to review their own personal financial situation. Review healthcare insurance plans, and take a really good look at lifestyle changes that will make the best choice for the future.



Seek help from financial planners such as The Marketplace.org
Seek help from financial planners such as The Marketplace.org | Source

Financial Planning

Get help from a qualified financial planner if you recently suffered serious losses in your retirement portfolio. There are investment opportunities that may be implemented to help recoup some of your money. Be proactive in making choices for the future. Get the help you need and make a reasoned and measured response to your situation.

Planning for Baby Boomers

Seek information about long term care and insurance at sites such as Long Term Care Leader.
Seek information about long term care and insurance at sites such as Long Term Care Leader. | Source

Longterm Healthcare Insurance

Depending on your age it may not be too late for you to purchase Long Term Care insurance at a reasonable cost. You will not be able to receive Medicare coverage until you reach age 65 so it is imperative that you have insurance coverage that will get you through the next few years. Long Term Care insurance will cover such costs as long term care facilities, home health care nurses, and other expenses such as household help for activities involving daily living. Some insurance policies offer coverage if you are diagnosed with cancer that offers a monthly income to assist with these high costs.

Healthy living includes regular exercise. Learn more about it from Medical Guardian.
Healthy living includes regular exercise. Learn more about it from Medical Guardian. | Source
Check out popular food programs to get hints and advice on eating healthy.
Check out popular food programs to get hints and advice on eating healthy. | Source

Healthy Living and Lifestyle Change

The most important thing you can do to plan for your future health is live healthy now. Your future health will be directly affected by your current lifestyle. Eating a healthy diet and getting regular exercise will have a serious impact on your financial future. How? Living a healthy lifestyle will keep down medical costs. Learn about health risks for yourself and plan a program to eliminate or lessen these risks.

If you are obese, make lifestyle changes that will induce weight loss . Obesity is a known source for heart disease, diabetes, hypertension, and stroke. Do something about this now. Not only will you extend your life expectancy but you will keep future healthcare costs at a minimum by not acquiring these diseases!

The best advice for Baby Boomers is to review your overall plan for the future that includes financial planning, healhcare coverage, and healthy lifestyle change. Get good advice from doctors and financial planners and make the changes to make your dreams come true!

President Obama signs the Affordable Health Care Act into law.
President Obama signs the Affordable Health Care Act into law. | Source
As Obamacare limps forward, 24 states are refusing to expand Medicaid because of the high follow up costs to the state after the first years government assistance.
As Obamacare limps forward, 24 states are refusing to expand Medicaid because of the high follow up costs to the state after the first years government assistance. | Source

Obamacare

The Affordable Healthcare Act enacted by Congress in 2010 became official October 1, 2013. Unfortunately, the rollout was less than to be desired and the entire program appears doomed to failure. This has caused great uncertainty for millions of people who are trying to understand exactly where they stand regarding their health insurance. The web site does not work and those who have enrolled are not certain their insurance coverage has actually begun. This is very difficult for all Americans, but especially difficult for middle age and older adults.

  • Be cautious and get all the details about your healthcare insurance during this uncertain time.
  • Make sure you understand the provisions of the policy.
  • Check out the deductible and make sure it works with your financial situation.
  • Check out the amount of the premium to make sure you can afford it.
  • Check out the possible subsidies guaranteed to you by the government.
  • Make sure you get proof of insurance.

More changes are on the way as politicians try to repair this program.

Middle Age Retirement Planning

Are you in the middle between your children and your parents with job worries?

  • No. My job is secure and my planning is set.
  • The economy is unstable and I may lose my job. My children are in college and my parents are getting older.
  • I could tell you a think or two about being in the Sandwich Generation.
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