THV Extra at 6: Steps to a better retirement
Retirement is a subject we all need to consider. However, like the majority of Americans, many of us are not quite ready for it. This is especially true for the baby boomer generation, who have not saved near enough to take it easy.Approximately 10,000 baby boomers (born between 1948 and 1964) are reaching retirement age every day. But, this group is not retiring. In fact, the average retirement age has been pushed back by about four years.
Blame it on better health, but also blame it on boomers not being ready.
The baby boomers were the first TV generation. They were raised in a time of impulse buying and self-gratification, and that has translated to a large portion of the population not ready for their golden years.
According to a . Led by the baby boomer generation, a growing number have given into impulse buying and its ensuing debt.
Because of the recession of 2008, retirement-aged Americans now work five years longer than the normal.
Social Security is not the answer. It wasn't meant to be. John Barnes, of Raymond James Investments, also a baby boomer, told us that Social Security barely takes care of a family's needs after age 65.
It was established to help aid Americans in their retirement and was created when the life expectancy was about 66 years of age. Maria Reynolds-Diaz, state president of , told us that, unfortunately, 37 percent of Arkansans rely on Social Security as their sole source of income. She did, however, reassure us that Social Security was safe... For now.
Health issues are also part of the equation. Most families will be confronted with medical costs between $200,000 and $500,000 after age 65. Medicare and Medicaid are not the answer here either. They do not cover these costs.
Based on the , we have prepared five easy steps you can take to get ready.
1. - An appealing vision. We make elaborate plans for weddings and vacations, because we have an appealing vision of how we want those events to turn out. And so it is with retirement. Maria Reynolds-Diaz recommends a journal, where you write out what you want your retirement to look like.
Aarp 2008 Health Insurance Premiums - News
By Andy Sullivan | PALM HARBOR, Florida () - There's one small-government idea that Republican presidential candidates are reluctant to discuss in this retiree-heavy state: their plans to rein in health care costs for the elderly.
The goverment allows MediGap to be sold this way (eg., AARP), which allows lower rates than a state-by-state approach. Our other insurances aren't restricted state-by-state (that I know of), so why health insurance? The employer-paid cost of health
residential property owners; and Schedule HC, proof of health insurance coverage, which is required of all Massachusetts residents. To find a site locally and make an appointment, call 888-AARP-NOW (888-227-7669) or go online to www.aarp.org/ma.
Health issues are also part of the equation. Most families will be confronted with medical costs between $200000 and $500000 after age 65. Medicare and Medicaid are not the answer here either. They do not cover these costs. Based on the AARP check list
Most are private pay only, which means residents pay out of pocket, via long term care insurance policies, proceeds from home sales, retirement/pension plans, or other means. Medicare does not cover independent living costs. (AARP has a great long-term
Consumer Engagement Important in Health Insurance Rate ...
According to the U.S. Department of Health and Human Services, health insurance companies in Arizona are pursuing double-digit premium increases for more than 30 insurance health plans in the state.
Officials from AARP Arizona are weighing-in with the Arizona Department of Insurance on the transparency of health insurance plan rate reviews. The department is currently reviewing the process for rate reviews of health insurance plans.  AARP believes consumers should have the opportunity to be more engaged in the process.
“AARP welcomes the opportunity to work with the Arizona Department of Insurance on this very important issue,” said David Mitchell, AARP Arizona State Director. “We are supporting three key points that we hope will be included in the review process.”
AARP would like to see proposed rate increases posted online for public comment before the rate increases are considered “reasonable or unreasonable,” and that policyholders are notified of potential rate increases before they are classified as such.
“We also think it’s important that press releases are issued informing the public of the opportunity to give public comment whenever a significant premium increase for Arizonans is considered by the Department of Insurance,” said Mitchell.
In addition, AARP supports the adoption of an alert system similar to that which the state of Minnesota currently uses. “We believe policyholders should be allowed to enroll in an alert system that automatically indicates when rate hikes are submitted for review by the department,” Mitchell added. “We think informing policyholders is not only important, but that the notices should be easy to understand, state the implications of the increase and what options are available to policyholders.