How will boomers pay for retirement? It’s a question that has been grabbing headlines locally and nationally since the first boomers began turning 65.
Now, with pension funds endangered and medical costs rising, financing a comfortable retirement is becoming more and more of a challenge.
The statistics are sobering.
The good news is we’re living longer: The average person turning 65 this year will live to be 85 years old.
However, the median retirement account for Americans ages 55 to 64 holds $111,000 and roughly one-third of us will rely on Social Security as our only source of income during retirement.
Almost 70% of us will need expensive long-term care at some point during our lifetime.
“Economics of Aging,” the latest installment of the “NPT Reports: Aging Matters” series, hosted by Grammy-winning singer and songwriter Kathy Mattea, discusses the costs and financial impact of aging and how people are navigating crucial financial decisions.
This documentary draws on the knowledge of financial advisors, advocates and healthcare providers, as well as seniors who are living with these decisions right now.
The video features several LeadingAge employees as industry experts, including CEO Larry Minnix and Senior VP of Public Policy Dr. Cheryl Phillips.
“It’s not exaggerating to call it a crisis,” Turner said. “There’s no way to sugar-coat the message that a lot of people will not have the financial resources needed to last as long as they live after stopping work. That doesn’t mean they haven’t made smart choices about financial planning, the playing field has shifted greatly but some of the strategies haven’t.”
“NPT Reports: Aging Matters: Economics of Aging” was made possible by the generous support of Cigna-Healthspring, the West End Home Foundation, the HCA Foundation and the Jeanette Travis Foundation.