Tips for Boomers Reaching Retirement
There is an estimated 78 million boomers that have or will
reach the age of retirement in the next few decades. In fact there is one
person reaching the age of 65 every 10 seconds, so this begs the question, what
do boomers need to do in advance of reaching retirement age? In a society where
healthcare costs are rising and the cost of living is increasing, it’s crucial
to be prepared long before you may think it is necessary. Below is a list of
tips that baby boomers should consider:
- Legal documents: We are concerned with “What
happens to you before you die?” Do you have health care and financial powers of
attorney? If you become sick and cannot make decisions for yourself, who will
make those decisions? Do you want a Judge at a Guardianship proceeding appointing
someone to make the decisions for you or do you want someone you choose making
Annuities: Investing in annuities is a great way to provide supplemental
income in addition to social security. Since social security is a hotly debated
topic, it’s smart to divest your interests in other forms of income when you
reach the age of retirement. Baby boomers can invest in annuities in either one
lump sum or in a series of payments.
Long-Term Care Insurance: Long-term care services are typically not covered
by traditional health insurance. This type of insurance can include coverage
for in-home care and other types of coverage that might be helpful as you age.
Home Healthcare Services: You can have access to person-centered in-home
companion, personal, or skilled care when needed during any stage of life all
in the comfort of your own home.
a Medicare Supplement: Although Medicare covers most healthcare expenses
once you reach the age of 65, there are certain provisions that might not be
covered. Having a supplemental insurance can reduce or eliminate all additional
costs that could be associated with your health insurance coverage.
Your Healthy Habits now: Statistics indicate that by the age of 65,
two-thirds of all boomers have at least one chronic disease and have seen on
average seven physicians. Start creating healthy habits now to reduce costs and
improve your health in the future. Increasing your physical activity and
managing what you ingest, can make a huge difference in your health down the