Elder Care

The generation of the so-called Baby Boomers present a set of challenges to planners because of generational and socio-economic issues that are extremely complex and worrisome and will make estate planning professionals yearn for the quieter, gentler persona of the Greatest Generation. Many have not...

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Bibliographic Details
Published in:Journal of Practical Estate Planning 2008-10, Vol.10 (5), p.7
Main Author: McCabe, Jim
Format: Article
Language:English
Subjects:
Age
Baby boomers
Caregivers
Cost control
Elder care
Employees
Estate planning
Generations
Health care policy
Health insurance
Insurance coverage
Life expectancy
Long term health care
Medicare
Older people
Parents & parenting
Responsibilities
Retirement
Retirement planning
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Summary:The generation of the so-called Baby Boomers present a set of challenges to planners because of generational and socio-economic issues that are extremely complex and worrisome and will make estate planning professionals yearn for the quieter, gentler persona of the Greatest Generation. Many have not been very proactive in planning for their retirement years. There is a "perfect storm" of factors brewing that will test the planning community like never before. The storm clouds are made up of such elements as longevity, the costs of long-term care, eldercare responsibilities, diminishing support from employer-sponsored benefits, and changing attitudes about work and retirement. The costs for Boomer health care will far out distance the price tag for their parents' health care needs, which is no small number. Even with Medicare, a 65-year-old couple's out-of-pocket health-care costs could reach $225,000 in their remaining years. The biggest challenge for planners may be educating the Boomers about the nature and cost of long-term care.
ISSN:1524-5748