Financial options for seniors growing – as are costs

Posted on June 7, 2008 under , , ,

As if seniors were not already aware, aging can be expensive. In the June 9th, 2008 edition of BusinessWeek, page 11 presents some interesting data on just how much more seniors are spending than the “young” (25 – 34 year olds).

On average:

  • Seniors spend more than 4x what the young do on Health Insurance
  • Seniors spend almost 3x on Housing Upkeep
  • Seniors spend more than 4x on Prescriptions

While seniors spend much less than the young on items such as mortgages, rent and alcohol – the article also cites assisted-living facility costs have risen 25% since 2004, and the annual costs of nursing homes have reached almost $80,000 annually!

Consequently, it is absolutely critical that seniors are aware of all of their financial options including reverse mortgages, long-term care insurance and selling unwanted life insurance policies in senior life settlement transactions.

While “borrowing” against a home in a reverse mortgage has provided many seniors additional funds for necessities, donations or fun; a lesser known and often better financial option is the selling of unwanted life insurance. Eligible seniors can sell their policies for up to 4 times the cash surrender value or more.
Contact your attorney, certified financial planner or CPA, or go to http://www.thelifesettlementnetwork.com/ to find the latest information on senior life settlements. A free life settlement calculator and no-obligation policy submittal tool are also provided.

Know your financial options – and offset the rising costs of a comfortable life.

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