More news about how the economy and continued slide in the markets has affected seniors more than any other age group. In December’s Smart Money cover article “Rebuild Your Wealth”, the authors consolidate data from various sources to make this argument.
Examples supporting the theory that seniors have been more adversely affected by the economic turmoil more than any other age groups:
- The market crash erased $2.7 trillion in retirement savings
- 16% of seniors 65+ are still working – the highest rate since 1971
- Health care costs are rising 2.5% faster than the rest of the economy
The article also states long-term care insurance is a must but is yet another monthly expense.
Reverse mortgages continue to be an option – but as I said in a previous blog, a last resort option.
If you or a loved one are holding or paying premiums on an unwanted, unneeded or under-performing life insurance policy – don’t surrender it or let it lapse – see its real value by using our on-line calculator to determine whether a life settlement is a better option for you. Use the funds to offset rising costs and to fund long-term care insurance, donate to your favorite charity or invest in property to leave to your estate.
