I received a number of emails this week asking questions concerning Medicare. Medicare is confusing. I’ve had an MIT professor that even after 45 minutes of me trying to explain Medicare he still didn’t understand.
In dealing with the senior population for the past 4 years I’ve seen a common thread…most of us don’t realize that someday we are going to be old! We’ll probably live a lot longer then we expected…how long could we afford to live? A federal government study shows that the number of people over the age of 85 is the fastest growing segment of the American population. Living to 100 is becoming increasingly more common, in 1950, there were approximately 3,000 American centenarians and by 2050, there could be nearly 1 million. The over 80 population is projected to increased by 233 percent by 2040.
Something that I’ve run into with the “Woodstock” generation is that many of them wanted to beat the government and worked “off the books”. They paid little or nothing into Social Security and are now receiving a minimal amount in their monthly Social Security check.
Most of the LGBT community face different challenges then our heterosexual counterparts. Most of us don’t have children…a majority live alone.
Here are some questions you might ask yourself:
Are you saving enough to retire?
Are you prepared for a catastrophe?
What will my retirement look like?
To be continued…