A new study indicates that while the Baby Boomer generation isn’t ready for retirement, the next generation of seniors isn’t planning that well either. Studies have shown that many Baby Boomers don’t have enough in savings to sustain them at the level of living they expect or to withstand long-term illness or health catastrophes. The picture hasn’t changed much for those who are 45 now according to a study by the Urban Institute and the Kaiser Family Foundation.
Kaiser’s and the Urban Institute’s findings in “Projecting Income and Assets: What Might the Future Hold for the Next Generation of Medicare Beneficiaries” projects:
- twenty years from now, the financial disparities between the highest income people in the nation and middle- and low-income people will only become more pronounced.
- while income will rise across the board most beneficiaries may not be able to shoulder putting more money into their out-of-pocket healthcare costs.
The three pillars of my platform for educated aging are physical, emotional and financial health. It is never to early to start saving not just for retirement but for retirement medical costs.