SeniorJournal.com - Daily News for Senior Citizens

  FRONT PAGE Aging • Health • Alzheimer's - Mental • Nutrition • Medicare & Medicaid Politics  • Fitness  • Social Security • Alerts • Sex Health • Features • Retirement  Elder Care  >Search  >Senior Links

Retirement News for Senior Citizens & Baby Boomers


Retirement News

Running out of money is more than just a worry for many seniors

Among those age 85 or older when they died, 20% had no assets left but their homes

By Michelle Andrews May 1, 2015

jar of moneyMay 2, 2015 - For many older people and their families, particularly those dealing with conditions such as Alzheimer’s or cancer that often require long-term, pricey medical care, running out of money is a nagging concern.

Families are right to be worried, according to a new study that analyzed data from nearly 1,200 people who died between 2010 and 2012 and who participated in the University of Michigan’s ongoing national Health and Retirement Study.

Among people who were age 85 or older when they died, one in five had no assets left apart from their homes, and 12 percent had no assets left at all, only income from sources such as Social Security or pensions. The analysis by the Employee Benefit Research Institute found that those who died younger were even worse off. Among people who died between age 50 and 64, 30 percent were without assets and 37 percent had only their homes.

Families where someone died at a relatively young age tend to have lower incomes and assets, says Sudipto Banerjee, a research associate at EBRI and the study’s author.

 “People with lower assets and income tend to be in worse health,” he says, noting that many studies have found a correlation between health and wealth, showing that wealthier people tend to live longer than poorer people.

The EBRI study didn’t examine the reasons people’s finances were often depleted at death, so there’s no way to know the extent to which health care, specific illnesses or insurance coverage played a role.

Financial experts have long cautioned that medical care for seniors is an expensive concern, partly because some care related to Alzheimer’s disease, for example, is not covered by insurance.

In addition, even with Medicare coverage and private insurance, seniors still can face large out-of-pocket expenses for major illnesses. According to an estimate by Fidelity, a 65-year-old couple who retired in 2014 would need $220,000 to cover their health care costs during retirement.

More from Insuring Your Health by Michelle Andrews, KHN

KHN’s coverage of aging and long term care issues is supported in part by a grant from The SCAN Foundation.

Some of this information is reprinted from kaiserhealthnews.org with permission from the Henry J. Kaiser Family Foundation. You can view the entire Kaiser Daily Health Policy Report, search the archives and sign up for email delivery. © Henry J. Kaiser Family Foundation. All rights reserved.


Related Retirement News for Senior Journal Archives

Retired seniors lead jump in U.S. confidence to afford the golden years

Annual Retirement Confidence Survey of workers, retirees says confidence up but few signs they are actually doing anything to achieve the goal - April 24, 2015

Boomers Facing Retirement Very Concerned About Health Care Cost, They Say

Oct. 16, 2014 - Most are concerned but few are taking any financial action to do anything about it

More at Retirement Section Page

 

Financial Relief for Volkswagen Diesel Owners

You may be eligible for money damages if you owned or leased one of these VW, Porsche or Audi vehicles.

In the major scandal of 2015, Volkswagen cheated you and the world. They rigged diesel emission controls so you, nor regulators, would know how much pollution their cars were adding to our environment.

They were caught and have reserved $7.3 billion to help "make it right" with victims.

If you owned or leased one of these vehicles, contact us now.

 Beth Janicek, Board Certified Personal Injury Attorney Janicek Law attorneys are actively pursuing these cases against VW. Do Not Wait...

Janicek Law Firm, PC

Free Consultation

(Call toll free)

1-877-795-3425 or Email

Vehicles Involved

VW Jetta (2009–2015)

VW Jetta SportWagen (2009–2014)

VW Golf (2010-2015)

VW Golf SportWagen (2015)

VW Beetle (2012–2015)

VW Passat (2012-2015)

Audi A3 (2010-2015)

VW Touareg (2009–2016)

Porsche Cayenne (2015)

Audi A6, A7, A8, Q5 Quattro (2016)

 

Search for more about this topic on SeniorJournal.com

Google Web SeniorJournal.com

Keep up with the latest news for senior citizens, baby boomers

Click to More Senior News on the Front Page

Copyright: SeniorJournal.com

    

Published by New Tech Media - www.NewTechMedia.com