Estate Planning for Boomers: Risking Old Age in America

The Complexities of Elder Poverty with Tracey Gronniger

In this episode of Risking Old Age in America, host Harry Margolis discusses the increasing rates of elder poverty with Tracey Gronniger, a managing director at Justice in Aging. They explore the prevalence and underlying causes of elder poverty, especially among women and people of color, and examine the effectiveness of current support programs like Social Security and SSI. The discussion also highlights systemic issues such as the complexities in accessing benefits, inadequate asset limits, and the critical need for legislative action to better support older adults.Topics00:28 Meet Tracey Gronniger: Advocate for Economic Security00:58 Understanding Elder Poverty Rates04:10 Impact of Cost of Living on Elder Poverty07:15 Gender and Racial Disparities in Elder Poverty10:31 The Role of Caregiving in Elder Poverty14:38 Programs to Alleviate Elder Poverty16:55 Challenges in Accessing Benefits23:45 Policy Recommendations for Reducing Elder Poverty25:23 Final Thoughts and Call to Action
Risking Old Age in America

Navigating the Future of Elder Care: A Conversation with Michael Festa

In this episode of 'Risking Old Age in America,' host Harry Margolis discusses the impending surge in elder care needs as the baby boomer generation ages with Michael Festa, the outgoing State Director of AARP Massachusetts. They explore the evolving landscape of elder care, the challenges facing both paid and unpaid caregivers, and the strain on long-term care systems. The conversation delves into policy solutions, workforce issues, and recommendations for both policymakers and families to better prepare for the future. Michael also shares his future plans post-AARP. Topics:00:00 Introduction to the Aging Crisis00:29 Interview with Michael Festa: Background and Experience01:13 Challenges in Long-Term Care03:32 Workforce Shortages in Caregiving05:54 Financial Strain on Families08:02 Supporting Family Caregivers09:38 Policy and Legislative Efforts29:22 Future Directions and Personal Plans30:47 Conclusion and Final Thoughts
Risking Old Age in America

Marc Cohen on Tackling the Long-Term Care Crisis

In this episode of 'Risking Old Age in America,' Harry Margolis speaks with Marc Cohen, co-director of the LTSS Center and professor of gerontology at UMass Boston. They discuss the looming crisis as the oldest baby boomers reach age 85, the inadequacies of private long-term care insurance, and potential solutions including public insurance programs. Cohen highlights the importance of combining private and public efforts and delves into the WISH Act, a proposal for a catastrophic protection program. Additionally, they explore the pressing issue of caregiver shortages and the impact of policy on long-term care services, emphasizing the need for sustainable funding and support. The episode ends with practical advice for policymakers and families, stressing proactive planning for future long-term care needs.More on Marc at https://www.ltsscenter.org/Topics:01:04 The State of Long-Term Care Insurance02:36 Challenges and Solutions in Long-Term Care Insurance05:41 The Case for Public Long-Term Care Insurance11:03 The WISH Act: A Federal Proposal20:05 Addressing the Caregiver Shortage25:36 Closing Thoughts and Advice
Risking Old Age in America

Understanding Ageism with Ashton Applewhite

In this episode of 'Risking Old Age in America,' host Harry Margolis discusses the challenges and implications of aging in the U.S. with Ashton Applewhite, author of 'This Chair Rocks! A Manifesto Against Ageism.' The discussion covers the growing number of baby boomers nearing the 85-year mark, the definition and everyday impact of ageism, and the diverse experiences of aging individuals. They also tackle the role of elder care, the significance of breaking age-related stereotypes, and potential policy recommendations for a healthier aging society. Ashton shares insights on maintaining purpose, combating ageist attitudes, and adapting to aging gracefully. More on Ashton and Her Book: https://thischairrocks.com/00:00 Introduction to Aging and Ageism00:51 Defining Ageism and Its Impacts 01:20 Individual Differences in Aging 03:35 Interdependence and the Need for Care 04:41 Challenging Stereotypes About Aging 06:54 Influential Figures in Gerontology 10:13 Ageism in the Workplace 13:09 Policy and Health Care Solutions 16:52 Combating Ageism Through Education 18:47 Recommendations for Policymakers and Baby Boomers 21:37 Conclusion and Future Conversations
Risking Old Age in America

A Deep Dive into Long-Term Care with Tara Gregorio

In this episode of 'Risking Old Age in America,' host Harry Margolis discusses the impending elder care crisis as the baby boomer population ages, with a focus on the state of Massachusetts. Guest Tara Gregorio, president of Mass. Senior Care Association, provides insights into the challenges and solutions surrounding elder care. They cover the association's role, the future needs of elder care, workforce challenges, and the importance of advocacy for living wages and quality care. They also touch on demographic changes, the impact of COVID-19 on elder care, and the need for comprehensive planning at both the state and personal levels to address the upcoming demand for elder services.More on the MSCA: https://www.maseniorcare.org/More on Harry Margolis: https://margolisbloom.com/harry-s-margolis/Harry on Substack: https://okayboomer.substack.com/Topics00:00 Introduction to the Elder Care Crisis in America00:36 Exploring the Role of Mass Senior Care Association04:00 The Workforce Behind Elder Care: Challenges and Solutions07:34 Understanding the Different Roles in Elder Care09:56 The Impact of the Pandemic on Elder Care Workforce Wages12:43 Addressing the Workforce Diversity and Immigration Policies15:24 The Financial and Structural Challenges of Elder Care Facilities22:11 Planning for the Future: State and Individual Preparedness25:19 Concluding Thoughts and Next Steps
Risking Old Age in America

Bob Blancato on Elder Care Policy

Joined by elder care expert Bob Blancato, Harry explores the historical reluctance of America to closely address long-term care, despite the growing need due to demographic changes. Blancato, with his extensive background in aging policy, discusses various policy suggestions and the importance of political will in making substantial changes. The episode highlights the necessity of a public-private partnership approach, the significant role of caregivers, and potential legislative efforts to address the elder care system's shortcomings. Additionally, the dialogue touches on the significance of personal preparation for long-term care needs, including exploring insurance options and understanding the available care services.Topics00:27 Bob Blancato's Insights on Elder Care Policy01:05 The Challenges of Long-Term Care Funding03:18 Medicaid's Role and the Shift Towards Home Care04:10 The Troubles with Long-Term Care Insurance05:21 The CLASS Act and Its Implications17:33 Exploring Solutions: Public and Private Partnerships19:01 Advice for Individuals Preparing for Long-Term Care20:51 Engaging with Policymakers and the Community
Risking Old Age in America

Richard Johnson on Likely Baby Boomer Care Needs

Navigating Long Term Care: Insights and StrategiesIn this episode of 'Risking Old Age in America,' host Harry Margolis and guest Richard Johnson, senior fellow at the Urban Institute, discuss the impending elder care crisis as baby boomers age into their 80s. They cover the statistics on elder care needs, affordability, disparities in income and health, and potential solutions including private insurance, public policies, and emerging state programs like Washington's long term care insurance. The conversation highlights the challenge of predicting individual long-term care needs and the possible impacts of an aging population on Medicaid and other government services.More on Richard: https://www.urban.org/author/richard-w-johnsonTopics00:42 Exploring Long-Term Care Needs and Risks03:37 The Financial Impact of Long-Term Care04:38 Family and Unpaid Care Dynamics05:41 Understanding Nursing Home Costs and Alternatives06:45 Medicare Coverage and the Decline of Nursing Home Use10:47 Socioeconomic Factors Influencing Long-Term Care Needs16:50 Policy Recommendations and Individual Preparations for Long-Term Care24:00 Concluding Thoughts
Risking Old Age in America

Irving Stackpole Discusses Challenges Facing Nursing Home Industry

Harry engages in a thought-provoking discussion with Irving Stackpole, a consultant to the long-term care industry. The conversation delves into the challenges and insights surrounding elder care and the evolving landscape of long-term care services in the United States. Stackpole shares his expertise on the demographic shifts and supply-demand dynamics in the aging services sector, highlighting the need for transformative changes in the infrastructure of long-term care. The conversation explores the transition from nursing homes to assisted living facilities and home care, emphasizing the importance of addressing the diverse housing and care needs of aging populations. The discussion sheds light on the economic, social, and policy implications of the evolving long-term care industry and calls for a reevaluation of long-term care financing and investment strategies. Overall, the podcast offers a critical reflection on the complexities and challenges of the current long-term care system and underscores the urgent need for innovative solutions to meet the changing needs of aging populations.Topics00:00 Introduction to the Aging Crisis in America00:49 The State of Long-Term Care: A Grim Outlook04:09 Exploring Solutions and Innovations in Elder Care14:11 The Economic and Social Impact of Nursing Home Closures25:22 Policy Recommendations and Personal Advice for the Future
Risking Old Age in America

Lisa Ireland Touts the Promise of Longevity Research

Harry discusses the challenges and implications of the aging baby boomer population in the United States with Lisa Ireland, the President and CEO of the Longevity Science Foundation. The discussion revolves around the foundation's focus on early-stage research in the longevity science field, specifically health span and life span. Lisa differentiates between the two terms, explaining that lifespan refers to the length of life, while health span relates to the quality of life during those years. The foundation aims to extend both the length and quality of people's lives.You will hear Harry express skepticism regarding the effectiveness of investing in cutting-edge longevity research, citing the societal issues affecting people's longevity, such as economic and social disparities. Lisa emphasizes the importance of early-stage research and individualized medicine in the field of longevity. She also highlights the significance of cognitive health, suggesting that engaging in activities related to the arts can have a positive impact on brain health. The conversation covers various topics, including the impact of lifestyle choices, the role of genetics, the benefits of the Mediterranean diet, and the accessibility of health-related information and services.The dialogue underscores the importance of starting conversations about longevity and health span now, as the aging population continues to grow, to prepare individuals and policymakers for the challenges and opportunities ahead.Topics:
[01:00] Overview of the Longevity Science Foundation and its focus on early-stage research in longevity science
[02:00] Differentiating between health span and lifespan
[03:00] The foundation's approach to making longevity research accessible to everyone
[04:00] Harry's skepticism about the effectiveness of cutting-edge longevity research
[05:00] The foundation's focus on cognitive health and brain health
[06:00] The impact of lifestyle choices and societal factors on longevity
[07:00] The challenge of translating lab research into real-world applications
[08:00] Addressing correlation vs. causation in medical research
[09:00] The concept of biological age vs. chronological age
[10:00] The importance of cognitive exercises and neuro arts in brain health
[11:00] Investing in brain health from an early age
[12:00] The connection between social activities and brain health
[13:00] The concept of neuro arts and its impact on cognitive health
[14:00] The benefits of learning foreign languages for brain health
[15:00] The role of physical exercise in health and inflammation research
[16:00] The benefits of the Mediterranean diet and the importance of moderation
[17:00] Addressing disparities in access to health-related information and services
[18:00] The future of public longevity clinics and accessibility of longevity information
[19:00] Addressing concerns about the credibility of businesses in the longevity field
[20:00] Lisa's recommendations for policymakers and individuals in the field of longevity
[21:00] Encouraging conversations about longevity and health span
[22:00] Contacting the Longevity Science Foundation's scientific advisory board
More on Lisa at https://longevity.foundation/Visit Harry's blog at https://okayboomer.substack.com?utm_source=navbar&utm_medium=web
Risking Old Age in America

Yimeng Ying Explains the Insurance Value of Social Security

Yimeng Yin is a research economist at the Boston College Center for Retirement Research. Prior to joining the Center, Yin worked as an economic researcher at the Center for Policy Research at the Rockefeller College of Public Affairs and Policy at the University of Albany. Harry talks with Yimeng about the insurance value of Social Security, particularly focusing on its role in mitigating longevity risk. They discuss how Social Security acts as a form of lifetime annuity, providing a guaranteed stream of benefits that serves as insurance against the uncertainty of lifespan. Yin explains how their research incorporates insurance value into the evaluation of Social Security's benefits, highlighting its importance, especially for lower-income individuals and single recipients. They delve into the implications of their findings for policy makers, recommending a consideration of both progressivity and insurance value in Social Security reforms. Additionally, they discuss recommendations for individuals, emphasizing the importance of understanding longevity risk and considering tools like annuities for retirement planning. Throughout the conversation, topics such as progressivity, mortality rates across demographics, and the impact of Social Security reforms are addressed.Topics Covered:
Yimeng Yin's background and research focus (00:45)
Discussion on the insurance value of Social Security (02:00)
Incorporating insurance value into Social Security evaluation (03:00)
Impact of longevity risk on individuals and Social Security (04:00)
Gender and racial disparities in longevity risk (05:00)
Patterns observed in insurance value across demographics (06:00)
Factors affecting insurance value for couples and singles (07:00)
Implications of research findings for policy makers (16:00)
Recommendations for individuals considering Social Security benefits (19:00)
Suggestions for further research and experts to consult (22:00)More at https://crr.bc.edu/person/yimeng-yin/
Risking Old Age in America