Estate Planning for Boomers: Risking Old Age in America

Navigating Retirement Challenges: Baby Boomers, Income Disparities, and Gender Gaps

In this episode of 'Risking Old Age in America,' host Harry Margolis discusses the imminent retirement of the baby boomer generation with Catherine Collinson, president of the Transamerica Institute and the Transamerica Center for Retirement Studies. They explore findings from a longstanding retirement study, highlighting key issues such as income disparities and their impact on retirement confidence, gender differences in retirement savings, and the reality versus expectations of retirement age. The conversation also touches on policy recommendations for strengthening social safety nets and practical advice for individuals and families planning for retirement.Topics00:40 Overview of Transamerica Institute01:27 Retirement Confidence by Income Level03:18 Age and Income Trends in Retirement07:25 Gender Disparities in Retirement Savings09:54 Disconnect Between Retirement Expectations and Reality13:31 Impact of Caregiving on Retirement14:43 Redefining Retirement: Working in Later Years22:15 Policy Recommendations for Retirement Security23:35 Tips for Individual Retirement Planning28:36 Conclusion and Future Outlook
Risking Old Age in America

Debunking Myths and Building Solutions with Teresa Ghilarducci

In this episode of 'Risking Old Age in America,' host Harry Margolis speaks with Teresa Ghilarducci, director of the Schwartz Center for Economic Policy Analysis and author of 'Work, Retire, Repeat.' They discuss the implications of the aging baby boomer population in the United States and the challenges of retirement preparedness. Ghilarducci debunks four major myths about the working longer consensus and explores how these misconceptions influence retirement policies. She proposes a 'Gray New Deal' to improve jobs for older workers and enhance pension security, advocating for systemic changes, such as universal participation in retirement savings plans. The episode emphasizes the urgency of addressing these issues to prevent elder poverty and ensure financial security for retirees.Topics00:28 Guest Introduction: Teresa Ghilarducci00:53 Debunking the Working Longer Consensus02:56 The Reality of Retirement and Health10:26 Economic Disparities in Longevity17:52 The Gray New Deal: Solutions for Retirement Security24:49 The Thrift Savings Plan Proposal30:22 Conclusion and Call to Action
Risking Old Age in America

Promoting Healthy Aging with Taylor Jansen

In this episode of 'Risking Old Age in America,' host Harry Margolis discusses the impending challenges of aging for baby boomers with Taylor Jansen from the Healthy Aging Data Lab at UMass. They delve into the implications of an aging population, the importance of compiling data on older adults, and the role of social determinants in shaping health outcomes. Taylor highlights the Healthy Aging Data Report's impact on policy and community support, emphasizing age-friendly and dementia-friendly initiatives. They also discuss the significance of chronic disease management and the critical need for community-based services to support aging in place.Topics00:00 Introduction to the Aging Population Crisis00:32 Meet Taylor Jansen: Gerontology Expert01:11 Understanding the Healthy Aging Data Reports03:08 Challenges and Trends in Different States04:58 Defining Chronic Diseases and Their Impact10:13 Age-Friendly Communities and Their Benefits17:01 Preparing for the Baby Boomer Surge19:47 Policy Recommendations for Healthy Aging21:39 Personal Advice for Healthy Aging
Risking Old Age in America

The Challenges of America’s Aging Workforce with Beth Truesdale

In this episode of 'Risking Old Age in America,' host Harry Margolis speaks with Beth Truesdale, a research fellow at the W. E. Upjohn Institute for Employment Research, about the realities and challenges faced by America's aging workforce. They discuss why extending working years is not a feasible solution for many Americans due to health issues, family caregiving responsibilities, and job instability, especially for those in physically demanding jobs. Beth emphasizes the importance of improving job quality and implementing supportive policies at both state and national levels to better aid older workers. The conversation also addresses concerns about the sustainability of the Social Security system and potential policy changes that could alleviate financial stress for retirees.Topics00:00 Introduction to the Aging Workforce Crisis00:48 Challenges of Working Longer02:25 Barriers to Employment in the 50s and Beyond05:31 Policy Solutions for Job Quality12:37 Impact of the Gig Economy18:59 Social Security and Retirement Age Debate25:24 Recommendations for Policymakers and Individuals29:11 Conclusion and Final Thoughts
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