Estate Planning for Boomers: 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

Larry Kotlikoff Reveals How Social Security Victimizes Some Beneficiaries

Larry Kotlikoff is an economics professor at Boston University, president of a financial planning software company, served on the President's Council of Economic Advisors and helps tens of thousands of retirees with his website maximizemysocialsecurity.com. Larry's also a prolific author having written dozens of books and hundreds of blog posts, columns, and research papers. His most recent book is 'Social Security Horror Stories: Protect Yourself from the System and Avoid Clawbacks.'
Risking Old Age in America

Anqi Chen on Challenges Facing Aging Baby Boomers

The guest is Anqi Chen, a research economist at the Center for Retirement Research at Boston College. Anqi and the Center have done a lot of work on the financial status of baby boomers and what we can expect in the future -- and also what we can expect in terms of long term care needs.
Risking Old Age in America

Planning for Senior Women with Amy Lampert

The guest is Amy Lampert, a financial planner with over 30 years experience in the financial services industry. Amy is also the founding principal of the not for profit Women's Financial Network and of Women's Worth, a company whose mission is to demystify the world of money and increase financial literacy and empowerment for women of all ages.This material contains the current opinions of the presenter but not necessarily those of Guardian or its subsidiaries and such opinions are subject to change without notice. Amy Lampert, Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS), 160 Gould Street, Suite 310, Needham, MA 02494, 781-449-4402. Securities products/services and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America (Guardian), New York, NY. WomensWorth and The Bulfinch Group are not affiliates or subsidiaries of Guardian. Life insurance offered through The Bulfinch Group Insurance Agency, LLC, an affiliate of The Bulfinch Group, LLC. The Bulfinch Group, LLC is not licensed to sell insurance. The Bulfinch Group is not registered in any state or with the U.S. Securities and Exchange Commission as a Registered Investment Advisor. 2024-167550 Exp 1/26.
Risking Old Age in America

George Kinder on Life Planning

George Kinder is the founder of the Kinder Institute of Life Planning. He's a financial planner with many decades of experience and also many decades of experience training more than 3000 other financial planners.More at https://www.kinderinstitute.com/
Risking Old Age in America