Medicare For All – Protection for Your Retirement Plans

An unexpected medical emergency, a life-changing diagnosis, or a car accident are a number of countless situations that can land us in the emergency room, setting off a chain reaction of diagnostic tests, follow-up appointments, prescriptions, treatments, and more. Of course, this all has a significant implication on your pocketbook, and even if you have insurance, the bills can still be staggering.

Health insurance is supposed to be an investment, a sort of safety net to minimize your financial obligations in the event of a significant health illness or injury. But rising premiums, high deductible plans, and coverage exclusions have rendered comprehensive, quality, affordable insurance plans a thing of the past.

This can have significant implications for older adults nearing or at retirement age. A car accident, a cancer diagnosis, or any number of other health issues can quickly drain away savings, including retirement plans.

Health Care Costs Threaten Retirement Plans

Amassing a retirement savings large enough to provide a comfortable living for decades is no small feat. Because seniors tend to see increased health issues and health care costs in their latter years of life, a significant portion of their retirement plan needs to be able to cover those increased costs.

According to a study performed by Fidelity, a 65-year-old couple retiring in 2017 will need to cover approximately $275,000 in health care costs throughout their retirement. That amount reflects a 6% increase over the 2016 figure of $260,000. However, that estimate has increased more than 70% when compared with the initial estimate ever performed by Fidelity back in 2002.

Simply saving up enough money to be able to retire can be a challenge, especially when you encounter unexpected health issues and emergencies earlier on in life. According to a survey by Bankrate, only 41% of adults say that they have enough money in savings to be able to pay off an unexpected cost. However, 45% of survey respondents indicated that they’d had a major unexpected expense in the past 12 months.

And if a family has a high-deductible insurance plan, a single visit to the ER can cost tens of thousands of dollars. Families without adequate savings may feel pressured to reach into retirement savings to fund the emergency, leaving them with even less savings than they’d had initially.

A Compounding Problem

The issue of health care costs depleting retirement savings becomes even more urgent when you consider the seniors who can’t afford to retire at all. The U.S. Jobs Report indicated that the retirement age is increasing, with almost 19% of United States seniors aged 65 or older were working at least part time during the second quarter of 2017. Additionally, 19% of 70- to 74-year-olds were still working.

Working later into life leads to increased retirement savings, but this isn’t a practical option for many seniors. Health issues force many seniors to quit their jobs even if their retirement savings aren’t yet large enough to provide them with long-term security.

Simply finding a job can be a challenge, since employers may be more reluctant to hire seniors (despite age discrimination laws). Seniors may find themselves with fewer job options and may have to settle for lower-paying jobs with poor health insurance policy offerings.

Medicare for All: Protecting Retirement Savings

Medicare for All could be a solution to this growing problem. With single-payer health care, all Americans could enjoy protection against unexpected large medical bills. Americans wouldn’t need to dip into their retirement savings for health-related emergencies. And with reduced health care costs, they could put more earnings into their retirement plans.

If more Americans were able to put aside more retirement savings, they could retire at age 65 without having to worry about extending their employment into their senior years. They could enjoy reduced stress and could focus on healing after a health crisis, rather than worrying about the massive bills that would follow.

With access to the medications and treatments that they need, Americans could enjoy better health, happiness, and an improved quality of life. Isn’t that what we want for our seniors, our retirees, and all American citizens?

Fearless: How One Financial Expert Faced Her Fear Of Public Speaking

Pamela Yellen and Richard Branson

When you are on a collision course to face your fears in order to achieve your future career goals, what will you do? Do you run and hide, drag your feet and hope things will blow over, or will you dawn your Super Woman cape and address the elephant in the room?

Today’s woman wears many hats and it should come as no surprise that with all of the role-changes, fear and anxiety can be a bit challenging for some. Add to that a career path that is rooted in public speaking and you could have a recipe for disaster as the challenges faced with respect to public speaking are high. Communication, in general, tends to be challenging for women on both a personal and professional level for various reasons, but why do we seem to struggle a bit more with public speaking?

Sweaty palms, a racing heart, or feeling like a frog is lodged in your throat. Those psychosomatic symptoms can be a real bummer and many women never achieve their full potential due to their overwhelming fear of public speaking. To shed light on this common problem, we turned to financial expert and two-time New York Times bestseller, Pamela Yellen, who knows all too well about overcoming the fear of public speaking.

We wanted to know how someone who had garnered enough support to raise $25,000 in funds for the American Cancer Society and was fearless enough to dawn a gold-sequined leotard while riding on an elephant struggled with fear and anxiety that almost halted her career pursuits. “You can be a risk taker and still be afraid to get up in front of more than a couple of people.”

Despite the risks Pamela has taken in her life, it wasn’t until she decided to go in a different direction and develop a more professional career as a financial services consultant and public speaker that she was prompted to deal with her “paralyzing stage fright.” Once she conquered her fears, she went on to help others face their fears relating to financial security and grace us with Bank on Yourself: The Life-Changing Secret to Growing and Protecting Your Financial Future and The Bank On Yourself Revolution: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future.

To help quell her fears and set her on the path to success, Pamela got busy and ushered in the help of a mentor. When asked if she felt like the mentoring approach and feedback would have set her on a different path had her mentor been a female, she chuckled, “I guess we’ll never know, but I will tell you that I was a bit intimidated by him and he was a very strong, demanding, no-nonsense kind of guy. I think maybe I needed that [approach] at that time.” She also acknowledges her abilities to develop and lead people to reach their potential, developing strategies to avoid foreseeable obstacles, and her natural curiosity to challenge conventional wisdom as key strengths that have contributed to her success.

So what do you do when all eyes are on you and it seems as if the world is judging you? According to Pamela, “You can choose are you gonna sit there and stand there and worry about what they’re gonna think about you or are you going to focus on the fact that you have value to give them.”

Having a clear focus is important when taking on any task, especially something as intimidating as public speaking.Once you choose to change your focus to the value that you bring to your client or an audience, you can begin to approach public speaking differently. Of course, this doesn’t mean that you will never have a nervous moment again. Pamela stated she “still gets plagued by a lack of confidence every now and then” but despite a few hang-ups, she has still persisted and has been quite successful in pursuing her goals.

Speaking of womanhood, we would be remiss not to address the obstacles faced by women in addition to the generalized fear many have regarding public speaking. How does one persist when it seems like the odds are stacked against women? Being a woman has made her somewhat of an easier target for negative criticism and has been a cause of hesitancy along her journey.

Given many of the patriarchal norms and stereotypes assigned to women that continue to shape much of society, it’s easy to see how despite all of her success, remnants of fear and anxiety can still rear their ugly heads. There is little doubt that being a woman presents its own set of problems when speaking out and sometimes against the status quo.

When asked about her thoughts on being a woman in such a male-dominated field, Pamela stated, “people attack me regularly because I go against the conventional financial wisdom.” She also offered an inspiring quote from her mentor, Dan Kennedy, “It’s been so profoundly powerful for me ‘If you’re not offending someone by noon every day then you’re not doing much.'” Despite her critics, like a true superhero, Pamela still persists and we are thankful for it.

Switching gears, the interview would not have been complete without garnering some financial advice from the guru herself. Money and financial security or lack thereof can be a great cause of fear and anxiety for anybody. Understanding that a large part of overcoming fear or anxiety involves doing something different, rather it be challenging yourself or learning something new. Pamela’s book encourages you to do both.

With no regard to socio-economic status, age, or income, Bank On Yourself allows consumers to achieve their goals and take control of their financial situation by avoiding Wall Street while challenging financial institutions and their tactics.

While different groups have benefited from Pamela’s books, advice, and financial expertise; by far the group that has benefited the most has been the baby-boomer generation. “I think a lot of baby boomers and women have benefited from my books because the baby-boomers are the ones or the group that no longer has guaranteed pensions from their companies and they’re basically on their own to save for their own retirement.” For those still reeling from the Recession, looking to recover from slow economic growth, or gain financial freedom Pamela advises “if you’re not comfortable with the idea of never being sure that you’ll have you know a certain amount of money for retirement you need to look at safe and guaranteed methods of saving for retirement.”

Rather it is public speaking, finances, or career guidance; no matter how successful, when it comes to certain things, fear and doubt can set in, and if left unaddressed will find a permanent home in our lives. To learn more about some of these safe financial methods and get a free and safe wealth building report, you can visit www.bankonyourself.com.

Assisted Living Facilities: Grandpa Is Not Resting On His Laurels!

By Deborah Nguyen

Enjoying Retirement
Enjoying Retirement

While there may have been a time when assisted living facilities were basically a place to send an elderly relative when you simply couldn’t care for themselves any longer, that’s now a thing of the past. Assisted living can now provide access to loads of fun activities, an active social calendar and even opportunities to learn new things. In fact, more and more elderly people are opting for these kind of facilities for their golden years.

Assisted Living: A Brand New Life

While care homes are helpful for those who need a little bit more help or need access to regular medical attention in their older years, they also have excellent benefits for the elderly. Oftentimes older people who live on their own can feel isolated, or become stuck in a rut. Living in a facility such as Chateau Vestavia assisted living, can provide access to all sorts of fun activities, group outings and regular contact with others, making it ideal for any older person.

Social Access

Studies have shown that regular social activity can go a long way to helping to stave off memory loss and even Alzheimer’s disease. Being a part of an assisted living community allows a senior to have access to other peers, especially those who share the same interests. Retirees can join others for group meals, classes and outings to meet new neighbors. New residents will be making friends in no time.

Physical Activity

Keeping fit and physical into their later years can go a long way to keeping a retiree from aging before their time. A healthy weight and regular exercise can keep their heart healthy, as well as prevent the aches and pains that come along with getting older. Many facilities have gyms, pools and staff on site so residents can create their own exercise program. Staff can also give advise on losing weight and staying healthy.

Eating Right

As people age, they may be cooking for one for the very first time in years or they may just not want be bothered with making decent meals. This can be detrimental for their health, and an assisted home can help with that. Many offer group mealtimes, where diners can take in a balanced meal with friends. Apartment-style homes are often equipped with a kitchen, and nutritionists and helpers can offer advice on how to make great meals that will keep people in tip-top condition.

Group Trips

Just because a person is getting older doesn’t mean they can’t get out and about. While many seniors may not be able to drive anymore, assisted living facilities will offer social activities for groups such as trips to go sightseeing, visit national monuments or even to connect with nature. Getting out helps keep the mind stimulated, and prevents elderly people from having that “cooped up” feeling.

The image of the dank, boring care facility is truly one of the past. Today’s elderly clients are more active both physically and socially, and these homes are stepping up to the mark to provide services to match. Be sure to view any home you’re considering fully and ask any questions you might have. Chances are there’s a match for you.

Photo Credit: http://www.flickr.com/photos/doughay/5696872679/

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