Magazine article Management Review

Retirement May Not Be in Your Future

Magazine article Management Review

Retirement May Not Be in Your Future

Article excerpt

Everyone's lamenting the outrageous costs of healthcare and looking to Washington for some answers--and quick. But in the absence of sweeping measures, experts predict that today's pinch on seniors will turn into an even larger problem for tomorrow's retirees.

"If we don't get healthcare reform, the difficulties that seniors are currently experiencing will only become worse for future generations," says Ronald Pollack of Families USA, an advocacy organization for families on healthcare and long-term care, based in Washington, D.C.

Frighteningly, the numbers do back him up. Northwestern National Life Insurance Company projects that a typical married couple retiring in 10 years, and needing home healthcare for one person at age 70, will deplete their assets by age 74. And baby boomers retiring in 2011 who need home healthcare will see their nest egg depleted within a year.

How did we get in such dire straits? Obviously, the rising cost of healthcare is the primary factor, but government mismanagement also is to blame. Over the past decade, various federal agencies have borrowed heavily from Medicare, adding to the already strained system. …

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