More on Home Reverse Mortgages
There is a downside to this wonderful news.
The US Census defines the current life expectancy of the average American as a “Death Shortage”. Of all the people in the entire history of the world to ever reach the age of 65, 2 out of 3 of them are alive today. The cost of health care and retirement benefits of an aging population threatens to bankrupt the nation unless an effort is made implement changes in the very near future. Americans are retiring earlier and living another 20 plus years. According to USA Today, “This phenomenon — work less, collect more — has ripped a hole in the senior citizen safety net. The longer we live, the bigger the hole.
Living longer is great for our society; however it is a financial nightmare for the Government. They simply do not have the money. In only 2 more years, the first wave of the 76 million Baby Boomers will turn 65.
This will tax our healthcare even more!
So what can be done? I don’t know. I want to explore this issue and many other areas that will have a dramatic effect on our seniors and their children as we look into the future.
In the coming weeks and months, I want to provide some facts on ADRs. Adverse Drug Reactions. I want to look at how adult children of seniors are leaving the workforce to take on the financial and medical needs of mom and dad. I want to share the various benefits & programs that are available thru non-profits and local and state governments for seniors simply by asking for them.