The reality in the United States is this:
Baby boomer retirement is on the verge of a crisis: many are still have no retirement savings, the older ones have run out of money funding their long term care costs, and the younger ones are at a loss of ways to plan effectively.
So, what role does technology play in all of this?
As we all know, technology has created a more immediate experience for all of us. Young or old, we have witnessed a changed in the behavior among our peers. We have now been accustomed to a speedy process for everything. If we want to talk to a friend living on the other side of the world, we send an instant message. If we want to purchase something, we go online to shop.
Everything is accessible within a shorter timeframe—including effective retirement tools for the boomer generation. So, now we shift to another question:
Why are we not making use of these tools more effectively?
This may be because of the reluctance to try something unknown. To address these issues, we have let us discuss how technology can effectively aid the retirement of baby boomers.
Technology Transforms Retirement and Health Literacy
First, let’s state one important fact:
Technology addresses more than one aspect of retirement and aging.
Where do you want to retire? How do you maintain independence and mobility? What are your second career options? How do you remain in contact with your family members and friends despite the miles in-between?
These are just some of the questions that technology answers, and we have barely scratched the surface.
Moreover, technology guides people attain another important aspect of retirement:
As you may know by now, retirement involves an incredible amount of decision-making for instances that might not happen for a few decades. There are too many factors to consider, and one mistake can prove to be fatal.
This is where high health literacy comes to play. The ability to obtain, process, and understand health-related information to make sound decisions could solidify an individual’s chance to age independently.
The beauty of technology here is that you can now access whichever information you need in a matter of seconds. You can learn about retirement facts, tips, and news on the go. You can minimize the risks of an unsuccessful retirement just by logging on to your computer or tapping a few keywords on your smartphone.
Top 3 Online Tools for Baby Boomers Planning for Retirement
If given a chance, which option would you choose:
Shell out hundreds and thousands of dollars to have a financial planner explain the basics to you or log onto your computer and learn about them while you have your morning coffee?
The latter option seems more appealing, doesn’t it? Well, it’s more cost-effective, too.
This isn’t to say that you can do without the consultations with the industry experts—these are significantly important in building a strong retirement plan. These individuals can also help you cut back more on costs of retirement and long term care. Through their guidance, you can ensure that your plans are stable enough to last decades.
The trick here is that you have to be smart in setting up these meetings and consultations. After all, wouldn’t you want to reserve these meetings for more pressing matters? Wouldn’t you want to be able to keep up with the experts?
Retirement planning tools—free and paid at a low price—are available online just waiting for you to use them.
Now let’s get to each of them:
Free long term care insurance quotes
Long term care coverage is one of the biggest problems of baby boomer retirement. According to Genworth’s Cost of Care Survey, the average monthly cost of a semi-private room in a nursing home is already $6,844 while the average price of homemaker services is $3,813. Bear in mind that in some states, these costs could shoot up to more than double these rates.
However, the troubling facts do not stop there.
The majority are grappling for coverage that they need, and yet they never to find the right one. This leads them to rely on government programs that do not cater to their circumstances. In fact, an AP-NORC Center poll points out that 4 out of 10 respondents still mistakenly think that Medicare will pay for their age-related long term care concerns.
As you can see, coverage is more than necessary at this point for many of the middle-class Americans. After all, the wealthy can afford to self-fund while the impoverished can rely on Medicaid.
Long term care insurance provides an effective way to cover these costs; you just to know how to manipulate the factors that could affect the prices and coverage.
For example, purchasing policies early can reduce the costs of premiums substantially. Moreover, it can help you qualify for deductions like the spousal discounts or the 10% off that some companies offer for good health.
To learn more about long term care insurance, please feel free to reach out to ALTCP.org through the quotes page. This will provide a more direct way to get in touch with our agents.
Moreover, don’t forget to get our free ebook for a limited time only. This provides valuable information about the insurance policies as well as the answers to frequently asked questions by baby boomers.
You may have heard this advice a million times, but it is still worth mentioning:
You need to set an effective budget for retirement and stick to it.
However, the question that many immediately ask is, “how?”
How can you impose a budget for a time that may be years from now? How will you know if the number you set is the right amount? More importantly, how will you be able to adjust if it’s not? Thankfully, the Internet does all these for you.
Over the years, various platforms have developed retirement calculators that baby boomers are free to use s they please. These can typically calculate your retirement savings, withdrawals each year, and Social Security based on your specific income.
The great part about retirement calculators is that they let you know what you need to get to where you want to be. A good online calculator not only identifies the risks and points them out to you; it also presents you with the options you can take to achieve your goal. Moreover, it calculates just how long your money will last.
Websites, such as AARP.org and BankRate.com, have quality retirement calculators that are beneficial for you and other baby boomers now.
For more specific calculations, you can also look into 401(k), 401(k) early withdrawal, Roth IRA, Social Security Benefits calculators.
Job-matching platforms for older age groups
Here’s one issue many retired baby boomers are facing:
2.5 million older Americans (age 55 and older) want a job but are not able to secure one.
One reason behind this is age discrimination—although proving hiring discrimination is a difficult feat to achieve. This puts many older individuals in a compromising position; they want a stable job that can help finance their years, and yet they cannot seem to find a company that is willing to hire them.
Luckily, online platforms have worked to address this issue. Websites that work to match the skills of older individuals with current jobs help retirees a more effective approach to finding employment.
These websites include RetirementJobs.com and MySkillsMyFuture.org help older adults find the jobs that match their skills and circumstances.
The Importance of Proactive Planning
Yes, retirement is turning into a crisis, but it is not too late. You can still take control of your future by being a proactive planner.
Often, one of the biggest mistakes that many older baby boomers have made is this:
They waited too long to start planning.
This left with little choices. Everything is either too expensive or no longer available. A great example of this is long term care insurance. As cited above, proper timing plays a significant role in purchasing these policies. You need to be early and healthy to get the full-blown advantages.
90% of the policyholders are satisfied with the claims they are receiving now. This means that these individuals do not have worry about the costs crippling so many of their peers. To get to this place, you need to plan accordingly.
Do not fall into the same traps. You have to take active measures, and you need to start right at this moment. Keep in mind that the decisions you make directly affect how your retirement will turn out, so be sure to make calculated ones.
If you have any more questions about long term care and retirement, please feel free to reach out to ALTCP.org. We understand the difficulties that often hinder people from creating a solid plan, and we wish to provide assistance in solving these challenges. Send us a message or request an online quote now.