America, the land of opportunity. The most powerful and prosperous nation in world history....is in one of the most perilous places in its history. As millions of baby boomers ready themselves for retirement, most are doing not nearly enough! To make matters worse, rising healthcare costs, overextended long-term-care capacity, under-funded retirements and the looming Social Security crises could all converge at the most inopportune time and create a Perfect Storm. Whether you are already retired or planning to, be sure to head this wake up call before it's too late.
Every year, more and more Americans move toward retirement with insufficient savings, and with this the country is moving into dangerous territory. The American Institute of Financial Gerontology notes that although the average American life span is 77.2 years, a person who reaches the age of 65 can expect to live to age 83, while 26% of all 65-year-olds today will live past the age of 90. By the year 2030, the percentage of persons in the U.S. age 65 or older will reach 20%. Considering that people over age 65 spend four times as much on healthcare as their younger peers, according to AARP research, and that end-of-life care, can eat up 50% or more of an individual's lifetime healthcare funds, every American had better recalculates their retirement planning strategy, regardless of whether you are already retired or planning too.