Planning For & Keeping My Assets Safe During Retirement.
October 18, 2015
Planning for & Keeping My Assets Safe During Retirement.
For the past 40 years, workforce participation has dropped at a relatively steady pace for adults 65 and older, partially due to the large number of "Baby Boomers" transitioning into retirement. This movement into retirement is occurring faster than the number of people entering the workforce therefore decreasing the total workforce population within those years. However, the rate at which adults born between 1946 and 1964 (Baby Boomers) has not had as great an effect on the workforce as demographers projected a couple decades ago. This is because it has become more common for adults over 65 years of age to continue working. But why has it become more common for adults to keep working past the traditional retirement age? At what age are they finally retiring? And what do our medical alert systems
have to do with any of this?
Source: US. Bureau of Labor Statistics
As reported by one of the more recent Census Bureau reports, 16.1 percent of the population age 65 and older is working or is actively looking for work. That is a 4 percent increase from nearly 20 years ago. The biggest spike in workforce participation is now between the ages of 65 and 69. What this report reflects is that many older adults choose to work mainly because of greater financial responsibilities. A study conducted by the Employee Research states insinuates that, of the 1000 workers who participated, roughly 13 percent said they would postpone retirement because they had "inadequate finances or can't afford to retire." In fact, according to a 2012 report from the Center for Retirement Research approximately 86 percent of households are prepared for retirement by the age of 70.¹
If older adults are postponing retirement for a more secure financial future what should they do to protect their assets when they do retire? Our research shows accidents from a fall at home leading to an injury can be a serious threat to a retiree's assets. If not helped until after the "golden hour" serious consequences to their lives and finances can occur. The "Golden Hour" is a, 60-minute window of time in which the lives of a majority of critically injured trauma patients can be saved if effective treatment is provided. During this time, if the accident happened at home, emergency services must be contacted (911), an ambulance must be dispatched, and the victim must be stabilized and/or transported to a trauma center. Intervention within this timeframe helps reduce morbidity.³ The CDC stated that "In 2011, emergency departments treated 2.4 million nonfatal fall injuries among older adults; more than 689,000 of these patients had to be hospitalized." On average the hospitalization cost for a fall-related injury is $17,500.² By utilizing a personal medical alert at home the chance of getting help within the "golden hour" increases greatly.
Medical alert systems
enable us or our loved ones to keep living comfortably at home, but what is often not equated, is that they can help save money too. Genworth Financial reported some of the expenses middle class families deal with when a fall goes without care. They calculated $18 an hour on average for homemaker services, $19 an hour for home healthcare aids, $3,405 a month for assisted living and $230 a day for a private nursing home room.
Our senior medical alert systems may not prevent the fall of the 1 in 3 adults who do fall every year, but they help by getting assistance as fast as possible during the "Golden Hour", the crucial time between an injury and life-saving treatment, and help keep those medical expenses down. We are currently offering our service for only $19.95 a month when you pay annually ($239.40 a year). You or your loved one can have peace of mind and stay focused on enjoying a little more of the retirement savings the way it was originally intended to be and avoid losing that nest egg to costly medical care.
¹ National Retirement Risk Index: How much longer do we need to work? (Issue in Brief No.12)
² Center for Disease Control: Costs of Falls Among Older Adults
³ Hurley Medical Center: The Golden Hour