Most Baby Boomers Are Not Prepared For The Future

Ed Nava

Safe Harbor Assisted Living, LLC

Approximately 10,000 Baby Boomers a day turn 65 years of age, adding to the already growing population of Medicare recipients and stretching health care costs and various social programs.  Research has shown that Baby Boomers, those born between 1946 and 1964, have not adequately saved enough finances for retirement and long term care.  A startling report by the Bupa Care Homes reveals that:

“A staggering three quarters of Baby Boomers under-estimate the average weekly costs of a care home place.  Furthermore, over half (55%) of boomers worry they would have to sell their homes to pay for their old age.  A further 20% would need to rely on their children.  Over two-thirds (69%) haven’t given much thought to how to pay for their care in later life.  Around a quarter (26%) of those have ignored it because growing old scares them; and another 22% think their old age is a long way away.  Other highlights from those aged 45-65 are that:

-  less than half (47%) have planned for their retirement
-  almost half (48%) don’t think they will be financially secure in their old age
-  43% are worried about being lonely when they grow old
-  two fifths would rather go into a care home than be a burden on their family(41%)
-  around a quarter of boomers think they will no longer be able to lead an independent life in their 70’s, and 30% think they’ll be dependent on others in their 80’s
-  despite predicted  public spending cuts, 37% still think the government will pay for their old age care.  Two fifths (39%) think they‘ll have to pay for themselves.”

Coupled with increased cost of goods and services, Medicaid and Social Security coverage alone cannot sustain an elderly person in living out the remaining years in comfort and safety within a protective environment, to include expenses from assisted living and nursing home facilities.  Too often, limited options for adequate housing for the elderly have become even more challenging when personal financial resources become depleted.  As a result, sub-standard facility environments become the choice of stay, oftentimes contributing to both mental and emotional decline, leading to depression and apathy.

Safe Harbor Assisted Living, LLC based in Longmont, Colorado, has recognized the need within the elderly population in providing a solution to the growing problem and meet the need through a future non-profit program entitled, In The Master’s Steps.  Information and updates on the developing project through Facebook and through the Safe Harbor’s website Blog section.