Publication Date: Friday, January 09, 2004
SENIORS
A tip for retirement: Be prepared
A tip for retirement: Be prepared
(January 09, 2004) Symposium to offer information on finance, healthcare, gerontology, and social relationships
by H. Tom Nguyen
Retirement often casts images of sleeping in hammocks and taking time to pursue interests set aside earlier, but economic uncertainties and spiraling insurance costs could turn such dreams into unattainable fantasies.
To help soon-to-be retirees prepare for their golden years, Avenidas is hosting a daylong seminar Jan. 10 that will include guest speakers and panel discussions on finance, healthcare, gerontology, and social relationships.
"It's important to hold this event now because our economy is in flux, Medicare protections are also in flux and the Baby Boomers are set to retire in a couple of years," said Joan Aragone, Avenidas communications coordinator. "Research has shown that not many people have prepared for the challenges awaiting them."
The keynote speaker will be Ian Morrison, president emeritus of the Institute for the Future. Morrison is an internationally known author, consultant, and futurist specializing in long-term forecasting and planning with particular emphasis on health care and the changing business climate.
According to Morrison, many seniors are concerned with Social Security, private and public pensions, and skyrocketing healthcare costs.
"The good news: House prices in this area are high, while inflation and the general cost of living is low," Morrison said. "The bad news: Healthcare costs are continuing to increase, along with uncertainties over investments and long-term care, such as nursing and homecare."
While the economy is still slow to rebound and seniors are left paying most medical expenses out of their own pockets, Morrison said, a house sold locally could help offset some of those financial burdens.
But there are many retired Americans who do not have the same advantage: 3.4 million older adults lived below the poverty level in 2001, and another 2.2 million were classified as "near poor," according to the AARP, a national senior-rights organization.
"People are living longer and healthier lives today; that's good news," said Lisa Hendrickson, president and CEO of Avenidas. "But living longer could also mean raising the possibility of running out of money in retirement. Healthcare costs are continually increasing and it's very expensive for retirees."
Morrison said many are counting on Social Security and government-sponsored healthcare in retirement, but there is concern whether there will be adequate future funding for those programs.
"There is no reason to believe that those programs should ever collapse," Morrison said. "But they could be seriously cut, unless there's a drastic increase in taxes. Once the Baby Boomers begin to retire, it would take two workers to support one retired person."
Both Hendrickson and Morrison agree that seniors today have to work longer -- some in low-wage, part-time jobs -- to receive health benefits and make ends meet.
"More seniors today have to work jobs because they haven't saved enough for retirement," Hendrickson said. "Planning for retirement is different now than it was 20 years ago. There are more options but greater challenges."
"The New Face of Retirement" symposium is scheduled on Jan. 10, from 9 a.m. to 4 p.m. at Avenidas, 450 Bryant St., Palo Alto. The cost to attend is $45. For information, call Avenidas at (650) 326-5362, ext. 19. The Palo Alto Weekly is a sponsor of this event.
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