Posted on Fri, Nov 30, 2007
“Time travel” is the creative tool utilized by Lincoln Retirement Institute to learn what Baby Boomers and retirees expect in the future and what they might change about the past.
Lincoln Retirement Institute released a survey of 500 Baby Boomers and retirees, conducted for the company by Zogby International in October, 2007. Subjects were asked to question their future selves about their lives in retirement, and then to counsel the young adults they once were. According to the survey, high on the list of concerns about the future for many respondents are fear of becoming a financial burden for their children. Most of those surveyed (66 percent) said they would ask a future self how effective their financial planning for retirement had been, and just 16 percent of those surveyed said that they would tell a younger self “not to change a thing, you are on the right track.”
More than a third of respondents noted that they would have focused more on creating an income for life. Beginning to save sooner figured high on the list of advice to a younger self for more than 25 percent. Twenty-seven percent would have been better prepared to put insurance policies in place, and to cope with rising health care costs and the need for long term care. Eighteen percent wished they had gotten more financial education. Nineteen percent would have shifted focus from relying on Social Security to augmenting personal savings. Fifteen percent would have focused on paying down credit card debt, while 12 percent would have emphasized investing.
While results were consistent across the income brackets, some answers varied by gender. Most often, changing jobs was the catalyst for men to consider the financial future, while many women reported that the death of a spouse or loved one was the start of their retirement planning.
When asked what they planned to do if their income for retirement proved to be inadequate, those questioned proposed such strategies as scaling down lifestyle, taking out a reverse mortgage, going back to work and turning to prayer.
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Posted on Wed, Nov 21, 2007
Thanksgiving has transformed itself over the years from a commemoration of Pilgrim’s Pride and Plymouth Rock to an annual homecoming weekend, a reunion of relatives, generations apart, young and old, all gathered around the Thanksgiving table.
It’s at times like these that we can truly appreciate how the life insurance products we offer at EFinancial are all about keeping families together.
You don’t need life insurance for the unforeseen disasters of a holiday dinner — a forgotten bag of giblets in the turkey, a bird that collapses like a tired souffle or the discovery that someone switched sugar with salt in the pumpkin pie,
But life insurance is absolutely essential for those other emergencies that confront the American family. It’s at times like these when we at EFinancial are indeed thankful to be a part of so many families and so many lives.
Our deepest thanks to all of those who are an integral part of the EFinancial family: our clients, our associate and our employees! Here’s to a safe and a joyous holiday season for your family!
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Posted on Wed, Nov 07, 2007
To focus attention on the growing impact long term care has on American families, the U.S. House of Representatives has for the first time issued a resolution proclaiming its support for national Long Term Care Awareness Week (Nov. 4 – 10).
Genworth Financial — one of the nation’s leading providers of individual long term care insurance* — is among several long term care insurers actively participating in this industry-wide awareness campaign. Genworth Life Insurance is available through EFinancial.
According to the new bi-partisan national survey conducted by Public Opinion Strategies (POS) and The Mellman Group, nearly seven in 10 Americans have not made any plans for their own, a spouse’s or another relative’s long term care needs. Yet, more than half those surveyed have had a loved one who needed some form of long term care. The poll also found that close to 80 percent of the respondents want to see long term care included in the healthcare proposals offered by the presidential candidates. More than 80 percent of those surveyed also said that positions on long term care funding will be an important factor in deciding who to vote for in the 2008 election.
Genworth Financial also has published a new book on the future of long term care in America, written by leading experts, which discusses America’s current long term care system and the challenges it will face as 78 million Baby Boomers age.
“This new book will hopefully encourage more people to think seriously about how their families would manage through a long term care situation,” said Buck Stinson, president of Genworth Financial’s long term care insurance division.
A single year of long term care in a facility can cost more than some household’s income, according the Genworth’s 2007 Cost of Care Survey. This study found that a single year in a private nursing home room in 2007 costs on average $74,806 nationally. Meanwhile, the median household income in the United States is $46,272.
Home care, which is where the vast majority of long term care is provided, costs more than most people may realize. The survey also found that the average hourly rate for a certified and licensed home health aide is $25.47 per hour, a cost that adds up to $52,977 per year for a 40-hour work week. A separate Genworth survey released in April found that 44 percent of Americans incorrectly believe that Medicare or their private health insurance pay for long term care.
The book, The Future of Long Term Care in America: Views and Recommendations by Prominent Experts, is composed of 10 chapters, each written by a different author such as AARP CEO Bill Novelli, former Congressional Budget Office Director Douglas Holtz-Eakin, American Health Care Association President and CEO Bruce Yarwood and National Alliance for Caregivers President and CEO Gail Hunt. It covers a wide range of long term care issues and is intended to inform policymakers, academics, financial advisors and consumers about the challenges associated with today’s long term care system in meeting the demands of the aging Baby Boom generation. It also explores policy options that policymakers might consider.
The book is available at Genworth.com/FutureofLTC. It also may be ordered online for approximately $5 per copy on BarnesandNoble.com, Amazon.com and Borders.com.
“Today’s model for long term care simply will not sustain the need for services in the future,” said Stinson. “Currently, without private insurance, the only other choice for a family is to pay out of pocket, potentially spending every dollar saved for retirement until they are destitute and can qualify for state assistance. Our research tells us that people want more options and they want their government to be a partner in the process. Voters clearly want their next President to make long term care a national priority.”
* LifePlans 2006 Long Term Care Individual and Group Association Top Writers Survey Results. Based on number of individual policies sold and individual annualized premium inforce. Long term care insurance is underwritten by Genworth Life Insurance Company and in New York, Genworth Life Insurance Company of New York.
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Term Life Insurance Quote or Research how to
Buy Life Insurance Online visit
Efinancial.com