9 Year Mortgage and 5 Ways Retirement Will Change
9 Year Mortgage believes over the next decade, new products, technology and adviser practices will make retirement look a lot different than it does today. The more things change, the less they will be the same. When things will change is possibly open to debate. Three of the nations leading experts recently said the changes will be radical. Curious about these changes? Read on and 9 Year Mortgage will tell you about them.
9 Year Mortgage and The Changes
Wondering who the nations leading experts are? They are Joseph Coughlin, the director of the Massachusetts Institute of Technology AgeLab, Rick Miller, the president and founder of Sensible Financial and Management, and Kathryn McCabe Votava, the president and founder of GOODCARE.com, they all gave their views on the ways retirement will change.
1. Longer lives, ill health
9 Year Mortgage says according the experts, Americans will likely live longer than their forbearers. However the bad news, is that they will likely live their lives with some sort of chronic illness, such as Type 2 diabetes or hypertension. 9 Year Mortgage found some statistics on this, 110 Americans have at least one chronic disease; 60 million have at least two and 20 million have five chronic diseases. This is the future…..you will live longer, you will be ill, but not necessarily will you be sick.
2. Health-care will be more expensive than anticipated
9 Year Mortgage says with most Americans with chronic illness there will be some health care costs that those people were not expecting or imagining. With all of the costs they are unlikely to be covered by insurance, they will be out-of-pocket. An example would be, someone managing Type 2 diabetes might require the use of telehealth services, which will help you stay in the workforce or age in places, however that service will not be covered by traditional retiree health insurance plans. 9 Year Mortgage observed that major pharmacy chains are now providing visiting nurse services and equipment care to the home, also grocery stores are now providing nutrition services geared specifically to your needs as you age with specific chronic disease categories. Coughlin believes that it is going to be a matter of how much is it going to cost you to mange the illness so that you can stay in the game at work or to visit your family or whatever it may be. He also says that the new cost of health care we haven’t even begun to imagine, however the new services that are coming out, will be all out-of-pocket. They are not going to be covered by the government right away, if at all.
3. Some health-care costs could decline
9 Year Mortgage believes that some health-care costs that aren’t covered by Medicare today might be covered in the future if it costs the government less than the existing alternative. Votava believes that telehealth and some of these other technologies have the potential to bring down health care costs. He also believes that we are under capitalized in health care overall using technologies. In the other industry they have put in more technology in and then gained more productivity out of it; however overall, people are going to spend more out of their pocket than they think they will. 9 Year Mortgage says some of the things that aren’t covered today will be covered in the future. 9 Year Mortgage believes that the reason some of these things will be covered in the future is because it is more economical to help a person stay at home, then it is to be the rotating door in and out of the emergency room.
4. Novel services will emerge
9 Year Mortgage says to be sure telehealth has been around for years, yet the experts also predicted new and different services will emerge as the baby boomers march toward retirement. 9 Year Mortgage believes that point-of-decision technology will play a big role in helping people decide whether to spend today or save tomorrow. An app that exists today shows the price of an item being considered for purchase and what that amount of money may translate into, in terms of monthly income in retirement, if it was saved to the persons 401 (K) plan.
5. Expectations will be high
9 Year Mortgage says as the experts talk about the future, they also suggest that a large gap may develop between expectations on the part of baby boomers and reality. 9 Year Mortgage believes that the boomers believe they that are going to live fundamentally better than their parents. The boomers think that there will be a policy. There will be a service to help them live longer, better lives. However they have yet to figure out how to fund it. 9 Year Mortgage says they haven’t addressed how they are going to be able to arrange their lives and their cars and their houses and the life to be able to pay for it.
Ending it With 9 Year Mortgage
So when it comes to your retirement, 9 Year Mortgage feels to be safe, prepare yourself the best way you can. Put money into some sort of retirement savings, so that when the time comes and things do change you will be more than able to provide for yourself and possibly your spouse. Look to a financial adviser to help you make sure that you know what risks to take and what ones not to. 9 Year Mortgage says the best way to avoid any problems in the future is to be sure that you are prepared for whatever may happen. 9 Year Mortgage also wants to suggest to those out there that haven’t started saving for retirement or preparing for it, to start now!
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