The following column is by www.hospicenorthcoast.org
Are you in or approaching the autumn of your life? Here’s a sobering fact from L.A. Times financial reporter
Michael Hiltzik: “Nearly half of all Americans will outlive their assets, dying with practically no money at all.”
Recession‐driven economic realities have changed over the past few years, mostly for the worse. That, combined with increased longevity, means many people have to stretch thinning assets over a longer period of time.
Lack of money can be a slippery slope leading to poorer health. Older retired people who are primarily or entirely dependent on Social Security may have no way to pay for medical expenses beyond Medicare, which typically covers only a portion of costs.
The time to take stock is now, before you need to dip into your nest egg. Research traditional retirement options as well as a new device: an advanced life deferred annuity (ALDA). The ALDA policy holder pays a certain sum at retirement age for this annuity, which does not begin to pay until a pre‐set age, such as 75, 80 or older.
Ask For Us
We at Hospice of the North Coast are NOT financial experts, so we highly recommend that you contact yours.
We ARE healthcare experts. Our mission of helping people have a peaceful life‐through‐death experience, regardless of financial circumstances, extends to our new Pacifica House in‐patient residence serving all of North County. We invite people with questions regarding advanced care planning to contact us. We’ll do our utmost to provide “eggs”cellent advice.