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Retirement Roundup: Colorado must “act now” for aging population

Aging Population
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A digest of timely information and insight about finance, investing, and retirement.

Colorado must “act now” to address aging population, rising costs, study says | The Denver Post

Colorado’s aging population will have a profound impact on “virtually every Coloradan” over the next 14 years, according to a new report commissioned by state lawmakers. If steps aren’t taken to prepare, it could have a dramatic impact on the state budget, which would see its revenue growth slow just as the costs of health care and other senior services are expected to explode.

Women’s health care tab in retirement: $79,000 more than men’s | Time-Money

A healthy 55-year-old woman on average will pay $79,000 more for health care over her retirement than a 55-year-old man, according to a new report from HealthView Services. Women face higher costs because they live an average of two years longer than men, not because they consumer more health care in a typical year.

Public sector employees confident in retirement income prospects | PlanSponsor

Most public-sector employees do not know how much they need to save for a comfortable retirement, nor have they planned and saved specifically for medical expenses, according to TIAA’s 2016 Retirement Confidence Survey of the State and Local Government Workforce.

About 20 percent are very confident that they are saving and investing appropriate for retirement, with approximately 55 percent somewhat confident in their savings and investing. The vast majority are covered by a primary defined benefit pension plan.

Combine long-term care with life insurance? Do the numbers first | The New York Times

Just this month, one long-term care insurance provider announced that would not seek any more policies; another is headed toward insolvency, with billions of dollars in liabilities needing to be assumed by someone else. Yet in the face of this bad news, consumers are being sold new long-term care products that are less expensive than the older products that guaranteed monthly payments.

These new policies are mainly hybrids that offer both long-term care and life insurance. There are also life insurance policies that allow people to use their benefit to pay for care. Both are less expensive than traditional long-term care policies. But like most insurance, they are only as good as the consumer’s understanding of them. [Read more about long-term care.]

Seniors who use tech tools feel less lonely, more physically fit, Stanford study finds | Los Angeles Daily News

Use of computers and cellphones is linked to higher levels of mental and physical well-being among those over age 80, according to new Stanford research. These elders are motivated for the same reasons as digital-savvy millennials: to stay connected. Those who used technology saw higher life satisfaction, lower loneliness and general attainment of meaningful goals. They were also in better physical health, the study found.

Defined benefitAlso known as a pension, this is a type of pooled retirement plan in which the plan promises to pay a lifetime benefit to the employee at retirement. The plan manages investments on behalf of members, and the retirement benefit is based on factors such as age at retirement, years of employment and salary history.

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