Did you know?
- 11.6% of the Louisiana population is age 65 or older. (2000 US Administration on Aging)
- 48.1% of Louisiana citizens age 65 or older are disabled. (US Census Bureau Quick Table)
- Between 1998-2000, 16.8% of the Louisiana population age 65 or older lived below the poverty line. (2000 Current Population Survey, US Bureau of the Census)
- The average life expectancy for women is 80 versus 73 for men.
- In Louisiana, 54.9% of grandparents living in households with one or more grandchildren under 18 years old are responsible as caregivers for their grandchildren. (US Census Bureau Quick Table) Louisiana is ranked 4th in the percent of total children under age 18 (10.8%) who are living in grandparent-headed households. (US Census Bureau 2000 Census SF1 100% data)
If you’re 60+ years old, you have unique financial needs and concerns related to your stage of life. Top financial concerns for seniors are typically related to having enough money to live on during retirement; Social Security; health care, long term care coverage and costs, prescription drug costs; being able to age at home; and issues related to estate-planning. Remember it is never too late to start planning for retirement. Following is a list of national and Louisiana-based resources to help with those issues:
Estate-Planning. Do you have a will prepared? Have you taken care of planning for how your estate will be handled after your death? Although the tomorrowsmoney.org site entitled “Unwanted Change” was created for people experiencing sudden loss, it offers valuable information on what to consider as you begin, or review your estate planning. To get started, click here.
Your Home. Would you like to be able to stay in your home as long as possible? Do you have equity built up in your home that you could access to help with one-time or ongoing expenses? There are financial options, such as reverse mortgages, that can help you realize your life goals as you age. Reverse mortgages allow you to convert the equity in your home into cash, while allowing you to maintain ownership of your home. AARP and The National Center for Home Equity Conversion Mortgages are nonprofit organizations that offer information on reverse mortgage and other financial options for seniors. See also www.HUD.gov/buying/reverse.cfm. For a list of Louisiana lenders that offer reverse mortgages, click here.
Bonds & Investing You may have heard that bonds are a good place to consider investing your money as you near retirement age. To learn more about bonds, click here.
Social Security. One in 6 Americans, almost 45 million people, currently receives Social Security benefits. To get a copy of your current Social Security benefits and how they will be affected by when you elect to begin receiving benefits, click here.
If you are a woman, you may have particular concerns related to social security. The Social Security Administration offers information on issues related to women.
Health Care Issues
Health Care Plans and Benefits. Get information on retirement plans, benefits and savings from the US. Department of Labor’s website and the Employee Benefits Security Administration (EBSA), formerly the Pension and Welfare Benefits Administration. Check out the Social Security Administration site for information on disability insurance. The Consumer Federation of America has a number of on-line informational resources under “Finance” including an on-line brochure on long-term disability income insurance.
Medicare/Medicaid. Having adequate health care coverage isn’t enough sometimes. The Center for Medicare/Medicaid Services offers information on your Medicare or Medicaid service options
- FirstGov for Seniors
- Advice on Money for Seniors
- AARP For Grandparents has a support section for grandparents raising grandchildren including a state fact sheet on Louisiana citizens raising grandchildren.
- Generations United
- Experience Works