Baby Boomer Lifeboat   

    Tips for Comfortably Retiring on a Tight Income

Baby Boomers can still retire, even on a tight income, by taking steps to stretch their dollars! 

Tips, ideas and advice for making Baby Boomer retirement income go further!


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Baby Boomers - Life Insurance

Tips for Baby Boomers About Getting Life Insurance

If you don't already have a life insurance policy, it is a good idea to get some kind of coverage.  Baby Boomers are likely to live longer and pile up some debt towards the end of their lives.  Life insurance can help to pay this off, leave your wife mortgage-free, or provide funds to your loved ones.

Baby Boomers - Term Life Insurance is the Way to Go!

Baby Boomer Life InsuranceFor Baby Boomers, renewable term life insurance makes a whole lot more sense than a whole life policy.  You get a lot more coverage for the money, but don't build up any "savings" to be paid off at your debt.  Who cares?  Invest the difference in premiums and earn a lot more!

Note that it is best to get term life insurance while you are still healthy and in your forties or fifties, as entry rates increase dramatically thereafter.  But as the AARP program demonstrates, even those up to age 74 can still get a term life policy without a health exam (although they do ask questions on the application here a "yes" answer to any inquiry will probably raise the rate or result in a phone call for clarification purposes).

Baby Boomers can online to get quotes from brokers that deal with a number of insurance companies.  Be advised, however, that any health-related information you provide to get a fast quote becomes part of a large database accessible by all insurance companies and God knows whoever else.

Accidental Death and Dismemberment InsuranceBaby Boomers should consider AD&D insurance - it's like playing the lottery, only you don't particularly wnat to win!

The Insurance Dictionary defines Accidental Death Insurance as:

Coverage in the event of death due to accident, usually in combination with dismemberment insurance. If death is due to accident, payment is made to the insured's beneficiary; if bodily injury is the result of an accident (such as the loss of a limb), the insured receives a specified sum.

However, there are "gotchas" to most AD&D policies. According to, "To receive benefits in the event of an accident, your injuries or death must occur within a time frame of three months from the accident date. Only if your death or injuries can be proved as being a direct result of the accident, will you be able to collect off your AD&D coverage."  And that, my friend, is why life insurance companies have huge staffs of attorneys.

The bottom line for Baby Boomers:

  • AD&D insurance is dirt-cheap (e.g., under 410 monthly for a $1 million policy)

  • It provides a nice nest egg for your spouse or loved ones in the event you suffer a clearly accidental death (e.g., car or plane crash).

  • If you are spending $10 monthly on the lottery, buy a AD&D policy instead - your odds of "winning" are better.

Long-Term Care Insurance is not Feasible for most Baby Boomers

The average cost for long-term care at an assisted living facility is $77,500.  This could quickly deplete most retirement nest eggs.

Long-term care insurance is not affordable for the majority of Baby Boomers.In an article, Boomers Reluctant over Long-Term Care Insurance, Patti Neighmond points out:

The risk of needing some kind of long-term care is high. Two-thirds of seniors will need it at some point in their lives. But they will mostly need it only for short periods. Just one-fourth of individuals over 65 will end up needing long-term care for one or more years.

Baby Boomers also are often mistaken about how long-term care may be paid for. Many think Medicare will cover long-term care costs. The fact is, it won't. Medicare pays for short-term medical care at home or for a limited stay in a nursing home, but only after a hospitalization and only after a number of criteria are met. Medicaid pays for long-term care, but not until people have already used up the majority of their financial assets.

The bottom line for Baby Boomers is:

  • Your chances of needing long-term care are 25 percent or less.

  • Long-term care coverage for the vast majority of Baby Boomers in their fifties and sixties is simply not affordable.

  • You don't know if the coverage you buy today will be there when and if you need it, or what public programs might be implemented in the future.

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