Senior survey: Results on health, housing and the nest egg

The senior survey will appear in our July issue, but, for now, here are a few highlights we’ve run across in analyzing the data:

• The proposed $500 billion of cuts to Medicare, plus more cuts and changes coming, whether through Republicans or Democrats, are terrifying. We need to pull out of three wars and save our own people. We also need to stop helping foreign governments who hate us, at least until we are stable here in our country.
• My current situation is very good. I am making a good income and enjoy my work. I save well and should be in good shape for retirement when I quit working.
• The appraised value of our home was $550,000 now it’s only $235,000. The decrease annihilated our equity. Time will tell, but we may have to file bankruptcy and sell or leave home.
• I’m somewhat confident with our 401(k), IRA, and Social Security, unless we have another market downdraft in the near future.
• I am a good money manager, and have adequately planned for retirement. I have set up a trust for my assets, and have long term care as well an no debt.
• I feel my wife and I are in excellent health. Right now we are considering replacing our traditional LTCI policy with a LTC-linked annuity.
• We are healthy. With our financial advisor we have reviewed things and feel comfortable in being able to retire.
• I can live on a nickel and I lead a healthy lifestyle. I’m just worried about the health of my spouse and he could be the downfall of everything.