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When I’m 64: SPR Forum on March 24 asks how will the Baby Boomers age?Baby boomers today are beginning to show their age. The generation born after World War II is between the ages of 58 and 39, with retirement and health issues looming.Boomers make up approximately 30 percent of the Spokane County population. Between Spokane and Kootenai Counties, an estimated 155,000 people were born between 1946-1964. And the region is attracting more baby boomers. Last spring, the AARP named Spokane as one of the “15 top dream towns” nationwide for retirement-minded baby boomers. And these boomers are expected to be around for a long time. Life expectancies have already advanced to an average of 76 years. Some medical experts believe that within the next 30 years, health care will push life expectancy much further, even to 100 years or more. With new research in the human genome, nutritional sciences, and even robotics, many people at “retirement age” can look forward to another decade or two of active living. All this leads to uncertainty for the boomer generation. Spokane Public Radio tackles some of these aging issues at the next health forum, “When I’m 64.” March 24, from 6-8 p.m. at Spokane City Council Chambers, 808 W. Spokane Falls Blvd. A panel will join KSFC’s John Vlahovich in discussing health and lifestyle options for the aging boomer. Government Programs One big worry hanging over the head of every boomer is Social Security, begun in the early days of the New Deal when life expectancy was shorter than the retirement age and there were far more workers than retirees. As recently as 1950, 16 workers put money into the system for every person paid. Today, there are only 3.3 workers per payee. Economists project by 2030, halfway through the boomer payouts, there will be less than two workers per payee. Based on the assumption of no change in Social Security funding, the Trust Fund will pay out more than it takes in by the year 2018, exhausting the contributions by year 2042. Boomers are understandably worried. It’s almost impossible for a person to live solely on Social Security. Paul Hodge of Harvard University writes that in the future, it is projected that “unlike any other time in our nation’s history, a great number of single boomer women and minorities will fall below the poverty line in their later years.” So the question is, what will Social Security be like for the boomers? The other, perhaps more challenging question is what will happen to Medicaid and Medicare. The public assistance fund Medicaid accounts for more than half of the nation’s health care costs, and pays for almost 70 percent of current nursing home residents. Medicare, the federal health insurance program for people age 65 and older, provides for hospital, nursing facility care, services, therapies, and home health care. Combined, Social Security, Medicare, and Medicaid will double their burden on working-aged Americans over the next three decades, says Richard Thomas of Newsweek. “Absent any increase in taxes – and not counting the additional drug benefit being hammered out – all non-elderly programs would have to shrink to just 30 percent of the total U.S. budget to accommodate the projected rise in medical programs,” he writes in the Harvard Generations Policy Journal. Changing Careers Life expectancy continues to grow, along with the cost of living expenses and medical care, not to mention the long list of activities would-be retirees want to pay for. The result, it seems, is more baby boomers continuing to work. Deena Katz, an independent financial adviser, believes that boomers haven’t saved enough to continue living in the manner they have been accustomed to. “Boomers live in the immediate now, and give themselves everything they thought they were entitled to,” says Katz, 53. “I don’t think the boomers will be a generation of traditional retirees,” Ms. Katz said. “We will be a generation of repositioning,” continuing to work and staying active. “Many baby boomers see continued earnings from work as part of their so-called “retirement” future, and retirement is becoming an integration of education, work, and leisure,” writes the CEO of AARP, William D. Novelli. “Today, boomers and those slightly older view retirement not as a termination, but as a transition. In response, we need to rethink work and retirement together.” Housing Options A recent survey (commissioned by a builder of retirement communities) suggests that when baby boomers retire, they will strongly consider moving to a less expensive part of the country. Spokane’s low housing costs may lure boomers from other areas to this region. Many baby boomers coping with their aging parents are closely studying housing options. Some want to leave their too-large house and move in with other family members, or move to independent living or senior apartments. Those needing physical help, but wanting to stay at home, will need home health care. Some will have to find assisted living or nursing homes. The question is, will there be enough for the baby boomer generation? Will there be enough medical professionals to meet the demand? The Panelists John Vlahovich, News Coordinator for Spokane Public Radio and KSFC local host of All Things Considered, will moderate the forum. Audience members are invited to bring questions for the panelists. Melissa Ahern, PhD is an associate professor in the department of health policy and administration at WSU Spokane, researching managed care efficiency and effectiveness, and the impact of communities on health. She began the Family Friend Project to improve the health of people feeling socially isolated. Her work has been published in journals such as “Medical Care and Social Science and Medicine”. Nick Beamer is Executive Director of Aging and Long Term Care of Eastern Washington. His work experience and education encompasses both social and health-related fields. He has served as a delegate to both the state and national White House Conferences on Aging. Bruce Dentler, MD has practiced in Spokane since 1974. He is board certified in family practice and geriatrics. Since 1996, he has focused on geriatrics. He has special training as a medical director in long-term care facilities and home health care. Maria Hernandez-Peck, PhD is an associate professor in the school of social work and human services at Eastern Washington University. Her specialty is in aging studies, diversity, and community context practice. She is a member of the American Society on Aging. Karen Sayre is a principal in the law firm of Sayre and Sayre, P.S., Spokane, Washington. Ms. Sayre received her undergraduate degree from Gonzaga University in 1980 and her JD (Cum Laude) from Gonzaga University in 1985. She is Past-Chair of the Washington State Bar Association Elder Law Section. Her practice emphasizes estate and disability planning, governmental benefits law for disabled individuals and Elder Law. The forum will be broadcast on both Spokane Public Radio stations. KPBX 91.1 will air it on March 30 from noon-2 p.m. and on April 6 from 6-8 p.m. KSFC 91.9 Spokane will air it on April 1 from 10 a.m.-noon. The forum, presented in partnership with City Cable Channel 5, will be televised several times in April. Dates include April 3 at noon and 9 p.m., April 5 at noon, April 11 at 10 a.m., April 15 at 8 p.m., and April 20 at 2 p.m. On April 1 from noon-1 p.m., immediately following the KSFC broadcast of the forum, SPR will present a live call-in follow-up program. Listeners can ask their own questions at 1-800-328-5729. Broadcast of the forum is underwritten by Sacred Heart Medical Center, Holy Family Hospital, MARSH, and Washington State University Spokane. |
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