John Denning: Are You Ready Financially?

Marvin H. Feldman, CLU, ChFC, RFC, President and CEO of the LIFE Foundation

Fifty percent of the US population accounts for just 2.7% of all health-care expenditures, while 5% accounts for 49.5% of all health-care expenditures, according to Kaiser Family Foundation.

The life expectancy at birth of an average American was 62.9 years in 1940, five years after Social Security was created. Life expectancy today is 78.7 years (source: Center for Disease Control). As a result of this increased life expectancy, it will take $293,000 to pay for post retirement health care that’s not paid by Medicare, according to Kaiser. Are you financially prepared for this?

Are you financially prepared to raise your children? A child born in 2012 will cost a higher-income family (those making at least $105,000 of before-tax income) $399,780 in 2012 dollars (i.e., a present value amount) and $501,250 in inflation adjusted dollars through age 17, and this does not including college (source: Department of Agriculture). How will this be paid if you were to die or become disabled today?

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First international senior housing conference in Krakow

The European Property Institute and City of Krakow announced on May 16, 2013, the first senior housing conference in Poland entitled “Housing for Seniors, Growing Opportunities for Public and Private Sectors.”

Featured conference speakers include experts from the development community, sociologists, gerontologists, economists, city planners, housing professionals and members of the academic and investment communities.

The conference will be held June 27-28, 2013 in Krakow at the City Council Chambers.

It is an important issue for the foreseeable future. Within 20 years one of four citizens of Poland will be over 65 years old. According to the Central Statistics Office, by 2060 the number of people over 80 years old will be four to five times higher. Caring for seniors will increase to 1.1% of GDP, and the total annual costs of health and social protection will amount to $19.5 billion.

During the coming decade, Polish society will confront for the first time a situation where senior citizens will be the majority population. A significant portion of seniors will want to continue to live independently. These are the people upon whom the conference will focus.

Also on the agenda will be discussions regarding social, economic and investment issues and how best to handle or overcome these potential issues. Some of the conference topics include: reverse mortgages, what is currently missing in creating housing policies and changes in housing cooperatives.

The goals of the conference include, but are not limited to:

-Start discussions in Poland on senior housing choices
-Formulation of conclusions for future senior housing development
-Learning about international experiences
-Working out solutions for the public and private sectors
-Facilitating contacts among senior housing stakeholders

For more information about attending and sponsorship opportunities for this event, contact Monika Gawlik at , visit or call 48 12 601 922 996.

Source: Polonia Media Network