Marie Johnson is 77 years old. She is a de-
voted single mother of six amazing girls.
Marie worked in the agricultural industry
until she found a good job that enabled
her to support her children at a chemical
plant. Historically, social insurance in the
form of Social Security benefits has a ma-
jor role of income support for the elderly
in the United States. However, because
Social Security benefits are programmat-
ically linked to marital and earnings his-
tories, they may be especially affected by
the social demographic and labor market
changes that have transformed retirement
expectations for Baby Boomers. Before
Marie could fully retire, she was diag-
nosed with a health crisis from working
at the chemical plant and categorized as
disabled. Although it plays a much small-
er role of income support, a supplemen-
tal welfare program in the form of Sup-
plemental Security Income (SSI) benefits
provides a safety net for elderly individu-
als who have low income and limited as-
sets. Established in 1974, the SSI program
provides benefits to aged and disabled
individuals with very low income and as-
sets. For all of her years of hard work,
Ms. Johnson receives $700 per month. A
household that pays more than 30 percent
of their gross income on rent and utilities
is considered rent-burdened, according
to federal guideline. If you pay more than
half of your income on rent, you are con-
sidered extremely rent burdened. In order
to stretch her income, Marie lives alone in
a subsidized senior living apartment. This
was not her retirement plan, but with the
disability diagnosis, she had no choice.
Ms. Geraldine Mastro, in her early 80s, sits
in the sun on the patio at The Terrace at
Chestnut Hill. She speaks fondly of return-
ing home to her townhouse. What hap-
pens to a dream deferred when you have
no choice? Many Baby Boomers are not
all retiring at 65. Plenty are transitioning to
a part-time arrangement with their com-
panies and some are working into their
70s. This is related to the fact that life ex-
pectancy continues to rise. Many Boomers
prefer to spend a few more years working
than embark on a retirement that lasts 20
years and beyond.
This all did not matter to Ms. Geraldine,
even when they told her that her Social Se-
curity benefits max out at age 70. She was
vibrant and continued to work as a Com-
munity Planner, developing communities
in the state of Maryland. She also traveled
to the Middle East to work in Dubai. As
a member of The Philomathean Society,
she was very active in community service.
Then the unthinkable happen, at 70 years
old, she had a stroke that left her with no
use of her left side. After being released
from the hospital, she was transferred to
a rehab center. Then life took another turn
and she had a second stroke. This was not
her plan. Having no family in the imme-
diate area, a decision was made that she
transfers to another state to be closer to
her family. Ms. Geraldine was one of those
Boomers who planned for her golden
years. She had invested heavily in real es-
tate and was doing well financially. But as
is said, all the money in the world can’t buy
you back good health. Many Baby Boom-
ers will require care facilities initially for
rehabilitation from stokes or illnesses but
ultimately will need long term care (LTC).
These Boomers will choose or demand
facilities that meet their expectations. A
private room will be of importance, as
will as autonomy. They prefer to live the
remainder of their years in a meaningful
way where they can exert some control.
Ms. Geraldine lives in a private apartment
in the high-end assisted living facility but
if she had her choice, she would be in a
tiny condo on the east coast of the United
States.
Mahatma Gandhi said, “It is health that is
real wealth and not pieces of gold and
silver.” Health is not valued until sickness
comes. You can not take good health for
granted. We should all consider health
one of the greatest human blessings be-
cause the alternative is SOMETIMES YOU
HAVE NO CHOICE. Just something to
make you go hmmm…The Baby Boomers
are now realizing that with age comes the
understanding that your real most import-
ant asset is your health. n
Laura Dorsey
Editor, IBA Success
Magazine; CEO,
lauradorsey.net
VOL 5, Issue 3
n
IBASuccessMagazine.com
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