AIFLP / LPN Resource Directory: Consumers/clients: Aging<br>Money

Financial and Life Planning Resource Directory

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Consumers/clients: Aging Money
Money: Retirement planning
	Love, David A.; Palumbo, Michael G.; and Smith, Paul A. , "Trajectory of Wealth in Retirement, The", February 2008
		http://crr.bc.edu/working_papers/the_trajectory_of_wealth_in_retirement_.html Funds decline more slowly than remaining life expectancy, so that relative to the probable span of their remaining lives, older people tend to become wealthier over time. A planning approach taking into account uncertain lifespans, uncertain medical costs, and intended bequests is urged
Money: Debt management, mortgages
	Should You Use a “Reverse Mortgage” to Raise Cash from the Value of Your Home?
		RetirementWorks, Inc., 2009, Free http://www.retirementworks2.com/pdfs/Reverse_Mortgages-UNU.pdf Information about when and how to use a reverse mortgage to pay expenses late in life.
Money: Investments, asset management
	Mikels, Joseph A., and Reed, Andrew E., "Monetary Losses Do Not Loom Large in Later Life: Age Differences in the Framing Effect", Journals of Gerontology Series B: Psychological Sciences and Social Sci-ences, July 2009 (Vol. 64B, No. 4)
		http://psychsocgerontology.oxfordjournals.org/cgi/content/abstract/64B/4/457 Mikels and Reed report that older people do not show the same discrepancy that younger ones do when risk tolerance toward potential losses is compared to risk tolerance toward potential gains.
	Wilcox, Bradley J., et al, "Secrets of Healthy Aging and Longevity From Exceptional Survivors Around the Globe: Lessons From Octogenarians to Supercentenarians", Journals of Gerontology Series A: Biological Sciences and Medical Sciences, December 2008
		Results and analysis of a survey of healthy aged people.
Money: Health care costs, insurance
	Abaluck, Jason T., and Gruber, Jonathan, Choice Inconsistencies among the Elderly: Evidence from Plan Choice in the Medicare Part D Program
		National Bureau of Economic Research Working Papers, February 2009, $5.00 http://papers.nber.org/papers/w14759 Abaluck and Gruber report that Medicare participants typically make poor decisions about which prescription drug plan to use, focusing too much on premiums and not enough on net cost. They suggest limiting choices to those that are financially best.
	Access to Long-Term Services and Supports: A 50-State Survey of Medicaid Financial Eligibility Standards
		AARP Public Policy Institute, September 2010, Free http://assets.aarp.org/rgcenter/ppi/ltc/i44-access-ltss_revised.pdf An update (using 2009 data) to their earlier survey using 2000 data.
	Cubanski, Juliette, et al, Healthcare on a Budget: An Analysis of Spending by Medicare Households
		Henry J. Kaiser Family Foundation, February 2009, Free http://www.kff.org/medicare/upload/7859.pdf Among the authors' findings is that Medicare households spend more than three times on healthcare what non-Medicare households spend, as a percentage of total household expenses.
	Risk of Out-of-Pocket Health Care Expenditure at End of Life, The
		National Bureau for Economic Research, July 2010, $5.00 http://www.nber.org/papers/w16170 The authors say that the average extra out-of-pocket medical cost in the last year of life averages $11,618, but with that figure jumping to $94,310 for people at the unluckiest end of the scale.
	"Providing Care to Older Adults in the Department of Veterans Affairs: Lessons for Us All (Special Issue)", Generations: Journal of the American Society on Aging
		Summer 2010 http://www.asaging.org/generations/gen34-2/toc.cfm The complete table of contents and purchase information is provided.
Money: Planning for late-life fraility
	Doukas, David John, and Reichel, William, Planning for Uncertainty: Living Wills and Other Advance Directives for You and Your Family
		Johns Hopkins University Press, 2007, $18.95 http://www.amazon.com/Planning-Uncertainty-Advance-Directives-Hopkins/dp/0801886082/ref=sr_1_1?s=books&ie=UTF8&qid=1279929497&sr=1-1 Doyukas and Reichel offer practical help in making well-thought-out decisions.
	Driscoll, Marilee, Complete Idiot's Guide to Long-Term Care Planning, The
		Alpha, 2002 http://www.amazon.com/Complete-Idiots-Guide-Long-Term-Planning/dp/0028643801/ref=sr_1_2?ie=UTF8&s=books&qid=1279909371&sr=1-2 A bit dated, but still contains pretty much everything you need to know on this subject, provided with a dose of humor.
	Eligibility for the Aid & Attendance Benefit (VeteranAid.org)
		http://www.veteranaid.org/eligibility.php, Free Information about pension assistance for wartime veterans and their surviving spouses.
	Guide to Long-Term Care (LTC) Insurance
		AHIP (America's Health Insurance Plans), Free http://www.pueblo.gsa.gov/cic_text/health/ltc/guide.htm A gernally accurate and helpful insurance-industry summary about many aspects of long-term care insurance.
	Living Wills and Beyond: Planning for Possible Future Incapacity
		RetirementWorks, Inc., Free http://www.retirementworks2.com/pdfs/Living_Wills_and_Beyond-UNH.pdf Expalins the need for such documents, and connects you with (mostly free) resources you can use to create the documents you need.
	Long-Term Care Insurance: Basics You Need to Know
		RetirementWorks, Inc., Free http://www.retirementworks2.com/pdfs/LTC-UNU.pdf http://www.pueblo.gsa.gov/cic_text/health/ltc/guide.htm
	Moorman, Sara M. and Carr, Deborah, "Spouses' Effectiveness as End-of-Life Health Care Surrogates: Accuracy, Uncertainty, and Errors of Overtreatment or Undertreatment", Gerontologist, December 2008 (Vol. 48)
		http://gerontologist.gerontologyjournals.org/cgi/content/abstract/48/6/811 Moorman and Carr report that surrogates were accurate in the majority of cases in matching patients' wishes, but that results could be improved if health care professionals facilitated conversations between patients and their family caregivers.
	Zedalis, Joe, "Elder Life Planning: An Integrative Process – Part 3: Analyzing Assets", Integrative Adviser, March 2009 (Vol. 2, No. 1)
		http://www.aiflp.org/pdfs/IntegrativeAdviserNo0201.pdf, Free Zedalis discusses the importance of integrative planning in asset management and protection for retirees, especially in connection with planning for long-term care.
Money: Life insurance, legacy planning, estate planning
	Regulatory Inconsistencies May Pose a Number of Challenges
		U.S. General Accounting Office, July 2010, Free http://www.gao.gov/highlights/d10775high.pdf A brief report concerning problems with the market for life insurance settlements.
Money: Other / general / not-specified
	Bloom, David E., Graying of Global Population and Its Macroeconomic Consequences, The
		Harvard School of Public Health, October 2009, Free http://www.hsph.harvard.edu/pgda/WorkingPapers/2009/PGDA_WP_47.pdf The authors argue that lower fertility rates will lead to fewer dependent children and more labor force participation by women, which will offset the increase in older people, thus resulting in only a modest economic impact in most countries.
	Crimmins, Eileen M., et al, "Poverty and Biological Risk: The Earlier ‘Aging’ of the Poor", Journals of Gerontology Series A: Biological Sciences and Medical Sciences, February 2009 (Vol. 64, No. 2)
		http://biomedgerontology.oxfordjournals.org/cgi/reprint/64A/2/286 The authors report that poverty increases health and mortality risks substantially in people’s younger years, but this is no longer the case in old age. Even so, the consequence is that poor people tend to age faster.
	Duckworth, Angela Lee, and Weir, David R., Personality and Response to the Financial Crisis
		13th Annual Joint Conference of the Retirement Research Consortium, August 2011, Free http://www.mrrc.isr.umich.edu/publications/conference/pdf/UM11-09A0811C.pdf Duckworth and Weir document the fact that personality influences financial outcomes among older adults. Specifically, they address the connection between conscientiousness and behavior relating to saving vs. consumption (though not, yet, on investment).
	If You Run Out of Money
		RetirementWorks, Inc., 2009, Free http://www.retirementworks2.com/pdfs/If_You_Run_Out_of_Money-ALL.pdf Ideas and references about where to get help if you or an elderly loved one is running out of funds.
	Issa, Philip, and Zedlewski, Sheila R. , Poverty Among Older Americans, 2009
		Urban Institute, February 2011, Free http://www.urban.org/publications/412296.html Issa and Zedlewski report that about one in three Americans age 65 or older lived in low-income families in 2009, including 8.9 percent in poverty.
	NBER Bulletin on Aging and Health
		National Bureau of Economic Research, Free http://www.nber.org/aginghealth/ A quarterly publication that reviews recent research produced as part of the Bureau's program of research in aging and health economics.
	World Population Aging 2009
		U.N. Department of Economic and Social Affairs / Population Division, 2009, Free http://www.un.org/esa/population/publications/WPA2009/WPA2009_WorkingPaper.pdf This report updates and extends the 2002 and 2007 editions, including new features on aging in rural and urban areas, the coverage of pension systems, and the impact of the 2007-2008 financial crisis on pension systems.
	Zedlewski, Sheila R., and Butrica, Barbara, "More Older Americans are Poor than the Official Measure Suggests", Older Americans' Economic Security, May 2008 (No. 15)
		http://www.urban.org/publications/411670.html The official poverty measure no longer reflects the true resources or needs of older adults. The lack of an accurate poverty measure for older adults hampers efforts to reform Medicare and Social Security.