Congress was attempting to hammer out an agreement Wednesday on a $700 bailout package for the unstable financial sector. Such action is good news for long-term care and seniors’ retirement accounts, according to Bruce Yarwood, president of the American Health Care Association.
“It’s imperative that our nation’s leaders address our faltering economy in order to ensure stability for our nation, stability of American jobs, stability for the entire business sector including long-term care and stability of the retirement accounts of hardworking Americans,” Yarwood told McKnight’s.
Meanwhile, an increasing number of seniors whose retirement packages are wrapped up in the stock market are terrified, according to The New York Times. The housing market upset has affected many seniors in recent years. Seniors pulled more then $300 billion out of their home equity between 2001 and 2006, the Times said. And a survey from the Employee Benefits Research Institute found that this year, 39% of retirees expect to outlive their savings, compared with just 27% who felt the same way in 2007.
