Paul Hogan responds to WSJ article

by MichelleR on August 20, 2010

I wanted to post the following response to a recent WSJ article because it is important for all of us to advocate for our future. What do you think?

Paul Hogan recently submitted a letter to The Wall Street Journal in response to an Aug. 16th article on how the financial crisis likely will hurt baby boomers’ spending in retirement.

In his response, Paul suggests offering “tax credits for senior care to ensure Boomers can safely and comfortably enjoy their senior years” in the face of economic challenges.

Please take a moment to read Paul’s response letter posted below.

Read the WSJ story here.  

To the Editor:

Mark Whitehouse’s article “Another Threat to Economy: Boomers Cutting Back” points to a tragic irony: Those 76 million Americans who changed our culture for better, and at times for worse, must now face the greatest challenge of their lives, retirement.

What we looked forward to back in the 1990s as another stage of self-development is now fraught with economic peril. Quite simply, boomers, who begin to turn 65 on Jan. 1, 2011, have seen their savings erode and may not be able to work past retirement because of high unemployment.

The generation that gave us consumerism must now learn to live with substantially less at the worst possible time. However, living with less isn’t a crisis. The enormous crisis they must confront is funding senior care for their parents and inevitably, themselves.

Our research indicates a majority of Boomers have not planned for their senior-care needs and are ill-prepared to finance them. In grim terms, this means many may be forced to spend their senior years in a Medicaid-funded nursing home.

Our legislative leaders would do well to formulate a national policy that ensures a comprehensive and yet sensible approach to safe and affordable senior care for Boomers and succeeding generations.

In much the same way that tax policy was adjusted to facilitate child care, one step we could take immediately is to offer tax credits for senior care so Boomers can safely and comfortably enjoy their senior years.

Best regards,

Paul Hogan

(Mr. Hogan is Chairman and co-founder of Home Instead Senior Care and author of “Stages of Senior Care.”)

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