Boomers and Retirement Worries

High medical expenses are Americans' biggest financial worry about retirement, according to a new Bankrate.com (NYSE: RATE) report. 28% of Americans gave this response; the highest-income households (over $75,000 per year) are actually more concerned about high medical expenses than the overall population. Running out of money is the biggest fear for millennials (18-29 year-olds) and a close second overall.

One-third of Americans say they can't save more for retirement because they have just enough money for their day-to-day expenses. 14% blame other family obligations and 10% lay fault with their student loan debt (millennials were more than twice as likely to give this answer than other age groups). 29% are satisfied with the amount they are currently saving.

Working Americans are realistic about Social Security's role in their eventual retirements: just 13% expect it to account for all or most of their retirement income, while another 14% expect it to account for half their retirement income. About one in four believe they won't get anything.

"The average Social Security payout is only around $15,000 per year, so people are realistic to think they'll need to supplement that income," said Sheyna Steiner, senior investing analyst at Bankrate.com. "But despite all the gloom and doom about the future of Social Security, most Americans are optimistic that they'll get at least something from the program. That even includes millennials – 63% of them think Social Security will fund at least some of their retirement several decades from now."

The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here:

http://www.bankrate.com/finance/retirement/survey-americans-racked-by-retirement-fears.aspx

Baby Boomers Can Connect to Medicare Online

The Federal Government is doing its part to get baby boomers up to speed when it comes to dealing with technology. The Social Security Administration is now making it possible for you to register for Medicare benefits ONLINE, even if you are not ready to sign up for your monthly Social Security check.

The new online application, which takes less than 10 minutes to complete, is for people reaching the Medicare eligibility age of 65 who want to delay filing for Social Security retirement benefits

To apply online for Medicare do the following.
● go to www.socialsecurity.gov and
● choose Retirement/Medicare under the header, “Select Below To Apply For.”

You will be asked a brief series of questions.

If you have a question or need additional information, there are “more info” links.

When you’re done, just select the “Sign Now” button to submit the application.

There are no paper forms to sign, and usually no additional documents are required. If more information is needed, Social Security will contact you by phone or letter.

Make sure you ***tweet this*** to let all of your baby boomer friends on Twitter know.