In The Morning News (Category: General AARP)
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May 15, 2008 |
8:49 AM
Bloomberg News: AARP Finds Seniors Paid Less For Generic Drugs Last Year
"Older Americans paid an average 9.6 percent less last year for widely used generic drugs, the biggest drop since at least 2003, according to a report by the retiree lobbyist group AARP." Spending on health care "has soared as the U.S. population ages and more people face chronic conditions including high blood pressure, cholesterol and diabetes. Lower-priced copies of brand-name drugs offer a valuable alternative, especially since an earlier study found a 7.4 percent price increase last year in the top 220 brand-name medicines, said the AARP, which represents people age 50 and older. 'As the economy continues to tighten, people need to look for cost-savings at every opportunity,' said John Rother, AARP's director of public policy, in an e-mailed statement. 'Often more expensive, brand-name drugs aren't necessarily any more effective than the generic "cousins" that you won't see advertised on TV.'"
UPI: Baby Boomers Financially Unprepared For Disability
"A survey by Harris Interactive on behalf of America's Health Insurance Plans assessed how financially prepared baby boomers are if the primary wage earner in their household became disabled and was unable to work for an extended period of time. Fifty-five percent say they are not at all or somewhat unprepared and 15 percent say they are very or extremely prepared if a disability occurred." Harris conducted the "online survey from April 25-29 among a nationwide sample of 3,607 adults age 18 and older, including 1,182 baby boomers ages 44 to 62."
USA Today: Roth IRA Seen As More Beneficial Than Traditional Savings Account
Matt Krantz writes that the tax-free status of Roth IRA earnings is "a big advantage over a taxable account." There are also no "minimum withdrawals starting at age 70 1/2." Krantz says that while the "the end result is the same as with a traditional IRA" when investing," investors "don't have to pay taxes when you take out the money, giving the Roth a huge edge. You can't count on tax rates being lower in the future, when you take your withdrawals."
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