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Baby boomers have mistaken ideas about the future costs of long-term care and about the years they will spend in retirement, according to a Nationwide Financial consumer survey released Monday.

When asked to estimate how much a year nursing home care will cost in 2030, the survey respondents estimated an average of $111,507. That is less than half the actual estimated costs for that year, which are $265,000, Nationwide says. Respondents correctly estimated current costs at approximately $67,000 a year.

The survey included 813 respondents 50 years of age and older who have at least $150,000 in annual household income or in investable assets.

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LONDON ??? In this city known for grumps and complainers, the happiest people are those with a pension and those too young to understand how a pension works, according to Britain???s first-ever national happiness survey, out last week. Results further show that people living in rural areas and those who own their own house are happier than those living in the city and renting.

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We may never tire of discussing lessons from the Great Recession, which hit two groups especially hard: teens who saw parents lose a home or job, and boomers who saw their savings depleted at precisely the wrong moment in life.

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April 8, 2013 ??? Karen DeMasters

Older Americans??? confidence in their financial preparations for retirement continued to decline this year??????a decline that is driven by fear, according to speakers at a press briefing today hosted by the Insured Retirement Institute that kicked off National Retirement Planning Week.

Confidence in financial preparations for retirement dropped to 37 percent this year from 44 percent in 2011, the first year IRI did a Retirement Confidence survey. The press conference highlighted the study, which also showed 61 percent of Baby Boomers do not see their financial situation improving in the next five years.

The survey included 802 Americans between 50 and 66 years of age.
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The slow-growth U.S. economy is living on cheap money as is the bull market, which is in its last stages, warns bond manager Jeffrey Gundlach, CEO of DoubleLine Capital.

Gundlach said in a Webinar this week that the wide-open money spigot will continue for the foreseeable future. That???s because the Fed and most other major central banks in Europe and Japan are committed to easy money, according to Grundlach.
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