New York City faces $811 million budget gap in FY 2014: report

 New York City faces an $811 million budget shortfall in fiscal year 2014 and lowered revenue projections in part because of Superstorm Sandy, the city's Independent Budget Office said on Thursday.
The city's tax revenue collections are likely to grow by just 3.4 percent in fiscal 2014 to $44.8 billion. That figure is $347 million lower than the IBO projected in May, it said.
The dimmer outlook is due to slower expected economic growth, particularly in the banking and securities industries, the IBO said. Near-term losses from Sandy, which ripped into the East Coast on October 29, also dampened projections for the current fiscal year, which ends June 30, 2013.
In June, Mayor Michael Bloomberg and the City Council agreed on a $68.5 billion fiscal 2013 budget that spared 20 fire companies from closing and increased funding for day-care and after-school programs.
To close the projected budget gap, the city is likely to cut spending further and raise fees and fines, among other measures, according to a financial plan proposed by Bloomberg in November.
That plan includes cutting 1,340 jobs through 2014, mostly through attrition, the IBO said.
The city also expects to save $230 million in 2014 by borrowing and refinancing outstanding bonds at low interest rates.
GAP IS SMALL, BUT LABOR PROBLEMS LOOM
Even so, the gap -- which amounts to 1.6 percent of projected revenues -- is small enough to be closed largely through normal year-end accounting procedures, said IBO head Ronnie Lowenstein.
The city has not set aside money for a possible settlement in ongoing negotiations with organized labor, she said.
"There is, at this point, no money set aside in the city's labor reserve to pay retroactive wage and salary increases," she said.
Nearly all of the city's unions have been working without a current contract. The teachers' contract ran out in October 2009.
Under one settlement scenario, the city could owe wages and back pay of more than $5 billion through June 2013, the IBO's report said.
STORM COSTS UNCERTAIN
Before Sandy slammed into the U.S. East Coast, the IBO forecast the gross city product to grow at an annualized rate of 1.6 percent in the fourth quarter of 2012 and 1.2 percent in the first quarter of 2013.
Now, the city's economic output is likely to shrink by 1.0 percent at the end of 2012 and rebound with growth of 1.9 percent in the beginning of 2013 as storm victims repair homes and businesses, the IBO said.
It said Wall Street's importance as an economic driver for the city is expected to continue waning, as it has since the recession.
The financial sector will account for 26.1 percent of aggregate wage growth during from 2013 to 2016 -- compared to pre-recession levels of nearly 60 percent.
Yet New York City could be on track to gain nearly 480,000 payroll jobs from the end of 2009 through late 2016, which would be the greatest employment expansion since 1950, the IBO said.
Medicaid and public pensions cost increases are expected to slow. But spending on debt service payments and health and other benefits will rise, the IBO said.
The city's general obligation bonds are rated AA by Fitch Ratings and Aa2 by Moody's Investors Service.

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Ten Commandments join Isaac Newton's notes online

A copy of The Ten Commandments dating back two millennia and the earliest written Gaelic are just two of a number of incredibly rare manuscripts now freely available online to the world as part of a Cambridge University digital project.
The Nash Papyrus -- one of the oldest known manuscripts containing text from the Hebrew Bible -- has become one of the latest treasures of humanity to join Isaac Newton's notebooks, the Nuremberg Chronicle and other rare texts as part of the Cambridge Digital Library, the university said on Wednesday.
"Cambridge University Library preserves works of great importance to faith traditions and communities around the world," University Librarian Anne Jarvis said in a statement.
"Because of their age and delicacy these manuscripts are seldom able to be viewed - and when they are displayed, we can only show one or two pages."
Before the discovery of the Dead Sea Scrolls, the Nash Papyrus, was by far the oldest manuscript containing text from the Hebrew Bible and like most fragile historical documents, only available to select academics for scrutiny.
The university's digital library is making 25,000 new images, including an ancient copy of the New Testament, available on its website (http://cudl.lib.cam.ac.uk/), which has already attracted tens of millions of hits since the project was launched in December 2011.
The latest release also includes important texts from Judaism, Christianity, Islam, Buddhism, Hinduism and Jainism.
In addition to religious texts, internet users can also view the 10th century Book of Deer, which is widely believed to be the oldest surviving Scottish manuscript and contains the earliest known examples of written Gaelic.
"Now... anyone with a connection to the Internet can select a work of interest, turn to any page of the manuscript, and explore it in extraordinary detail," Jarvis said.
The technical infrastructure required to get these texts to web was in part funded by a 1.5 million pound ($2.4 million) gift from the Polonsky Foundation in June 2010.

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CERN students make "scientist fiction" zombie film

Murderous zombies are stalking the dark underground passageways of the renowned CERN physics centre near Geneva, hunting young scientists who have survived a devastating failure in its world-famous particle collider.
Gaunt men with peeling faces and stony-eyed women dripping blood from their mouths leer around corners and loom from behind wrecked equipment, impervious to the bullets from a gun wielded by one of their would-be victims.
And it is all happening right at the heart of the multi-billion dollar complex where, last July, physicists announced the discovery of what they think is the particle -- the Higgs boson -- which made life and the universe possible.
Well, happening at least on the Internet (http://www.decayfilm.com/). Scientists at the centre on Wednesday said they were pursuing their efforts to reveal the great mysteries of the cosmos and had not noticed anything unusual.
"But that does explain why my neighbor shouted: 'Watch for the Zombies,' when I left for work this morning," said one puzzled physicist who is part of one of the two large teams which jointly tracked down the Higgs.
The gory action comes in an 80-minute horror film, "Decay", shot in 2010 around open areas of the sprawling CERN complex at weekends by budding young scientists from Britain and the United States, without formal management approval.
"They asked for CERN's endorsement once the whole thing was in the can," said spokesman James Gillies. "Clearly we can't endorse such a thing, but nor were we going to stop it. After all, it's just students doing the kind of thing students do."
The movie burst onto the World Wide Web, itself invented at CERN 20 years ago. A notice on its site and a press release from the makers, H2ZZ Productions, declares: "This film has not been authorized or endorsed by CERN."
FLESH-EATERS
The cinematic mayhem follows a disaster in the Large Hadron Collider (LHC), releasing the Higgs and its associated particle field which turn dozens of the technicians working around the subterranean complex into "living dead" flesh-eaters.
A group of scientists is isolated in the control room -- which the filmmakers move underground from its actual location on the surface -- and as they try to break out to safety they are picked off one by one by their zombie colleagues.
"It's a bit of fun in the best tradition of B-series Zombie movies," said a CERN researcher who followed the project. "It's well done, but I can't say the acting is Oscar quality."
"They wanted to make the film as unbelievable as possible, and the scientific 'facts' cited in it are laughable, so no-one could take it seriously."
The producers are at pains to underline that in making their technicolor epic they had no access to the actual 27-km (17-mile) circular tunnel where the LHC and the giant particle detectors and magnets are housed.
The writer and director of the film was Luke Thompson, who apart from his studies at CERN is a physicist and doctoral student at Britain's Manchester University, where the film had an early showing at the end of last month.
Co-producer and director of photography was Burton de Wilde, who holds a physics doctorate from Stony Brook University in the United States. The actors came from among CERN's several hundred doctoral or summer students.
The company set up to market the film says it has showings scheduled for several places in Britain, the United States and Europe.
"It might just turn out to be one of those off-the-wall successes," the CERN researcher said.

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Fandango launches Oscar-themed web series with Dave Karger

 Fandango is elbowing into the Oscar horse race.
The movie-ticket seller launched its first original digital video series Wednesday, "The Frontrunners," which will cover the major contenders for the top awards. The show will feature conversations with a star-studded group of Oscar hunters that includes Richard Gere ("Arbitrage"), Amy Adams ("The Master"), Hugh Jackman ("Les Miserables") and Ben Affleck ("Argo").
During the broadcasts, actors and directors will deconstruct key scenes from their movies, explaining how they crafted a moment of domestic conflict, in the case of Gere, or decided to intercut between a Hollywood script reading and the Iranian Hostage Crisis, as with Affleck.
However, commerce will be mixed in along with the art. Fandango will offer ticketing information along with the digital videos, with the hopes that the clips will inspire users to check out the movie being discussed.
The show, shot at Soho House in Los Angeles, will be hosted by Fandango's Chief Correspondent Dave Karger, the movie guru the company lured over from Entertainment Weekly in September. It's part of a bold bet that Fandango is making on original content.
To that in end, the company tapped former Disney digital executive Paul Yanover to serve in the newly created role of president and tasked him with creating a suite of programming for Fandango and its 41 million unique visitors.
"Our goal with Fandango is to make it the definitive movie-going brand across all platforms," Nick Lehman, the president of digital for NBC Universal Entertainment Networks & Interactive Media, told TheWrap in October. "We want to continue expanding in ways that entertain and inform and video is key to that strategy. Advertisers are clamoring for it because there is a dearth of high quality original video content on the web."
As TheWrap reported exclusively in October, Karger is also planning programs that will center on box office contenders and one program that will boast both A-List actors and below-the-line talent.
New episodes of "The Frontrunners" will air weekly through the Academy Awards on February 24, 2013. The first three installments will be available Wednesday

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Pope needs help sending out blessing in first tweet

After weeks of anticipation bordering on media frenzy, Pope Benedict solemnly put his finger to a computer tablet device on Wednesday and tried to send his first tweet - but something went wrong.
Images on Vatican television appeared to show the first try didn't work. The pope, who still writes his speeches by hand, seems to have pressed too hard and the tweet was not sent right away. So, he needed a little help from his friends.
Archbishop Claudio Maria Celli of the Vatican's communications department showed the pontiff how to do it, but the pope hesitated. Celli touched the screen lightly himself and off went the papal tweet.
"Dear friends, I am pleased to get in touch with you through Twitter. Thank you for your generous response. I bless all of you from my heart," he said in his introduction to the brave new world of Twitter.
The tweet was sent at the end of weekly general audience in the Vatican before thousands of people.
The pope actually has eight linked Twitter accounts. @Pontifex, the main account, is in English. The other seven have a suffix at the end for the different language versions. For example, the German version is @Pontifex_de, and the Arabic version is @Pontifex_ar.
The tweets will be going out in Spanish, English, Italian, Portuguese, German, Polish, Arabic and French. Other languages will be added in the future.
The pope already had just over a million followers in all of the languages combined minutes before he sent his first tweet and the number was growing.
PAPAL Q AND A
Later on Wednesday after the audience was over and the television cameras turned off, the pontiff answered the first of three questions sent to him at #askpontifex.
The first question answered by the pope was: "How can we celebrate the Year of Faith better in our daily lives?"
His answer: "By speaking with Jesus in prayer, listening to what he tells you in the Gospel and looking for him in those in need."
The pope, who, as leader of the Roman Catholic Church already has 1.2 billion followers in the standard sense of the word, won't be following anyone else, the Vatican has said.
After his first splash into the brave new world of Twitter on Wednesday, the contents of future tweets will come primarily from the contents of his weekly general audience, Sunday blessings and homilies on major Church holidays.
They are also expected to include reaction to major world events, such as natural disasters.
The Vatican says papal tweets will be little "pearls of wisdom", which is understandable since his thoughts will have to be condensed to 140 characters, while papal documents often top 140 pages.
The Vatican said precautions had been taken to make sure the pope's certified account is not hacked. Only one computer in the Vatican's secretariat of state will be used for the tweets.
After Wednesday, Benedict won't be pushing the button on his tweets himself. They will be sent by aides but he will sign off on them.
The pope's Twitter page is designed in yellow and white - the colors of the Vatican, with a backdrop of the Vatican and his picture. It may change during different liturgical seasons of the year and when the pope is away from the Vatican on trips.
The pope has given a qualified welcome to social media.
In a document issued last year, he said the possibilities of new media and social networks offered "a great opportunity", but warned of the risks of depersonalization, alienation, self-indulgence, and the dangers of having more virtual friends than real ones.
In 2009, a new Vatican website, www.pope2you.net, went live, offering an application called "The pope meets you on Facebook", and another allowing the faithful to see the pontiff's speeches and messages on their iPhones or iPods.
The Vatican famously got egg on its face in 2009 when it was forced to admit that, if it had surfed the web more, it might have known that a traditionalist bishop whose excommunication was lifted had for years been a Holocaust denier.

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Selling flak jackets in the cyberwars

When the Israeli army and Hamas trade virtual blows in cyberspace, or when hacker groups like Anonymous rise from the digital ether, or when WikiLeaks dumps a trove of classified documents, some see a lawless Internet.
But Matthew Prince, chief executive at CloudFlare, a little-known Internet start-up that serves some of the Web's most controversial characters, sees a business opportunity.
Founded in 2010, CloudFlare markets itself as an Internet intermediary that shields websites from distributed denial-of-service, or DDoS, attacks, the crude but effective weapon that hackers use to bludgeon websites until they go dark. The 40-person company claims to route up to 5 percent of all Internet traffic through its global network.
Prince calls his company the "Switzerland" of cyberspace - assiduously neutral and open to all comers. But just as companies like Twitter, YouTube and Facebook have faced profound questions about the balance between free speech and openness on the Internet and national security and law enforcement concerns, CloudFlare's business has posed another thorny question: what kinds of services, if any, should an American company be allowed to offer designated terrorists and cyber criminals?
CloudFlare's unusual position at the heart of this debate came to the fore last month, when the Israel Defense Forces sought help from CloudFlare after its website was struck by attackers based in Gaza. The IDF was turning to the same company that provides those services to Hamas and the al-Quds Brigades, according to publicly searchable domain information. Both Hamas and al-Quds, the military wing of the Palestinian Islamic Jihad, are designated by the United States as terrorist groups.
Under the USA Patriot Act, U.S. firms are forbidden from providing "material support" to groups deemed foreign terrorist organizations. But what constitutes material support - like many other facets of the law itself - has been subject to intense debate.
CloudFlare's dealings have attracted heated criticism in the blogosphere from both Israelis and Palestinians, but Prince defended his company as a champion of free speech.
"Both sides have an absolute right to tell their story," said Prince, a 38-year old former lawyer. "We're not providing material support for anybody. We're not sending money, or helping people arm themselves."
Prince noted that his company only provides defensive capabilities that enable websites to stay online.
"We can't be sitting in a role where we decide what is good or what is bad based on our own personal biases," he said. "That's a huge slippery slope."
Many U.S. agencies are customers, but so is WikiLeaks, the whistle-blowing organization. CloudFlare has consulted for many Wall Street institutions, yet also protects Anonymous, the "hacktivist" group associated with the Occupy movement.
Prince's stance could be tested at a time when some lawmakers in the United States and Europe, armed with evidence that militant groups rely on the Web for critical operations and recruitment purposes, have pressured Internet companies to censor content or cut off customers.
Last month, conservative political lobbies, as well as seven lawmakers led by Ted Poe, a Republican from Texas, urged the FBI to shut down the Hamas Twitter account. The account remains active; Twitter declined to comment.
MATERIAL SUPPORT
Although it has never prosecuted an Internet company under the Patriot Act, the government's use of the material support argument has steadily risen since 2006. Since September 11, 2001, more than 260 cases have been charged under the provision, according to Fordham Law School's Terrorism Trends database.
Catherine Lotrionte, the director of Georgetown University's Institute for Law, Science and Global Security and a former Central Intelligence Agency lawyer, argued that Internet companies should be more closely regulated.
"Material support includes web services," Lotrionte said. "Denying them services makes it more costly for the terrorists. You're cornering them."
But others have warned that an aggressive government approach would have a chilling effect on free speech.
"We're resurrecting the kind of broad-brush approaches we used in the McCarthy era," said David Cole, who represented the Humanitarian Law Project, a non-profit organization that was charged by the Justice Department for teaching law to the Kurdistan Workers' Party, which is designated by the United States as a terrorist group. The group took its case to the Supreme Court but lost in 2010.
The material support law is vague and ill-crafted, to the point where basic telecom providers, for instance, could be found guilty by association if a terrorist logs onto the Web to plot an attack, Cole said.
In that case, he asked, "Do we really think that AT&T or Google should be held accountable?"
CloudFlare said it has not been contacted about its services by the U.S. government. Spokespeople for Hamas and the Palestinian Islamic Jihad, told Reuters they contracted a cyber-security company in Gaza that out-sources work to foreign companies, but declined to comment further. The IDF confirmed it had hired CloudFlare, but declined to discuss "internal security" matters.
CloudFlare offers many of its services for free, but the company says websites seeking advanced protection and features can see their bill rise to more than $3,000 a month. Prince declined to discuss the business arrangements with specific customers.
While not yet profitable, CloudFlare has more than doubled its revenue in the past four months, according to Prince, and is picking up 3,000 new customers a day. The company has raked in more than $22 million from venture capital firms including New Enterprise Associates, Venrock and Pelion Venture Partners.
Prince, a Midwestern native with mussed brown hair who holds a law degree from the University of Chicago, said he has a track record of working on the right side of the law.
A decade ago, Prince provided free legal aid to Spamhaus, an international group that tracked email spammers and identity thieves. He went on to create Project Honey Pot, an open source spam-tracking endeavor that turned over findings to police.
Prince's latest company, CloudFlare, has been hailed by groups such as the Committee to Protect Journalists for protecting speech. Another client, the World Economic Forum, named CloudFlare among its 2012 "technology pioneers" for its work. But it also owes its profile to its most controversial customers.
CloudFlare has served 4Chan, the online messaging community that spawned Anonymous. LulzSec, the hacker group best known for targeting Sony Corp, is another customer. And since last May, the company has propped up WikiLeaks after a vigilante hacker group crashed the document repository.
Last year, members of the hacker collective UgNazi, whose exploits include pilfering user account information from eBay and crashing the CIA.gov website, broke into Prince's cell phone and email accounts.
"It was a personal affront," Prince said. "But we never kicked them off either."
Prince said CloudFlare would comply with a valid court order to remove a customer, but that the Federal Bureau of Investigation has never requested a takedown. The company has agreed to turn over information to authorities on "exceedingly rare" occasions, he acknowledged, declining to elaborate.
"Any company that doesn't do that won't be in business long," Prince said. But in an email, he added: "We have a deep and abiding respect for our users' privacy, disclose to our users whenever possible if we are ordered to turn over information and would fight an order that we believed was not proper."
Juliannne Sohn, an FBI spokeswoman, declined to comment.
Michael Sussmann, a former Justice Department lawyer who prosecuted computer crimes, said U.S. law enforcement agencies may in fact prefer that the Web's most wanted are parked behind CloudFlare rather than a foreign service over which they have no jurisdiction.
Federal investigators "want to gather information from as many sources as they can, and they're happy to get it," Sussmann said.
In an era of rampant cyber warfare, Prince acknowledged he is something of a war profiteer, but with a wrinkle.

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Access to Money-Saving Benefits for Those 60 and Older

It's no secret many Americans are facing tough economic times and perhaps no segment more so than those aged 60 and older who are living on reduced or fixed incomes. The National Council on Aging and the National Association of Area Agencies on Aging wants to help connect those individuals with services to help reduce the costs for prescriptions, utilities, food and health care.
Aid Funds Available in the Billions of Dollars
A news release provided by the NCOA and n4a reveals there are assistance funds of more than $20 billion available to the millions of baby boomers and their seniors who qualify for assistance to reduce or eliminate the cost of necessities such as heat, electricity and basic phone service, plus items and services related to health. Brandy Bauer, spokeswoman for the NCOA, told Reuters that $6.8 billion in benefits remains unclaimed by Medicare recipients who qualify for Medicare Part D Extra Help but have not ever filed for this benefit.
Ready Access to Benefits Programs for Seniors
The National Council on Aging and the National Association of Area Agencies on Aging have combined their efforts to bring potential benefit recipients and benefit programs together in the You Gave, Now Save program. The intent of the program, as described by Reuters, is to aid the income-eligible of the 57 million Americans who are 60 years old and older, to learn about what benefits are available and provide the information needed to make application. The program provides information for a variety of benefit programs ranging from food assistance to transportation resources to heating and cooling assistance.
Other Resources for Seniors and Their Families
The You Gave, You Save program is provided in addition to the Eldercare Locator program that puts people in touch with resources in their communities and helps long-distance family members learn what is available in their loved one's community. Another program is the Benefits CheckUp program, a program that touts itself as aiding more than 3 million people accessing benefits worth more than $11 billion in the 10 years it has been in existence.
It can be hoped that by getting the information to the people who need it, they will be able to improve their quality of life by being able to afford food and prescription medication. No more having to make choices between the two.
Smack dab in the middle of the baby boomer generation, L.L. Woodard is a proud resident of "The Red Man" state. With what he hopes is an everyman's view of life's concerns both in his state and throughout the nation, Woodard presents facts and opinions based on common-sense solutions.

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Healthy Hollywood: Get Movin' Monday - A Toning Must For 50-Plus Women!

Who says everything goes south after 50? Just look at the rock-solid bodies of Madonna, Christie Brinkley, and Sharon Stone and you know mature women can be and are hotter than ever.
The celebrity magnet, Physique 57, (a favorite toning regimen of Kelly Ripa & Sofia Vergara) has put together a new class/workout for women over 50. "Our 'Fit for Life' classes are small group training sessions (limited to 10 participants) that we developed to meet the specific needs of women fifty and over. These one-hour classes are done twice a week over a four-week period, combine low impact strength training exercises, light cardio, and stretches that are designed to create strong, lean, supple, muscles leaving participants feeling more energized, confident, and youthful," Physique 57 co-founder, Tanya Becker.
Once the ladies finish the four-week session, they'll be up to speed and ready to join the other classes. It's important that older women are extra careful and do the exercises with the proper form since they are more prone to injuries, says Tanya, "Exercises should be modified appropriately, however, you still want to challenge your muscles otherwise you won't achieve your desired results. Physique 57's exercises are non-jarring on the joints (no jumping or pounding), which is also very important to avoid any injuries while still getting a great workout."
Tanya helped create the groundbreaking workout that combines interval training with toning exercises. For now, Physique 57 studios are only in New York and LA, but the training center just released a book, "The Physique 57 Solution: Lose Up To 10 Inches Fast" and there are workout DVDs, so women everyone can learn this celebrity-endorsed secret to a long and lean body.
Physique 57 shares with Healthy Hollywood 4 good reasons to exercise - especially as you age!
1. As we age, our metabolic rate slows down which can lead to extra body fat.
The more lean muscle you have, the more calories you'll burn all day long. Also, the less weight you have to carry on your body, the less stress there will be on your joints- not to mention how fabulous you'll look and feel!
2. Decrease your risk of osteoporosis and loss of bone density.
Keeping your muscles toned and strong will keep your bones strong. You'll be able to stand taller and exude confidence and grace.
3. Reduce your risk of injuries.
Whether you enjoy playing golf, tennis, or just want to stay active for many years, you want a youthful supple body to enjoy life.
4. Keep a good attitude.

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Should Seniors Live Alone or With Family?

Put Grandma in the garage? Yes. But a garage transformed into a well-appointed studio apartment with skylights and a patio for morning coffee.
Home remodeling for those who can afford it is one answer to a growing issue: How do you take care of family members in their late-retirement and twilight years? And then, a tougher question: When a home solution won't work, what assisted-living or nursing home options are available?
[See The Best Places to Retire in 2012.]
Growth of multigenerational households (mostly grandparents, parents, and minor children, but also other extended-family relationships) accelerated during the economic downturn. Some families shared quarters because the unemployment rate (a 30-year high) forced some out-of-work adult children to move back home. Sometimes it was the senior generation that needed a housing solution because they were no longer able to physically or financially go it alone.
The rate of this change is worth noting. In 2008, 6.2 million intergenerational households resided in the United States. That's 5.3 percent of all households. That number jumped to 7.1 million households, or 6.1 percent, by 2010. The two-year increase marked a faster rate of growth than the previous eight years combined, according to AARP's Public Policy Institute.
Even if the economy improves, it's a trend that looks to stick as families address graying baby boomers who may be facing an underfunded retirement, according to aging and financial professionals.
In the best and worst of times, the benefit of companionship and shared household duties, such as childcare, can't be dismissed. For some families, living together is not a solution to a problem but an exercise in bonding. There are also different cultural interpretations of the social value of multigenerational households. But for many families, finances are certainly a factor in their decision to merge under one roof.
Kevin Young, a certified financial planner with Young Wealth Management in Davis, Calif., sees an increasing number of "sandwich generation" clients in his tax practice. "They're taking care of aging parents and children at the same time, sometimes working multiple jobs to accomplish that," he says.
[See How to Avoid Being a Financial Burden on Your Children.]
Young says some boomers and their parents are still playing retirement savings catch-up as corporate America (and the public sector too, in some cases) shifts from defined benefits such as pensions to market-reliant 401(k)s and other individual retirement accounts (IRAs). Others just dropped the ball and didn't save enough.
Options. George Yedinak, editor and publisher of trade newsletter and blog Senior Housing News, sees an industry boom coming to meet the needs of multigenerational and senior housing. This includes concepts such as Greenhouse Project (modest stand-alone homes that include high levels of healthcare), senior villages, co-housing (unrelated seniors sharing space to reduce costs), in-law apartments, and other communal living solutions.
Yedinak notes that regulation of these housing models isn't currently as comprehensive as regulation nursing homes and other traditional care facilities. Regulation catch-up could bring a mixed impact--more scrutiny of care but also reduced incentive for industry growth.
As for home modifications, those are on the rise, too. "Those living in single-family homes will invest capital in their homes as more parents move in with their adult children. Using home office spaces, basements, attics and other existing solutions will make way for more formal renovations including the 'grannie apartment' as either an add-on or standalone," he blogs. "Unlike additions for bathrooms or kitchens, the resale value of 'grannie' renovation should be discounted greatly. Others may opt for pre-fab cottages or PODs as solutions that can be moved, stored, or re-sold when a senior needs to move to a more comprehensive care community."
The longevity conundrum. Healthcare presents a mixed picture for boomers; active lifestyles and treatment developments are helping stave off some disease, but longer living also raises the odds of multiple serious conditions in advanced years and the need for body maintenance, such as joint replacement.
Some households are able to accommodate parents with physical issues and the care industry is responding with more flexibility, often traveling to see patients. But eventually, no matter how welcoming younger generations are to opening their homes to the seniors, they may just not be able to handle the level of care needed.
The home versus care-facility debate welcomes a whole new round of cost concerns. According to Genworth Financial's 2011 Cost of Care Survey, while the cost to receive care in an assisted living facility or nursing home increased over the past year, the cost to receive care in the home, Americans' preferred long-term care setting, remained unchanged. Nationally, the median annual cost of long-term care in an assisted living facility is $39,135, an increase of 2.4 percent from 2010. The comparable cost for a private nursing home room rose 3.4 percent, to $77,745. At $18 per hour for homemaker services and $19 an hour for home-health aide services, the median hourly cost to receive care in the home remained flat over the past 12 months.
[See Should You Buy Long-Term Care Insurance?]
Aging consultancy Age Wave says some older Americans cling too much to the notion of independence in their own home and don't fully weigh the costs and benefits of retirement facilities.
Based on a study, the group offers a list of five myth-busters that may help families make these tough decisions:
-- My current home will be the best place to live in retirement. Many retirees believe remaining in their house gives them the most freedom and independence. But the reality is that by staying at home, they spend twice as much time doing housework and shopping as someone in a retirement center.
-- My current home is the best option to lead an active life and stay connected. Among those over 80, nearly half report suffering from loneliness--twice the rate of younger adults. Depression, alcohol abuse, and obesity can follow.
-- Home is less expensive. Among homeowners older than 65, 84 percent have paid off the mortgage. Still, a house is expensive. Taxes, utilities, upkeep, and insurance really add up.
-- It would be easy to get any care I might need at home. This may be true. But home-health care can further isolate anyone unable to get out. It is also expensive and can add to burdens on extended family.
-- Retirement centers are filled with people who are sick and dying. This may be the most off-putting myth. Today's centers are not where old people go to die. This is partly because most centers require new residents to be in good health and be able to live independently when entering the community.
Let's talk. Families are challenged to communicate their needs and desires for a housing solution. Cultural differences certainly determine the "acceptance" of multiple generations in a single household, but for the most part, the concept has moved in and out of trend in the United States. Needless to say, it's a touchy subject.
In a Metlife Mature Market Institute online survey of 2,123 Americans ages 21 to 65, conducted from June 29 to July 20, 2011, nearly half--46 percent across generations--believe children have a responsibility to provide financial support to their own parents or in-laws if they experience financial difficulty later in life. For many, this means allowing a parent to live with them if he or she is not healthy enough to live alone without caregiving (58 percent overall call this a strong or absolute responsibility), or allowing a parent to live with them if he or she is having financial trouble (50 percent). At the same time, however, many parents say they would not accept financial assistance from their children in old age.
The sad truth is that they may not have much choice. Better to discuss these issues now, when all the stakeholders can play a role in determining what "home" will look like in the future.

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The Baby Boomer Number Game

There are 75 million baby boomers who are on the verge of retirement. For the next twenty years, an average of 10,000 people each day will reach age 65, which has historically been the retirement phase of life.
Between 2000 and 2010, the number of people age 65 to 84 in the U.S. grew by 3.3 million. While 13 percent of Americans are currently age 65 or older, that proportion will jump to 18 percent by 2030. The current 40 million senior citizens will balloon to 89 million by 2050.
These numbers and their impact are awe-inspiring and a bit frightening. Baby boomers entering retirement age will dramatically change today's business and lifestyle landscape. Baby boomers may stay in the workforce longer than their parents did, both because they need the money and they're not ready to leave behind fulfilling careers. And when they finally do retire, their need for health care and assisted living could permanently alter what retirement living arrangements look like for generations to come.
Work. Americans didn't always aim to retire early. Back in 1880, 78 percent of men over age 64 were still in the workforce. In 1934, the official retirement age of 65 was introduced. And by 1990, only 30 percent of men over 64 remained in the workforce. Now the retirement age is increasing again. In today's era of economic uncertainty, many would-be retirees will need to keep working to make ends meet and be considered fortunate if they can find or hold on to jobs.
Delaying retirement will certainly improve the finances of individual baby boomers, but could also lead to intergenerational conflict. Older employees who stay on the job longer than expected could be perceived as standing in the way of younger workers who are in search of their chance to contribute to society and make a living. And senior citizens who take up positions far beneath their experience levels could compete with students and recent graduates looking for a first job.
As more seniors stay active in or re-enter the workforce, older workers will increasingly report to younger supervisors, which can also create tension if both parties don't learn to effectively communicate with one another. Without sensitivity on both sides and a willingness to work together, conflict is likely and the welfare of the company could be jeopardized.
Living arrangements. Once they leave the workforce behind, aging baby boomers will face decisions regarding their living arrangements that will impact family and friends. In the ideal situation, baby boomers will remain able to cope with the responsibilities of home ownership, take care of themselves, and live safely where they are. But they are unlikely to remain healthy enough and sufficiently independent to go it alone indefinitely.
As they continue to age, a growing percentage of baby boomers will reach the point where they cannot completely fend for themselves. At that time, moving in with family may be an option. But challenges are bound to arise when family members must adjust their lifestyle to incorporate the quirks and habits of new residents. Parents may face scrutiny in how they raise their children, with unwanted input from the grandparents. And the physical requirements involved in caring for seniors can tax the patience and finances of the rest of the family.
When boomers require more attention than can be effectively provided by family members, nursing homes and extended care facilities will need to be considered. For families already challenged due to the economy and demands of raising a family, this can be brutal. Assisted living facilities that provide hands-on personal care for those who cannot live alone, but do not require the full-time coverage provided by a nursing home, cost an average of $3,261 per month, according to a Genworth Financial survey. Nursing homes with semi-private rooms are $5,790 per month, while those with private rooms ring in at $6,390 monthly.
Baby boomers changed the world in their youth and as working adults. Their impact continues at a relentless pace and will likely change our notions about retirement as millions move into retirement age.

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