Protect Yourself—and Your Family—From this Looming Crisis
“70 percent of people over the age of 65 will need care of some kind, whether in their home or in institutions, before the end of their life”
That amazing statistic is just one of the eye-openers in the recent “CBS Sunday Morning” story on America’s looming long-term-care crisis. Did you see it? I did and it reminded me why we need to talk about preparing you for the sometimes devastating uncertainties of retirement…if we haven’t already.
We all worry about being a burden to our families. This story suggests our fears are well founded:
“Former Democratic Senate Majority Leader Tom Daschle says the problem of long-term care is becoming a national crisis, as more of us are living longer with limited resources. ‘I can’t tell you the number of people that have told me they’ve given up everything—they’ve sold cars, they’ve sold property, they’ve sold furniture, they’ve sold things that they otherwise would have kept, just to pay for their parents’ care,’ he said.”
The story mentioned that private insurance options are available to cover long-term care, but that only 7 percent of the people who need it can afford it. The good news is that you are likely to be in that 7 percent. But it can only help you if you act before it’s too late.
Are you aware of ALL the options available to you?
Do you know how to position yourself and your family to live well during your retirement, despite the challenges life may bring?