Life expectancy in the United States has continued an upward trend over the last several decades. The average life expectancy for men is 76.4 years and the average for women is a healthy 81.2 years of age. What has not trended upward, however, is the number of people engaging in long-term care planning. The fact is, 63 percent of Americans age 65 or older will need either in-home nursing care...Read More
In today’s world, some seemingly simple things have become more complicated. What is unfortunate is that seniors, who are more likely to be accustomed to the way things were in the past, become increasingly likely to fall through the cracks. One of the times when seniors are at their most vulnerable is when they are in the hospital.
You might think that being admitted to the hospital is pretty...Read More
The nation is facing a growing problem with the number of long term care workers. This shortage will cause increasing difficulty in finding direct care workers in the coming years. As the life expectancy and aging Baby Boomer population continues to increase, the need for long term care workers will also increase. However, studies show that the number of available workers is on the decline....Read More
After Maria’s husband died, Maria’s daughter Debby persuaded her to sell the family home and move into Debby’s mother-in-law cottage. That way they could stay close, and Maria could invest the money from the sale in a nest egg on which she could live comfortably. The house sold for a handsome sum, Maria moved in, and life was good.
Unfortunately, soon after Maria had...Read More
70% of individuals 65 years old will need some form of long term care during their lifetime. For those 70% requiring long term care, the average total cost is estimated at $266,000. About 25% of households have no retirement savings at all, and the median savings for those who do is less than $75,000.
When we think about how much to save for retirement – we inevitably attempt to gauge...Read More
Ambrose was getting on in years, and he missed his wife who had recently died. So he sold the home, put the $100,000.00 in the bank, and moved onto his son Arthur’s farm. Every day Ambrose got up at the crack of dawn to milk Arthur’s cows, and he felt healthy as a horse. So he really didn’t see the need to do any financial planning.
But one day Ambrose fell and broke his hip. Complications...Read More
Congress passed the Tax Cuts and Jobs Act in December of 2017 which is aimed at cutting taxes for corporations and all Americans. While the bulk of the legislation went into effect January 2018, most taxpayers will not see much of a difference in their taxes until 2019, when they file their 2018 taxes. However, there are several important changes seniors need to be aware of now that could...Read More
Long Term Care Payment Options Continue to be Limited
The Wall Street Journal continues to report on the struggles of the long term care insurance market. Why is this important? Long term care insurance was viewed as the middle class solution to affording long term care. Without long term care insurance, options are limited for many individuals approaching retirement. Even with limited...Read More