The Dallas Morning News recently published an article which stated most Americans are not saving for elder care. The article listed several interesting statistics and common misconceptions worth reviewing, and which should serve as motivation for all adults to develop and include in a financial action plan.
Baby boomers are retiring at the rate of 10,000 people every day and will continue to do so for the next 19 years. That means 3,650,000 people will retire in the next 12 months, or 69,350,000 people over the next 19 years. Some have prepared well for retirement, but a lot haven’t. Regardless of which group a boomer is in, many tend to share a common worry, will they outlive their money in retirement?
The Dallas Morning News published an interesting article on long term care (LTC) insurance over the past a few days ago. It was an excellent reminder that LTC insurance should be a part of everyone’s financial planning, especially baby boomers. Boomers are retiring at a rate of 10,000 people a day and this number is projected to continue for the next 19 years. That’s over 3.6 million people a year!
Long-Term Care – care that provides assistance for a people who are unable to perform one or more Activities of Daily Living (ADLs-Bathing, Continence, Dressing, Eating, Toileting, and Transferring) and/or someone who has a Severe Cognitive Impairment.
I received an email from a friend and client of mine a couple of weeks ago. She’s a single executive in her 40’s at a company in Dallas and she wanted to meet for coffee to discuss long term care insurance. Her email contained an amount of coverage she wants to have, so I gathered the information I needed to construct a quote to help guide our discussion.
Who pays more for their car insurance, a 16 year old with no driving experience or an 80 year old with a life time of
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