In a world of uncertainty, there aren’t many things we can guarantee. However, statistics still show that 100% of people do get older every day. As people near retirement age, they wonder if they will outlive their money. There are several ways we can help retirees prepare.
If you and your spouse are both 65 when you retire, there’s an 85% probability at least one of you will live beyond 85. During those 20-plus years, inflation will likely push expenses higher. The U.S. Department of Health and Human Services estimates that about 70% of those 65 and older will require some type of long-term care during their lifetime. The median annual rate for a private nursing-home room in 2013 was $83,950, up from $67,525 in 2008. The government will not help with these costs unless you have depleted your assets. So, it is wise to consider Long-Term Care Insurance sooner rather than later, because generally speaking, the earlier you do, the lower your premiums will be.
