An increasing number of Americans are facing an uphill battle just trying to save enough and earn enough on their savings to be able to retire on time.
Question 1: What comes to mind when you hear the words “Long-Term Care”?
Timing is important. Asking your ol man these questions a week after he fell over his golf bag and broke his wrist is probably not the right time. The timing may never feel right but this is a conversation that you don’t want to regret not having down the road.
For anyone who has dealt with an aging parent or grandparent the concept of long term care is likely a familiar one. Those unfortunate enough to suffer from Alzheimer’s or other cognitive illness can end up requiring nursing care that can reach and exceed $80,000 per-year depending on the quality of care.
For most people the difficult decision is not “if” they need life insurance, but “how much” life coverage they need.
Life is full of risks, and people make decisions everyday that require weighing those risks against their ability to protect themselves using their own resources or by transferring the risk to an insurance company. Most people realize that they couldn’t afford to rebuild a damaged home or buy a new car without insurance.
Here’s a thought: retirement doesn’t mean the end. It doesn’t mean an end of self-importance or purpose, it just means a new chapter—a paradigm shift of what life is beyond long days and meetings and bosses. Unless you own your own business, and even then, you are not your business.
In many respects, people can be their own worst enemies in their quest for financial security. When you consider that our lives are nothing more than a culmination of the decisions we make each day, if we tend to make more bad decisions than good decisions, or worse, if we can’t make decisions at all, it’s should be no surprise when financial security remains elusive.