How to Read We'll Face That When We Have To...PS. It's Later Than You Think! The Case for Long Term Care Protection: Longevity is Great, But There Are a Few Things That Could Hit You on the Head MOBI
We are living longer than generations before us.We are taking better care of ourselves which will cause us to live longer.There are medical breakthroughs every day that add to longevity.The refined and sophisticated part of your brain, your frontal lobe, says “I don’t want to live when I don’t have any quality of life left” and “I don’t want to drain health resources away from people who still have a chance for a good life.” But when the situation gets dire, the reptilian part at the base of your brain takes over, screaming “Live! Live! Live!” You are not going to take your boat out to sea and never come back! You are not going to grab the pistol on your fireplace! So you want to make sure you are well taken care of. Or do you expect your wife, husband, child, best friend, to hold you up when you need to take a shower? Please don’t kid yourself that Medicare will somehow pay for that. . . .In addition to our own comfort and quality of life, we’re talking about risk management of your assets, for yourself and your children.There are so many scenarios of what could happen: You could get Parkinson’s or cancer, or a host of other conditions where you would not be able to drive, shower, or dress yourself.So What Do You Need? Ample health coverage, a comfortable living space, and a sense of purpose. This time of life is about moving beyond “achieve and acquire.” You want to maintain your lifestyle and do something meaningful for yourself and others.When it comes to thinking through how you’re going to live the rest of your life as your income wanes and you get to slow down, how are you going to create a worthwhile life and stay healthy?Reflection and ConnectionIt’s not just looking inside to ourselves, but outside to the community. Knowing that what we do contributes to healing the world and making it a better place, even beyond our children and grandchildren. To go to yoga and your hiking club and the theatre is wonderful, but is it enough to do just that? Financing Old Age: ProtectionYou’d have to have an awful lot of money not to worry about it. And those who do have the money realize the benefits of risk management. Millionaires are the first to buy long-term care insurance (LTCi).According to a Bank of America study, not having enough money for retirement is the biggest worry of most people. How much you need depends on your health—which can change rapidly. Two-thirds of people in retirement have 2 or more chronic conditions.Survey after survey shows that long-term care (LTC) expenses are among the top worries of people at or near retirement. Your estate plan could be great, but it could all end up going to LTC expenses, not to your children or favorite charities. 72% of Americans become impoverished after just 1 year of nursing home care. We are all living on the edge of the Dreadful What Ifs!Everyone I know is really busy right now—just getting through the day and having a little time for relaxation when the bustle is over is a feat. But when you get into your 40s, 50s, and 60s, you begin to think about what it’s going to take to stay healthy – good food, the right amount of movement, quieting yourself with a few deep breaths, time spent smiling (recommended by cardiologists!).Inevitably perhaps, because it’s human to do it, even though we are generally living longer than the generations that came before us, we still mull over which parent or grandparent we’ll take after – the one who lived to age 94, or the one who died at 57? If you’re alive in your 90s and need care, who will help you? Your family? Your children? Friends? Who is your community? Where will you find mutual support? According to data compiled by the Social Security Administration:A man reaching age 65 today can expect to live, on average, until age 84.A woman turning age 65 today can expect to live, on average, until age 86.And those are just averages. More people are entering their 10th decade. (New York Times) About one out of every four 65-year-olds today will live past age 90, and one out of 10 will live past age 95.
