Staying Independent

The number of Americans 65 and older is expected to double to 80 million in the next three decades. People 85 and older are the fastest-growing group.; by 2020, there will be 6.6 million people in that age bracket, when debilitating ailments really soar.

When asked, 80-90% of older people say they want to remain in their own homes. Most of them will need help with "tasks of daily living" - bathing, dressing, eating, etc. Who is going to provide that assistance? Family? Neighbors? Paid help? 

The cost of growing older has to be part of the family discussion, and certainly part of estate and financial planning. Few have long-term care policies in place that would cover such costs. Some incorrectly believe that their health insurance or Medicare will cover those costs. 

Having enough assets, income and coverage are needed to ensure a fine quality of life as folks age. When you run out of money, you run out of options.

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