“Are You Prepared To Live To Be 100?,” by Alexander Koury, Forbes
Quote: “Today, we are living healthier lives, which has increased our life expectancy and changed the way in which we should prepare to live well beyond our expectations. We are living in an age when medicine and technology are being designed to keep us living longer, and future developments will continue to push life expectancies higher. This is the new reality, and unless you choose to solve the problem now, you could outlive your money. Ask yourself, ‘How long will my money last?’ If you do not know, now is the time to figure out how you will get on track.
“Last, consider buying long-term care, and shop for a plan that fits your budget and your goals. If we go back to the example I presented earlier, long-term care may end up costing you as much as a $700,000 home. Imagine having to buy one for you and your spouse. These are things you should consider reviewing now before too much time passes. The older you are, the less time there is to make sure your financial plan is intact.”
LTC Comment (from Damon V. Moses, Administrative Coordinator, Center for Long-Term Care Reform): A pretty good article and reminder of the various costs associated with increasing longevity and how to prepare for them.