One of the most significant benefits of current retirements is also one of its biggest risks.
And we’re talking about longevity. It’s great that modern medicine has continued to increase our life expectancies. The problem continues to be with how to afford our now longer golden years. And that is just in maintaining the status quo. Many analysts and policymakers aren’t including another overlooked area that investors need to consider: long-term care (LTC).
As we continue to age, the need for help in our later years also continues to rise. And that need is becoming very expensive. For retirement savers, avoiding sticker shock is critical.
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Rising Demand and Costs for LTC
While we tend not to think about it, the truth is that as we age, regular tasks become more difficult. From doing the laundry and cooking a meal, to even bathing, these things are much harder for someone in their late 80s or early 90s to do than someone in their 60s. That’s a big problem considering that we are all living much longer than ever before. And as longevity rates skyrocket, more and more of us are going to need some sort of help during our golden years.