Ken offered a ton of information and insights into aging and dynamics of working in that realm.
Here is a point that directly relates to long term care and care planning.
“Health challenges can create a double threat in retirement – unpredictable costs and unexpected early retirement.
Unpredictable Retirement Health Care Costs. Health care expenses are people’s top financial concern in retirement. Wealthier pre-retirees and retirees are even more likely to rank health care expenses as their top financial worry in retirement.
Unexpected Early Retirement Due to Health Problems. The majority of retirees surveyed (55%) retired earlier than they had expected, while 38% retired when they planned to, and just 7% later than they expected. Health problems are now the top reason for their early retirement.“
Something to ponder – how many of those people who retired early were forced into that position as a result of their health? Worse yet, how many had to make that decision as a result of their parent or spouse experiencing an adverse health event?
One thing for sure, an extended healthcare plan can help mitigate the risk of that situation occuring.
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