Many people fall into the elder orphan segment. In fact, research suggests that close to one-quarter of Americans 65 and older could end up with no family to care for them. This makes sense when you consider the fact that one-third of people between the ages of 45 to 63 are single.
The best advice that I ever received on retirement and long-term care is, “the best time to plan is long before you need it.” Another good piece of advice is, “plan while you still have the energy, physical and mental health, and resources.” This is why 2016 is my year for planning. What are the consequences of not making a long-term care plan?
One question that many people ask themselves as they get a little older is, “Who will care for me when I’m old?” People with children do not want to be a burden – and they didn’t have a family for the sake of being taken care of later in life. But, in a sense, children still are a good insurance policy.