CHAPTER FOUR The Challenge of Longevity
PROTECTING YOUR ASSETS! As I have mentioned throughout the earlier chapters of this book, our demographics are changing. They are changing, and the change is affecting all of us. We live in a mobile society. Our children have scattered and have left the old home place. No more can we, nor do we want to, depend on our children taking care of us in our elderly years. In many cases, they can barely take care of themselves and their own families. In the past, we worried about dying too soon, and now we worry about living too long. You need to really understand what I am about to tell you, “It’s not about you; it’s about those you love and care for.” It’s about your family! It’s about never becoming a burden for your children! It’s about you retaining your dignity while you exit this planet called Earth. The major difference between an Old Man and an Elderly Gentleman is that the Old Man must depend on someone else to buy his lunch, while the Elderly Gentleman can pay his own way. This chapter is about how to Protect Your Life Savings from catastrophic illness and long-term care. Again, here’s the problem: we have an aging population, a decreasing workforce, and our national debt is over $35 trillion. The government cannot help you with long-term care coverage. They don’t have the money! It’s your problem, not theirs. Working with clients over the past three decades, I have found the two greatest fears retirees have are “running out of money during their lifetime” and “becoming a burden for their children.”
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