The third greatest fear is having their car keys taken from them. People my age (76) are caught in that “Sandwich Generation” where many of us are having to help our children, our grandchildren, our great- grandchildren, and in many cases, our parents. It’s called the “New Normal.” The key is having a game plan. What happens to your life in the event you are responsible for giving someone else long-term care 24/7? How do you go about taking care of yourself, your business, or other family members? We had a client aged 54, who happened to be in a terrible accident. He never returned to his work. They lost everything as he became an invalid and died at age 58. His wife had no professional skills and had to change from being a homemaker to a very minimum-paying job as an employee. To say her life changed would be an understatement. If you think this cannot happen to you, please watch how you drive today, because you are only a couple of feet away from an oncoming vehicle and a possible disaster. I want to encourage you to think about the above scenario. This could happen to any of us at any moment. There is a 60% chance that if you are a couple, one will end up needing long-term care. Do you have that covered in your game plan for retirement? My mother- in-law was in a nursing facility for 39 months at $8,200 per month. Here’s another problem, states are cutting jobs and critical services like education to pay for Medicaid. Payment for long-term care services represents over a third of Medicaid spending. In recognition that neither private dollars nor public dollars alone can meet the escalating need for long-term care, most states have approved a way for private and public to work together. And then there is Social Security may be in worse shape than many advisors (and retirees) thought. The Congressional Office Budget is now
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