Who says getting old and becoming frail means that life is over?
Long-term care is more of an issue now then it ever was in the past due to our aging population. We are living much longer now than we ever did before. Along with living longer, our odds for needing long-term care may increase. Many times people wrongly assume that because no one in their family needed long-term care, they won't. What people forget is that in the past their family members probably didn't live long enough to require long-term care! As we live longer, our odds for needing long-term care increase.
"One-third of all Americans (77 million people) were born between 1946 and 1964, a group we affectionately named the Baby Boomers. We are on the verge of the country's first Senior Boom. One out of four people in the United States is already over 50. In reality, the longer we live, the greater the chance we will need long-term care."
Phyllis Shelton, Long-Term Care Your Financial Planning Guide, 2003
"Boomers are placing increasing importance on financial independence. When asked about their primary consideration for satisfaction later in life, they are just as likely to cite finances as health and are very concerned that they will outlive their money, forcing them to scale back their current lifestyle."
Sandra Timmerman, Ed.D., Director of the MetLife Mature Market Institute, October 2005
"Much of the financial burden of long-term care falls on the care recipients and their families."
Boston College Center for Retirement Research, 2004