Are you ready?
Ready for what? Ready to live a long life.
"Well, yes, Larry. I am."
Everyone dreams of living a long and productive life. The good news is that, today you most likely will. Advances in healthcare have drastically extended the number of years the average human can expect to live.
A diagnosis of cancer was once a death sentence. Not anymore. With the use of extensive chemotherapy, radiation, and other treatments, many patients continue living for years after a cancer diagnosis. It's the same with strokes.
These episodes may be quite expensive, however. The average bill for nursing home expenses may exceed $80,000 a year. How would your financial plan withstand such a drawdown? Could you endure a 3-5 year stretch of paying such expenses, which is a typical timeframe?
Does your plan take into account the possibility of an extended long-term care event?