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The High Cost of Living to A Ripe Old Age

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Living longer has many rewards, it also comes at a financial price. Your hard-earned assets need to last longer than ever because we are living so much longer than our parents did.  According to the Social Security Administration,

About one out of every four 65-year-olds today will live past age 90, and one out of 10 will live past age 95.

So you have a lot of livin’ yet to do!  Just a dash of caution though–according to a 2017 Health and Human Services (HHS) report, 70% of people who will need long-term care at some point.

With this sobering thought, in addition to everyday living and lifestyle expenses, there will be health care costs. For some those will be short-term and manageable, for too many, they will be chronic and even catastrophic.

Long-term care is the care you may need if you are unable to perform activities of daily living  (ADL’s) your own. That means things like eating, bathing, dressing, transferring and using the bathroom.  And by the way, as you age, the majority of people become more frail benefiting from assistance with these ADL’s.   Medicare, Medicare supplement insurance, and health insurance you have rarely pays for long-term care.

  • 62% of caregivers used their own retirement and savings funds to pay for care
  • 7 of 10 people over the age of 65 will need some type of long-term care support 
  • 100%  of families are affected in some way.

Kae Hammond
Senior Care Specialist
HighTower | Blanke Schein Wealth Management

Life Insurance Products with Long-Term Care Riders

  1. 017 U.S Department of Health and Human Services (longtermcare.gov), 10/10/2017.Life Expectancy and Long-Term Outlook for Alzheimer’s Disease”, healthline.com, site accessed 11/16/17.
  2. Genworth Beyond Dollars 01/20/16. – page 8
  3. 2017 U.S Department of Health and Human Services (longtermcare.gov), 10/10/2017.

Your goals and dreams change. Financial products do not. Clients work with us because we don’t sell products – we create customized plans based on each client’s goals, and we continuously reevaluate client plans to ensure they are aligned with changing needs. Our clients rely on us to help protect their futures, and we take their trust to heart.

HighTower Advisors do not provide tax or legal advice. This material was not intended or written to be used or presented to any entity as tax advice or tax information. Tax laws vary based on the client’s individual circumstances and can change at any time without notice. Clients are urged to consult their tax or legal advisor before establishing a retirement plan.

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Blanke Schein Wealth Management is registered with Hightower Securities, LLC, member FINRA and SIPC, and with Hightower Advisors, LLC, a registered investment advisor with the SEC. Securities are offered through Hightower Securities, LLC; advisory services are offered through Hightower Advisors, LLC.

This is not an offer to buy or sell securities. No investment process is free of risk, and there is no guarantee that the investment process or the investment opportunities referenced herein will be profitable. Past performance is not indicative of current or future performance and is not a guarantee. The investment opportunities referenced herein may not be suitable for all investors.

All data and information reference herein are from sources believed to be reliable. Any opinions, news, research, analyses, prices, or other information contained in this research is provided as general market commentary, it does not constitute investment advice. The team and Hightower shall not in any way be liable for claims, and make no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information, or for statements or errors contained in or omissions from the obtained data and information referenced herein. The data and information are provided as of the date referenced. Such data and information are subject to change without notice.

This document was created for informational purposes only; the opinions expressed are solely those of the team and do not represent those of Hightower Advisors, LLC, or any of its affiliates.