A friend recently came to a decision that fewer and fewer of us are able to make. At the age of 64 he bought long-term care insurance for himself and his wife.
Sales of long-term care insurance, which helps pay for home health care and stays in a nursing home, among other things, have declined in recent years, according to a study by Conning Research & Consulting. Only about 6 percent of all long-term care costs are now funded by insurance.
And this is happening even as the baby boom generation moves toward their ’80s, when many of them will need long-term care and may not be able to afford it. Nursing homes today cost an average of $81,000 a year, according to Genworth’s Cost of Care study — and that figure will only rise. (continue reading…)
If you’re like some Americans, you don’t want to give up your luxuries. Some of us have become accustomed to those occasional filet mignon dinners, morning lattes and getaway vacations. Apparently, we’d rather work longer than give up some of life’s little pleasures. 
A recent article in the medical journal Lancet estimates that babies born today will live to 100, and the world population of seniors will soon outstrip the population of those under age 5. 
If I gave you $50 to pay for dinner out, you could probably stay within that budget. But if I gave you $50 to save to pay for dinner in 20 years, you might not be too happy. What will dinner out cost in 20 years? Will your $50 even cover entrees at that time?