Thanks to Baby Boomers and modern medical marvels, more Americans than ever are heading into their senior years, and they’re expected to live longer than ever, too. Barely 50 years ago, our average life expectancy was 62.5 years; today that number has risen to 78.2 years, according to the U.S. Census Bureau.
That means that more Americans than ever will also soon be deciding how to handle their eldercare. Steve Casto, Retirement Income Specialist and author of Is Your Retirement Headed in the Right Direction? (www.stevecasto.com), says there are important questions and answers to consider before making that critical decision.
“The key thing to balance is the difference between what you think you’ll need and what you can afford between your liquid assets and insurance coverage,” Casto said. “If you don’t start by asking yourself the right questions, you’ll never get to the answers that will lead to a successful long-term care plan.”
Here are some questions—and their answers: