Aging doesn’t come cheap. And studies have found that it’s only likely to get more expensive. There are many reasons for this, and they’re important to consider for those doing their estate planning and long-term care planning.
A strain on benefits is inevitable
First of all, the population of the world is generally seeing an increased life expectancy with every generation. You’re far more likely to live to 85 today than you were 100 years ago.
As this continues to happen, it is likely to strain benefits like Medicaid and Social Security. That’s not to say these things will not help or cannot be counted on, but having more and more people using the system naturally means that it will be harder for that system to support them all.
Living longer is also more likely to increase someone’s costs. At 85, you may need more help and assistance than you would have at 75. Longer life expectancy is a great thing and a testament to the medical field, which helps people live longer and overcome previously fatal issues, but that also means that people have new challenges to consider.
For instance, someone may have retired at 65 and lived until 75, using some of these benefits for ten years. If they instead live to 85, they quite simply double the amount of time that they’ll rely on the system, and they increase the odds of issues like reduced mobility, the onset of serious diseases, an inability to live alone, and much more.
Making a plan now starts with a single step
You need to realize in advance that these financial challenges are coming. You can make a plan now to address them and set yourself up for the future. Talk to an advocate who is experienced in elder law and disability planning to learn more about your options.