Phil Cannella explains retirement landscape
Phil Cannella – Phillip Cannella News: Phil Cannella explains that the retirement landscape has markedly changed over the last 100 years and even more so over the last 20 – 30 years. A brief look at history tells us that hundreds of years ago people rarely lived beyond the age of 30 or 40. For various reasons such as disease, hygiene, lack of protection against the elements, the lifespan of man was so much shorter than it is today. Even fifty years ago people were not expected to live as long as they do today.
Phil Cannella points out a difficult one
As Phil Cannella says: “People are living longer and longer these days as advances in medical science continue and as our standard of living gets higher and higher. You should be ready to live well into your 80s and beyond.”
But living into our 80s brings other factors into play. Phil Cannella points out that the aging process is a difficult one and often accompanied by some form of long term care need and these needs can be very, very costly indeed. A private room in a nursing home can cost upwards of $100,000 a year. And a semi-private room is not that much different in the region of $90,000 and up. If one chooses home health care that may be less expensive but you are still looking in the region of $50,000.
Phil Cannella asks if the average retiree has this sort of money to cover an extended stay in a nursing home. If not, one should protect oneself against this risk by looking at long term care insurance as a means to deal with this eventuality.
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