As the financial markets fall, many retirees are very concerned as they watch the value of their investments fall by 25% or more. In addtion to investments in the stock market, many maintain the bulk of their assets in home ownership and have watched real estate values decline as well. While Social Security benefits provide some support, they do not allow a senior to enjoy the same income they did prior to retirement.
According to the U.S. National Center for Health Statistics, life expectancy in the United States is at a record high of 77.8 years and will continue to increase. As a country of wealth and knowledge, we know how to stay alive longer, although we may not always remain in optimal health for all of these years.
Remember as you plan for retirement to keep in mind you most likely will need resources for at least another 30 years after you retire. Outline your investments, and your plan for healthy living accordingly. And remember, if you were to run out of money completely and need support for long-term care, the U.S. does offer Medicaid as a benefit for very low-income seniors. Medicaid does provide for long-term care in a nursing home and in the home, too, in a handful of states.