wheels of life infographic
wheels of life infographic

We spend our entire lives debating on what is a good purchase verses a frivolous, don’t we? What one man thinks makes sense, the other may turn his nose up. Fancy cars or practical cars. Huge homes or comfortable homes. College verses university.  Now we have to talk long term care insurance or no long term care insurance?

Geez, when I was a kid, all I had to worry about was Levis verses Toughskins or Roadrunners verses Jordache.  Running shoes where North Stars verses Adidas maybe Nikes. Funny the top brands are still in play today, decades later.

Nowadays you have The Bay or Macy’s left. Big chain stores that have passed all tests. High end cars are still Mercedes, Cadillac and BMW. What happen to the plain old Volkswagon or Chevrolet?

After buying a house, it was mortgage insurance. For some it was life insurance.

So we agree, time has passed, things have changed and so have we. We have paid for daycare, extracurricular activities galore, post secondary education, houses, cars, weddings and sometime divorces. We have not only played hard, we have worked hard. So do we have enough money left to look after us in our old age?

The government pensions are up for debate. Many are running out. Maybe a work pension is in the horizon but will it carry us for as long as people are living now?

So then comes the new option of long term care insurance. Hmmmm…..it seems to make sense as it will alleviate pressure on our children. They are working hard and raising their own families so should they be worried about supporting Mom and Dad one day?

Mixed opinions on this one. Some say, hey I raised them and paid their way, so they can look after me. Others say, no way, I don’t want to be a burden on my kids.

What do you think? What are your plans to make sure you have what you need as you age? And I mean age. People are living far longer today then ever. That will only increase as time goes by. Do you have enough money to support you if you make it to 80, 90 or 100? Do you know how much assisted living or long term care homes costs in your state or province?

If you think you may not have enough, the earlier you realize this the better. Apparently, it is cheaper now rather than later.

See original article on long term care insurance and other financial options. Worth a peak!