For most of us, our financial future is not too rosy. For somebody who has invested wisely and expects to have $2.5 million or $3 million for their retirement years, that number could be slashed in half or even more if the pension they were promised is cut. Would you have money if you or a loved one needed long-term care? Did you purchase long-term care insurance earlier in your life?
The House of Representatives just passed a massive infrastructure bill. This offers a pathway to get another multitrillion dollar spending package through as well. Congress has been spending money at a breakneck pace these past several years. In fact, the out-of-control spending has gone on for decades and it has only gotten worse. No matter where you sit on the political spectrum, there is a stark reality people must face: when you rack up debt upon debt upon debt, eventually the bill comes due.
Right now, the stock market may very well be at record or near record highs and every pundit, bureaucrat, and politician is talking about how great the economy is, but underneath the surface, it is anything but great.
In fact, some of the top financial experts are warning about another major collapse of not just the stock market, not just the housing market, but the entire economy. While the economy is beginning to rattle, the earliest tremors of a massive earthquake that will soon hit, people have become complacent about their future.
Savings are at paltry levels. Yes, the pandemic has hit a lot of people and businesses, but even before coronavirus was a word people knew, fewer than 50% of Americans were able to afford a $400 emergency expense without putting it on credit cards or turning to loans.
As things progress, Social Security is massively underfunded. Private and public pensions are in serious trouble, yet few people even realize this. In fact, between Social Security and private and public pensions, is estimated these are, collectively, underfunded by anywhere between $91 trillion and $121 trillion.
What does the future hold?
You may be one of those individuals who has saved diligently. You may have invested in compounding interest mutual bonds, funds, and other options from the time you were out of high school. You may very well be worth millions of dollars and that could be 10 or 15 or $20 million by the time you retire. That is a wonderful place to sit. You are comfortable.
What would you do if you need a long-term care? Maybe you could afford it, for a couple of years, at least. What if that goes on for three years or longer?
Enter long-term care insurance.
If you are in your 40’s or 50’s right now, this is the perfect opportunity to look into long-term care insurance. While it may seem, on the surface, that the economy is great and you assume you have plenty of money saved and invested to draw out during your retirement, odds are you won’t have nearly close to what was promised. You might, but the odds are stacking incredibly high against that, especially with each passing year.
If you want to protect against the potential of massive long-term care expenses, consider a long-term care insurance policy now.
If you or a loved-one are considering Long-Term Care Insurance in Oceanside CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
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