The United States Census Bureau issued a report back in 2010 that contained some data that is very relevant to those who are interested in elder law, retirement planning, and estate planning.
Your anticipated longevity is going to be a very important piece of information to work with when you are attempting to come up with a budget for your retirement years. And of course, if you have specific ideas regarding what you would like to be able to do for your loved ones after you pass away this is part of the equation as well as you are preparing a budget.
The aforementioned Census Bureau report stated that among 10 year age groups the portion of the population aged 85 to 94 grew faster than any other between 2000 and 2010.
If you were to join this group you would be looking at a significant period of time during which you would be required to pay your way without working if you retire at the typical retirement age in your mid-to late 60s.
In addition to this, people who reach their 80s and above often need long-term care. Medicare will not pay for an extended stay in a nursing home, and some enormous expenses can be incurred given the high cost of care.
There is a lot to take in consideration if you want to be prepared for all the eventualities of aging given the fact that people are living longer. We have prepared a special free report that puts it all into perspective. If you like to obtain your copy simply click this link and complete the form that you see to the right of the page: South Carolina Elder Law Report