But have you told your financial advisor how you feel?
A new survey reveals that 61% of Americans would rather pass away than go to a nursing home, according to Financial Advisor in "Older Americans Would Rather Die Than Live In a Nursing Home."
It is an issue for elderly people who might have no choice but to go to a nursing home.
It also creates challenges for family members who act as caregivers for the elderly, since they will want to be even more careful than usual when it is time to suggest that a loved one needs nursing home care.
Despite these challenges, many Americans do not seek out advice, even when it is readily available. 60% of older Americans who have a financial advisor do not discuss the issue of long term care costs with that advisor. A financial advisor can at least help you prepare for your retirement years, and give fact based estimates on long term care costs and put together a plan for addressing those costs. This can give you something concrete to discuss with your family. Remember, younger family caregivers also suffer stress when an older loved one needs long term care. Plan ahead, if not for yourself, for the good of your family.
Reference: Financial Advisor (Dec. 20, 2017) "Older Americans Would Rather Die Than Live In a Nursing Home."