As Baby Boomers settle into their retirement years, our country is on the brink of significant demographic change. By the year 2030, 1 in every 5 Americans will be 65 or older, and millions will suffer from Alzheimer’s Disease and other mental disabilities. Many more will suffer from lack of adequate financial, estate, and health care planning.
As this silver tsunami approaches, there are three types of people: geriatric gamblers, planning procrastinators, and pragmatic planners.
- Geriatric gamblers are risk-takers who opt not to plan for their elder years, even though they know this could be a burden on themselves and their loved ones.
- Planning procrastinators realize the importance of planning for the future, but they put it off for a later date, which can bring added expense and risk,
- Early on, pragmatic planners take the steps necessary to provide for future care and to adequately plan their estate.