Has anyone ever told you, “I’m going spend all my money so my kids get nothing and I leave my credit cards maxed out!”? I have heard it. When I tell the story, some of my clients laugh and some cringe. The point of this story today is that we should all save our hard-earned money because we might be next. Next what? You or I might be the next person to live to be as old as Jiroemon Kimura. Mr. Kimura lives in Kyoto, Japan and just celebrated his 115th birthday today.
Medical technology and easy access to information have given us the tools to increase our lifespans. Now, we are working on solutions to make our lives comfortable while we live for longer periods of time with disability and incapacity. Living longer with greater disability requires more money to pay higher costs of care.
What is your 115 year savings plan? Will I have enough money to pay for medical care, assisted living, and nursing home? If I live to be 115 years old, what kind of legacy will I leave? If Medicaid pays for my long-term care or institutional care, we Medicaid Estate Recovery Program (MERP) take my house so that my kids are left with nothing?