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Finacial Long-term Planning - Older and Younger Adults

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There is a lot of media attention presently in regards to the concerns of social security and medicare and the aging population. One thing I dont see is advice or helpful sites that can help prepare them and even younger people towards retirement.

From what I see many older adults fail to foresee that an illness or disability could leve them in financial ruin unless they take financial and legal preparations to plan for long-term care. Like my parents who did not plan and they have a modest savings and a house paid for, my mother has COPD and lots of health issues, my dad is in exceptional health and works out everyday, so if she should get really sick my dad may lose everything.

1. What are things we should be planning for not only our parents but for ourselves?

2. What safeguards can be placed so that all that I will earn in my life does not get 'taken' by the government just because my husband or I should get ill?

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Solution Summary

Referring to the scenario, this solution discusses long-term financial planning for adults e.g. aging parent, as well as all younger adults. It also discusses the safeguards that should be in place so that life earnings will not be taken by the government just because the husband or wife should get ill. References are provided.

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