Tips to protect your money when you get older

Recent statistics indicate that 69% of seniors will require some level of long term medical care as they age. There are now new options to prepare yourself. Financial professional James Gallagher, of Waterstone Financial, has some tips for our older viewers. Long term costs are the number one reason retirees declare bankruptcy. It is also important to note that we are living longer- 11% of healthy 65-year-olds are expected to reach 100. The biggest issue is that poor planning can leave the healthy spouse in shambles. You can protect yourself by preparing early. Long-term care insurance is a possibility for some. We also recommend nontraditional insurance plans, but you need to do this before age 65. Also, really understand your care options before you need them. Research home care, respite care and assisted living. Make sure you get professional advice. There are ways to protect your assets. They should explain how various assets and incomes get counted and how the healthy spouse or children can protect money for their future.