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Financial advice on how to protect your money as you get older

Posted at 9:03 AM, Nov 30, 2017
and last updated 2017-11-30 09:03:02-05

LEE COUNTY, Fla.-- Long term financial protection is something you may think about as you get older, and there are some options to prepare yourself.

Financial professional James Gallagher, of Waterstone Financial, has some tips for you. Long-term costs are the number one reason retirees declare bankruptcy.

He says 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, but you can protect yourself by preparing early.

Long-term care insurance is a possibility for some. Gallagher also recommends non-traditional 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. Experts should explain how various assets and incomes get counted, and how the healthy spouse or children can protect money for their future. 

For more information, visit Waterstone Financial