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Hello Everyone, Joshua Abel with the Forever Wealth Team, a financial planner in Naples,
Florida. Over the past couple of videos we've been offering you tips on how to retire successfully.
Hopefully you got a lot of value out of those. But here's another tip for you. Don't lose
your money to the home. What do I mean by that? Statistically reporting about seventy
percent of the population will at some point need some form of long-term care. So, whether
that be in home care, hospice care, nursing home care. Seventy percent of the population
is going to need some form of that. Here's a story for you. My grandpa built up a business
in St. Louis and he was really successful at it. He was able to build a successful business.
He at one point had long-term care health insurance. Well, later on in life he decided
that it was too expensive and he didn't need it. But then he did. He got to a point where
dementia started setting in and my family, unfortunately, weren't able to take care of
him the way that he needed to be taken care of. So, he had to reside in a nursing home
and it wiped out his entire savings. Everything that he had was gone within a year and he
still remained in that nursing home for two more years. He had to go on medicaid in order
to cover the costs of the nursing home. And it was just a really sad situation to see
this once vibrant man deteriorate in the nursing home and be left penniless. So, don't let
this happen to you. Make sure to plan ahead, talk to a financial advisor or financial planner
and see what your options are in preparation for needing some sort of long-term health
care. Hopefully, you got value out of this video. If you did make sure to comment and
share below. Visit us on our website at www.foreverwealthteam.com and I'll talk to you in the next video. Thanks
so much.