Even if we try to deny it, we can't escape getting older. Almost three-fourths of people who reach the age of 65 are going to need some kind of long-term care. So why is it that so few of us plan for those needs?
The Cash Money Crew is on Central Standard Monday to talk about how to prepare finances for old age and the possibility of needing long-term care.
How do I prepare, and when should I start? And if I didn't start preparing early, what should I do now? Plus, we explore the poor health of the long-term care insurance industry.
Working beyond retirement is a fairly common refrain these days. In 2012, 5 percent of the U.S. workforce was beyond retirement age. But farmers seem to work longer than most. In the last Agriculture Census 25 percent of all farm operators were over 65 years old.
Why do farmers keep working? For one thing, modern machinery makes it easier to work longer.
“It’s more you use your mind rather than your back, so you can go longer,” said Mike Duffy, an agricultural economist at Iowa State University.