Jackson kicks off the Zoom call by saying, “Let’s have some fun! I shared a link in the chat box for a site that allows us a peek at our expected longevity.
Nicole and Erik whip out their phones and start to play with the calculator.
After the kids have announced their expected projected longevity selves, and have sufficiently teased each other and their parents, Jackson gets their attention. “I’m glad you guys are enjoying this exercise. If you recall, while doing the three simple steps with your grandparents, we saw the impact of potential health-care costs on what your grandparents thought was a solid retirement income plan. You both have friends whose baby boomer parents or relatives have health issues or are experiencing the effects of aging.”
Looking pensive, Nicole says, “True, we can relate. Our grandparents always seemed pretty healthy, but as they grew older, they needed more and more help. Since it was gradual, we sort of ignored it. Then the sudden emergency, and everything changed.”
Sensitive to his mother’s not sharing the impact it might have had on her finances, Erik ends the exchange on a positive note. “Under the emotional and financial cost umbrella, consequences might have spread far and wide. Creating that plan to include funding for long-term care expenses had a positive effect on their physical and emotional well-being.”
Nicole gets her brother’s drift. “And on all of us too!”
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