Here's the third entry in our short series about successful people sharing financial advice (see part 1 and part 2). Today's advice is from Alexandra Lebenthal, president, Lebenthal & Co. investment firm:
"The length of time people are living today is such that average Americans can't afford to maintain their lifestyle and pay for health care into retirement. I suggest people look into getting long-term health care insurance, which would help pay for nursing homes or in-home care."
A few alternative suggestions: 1) Decrease your lifestyle after retirement, 2) start saving more now so this isn't such a problem in the future, and 3) never retire -- just work in a different (and less time-demanding) field.
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