Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
More money doesn't always lead to more planning, especially when it comes to unpopular subjects like end-of-life care.
Less than a quarter of high net worth clients currently have plans for long-term care in place, according to a poll of financial advisors by Key Private Bank, the wealth management arm of KeyCorp.
The poll surveyed nearly 150 advisors about their experiences with high net worth clients, those with assets over $1 million.
Advisors said persuading clients to devise plans for long-term care is a challenge. They also said it is difficult to balance saving for long-term care with other financial goals such as saving for college or buying a house.
"Part of it has to be the typical head-in-the-sand approach," said Chad Stevens, senior financial planner at Key Private Bank. "'If I ignore it, it'll go away.'"
Having tough conversations is part of the job of an advisor, and it's important to talk about the financial risks of aging, said Stevens.
"Unless you plan now, you can't be sure that your goals will be accomplished," Stevens said.
It is important to make sure that your financial goals align with your lifestyle goals for retirement and end-of-life care.
Most clients said their top choice for long-term care is to stay in their own home and be fully independent, according to the survey. But this wish may be unrealistic; more than half of people over age 65 today will need long-term care at some point, according to AARP, a nonprofit advocacy group for in older Americans.
The second most popular choice is to move into an assisted living facility, followed by staying at home with the help of family members and personal aids.
The projected costs of long-term care are increasing, according to a report by Genworth Financial, an insurance company. In 2017, the median annual cost of a home health aide was $49,192, and the median cost of a private room in a nursing home was $97,455. By 2027, the median annual cost of a home health aide is expected to be $66,110, while the median cost of a private room in a nursing home will be $130,971 per year.
"Many underestimate the costs or think that Medicare or health insurance will cover it," said Jean Accius, vice president of long-term services and supports at the AARP Public Policy Institute, which does public policy research, analysis and development at AARP.
But, that is not always the case, Accius said.
Most people "think they've prepared but when something happens they don't have nearly enough," said Amy Fuchs, an aging life-care expert. She also said that when people sign up for long-term life insurance without thinking through what their needs will be later in life, they might think they are covered when they are not.
If clients don't prepare for these costs, they may end up paying out of pocket. This can quickly eat into their savings and negatively affect other financial goals.
"If leaving a financial legacy for your family is important, you need to plan ahead for that," said Debra Drelich, who runs a private practice called New York Elder Care Consultants LLC.
Advisors recommend that clients start planning for long-term care years before they think they will need it. The most robust planning sessions should occur between ages 40 and 50.
"Don't avoid the conversation," said Stevens from Key Private Bank. "Find a trusted advisor that will give you an idea of what plans are out there so you can make an educated decision."
Starting early will give you more time to assess what the options are in your home city and state, because location can greatly limit what services are available.
"Where you live matters — it limits your choices and options," said Accius. He said many resources are available for families who want to begin planning, including the AARP scorecard, which ranks states based on the long-term services they provide.
An early start will also help if you decide to buy long-term care insurance; the younger and healthier you are when you purchase, the lower the cost will be.
Having a plan is the best way to ensure that the late years of your life are as smooth as possible, according to financial advisors and aging life care experts.
"We plan for weddings and we plan for graduations, and we do it very thoughtfully," said Anne Sansevero, a geriatric nurse practitioner and founder and CEO of HealthSense LLC, an aging life care management consulting company. "But this is our life, our years ahead."
"Just like saving for retirement, you have to save for your health and well-being," she said.
Beyond having a plan, it is important to communicate your wishes for long-term care with your family, financial advisors and aging life care professionals say. Few advisors report that their clients are communicating with their families about their wishes for long-term care, according to the Key survey.
"Sometimes older adults don't let their kids in and provide them with that information, so the kids have no idea," said Debra Feldman, an aging life care professional and founder and president of her own firm, Debra D. Feldman and Associates.
She said that if older adults are not initiating the conversation, children should come to their parents. Waiting too long can lead to scrambling in a time of crisis, she said.
Having your family on the same page will alleviate stress and pressure and allow everyone to enjoy the golden years of your life more.
"Talking through long-term care desires early-on with family members will be crucial to setting expectations, delegating responsibilities and avoiding misunderstandings or surprises," said Stevens.
More from Personal Finance:
Older Americans planning to downsize should brace for sticker shock
Here's how the Fed rate hike will affect your finances
What Social Security's budget woes mean for your retirement benefits