Answer both parts 1 and 2

Part 1

Part 2

Scenario:Your spouse is 70 years old and they just received a diagnosis of dementia.Considering that you will be needing 7 years of nursing home and 4 years of adult day care services.Considering the age and extent of the disease process, Calculate what the total cost will be utilizing 5 days/week for the daycare cost. Your spouse worked most of their life and was able to save $650,000 for retirement.

  • Read the scenario above.
  • Will this be enough money to pay for these services? (Remember: Daycare – 5 days/week and 52 weeks/years, and 7 days a week for Nursing Home/365 days a year).
  • Comment on the prospects below:
    • Will you have enough money saved?
    • Are you sorry you did not pay for long-term insurance?