Thanks to the aging Baby Boomer generation, about one in every seven Americans is 65 years or older. That number is expected to continue rising for decades to come, according to the U.S. Department of Health and Human Services.

As we age, it's important to make sure we have a plan in place. And not just a financial plan. Having a will, of course, is important. But we also need to have a plan to take care of ourselves and our loved ones in case we get sick or begin to experience diminished cognitive ability. These issues can occur slowly over time and difficult to assess.

These are not fun questions to address, but it's best to address them while you can and not wait until you have to. In today's episode, we tackle some tough questions so you can be prepared if the need arises.