How Often Do You Breastfeed A 2 Month Old Baby Will Your Retirement Savings Survive Longevity and Long-Term Care?

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Will Your Retirement Savings Survive Longevity and Long-Term Care?

By the time you reach the age of 40, you should have reserves for your future retirement. Planning for a successful future retirement takes some effort. Your best bet would be to take advantage of your employer’s 401(k) option. If your employer does not offer a 401(k), 403(b) or defined benefit plan, you should try to save money in an IRA. If you are self-employed, you should open a SEP account. However, planning does not end with saving money.

What happens when your health changes due to long-term illness, an accident or simply aging? These health risks increase substantially with age. Will Your Retirement Plan Survive Longevity?

Retirement planning for long-term care has become a top priority for many Gen Xers and Baby Boomers. Many people between the ages of 40 and 70 have personally dealt with the impact of long-term health care with a parent or other loved one.

The problem is that too many people forget to protect these retirement funds from high long-term care costs. The financial costs and burdens that come with aging affect you, your family, your savings and your lifestyle.

You will experience changes in your health, body and mind that will increase your need for long-term health care. Caregiving is hard on your family. Depending on your children to babysit is not a good plan. They have or will have their own careers, families and responsibilities. It’s not that they don’t love you, but having a son, daughter or father-in-law as a caregiver is stressful. It can also affect their health and career.

Spouses are also not a good choice for caregiving. As you get older, so will they. They will also have their own health and age issues to deal with.

Paid care depletes your assets and adversely affects your income and lifestyle. According to the LTC NEWS Cost of Care Calculator (www.ltcnews.com), the cost of long-term care services and supports continues to rise. Even a significant nest egg can be adversely affected.

The current national average cost of home care, based on a 44-hour week, is nearly $4,500 per month. Basic assisted living costs start at $4,300 per month plus extras based on your needs. Skilled nursing home care costs an average of $8,900 per month – over $100,000 per year. The cost of long-term care services increases over time.

Many people incorrectly assume that Medicare will pay for any long-term care in the future. Health insurance, Medicare, and Supplements only pay for a limited amount of qualified services—and only if you’re getting better. These insurance options do not cover the cost of custodial services that help with daily activities. However, most people require prison services as they age.

While most long-term care takes place when we are older, people of all ages require extended care. Early-onset dementia, including Alzheimer’s disease, the most common form of dementia, can appear in your 30s. Parkinson’s disease, multiple sclerosis and even stroke occur at a younger age.

It is your good health today that gives you the opportunity to plan ahead.

Medicaid, the health care program, can pay for long-term care, but you have to be poor or end up poor. For most people, this is something you want to avoid.

The fact is that the financial costs and burdens of aging will affect your savings and your family. Affordable long-term care insurance protects your assets and reduces the burden otherwise placed on your family.

Although some think long-term care insurance is expensive, it’s actually very affordable for most people, especially if you’re planning ahead of retirement. Premiums can vary by more than 100% between insurance companies.

If you enjoy reasonably good health, these policies will easily fit into most people’s budgets. The problem is that too many people are looking for a financial advisor or general insurance agent with little knowledge in the field. They often give recommendations that are too big or sometimes too small. In addition, many of these professionals only work with one or two insurance companies. Since they don’t have a good understanding of how policies are used at the time of a claim, their recommendations are not in line with what you may actually need.

Additionally, 45 states offer long-term care partnership policies that provide additional dollar-for-dollar asset protection.

Several types of policies are available in most states. These include traditional plans, partnership plans that provide additional asset protection, single-premium “hybrid” plans that also offer a death benefit, and short-term plans that offer broader age and health qualifications.

The key is cooperation with a long-term care insurance specialist who works with major insurance companies. I always ask many detailed questions to design an appropriate plan based on the client’s specific concerns and budget.

The cost of long-term care services varies from place to place. Most claims start with care at home, and many people avoid a nursing home altogether because they are getting the attention they deserve at home or in an assisted living facility. These costs are much lower than the cost of skilled nursing home services.

Long-term care insurance will pay benefits either at home, in adult day care centers, in assisted living facilities, in memory care, and in traditional skilled nursing homes. With most policies, you and your family can decide how you use your benefits.

Does long-term care insurance work? Absolutely. In 2020, major insurance companies paid out over $11.6 billion in benefits to American families. These families would otherwise have to deplete their own assets to pay for care if family members became caregivers, or both.

Because policies are custom designed, you get to decide what’s important to you. The key is to plan before retirement. Long-term care insurance isn’t sexy. It doesn’t shine like a new car or a new piece of jewelry. You might not show your politics at a party. However, this will give you and your family peace of mind.

Working with a long-term care specialist will help you get the exact information you’re looking for. Start your research in your 40s and 50s when your options are most available.

The fact is, long-term care insurance is easy, affordable, and provides stable income and asset protection.

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