Have you thought about your retirement and long-term care? Are you prepared for the unexpected? The Long-Term Care Financing Collaborative began meeting in 2012 to address the fact that too few people have the resources to pay for long-term care. Currently, there are roughly 10-12 million adults who require long term supports and services (“LTSS”). That number is expected to double by 2030. Long term supports and services are defined as “non-medical assistance” which includes help with such things as food preparation, personal hygiene, assistive devices and transportation, bathing, eating and the like.
Unfortunately, recent studies show that many Americans do not have the savings necessary to cover theses costs in addition to their medical costs as they age. This scenario causes family members to miss work and time with their families to render upward of 37 billion hours of uncompensated LTSS to adults. This costs employers between $17.1 and $33 billion dollars in productivity.
What should families be doing now to make sure you can enjoy the relaxed, comfortable, worry-free lifestyle you dream of in retirement? First, you need to educate yourself as to your various investments and determine if they are right for you. Second, you should find out how to leverage all the various strategies that can be utilized to cover these costs in retirement: Social Security, Medicare, savings and investments, retirement accounts, reverse mortgages, long-term care insurance, VA Benefits and Medicaid, to name some of the major sources. And third, you will want to find out how to structure the ownership of your assets to protect them from the costs of long term care. Most important you must act sooner rather than later so you have time to make the course corrections necessary to achieve your goals. We can help you plan for retirement, give us a call.
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