We have lived through some very uncertain times due to the COVID-19 virus crisis and its impact not only on health but also on our finances. A recent survey showed that 47% felt helpless, while 44% said they were at an emotional low point in the past year. More Americans are reporting problems with anxiety, depression, and loneliness.
Given the global uncertainty, it would not be surprising if many people put off making important decisions. Planning for your retirement would be one of the most important things to prepare for as you get into middle age. If you are over age 40 you should be in high gear for retirement planning.
Still Saving Money?
Retirement planning would include saving money in retirement accounts like an employer's 401(k) or similar type of qualified savings vehicle. Your job status might be slowing down your savings for retirement, but it should be a priority because, at some point, you will retire.
Planning for future health care costs, including long-term care, should also be a high priority to protect those retirement savings.
However, a recent study conducted by Edward Jones and Age Wave indicates that one in three Americans have decided to delay their retirement due to the virus crisis. The effects of unemployment and lost savings that occurred during the pandemic are the primary reasons people are delaying their retirement.
High Anxiety About Aging and Long-Term Health Care
The study shows that people aged 50 and older are concerned about unexpected expenses that would adversely impact their retirement savings. Sixty-six percent point out long-term care and other health-related expenses as a significant concern.
Plus, fewer people are contributing to retirement accounts, forcing many people to delay their retirement altogether. Read more from Fortune here.
You cannot time market corrections, nor can you predict unexpected events by a pandemic. You also never know when you will encounter changes with your health, body, or mind that will require you to need long-term health care services.
LTC Costs Growing
The costs of long-term health care continue to grow as demand increases and labor costs go up. The LTC NEWS Cost of Care Calculator can show you these costs for both today and in the future. You can narrow down the costs on where you live or expect to live in the future, as care costs vary depending on location.
For example, in Boston, the average cost of in-home health care, based on a 44-hour work schedule, runs about $65,000 a year - today. However, in twenty-five years, that same amount of in-home care will run you about $125,000 a year. Facilities (assisted living, memory care, and nursing homes) will cost more.
If you live in Albuquerque, New Mexico, you will see a lower cost of long-term care. The same amount of in-home that runs $65,000 in Boston will only cost around $52,000 in Albuquerque. These costs will increase as well in the decades ahead.
Affordable LTC Insurance Helps
Including affordable Long-Term Care Insurance in your retirement plan will be an essential part of a successful overall plan. Whatever money you save for your retirement must be protected; otherwise, you will either use your own money to pay for professional care, or your family will be forced to become caregivers. Your loved ones are unprepared and untrained for that burdensome role.
Despite the consequences of an ever-changing economy and the virus crisis, planning for retirement and long-term health care remain critical for your future.
The best time to shop for LTC Insurance is before retirement, ideally in your 40s or 50s. Delaying will only cause more anxiety later in life. Be sure to seek a licensed and qualified Long-Term Care Insurance specialist to match you with the best coverage at the best value.
About the Author
An LTC News author focusing on long-term care and aging.
Contributor since August 21st, 2017
Most people would love to ignore aging with the hope it will just not happen. Aging happens. We cannot ignore the changes we experience in our health, body, and mind. But, sadly, these changes lead to a higher risk of needing help with daily living activities or even supervision due to memory loss.
If you think your spouse or children can fill the role of being your caregiver, you might want to think again. Families are not prepared or trained to be caregivers. Plus, you probably understand that long-term health care services are costly and not covered by traditional health insurance, including Medicare and supplements.
The solution for many American families is affordable Long-Term Care Insurance. There are more available options than ever before, and they fit all budgets. However, experts suggest obtaining coverage sooner than later, ideally in your 40s or 50s, before experiencing substantial changes in your health and mobility.
Premiums Vary Over 100%
Premiums and underwriting criteria differ between insurance companies. In fact, premiums can vary over 100%! Be sure to work with a licensed and experienced Long-Term Care Insurance specialist who works with the major companies. The specialist will be able to match your age, health, and family history with the right coverage with the right company. You will save money and enjoy the peace of mind that you have the right plan in place.
Find a trusted and experienced specialist by clicking here.
Research Tools on LTC NEWS
LTC NEWS offers many tools and resources so you can learn about the types of care available, the costs of care today and in the future, insurance and other planning options, and more.
Start by reading The Ultimate Long-Term Care Guide. The LTC NEWS Cost of Care Calculator will show you current and future costs for long-term health care, how to find care providers, state rules and tax incentives, and more.
Find all the resources by clicking here.
You or a Loved One Needs Care Now?
You want to plan before you have significant changes in your health that make it more difficult or impossible to obtain coverage. If you or a loved one needs to find care and a way to fund that care, there may be options available.
If there is no Long-Term Care policy in place, a reverse mortgage could be the right solution. Today's reverse mortgages are different and could provide you with the needed resources to pay for quality in-home care.
Learn more and ask questions about reverse mortgages on the LTC NEWS Reverse Mortgage page - click here.
If you need to find quality care options and even get help to process a Long-Term Care Insurance claim, LTC NEWS can help - click here.
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