Retirement Planning? Couples, Mind the Age Gap
Age-gap couples tend to share many things despite their age differences. While these couples can be very happy, many real challenges about aging exist that need to be managed. Real challenges and real consequences that affect family and finances.
If you're a couple with an age-gap, you probably know it comes with many controversies. Yet, for you, that age-gap probably leads to your happiness either because you are young at heart or wise beyond your year.
You're not alone. There are many celebrity age-gapped couples. Leonardo DiCaprio and Camila Morrone have a 23-year age-gap. Jerry and Jessica Seinfeld have 17 years between them. There are 20 years between Kevin Costner and Christine Baumgartner. John Stamos and Caitlin McHugh have 22 years between them.
Yet, those celebrity age-gaped couples have one thing in common - a lot of assets. Despite that money, they probably have not considered how to address aging and retirement planning.
Real Challenges. Real Consequences
However, the challenges are real for every age-gap couple, and it has nothing to do with what society or even your friends think of your relationship. You will need to address real-life challenges to continue your happiness.
Your age-gap affects more than just the music you grew up listening to on the radio. Age will have a significant impact on all your financial and retirement planning. Retirement planning and the consequences of aging must be adjusted to include this age difference.
There are several concerns that couples with age-gaps need to consider. Simple things like a date for retirement can be challenging since the younger spouse may not want to give up their career or may need employer benefits like health insurance.
Stretch Retirement Savings
These couples must consider how they will stretch retirement savings over a much longer period of time. Health and age events like long-term health care can significantly change the younger spouse's lifestyle.
Life expectancy will create a financial challenge. If the younger spouse is a female, they could live well into their 80s. A man's life expectancy will generally get them to their early 80s. Even a ten-year gap between two will mean your savings must last even longer compared to a couple that is only a few years apart in age.
Many experts say allocating investments with the younger partner in mind means you'll take a more aggressive approach. This strategy should allow your money to grow and last longer, assuming a long-term health care event doesn't drain savings.
Long-Term Health Care Costs Will Derail Your Retirement
The cost of long-term health care is something that many financial advisors forget to consider. Long-term health care costs are rising rapidly. Greater lifespans, advances in medical science, and even better lifestyles mean a greater risk of living longer with chronic health problems or just aging frailty. Both mean paying for long-term health care.
The LTC NEWS Cost of Care Calculator illustrates the financial problem. Costs are rising nationwide, but costs do vary depending on where you live. The calculation still ends up being: expensive. Find the cost of all types of long-term health care where you live - Cost of Care Calculator - Choose Your State | LTC News.
Families Affected As Well
Sure, the financial considerations can be substantial, especially when the younger partner may live many more years beyond the other. Yet, the consequences are more than money. These real consequences affect the entire family.
People require long-term health care due to declining health, accidents, and the frailty of getting older. If the age-gaped couple has children, they may not be best to be caregivers because they will be much younger. If there are children from a previous marriage, no matter the age, the stress and anxiety of being a family caregiver are not easy. Mixed marriages mean half-siblings, and that can add yet another dynamic.
LTC Insurance is the Solution
Affordable Long-Term Care Insurance will safeguard income assets and ease the burden on the other spouse and the remainder of the family. Many insurance companies offer shared spousal benefits as well. Plus, most states have partnership programs that provide additional dollar-for-dollar asset protection, which can shelter part of your estate for the benefit of the younger spouse and the rest of the family.
The reality of long-term care and aging is real. The consequences are real. You can avoid a crisis within the family by thinking of these problems before they become a crisis.
Find a qualified and experienced Long-Term Care Insurance specialist to help you develop an appropriate plan. Insurance premiums vary over 100% between insurance companies, so be sure the specialist represents the top companies.
Enjoy your relationship. Many studies show age-gap couples are happy and stable. Just be sure to plan to make the downsides easier on everyone.
About the Author
An LTC News author focusing on long-term care and aging.
James Kelly
Contributor since August 21st, 2017
Editor's Note
The problem of long-term care is both a cash flow issue and a family issue. Preparing your family and finances for the financial costs and burdens associated with long-term health care is key to enjoying a successful future retirement.
LTC NEWS Resources Will Be Helpful
You can find many tools and resources on LTC NEWS to assist you in your research for a planning solution or help your family find the appropriate care for a loved one at the time of crisis.
To help you plan the costs and burdens of changing health and aging, LTC NEWS has put in place several resources, including:
- The LTC NEWS Cost of Care Calculator will show you the current and future cost of long-term health care services where you live. Plus, each state has vital state-specific information you should know - Cost of Care Calculator - Choose Your State | LTC News
- The Ultimate Long-Term Care Guide is an outstanding read to help you get a good overview of the topic area.
- Compare the major insurance companies that offer Long-Term Care Insurance products here - Top Insurers for Long-Term Care Insurance | LTC News.
- A detailed tax guide that includes available tax incentives can be found by reviewing the Long-Term Care Tax Benefits Guide.
Find all the resources on LTC NEWS - Resources for Long-Term Care Planning | LTC News.
Seek Professional Guidance
Insurance rates are regulated, so no insurance agent, agency, or financial advisor can give you special deals. However, insurance companies' premiums vary over 100% for the same coverage.
Experts suggest using a qualified Long-Term Care Insurance specialist to help you navigate the many options available to you and your family.
A specialist who works with the top companies can match your age, health, family history, and other factors and find you the best coverage at the best value. A specialist will save you money, and you will have peace of mind knowing they are making the appropriate recommendations - Work With a Specialist | LTC News.
Finding Quality Care for Mom or Dad
Start by reading our four guides -
- Finding Quality In-Home Care | LTC News
- Adult Day Care Centers (ADCCs) | LTC News
- Assisted Living and Memory Care Facilities | LTC News
- Finding a Quality Nursing Home | LTC News
If they are lucky enough to own a Long-Term Care Insurance policy, be sure they use it. Sometimes families wait, thinking they can save the benefits for a rainy day. Waiting on using available Long-Term Care Insurance benefits is not a wise idea.
Get Help in Filing a Long-Term Care Insurance Claim
Quality care obtained early will help provide a better quality of life and reduce the risk of a deep decline and facility care. If you need help in starting the process of a Long-Term Care Insurance claim, LTC NEWS can help.
LTC NEWS provides free assistance with no obligation to help you or a loved one complete the claims process with a Long-Term Care Insurance policy. We have teamed up with Amada Senior Care, who will do all the work, free with no obligation.
You can also get support in finding quality caregivers and get recommendations for a proper care plan, whether a person has a policy or not. - Filing a Long-Term Care Insurance Claim | LTC News.
Benefits of Reverse Mortgages
Today's reverse mortgages for those aged 62 and older could be an ideal resource to fund a Long-Term Care Insurance policy OR even provide money to pay for care if you, or a loved one, already needs help and assistance.
Some people have much of their savings invested in their homes. With today's reverse mortgages, you can find ways to fund care solutions, care itself, even help with cash flow during your retirement.
Learn more by asking questions to an expert. LTC NEWS columnist and host of the TV Show "62 Who Knew" will answer your questions regarding caregiving, aging, health, retirement planning, long-term care, and reverse mortgages.
- Just "Ask Mike." - Reverse Mortgages | LTC News.
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