Three Things That Will Bust Your Retirement Budget. Prepared?
You know you cannot avoid death and taxes. Guess what? Hard to avoid the challenges of aging. Planning for the costs and burdens of aging before you retire will help you safeguard assets and ease family burden.
There are a few truths of life. Two that you are aware of is death and taxes. You can't avoid either. Most people work hard to raise a family. As you take care of your family you hope you have saved enough for you and your spouse to enjoy your future retirement.
There are three obstacles to enjoying a successful future retirement, taxes, health care, and long-term care. The time to start thinking about retirement is before you retire. You should be spending a lifetime preparing for the challenges you will face once you get older.
USA Today covered these three problems - read more by clicking here.
Health Begins to Decline Over Time
You will start seeing changes in your body by the time you get into your 40s. As you get into your 50s many people start getting treated for high blood pressure and other health problems. The changes in your health and body today will result in your future need for help with daily activities you take for granted today. The longer you live the greater your risk of needing long-term health care services.
More people are also being diagnosed with some form of dementia. With dementia, you will need supervision for your own safety. Cognitive decline progresses with age.
Long-term care services are very costly and adversely affect your income, assets, lifestyle, and legacy. The LTC NEWS Cost of Care Calculator shows you both the current and future cost of care where you live. These costs are your responsibility unless you have little or no savings.
Family Caregivers Face Challenges
Don't depend on family members to be caregivers. The role of a caregiver is physically and emotionally demanding. Your adult children will have their careers and families. Do you want to place this responsibility on them? Probably not.
The solution is affordable Long-Term Care Insurance. You can avoid dependency and maintain control and independence. With the guaranteed tax-free benefits, you will have access to your choice of quality care without placing a burden on your family. Plus, you will safeguard your assets.
You can avoid a crisis by thinking about the challenges you will face in the years ahead. Check-off long-term care now, ideally in your 40s and 50s. When you are in your 40s and 50s you may still qualify for good health discounts.
Find an experienced Long-Term Care Insurance specialist by clicking here and start to enjoy peace-of-mind.
About the Author
An LTC News author focusing on long-term care and aging.
James Kelly
Contributor since August 21st, 2017
Editor's Note
It is very hard to be a caregiver for a loved one. A caregiver's role is very stressful and demanding, no matter if it is a spouse or a parent. Can you imagine your daughter, for example, helping you in the shower, helping you use the toilet, or just getting dressed?
When you own an affordable Long-Term Care Insurance policy, you give your family the gift of time. Instead of being your caregiver, they remain your loved one. Professionals can provide care, but your family can give love.
Yes, long-term care costs drain assets and change lifestyles. Yes, long-term care is a cash flow issue. It is a significant cash flow problem. However, long-term care is also a family problem. Long-Term Care Insurance addresses both family and finances.
LTC NEWS Offers Resources to Help You Plan
LTC NEWS offers multiple tools and resources to help you research the financial costs and burdens of aging so you can find an affordable solution.
Find all the resources on LTC NEWS by clicking here.
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