Reducing the Impact of Healthcare on your Retirement Savings
It's November so that means turkey, pumpkin spiced potables, and Long-term Care Awareness month. In a recent letter to our clients, we discussed the importance of addressing this often overlooked and off put area of planning. One way to mitigate this risk is with Long-term Care Insurance.
It's expected that 56% of those age 65 and older may require Long-Term Care with an average lifetime cost of $298K according to a U.S. Department of Health and Human Services and Urban Institute, February 2021 release. Click here to read the full report.
This is an area of planning none of us can afford to overlook. Long-term care costs can devastate a retirement. Furthermore, the costs and emotional toll of such medical events can weigh on entire families. However, there are a few ways to reduce the impact.
Long-term care insurance is one way to do so. The insurance comes in many forms with various features to fit varying needs. Contact us now to learn more and find out if long-term care insurance is the right option for you or a family member. We can help navigate questions and concerns.
Here are some questions to ask yourself or a financial professional:
- What is the average LTC cost in your area? Is it something you can afford in retirement?
- Are your parents financially secure? Do you anticipate helping them financially?
- Are you over 40 and on track for retirement currently?
- Are you approaching retirement and concerned about a the potential risk of a major medical event?
Schedule a complimentary consultation with us if you have questions!