Long-term care planning is an important aspect of retirement planning that is often overlooked. As people are living longer and healthcare costs are increasing, it is crucial to consider the cost of long-term care in retirement planning.
As we age, one of the major healthcare costs we face is long-term care. Long-term care is the extra help needed when we can't complete basic daily tasks and take care of ourselves independently. Medicare covers some health care costs, but long-term care is not one of them. Insurance for long-term care is suggested to prevent running out of money in retirement due to its high costs.
Retirement strategizing usually includes addressing healthcare to ensure that quality of life is maintained throughout your retirement. There are certainly risks to your quality of life due to health reasons, but those can often be tied to financial concerns as well. Some people may be at risk for early retirement due to declining cognitive, psychomotor, physical, and sensory abilities required for their jobs, according to a new report. The report also suggests that working longer is not a reliable financial plan since many retirees leave their work early due to health problems.
Many predict that healthcare costs will continue to increase, making long-term care planning more important than ever. Workers with physically demanding jobs are most susceptible to early retirement, but every occupation is vulnerable to an age-related decline in at least one ability. The report recommends assessing your susceptibility to early retirement by talking to older workers in your field to get a sense of what their retirement timeline is and what financial costs and goals should entail.
There are different options for long-term care services, and costs can vary widely depending on the type of care and location. That's why taking your quality of life in retirement seriously could mean purchasing long-term care insurance. Starting early and considering factors such as age, health, financial stability, wealth, and care preferences can help you choose the right type of long-term care insurance coverage and care style before it becomes a surprise financial burden. Regardless, planning for long-term care can make a significant difference in the quality of life in your later years.
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This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products. Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results. Death benefit payouts are based upon the claims paying ability ofthe issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.