Completing the Retirement Planning Puzzle: Where Long-Term Care Fits In

December 21, 2017

By Dr. Sandra Timmermann Gerontologist

When we plan for retirement, many things are on our mind — replacing our income, growing our assets and setting aside money to travel and to enjoy a more flexible lifestyle. One thing that we generally don’t address in the retirement planning process, however, is the possibility that we may need long-term care someday or that we may end up being a caregiver for a spouse, parent or even a child.

Facing up to that reality can be hard, but without incorporating long-term care planning into a retirement plan, your financial future can easily be derailed. Getting a plan in place will enable you to stay in control of your life, determine where you will live and allow you to stay at home as long as possible, help to preserve your assets, and support your family and their caregiving responsibilities.

Ten suggestions for you and your family as you consider long-term care risk and where it fits into your retirement planning process.

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75 Must-Know Statistics About Long-Term Care

December 5, 2017
Sobering data on usage, cost, insurance products, and the toll on unpaid caregivers.
In my years of speaking to groups of retirees and pre-retirees, I’ve learned that there are a handful of topics that will send an event completely out of my control.
One is the long-term viability of Social Security; I don’t go there, but it sometimes comes up as a question. The other hot-button topic–and one that I do touch on in my talks because it has the potential to make or break a retirement plan–is long-term care.

People have lots of questions about long-term care: Is the insurance worth it, given how insurers have been jacking up premiums? If you’re going to raid your own coffers to pay for long-term when and if you need it, how much money do you need to have saved? And people have plenty of experiences to share, too–horror stories of insurers haggling over claims and foisting premium increases on seniors living on fixed incomes, as well as more positive tales of parents’ long-term care policies that paid for themselves many times over.

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