You have worked and saved and planned for life after work. As the time for retirement approaches, you are filled with equal parts excitement and uneasiness – elation at the idea that an exciting chapter is about to come to pass, worried about the unknown. You think: is there something I forgot to plan for?
Any sensible retirement plan involves a diversified collection of assets and investments designed to maximize output while protecting against risk. The goals that each individual and family have are diverse as the individuals and families. As are the plans implemented to make those goals a reality.
But there is a quiet, lurking liability that will affect most Americans before they pass away. One with potential consequences so catastrophic that it can single-handedly undue all that you have worked so hard to build. What is this oft-unseen malice? Costs relating to long-term care.
At least 70% of people over the age of 65 will need long-term care services and support at some time during their lifetime. Medicare does not cover costs relating to such care. This leaves individual families on the hook to cover the exorbitant cost that such care requires. The breadth of long-term care costs can effectively liquidate your hard-earned savings and put a tremendous financial strain on your income stream and family cohesion. The national median cost for an assisted living facility is $42,000 per year. Few retirement plans, especially those from the modest estates of every day Americans, can withstand such a burden.
So what can you do?
1. Self-audit your retirement plan so you fully comprehend all the pieces that fit together as a whole.
2. Speak with a qualified analyst who understands the intricacies of long-term care planning.
3. Implement a strategy to protect your retirement savings from the liability of long-term care costs.
4. Review and revise your plan as needed.
Benjamin Franklin once said that “an ounce of prevention is worth a pound of cure.” That statement has real meaning when you seek to find professional counsel on issues of long-term care and subsequently find a solution that saves you money. And just as important, knowing your plan is solidified against such an eventuality will allow you and your family to look forward to the future with contentment.
Utah Senior Planning offers a wealth of information and a number of professionals – financial, legal, and tax – in order make sure all planning avenues and concerns are addressed.
Call us today at 801.546.9556 to schedule your free consultation today.