Planning for the golden years is about a lot of things, many of them being important “finally I get to …” moments. However, before you tackle that “bucket list,” be sure to nail down some important financial considerations.
For example, how would you pay for long-term care if needed in Overland Park or elsewhere?
Increasingly, one of the most important considerations is planning for the possibility and costs of long-term care. It is becoming the cornerstone of the new later-in-life financial plans for many retiring and retired Americans.
MarketWatch recently surveyed this concern in a article titled “Long-term care planning [is] too vital to ignore.”
You see, the math is fairly simple. People are living longer and, therefore, so are their financial needs later-in-life. Meanwhile, healthcare is still disastrously expensive, especially at that life stage.
As a result, if you only plan for your retirement and for your estate, but not also for your later-in-life medical and potentially long-term care needs, then you may find yourself in financial jeopardy later.
You could have more life left at the end of your money, to be blunt.
As the title of the original article notes, including long-term care planning as part of your retirement planning is simply “too vital to ignore.”
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
Reference: MarketWatch (July 15, 2013) “Long-term care planning too vital to ignore”