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 (LTC). LTC 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 LTC is not one of them. Insurance for LTC 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 LTC 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 LTC 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 LTC 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.
Financial professionals can help clients understand the importance of long-term care planning and develop individualized plans based on your situation. If you are looking for a guide to retirement and long-term care, reach out to (540) 720-5656 today.
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Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. Megan is also a fully licensed Life, Health, and Annuity agent. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter.