“Will This 1 Expense Prevent You From Living Your Dream Retirement?,” by Maurie Backman, The Motley Fool

Quote: “Countless workers look forward to retirement and the carefree lifestyle with which it’s often associated. Unfortunately, 28% of today’s seniors say life is worse in retirement, and part of that sentiment boils down to financial woes. Of course, the fact that many seniors today are struggling financially isn’t shocking, especially given the number of folks who entered retirement with inadequate savings. But while some of that is a function of negligence and perhaps an overreliance on Social Security, a big reason why so many retirees find themselves low on money is that they underestimate one major expense: healthcare.

“Another smart bet? Invest in long-term care insurance. A good 70% of seniors 65 and over will end up needing some type of long-term care in their lifetime, and having a policy to help pay for that expense could help alleviate a large chunk of financial stress down the line. No matter what steps you take to save for healthcare in retirement, don’t make the mistake of remaining ignorant about what could be the single greatest expense you’ll face as a senior. You deserve the comfortable retirement you’ve always wanted, but if you’re not careful, your health alone could destroy that dream in an instant.”

LTC Comment (from Damon V. Moses, Administrative Coordinator, Center for Long-Term Care Reform):

This article’s take-home message is responsible advice and a familiar refrain: “Save, invest or insure” for your future long-term care/healthcare needs in retirement.

Will This 1 Expense Prevent You From Living Your Dream Retirement?

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#goldencareagent