“Is Your Retirement Plan as Well Thought Out as Your Vacation?,” by Mark Pruitt, Kiplinger
“After working hard all of our lives, the goal for most of us is to have the freedom to go explore and complete the ‘bucket list’ that we have always dreamed of. The problem is most people plan their vacations better than they plan their retirements.
“6. Devise a long-term care plan.
Six members of my wife’s family have had Alzheimer’s disease. My mother-in-law had it for 16 years. My sister-in-law has it currently and started her journey with Alzheimer’s at age 55. I have seen it on a very personal level. I have long-term care strategies for my wife and me in multiple forms. My parents have multiple forms of long-term care as well. Know your options. Traditional long-term care costs a premium. Can you afford it? The length of traditional long-term care policies is typically three to five years. What if you keep on living, as my mother-in-law did? The long-term care for my family started in the home and graduated to a nursing home. Layered options could include the use of non-traditional means like annuities with enhanced benefits riders that could be used for in-home, assisted living or nursing home care. Some life insurance policies have additional living benefits to help pay for care. Lack of planning for long-term care could devastate families. At the very least, explore all of your options.”
LTC Comment (from Damon V. Moses, Administrative Coordinator, Center for Long-Term Care Reform):
A timely take on retirement planning in this vacation season.
Is Your Retirement Plan as Well Thought Out as Your Vacation?