Long-Term
Care, LTC, planning is one aspect of retirement planning that many people
overlook. They don't want to cover the additional expense of LTC policies, and
find it difficult to plan for care that they might not need for years down the
road.
Before becoming a retiree, you
tend to plan for those “someday” moments, a time when you finally get to start
checking things off the “bucket list.” But before you get too consumed with
your retiree activities, make sure you cover certain financial aspects as well.
For example, how would you pay for long-term care if needed?
Increasingly, one of the most
important considerations is planning for the possibility and costs of long-term
care. It is becoming the cornerstone of 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
and potentially long-term care needs, then you 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.”
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Reference: MarketWatch
(July 15, 2013) “Long-term care planning too vital to ignore”