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Long Term Care Planning

©2016 Broadridge Investor Solutions, Inc.

What is a Plan for Living? 

You've been saving for retirement for many years. Now's the time to create a plan designed to make sure those hard-earned savings can last a lifetime. To enjoy your retirement dreams, it's vitally important to be well prepared for any roadblocks that can unexpectedly get in the way. Having a well-designed retirement plan can help ensure you have — and always maintain — the lifestyle you envision.

R i s k  #1

Running Out of Money Two key issues that could increase the odds of running out of money during retirement are poor portfolio performance (market volatility) and outliving your assets. During the last decade, the stock and bond markets have experienced substantial volatility. While we all hope that a portfolio of stocks and bonds is expected to grow in value over the long term, market volatility can quickly alter your retirement plans if a substantial decline occurs within 10 years before or after you begin retirement. This is why it's important to create a retirement income plan designed to help withstand the market's ups and downs.

R i s k  #2

Unknown Health-Related Costs When planning for healthcare expenses, be sure to consider protection not only for traditional healthcare, but also for long term care needs. An unexpected healthcare event or long term care need can have a dramatic impact on your retirement savings if you have to pay for those expenses out of pocket. A need for long term care services poses an even larger expense. Typical health insurance plans do not cover the cost of long term care services and, generally, Medicare is not designed to adequately pay for long term care. In most states, aid for these types of services under Medicaid is available only to those with limited assets and low incomes (as defined by Medicaid). Middle income Americans may qualify for Medicaid but only after they have spent down and depleted most of their own assets. Even if you have enough income to pay for out-ofpocket expenses, be sure to consider the impact an unplanned long term care need could have on your retirement security.

Things to consider........

Cost of Long Term Care

It's no surprise that the majority of people who need long term care want to be cared for at home rather than in a nursing home or assisted living facility. Putting a plan in place now can help ensure you have more control over important decisions later in life, like where you will receive care. 

The information in this article is not intended to be tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advice,

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