Previously on the blog, we talked about some of the ways that you can have unexpected expenses come up during retirement that can put a financial strain on your ability to stay comfortably retired. There are things you can’t always plan for and things that can be difficult to manage. However, with proper retirement planning, there are ways to mitigate risk to yourself and your retirement finances.
Long-term Care Drains Retirement Savings
Seventy percent of individuals in the United States who reach retirement age will eventually require long-term care. While none of us want to think about this, long-term care can get very expensive very quickly. If long-term care was not part of your retirement plan from the beginning, it can be impossible to imagine how you will even begin to pay for this much-needed service. First, you lose your savings paying all the bills that you can. Then you may have to be moved to another facility because Medicare or Medicaid won’t pay for your current one. It’s a never ending cycle of passing off the bill after all your finances have been exhausted.
However, this doesn’t have to be the case for you. Whether you’re in your 20s or in your 60s, life insurance with long-term care coverage can be within your reach and your saving grace. Life insurance companies carry a variety of policies, and no matter who you are, you should be covered. You don’t want to leave the financial burden on your children or simply receive poor quality of care when a life insurance policy can help you plan for the unexpected, though statistically probable, chance that you end up in long-term care.
Let Income for Life help you with all your retirement planning needs, including life insurance, social security planning, and annuity investments. Contact us today for a free consultation.