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There are many different reasons to plan for long-term care.
For some, this is strictly a financial issue to protect
their hard-earned retirement nest-egg. Others want to reduce
the impact that long-term care will have on their families.
Many people want to enjoy their retirement years free from
worry about long-term care. All these issues are important.
- Minimize: Family disruption, physical
and mental stress due to caregiving, dependence on children.
- Maximize: Choice, financial control,
peace of mind, enjoyment of retirement.
- Protect: Income and assets, lifestyle,
legacy.
TAKE THE LONG-TERM CARE PLANNING QUIZ
Long-term care concerns me because I may:
| 1. Not be healthy enough to enjoy my
retirement. |
Yes |
No |
| 2. Be a burden to my children or family
if I need LTC. |
Yes |
No |
| 3. Need to make sacrifices to care for
my spouse. |
Yes |
No |
| 4. Struggle to maintain my independence. |
Yes |
No |
If you answered "Yes" to many of these questions,
an important goal will be to make sure you know your options
for long-term care. There are many services that can enhance
independence and reduce the burden of family caregiving.
Planning ahead for long-term care can help ensure that that
you will not exhaust yourself financial, physically, or
emotionally.
When I think about retirement, I:
| 1. Want to be able to enjoy my golden
years. |
Yes |
No |
| 2. Worry that I might need to go to the
nursing home. |
Yes |
No |
| 3. Saw that my parents were unable to
do the things they wanted due to LTC. |
Yes |
No |
| 4. Don’t want to spend a lot of
time thinking about long-term care. |
Yes |
No |
If you answered "Yes" to many of these questions,
an important goal will be to make sure your long-term care
plan gives you a lot of flexibility and control. You will
need to start planning early so that you will be prepared
to deal with the opportunities and challenges of retirement.
My financial goals for retirement are to:
| 1. Have enough money to pursue leisure
activities such as traveling or hobbies. |
Yes |
No |
| 2. Avoid a decline in the lifestyle I
had during my working years. |
Yes |
No |
| 3. Leave an estate to my family or other
legacy. |
Yes |
No |
| 4. Avoid relying on my family or friends
for financial support. |
Yes |
No |
If you answered "Yes" to many of these questions,
an important goal will be to make sure your retirement plans
include long-term care. Keep in mind that most financial
programs that calculate how much you should save for retirement
do not include these expenses. Private LTC insurance can
be an important investment to reduce the risk that your
estate will be drained by catastrophic long-term care costs.
Step 2: How will I Get
There?...
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