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How to Financially Plan for Assisted Living

Written by Jacob Edward on July 21, 2014 in Retirement  |   No comments

Preparing for eventual care needs as we age is becoming a critical part of every American’s retirement planning. Retirees are living to a more advanced age, and funds need to last longer than ever before. The further in advance you plan, the better off you…

how-to-financially-plan-for-assisted-living

Preparing for eventual care needs as we age is becoming a critical part of every American’s retirement planning. Retirees are living to a more advanced age, and funds need to last longer than ever before.

The further in advance you plan, the better off you are likely to be if and when you need long-term care or face other major healthcare costs.

Planning your future

It’s hard to tell someone who is approaching retirement that he or she might have to plan for long-term care needs in the future. It’s a little like telling high school graduates that they might need to start saving for their children’s college education. After all, someone who is 60 years old and approaching retirement might not need long-term care for at least another 20 years.

But planning is important. You’ll likely find it easier to purchase things like long-term care insurance while you’re still working rather than trying to handle those expenses while living on a fixed retirement income.

Making the decision as a family

It is very common in the case of an elderly parent that one child, often one living close to home, begins to take control of that...

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