The biggest mistake often made with long-term care planning is putting it off until health issues can make LTC planning much more costly or impossible to qualify for. When you consider the potential financial impact of not planning for long-term care, planning for LTC should be an important part of any retirement plan.
Planning for the golden years is about a lot of things, many of them being important “finally I get to …” moments. However, before you tackle that “bucket list,” be sure to nail down some important financial considerations. 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.”
Reference: MarketWatch (July 15, 2013) “Long-term care planning too vital to ignore”