By Boettcher Insurance Agency
November is Long-Term Care Awareness Month, a perfect time to explore the essential role long-term care planning plays in retirement. Planning for long-term care should be a core part of any comprehensive retirement strategy.
What is Long-Term Care?
Long-term care is the assistance needed by individuals over 65 with daily tasks such as feeding, bathing, and maintaining routine. This type of care is important for aging adults who develop disabilities or health issues that impact their independence. Current estimates suggest 56% of Americans turning 65 will require some form of long-term care. For many, the costs of such care will exceed their retirement savings.
Why Plan for Long-Term Care?
Without a solid plan, long-term care costs can threaten an individual’s financial security and create stress for their loved ones. According to recent research, 59% of Americans worry about not being able to afford long-term care. By including long-term care planning into retirement discussions, clients gain peace of mind by knowing they have a strategy to protect their financial independence.
The Emotional Toll of Long-Term Care
Long-term care planning isn’t just about finances. It also supports the emotional well-being of families. When my grandmother needed care, the absence of a long-term care plan put a heavy strain on our family, both emotionally and financially. If she had prepared a long-term care plan it would have lessened that burden considerably.
Overcoming Barriers to Planning
Many individuals avoid long-term care planning because they don’t believe they’ll need it or feel it’s unaffordable. But recent events, like the pandemic, have encouraged people to rethink the approach. According to recent data, 86% of Americans believe having a long-term care plan would boost their confidence in their financial future.
Looking Ahead
As the new year approaches, we’ll be conducting customer reviews to help clients evaluate their long-term care strategies and ensure they are prepared for the unexpected. Now is the time to start the conversation, don’t wait until a crisis arises. Let’s work together to prioritize long-term care planning and build a secure future for you and your family.