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Are You Exposing Your Retirement Funds to Long Term Care Cost Devastation?

May 10, 2017

 

Do you have enough set aside to afford up to $8000 a month in long-term care? Chances are that at some point during your older years, you will need access to it. Advancements in medical technology mean that baby boomers who are just approaching retirement age may expect to live another 30 years or longer.

 

If you are 65 years old today, there is at least a 70% chance that you will need some kind of long term care over the course of your life as shared by the U.S. Department of Health and Human Services. However, without proper planning put in place and considerations over your individual health care and retirement needs, you could be exposing all of your retirement assets to be quickly eaten up with just one long term care event.

 

Genworth’s Cost of Care Survey identified that a private room at a nursing home has a median cost of just under $8000 per month. An in-home aide cost just less than $4000 per month and those costs are continuing to rise.
Medicaid and Medicare may not fully cover all of the expenses associated with a long-term care event, exposing you to serious problems and worrying that you’ll have to decimate all of your retirement savings. If you have particular assets set aside, you may wish to hand these off to future generations after you pass away, but they could be quickly eaten up if you do not have protection tools in place such as Medicaid considerations with advanced planning or a long-term care insurance policy. Do not hesitate to consult with an experienced New Jersey estate planning lawyer to learn more about how to protect yourself now and in the future.


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Schedule your free Exploratory phone call

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can be of assistance.

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Listen in, Join the Conversation!

Recent Posts
Do You Owe The AMT?

American educational reformer Horace Mann called education “the great equalizer.” In football, it’s been said ...

See more
What is the Value of Your Business?

In the second quarter of 2023, more than 2,300 small businesses were sold. The median ...

See more
Immediate vs. Deferred Annuities

Despite not being as well known as some other retirement tools, annuities account for 6.5% ...

See more