Similar to our health status we need to check up on our financial health. Often people miss this yearly checkup and it can lead to devastating effects. Just like our health, we cannot take anything for granted and the best medicine is preventive medicine. When unexpected long term care is needed, the costs can be detrimental to your financial health – unless you are prepared.
Assessing your knowledge
Like any major life transition, the move from newly retired to senior retirement can bring some unexpected change. You should familiarize yourself with the costs of long term care in case you or your loved one might require it. You should seek the guidance of a financial advisor to determine and plan for the costs ahead of time. Here is an eye opening statistic: A 65 year old couple, retiring this year, will need an average of $220,000 to pay for medical costs throughout their retirement. Add to this challenge are the one wage earner households and / or the fact that most retirees have only saved one times their annual income for retirement. Below is a resource that can give you an estimate of the costs of long term care in your community.