It is very common for individuals and couples in Greenville, SC, to focus their retirement planning on everything they want to do in the future. This is only natural, with a desire to finally have time to enjoy life, travel, spend time with the family, or simply do what you have always wanted to do.
One of the more challenging aspects of retirement planning is considering the potential for long-term care needs. Matt Dixon, a Registered Financial Consultant, knows that part of the conversation about retirement planning needs to focus on this difficult topic.
The United States Department of Health and Human Services reports that seventy percent of people age 65 and over will require some level of long-term care. This care is usually in an assisted living or nursing home facility, which can be very costly. There are about 12 million people in the United States in these facilities, with the average length of stay at three years.
Other forms of long-term care include home health services, which can extend the time the senior can continue to live at home, reducing the cost of nursing home care.
Having the Talk
Working with Matt Dixon helps individuals and couples in Greenville, SC, to plan how to cover these expenses as they age. Unfortunately, without any type of protection, the cost of long-term care can quickly erode retirement savings.
Depending on the financial situation and the age of the couple or individual, long-term care insurance may be an option to consider. Matt Dixon can help you to review the calculations and determine the best option. Having a plan to address this issue is the best way to ensure your retirement is adequately funded.