A Growing Urgency: Why Boomers Should Prioritize Retirement Care
North American Precis Syndicate
Scott Goldberg, President of Bankers Life (NAPS)
(NAPSI)—When thinking about retirement, your main focus may center
around not being a burden to your loved ones. In fact, 81% of middle-income
Boomers have made at least one formal preparation for when they pass away1.
However, despite preparing for these expenses, your retirement plan is far
There is one cost that many avoid planning for—retirement care.
Just one major expense can shatter
your retirement nest egg
Retirement care—whether at home or in a facility, due to injury,
chronic illness or decline in physical or cognitive function—is an
urgent issue that must be addressed.
Many factors will impact the amount you should save for retirement care
such as age, health care needs and cost of living.
This week, it’s National Retirement Planning Week, a great time to
develop a plan for retirement that includes retirement care. Bankers Life
President Scott Goldberg shares three steps to help prepare for retirement
1. Increase your knowledge.
Whether you plan to pay for retirement care with personal savings or
government assistance, it’s important to be aware of the costs and the
ways to pay for care. For example, while Medicare does not pay for ongoing
long-term care, Medicaid may pay for some retirement care expenses depending
on your eligibility.
2. Develop a plan. Ideally,
your retirement and how much money you should save is something you have thought
about years before you retire. Having a realistic financial plan can help you
live within your means in this new stage of your life. Considering retirement
options can be overwhelming so seeking help from a financial planner can help
ease that burden.
3. Communicate your preferences.
The time to prepare for retirement care is before you or a loved one becomes
ill. It’s important to communicate your preferences to family members
about how you would like to receive care in retirement. It’s helpful to
include a financial planner in these conversations to provide an unbiased
answer to your family’s questions. By sharing your plans, your loved
ones will be as financially and emotionally prepared as possible should you
need retirement care.
It’s never too late to seek help and to better understand your
financial plan and current health care coverage to anticipate unforeseen
situations in the future.
1. Bankers Life Center
for a Secure Retirement, A Growing Urgency: Retirement Care Realities for
Bankers Life is the marketing brand of Bankers Life and Casualty Company,
Medicare Supplement insurance policies sold by Colonial Penn Life Insurance
Company and select policies sold in New York by Bankers Conseco Life
Insurance Company (BCLIC). BCLIC is authorized to sell insurance in New York.
“Having a realistic financial
plan can help you live within your means during retirement. A financial
planner can help, suggests Bankers Life President Scott Goldberg. http://bit.ly/2GfzqPO”
On the Net:North American Precis Syndicate, Inc.(NAPSI)