Many people spend their entire lives planning for retirement – from saving and working hard, to planning out trips and envisioning life beyond the working world. However, with the economy as volatile as it is, there have probably been a few times that you’ve looked at your portfolio and watched its value plummet. It is this unexpected “stuff” that makes retirement planning so hard, and makes thinking about it challenging from time to time. As such, here are some things to think about when you’re planning to retire.
An interesting article from SmartMoney, How to Catch Up on Retirement Savings, highlights the importance of planning and setting goals for yourself and your future. Part of setting goals is thinking about what you will do when you can no longer care for yourself. It is important to think about these things when you’re in good health, so that you already have a plan for when you’re not.
As such, it is important to consider options like long term care insurance, which can help you deal with the rising cost of health care in the United States. It is a known fact that the cost of medical care has been rising dramatically over the last few decades, and it doesn’t look like that trend is going to stop any time soon. As such, you need to make sure that you are insured should you require any type of care in the future.
It is also important to have conversations with your loved ones to let them know what your plans are and what you want. Getting long term care insurance and planning for long term care issues is something that the entire family needs to know about so that they can help and support as needed. And once you’ve decided what you want, you may even want to get an advisor to help you make the right financial decision to match your care needs and wants.
Post by Robert