When planning their retirement, many people have a blindspot in strategy: the prospect of requiring long-term care. While you might have made provisions in your retirement planning for living a good life, you may have underestimated the costs of long-term care or made the common mistake of believing that your health insurance will cover it.
The costs of long-term care could easily eat up your retirement savings very quickly. According to a 2017 report, a 65-year-old could expect to pay out $138,000 in long-term care costs over their lifetime. But when you have the right long-term care plan in place, you can rest assured that these costs will be covered.
What is Long-Term Care?
According to U.S. government statistics, 70% of people aged 65 today will access some form of long-term care during their lifetime. If you suffer an illness or injury that means you are unable to manage your personal care or you need help with daily activities, you will usually need to access long-term care. And of course, this assistance needs to be paid for.
At Pence Wealth Management, we can help you to plan for the future and the unexpected. Many health insurance policies do not cover long-term care and so it makes a lot of sense to include a provision in your financial and retirement planning strategy.
Helping You to Get the Most From Your Defined Benefit Plan
Long-term care cover offers !nancial assistance for the following:
• Home care
• Assisted living
• Hospice care
• Nursing home care
• Respite care
Your level of care will depend on the level of coverage you take out. Our !nancial advisors have years of experience in planning long-term care
plans that will ensure your future care requirements are covered.
Working closely with you, we will determine the most suitable level of cover. Remember, an unexpected disability or accident can occur at any
stage of life, and so it is best to be prepared. Speak to our retirement planning and wealth management experts today to !nd out more about the long-term care options available to you.
RETIREMENT PLANNING SERVICES
Explore our extensive retirement planning services that fit your needs and circumstances.
Our retirement planning and wealth management professionals can help you to make your defined benefit plan work harder for you.
When investing for a major milestone like retirement, you will want to be sure that your contributions are invested wisely.
We can help you to navigate the complexities and take advantage of the opportunities that such a plan provides.
We're here to help you work towards the best possible return on your contributions and investments.
Explore the many opportunities that an IRA has to offer and choose the right option for your retirement plan.
When you have the right long-term care plan in place, you can rest assured that these costs will be covered.
Request An Appointment
At Pence Wealth, we believe that good financial decisions don’t have to be confusing.
If you have any questions or want to schedule a complimentary meeting to discuss your specific questions, please do not hesitate to contact us.
Providing resources which cover topics from financial planning to investment clarity.
Pence Perspective Newsletter – Q2 2023
Bottom Line Up Front The combination of [...]
“So, What?” with Dryden Pence – Episode 2
Dryden Pence takes a deeper look into [...]
Bonds ‘Legitimate and Meaningful Alternative’ to Build Income
Bonds ‘Legitimate and Meaningful Alternative’ to Build [...]
B.A.B.Y. Market (Bonds Are Back Y’all)
B.A.B.Y. Market (Bonds Are Back Y’all) Dryden [...]
The 5 P’s Impacting The Market
As market volatility headlines the news, it's [...]
Quarterly Outlook Report – Building America Portfolio Update
Quarterly Outlook Report - Building America Portfolio [...]
SUBSCRIBE TO OUR EVENT UPDATES
Our events create an opportunity for you to get to know us and our process. If you have some challenges, please join one of our events to get your questions answered. If you’re interested, please subscribe and we’ll keep you updated on our upcoming scheduled events.