55-year-old Wants $8,000/month of Long-term Care Coverage at age 80 (without giving up accessibility)
(don’t forget to checkout the video of this blog too)
Long-term care coverage is expensive…. but what’s more expensive is an actual long term care event.
One very important element of financial planning is ensuring that you don’t run out of money in retirement.
That’s why I often talk about providing an element of guaranteed income to your retirement plan.
But, to ensure that that income is enough to last you all the way through retirement, you have to ensure that you don’t have a LARGE, unexpected expense…
And that’s exactly what a long-term care event is…
…. a very large expense that can wipe out almost anybody’s retirement savings very quickly.
The good news is that nowadays, there are ways to protect yourself and your retirement income from long-term care (that are much more compelling than they used to be).
Here’s an example of how it works for a typical 55-year-old client:
