Retirement Mistakes and Long Term Care
The Motley Fool recently published an article entitled “4 Retirement Mistakes You Can't Afford to Make,” with a subtitle warning: “Take steps to avoid these.“
And—as if you weren’t already motivated to read
the article—the subtitle adds ominously: “Your golden years depend on it.”
Perhaps it’s not a surprise that the list of four mistakes starts out like this:
1. Relying on Social Security alone
2. Underestimating your healthcare costs
3. Forgetting about taxes
But you already knew those. I’m here to write about mistake #4—the one that you know you should take steps to avoid. Because—as The Motley Fool sagely advises—you can’t afford to make this mistake, because your golden years do depend on it.
Since you’re reading this in an email from me, you probably know what retirement mistake #4 is. Yep, it’s: Not planning for long-term care.
Let’s put a point on it. It should actually read: “Not planning how to pay for long term care.” Because you may have a plan, only to find out down the road that your best-laid plan is not affordable.
And, a plan is only a wish until it’s backed up solidly with what’s needed to implement it. In the world of long term care, that usually means either a pile of money that you’re willing to dedicate to this very possible need, or, a long term care insurance policy.
So, I guess you can say I’m taking on the role of that person who brings up uncomfortable topics that you’d rather avoid. You may call me a party pooper, but we’re trying to bulletproof your retirement here!
As the Motley Fool succinctly spells it out, “And if you don't buy insurance to help cover the costs involved, you could be in for quite a financial shock.” Pardon the pun, but you’d be a fool not to fund your long term care plan with a policy!
Contact Baygroup Insurance at http://www.baygroupinsurance.com/forms/contact-us or call us at 410-557-7907 for more information about long term care insurance and how it can help you get the best care possible.