You’ve been told to save for retirement your entire life and might have even based some of your career and job choices around places where you have the opportunity to save for retirement. But don’t forget about some of the biggest costs in your retirement years that you’ll need to pay for; long term care and health care expenses.
One recent study found that despite the prevalence of these expenses and greater knowledge around dementia and the cost of nursing homes, half of all Americans are completely unaware of some of the key ways to minimize the costs associated with these big expenses.
This means putting your retirement financial security at risk. The study from the Centre for a Secure Retirement found that 54% of Americans who were near retirement or in retirement are familiar with long term care insurance while less than half of the survey respondents said they knew about Medicare advantage plans.
Long term care insurance and Medicare advantage plans are two of the most important tools for protecting the nest that you’ve worked so hard to build over the course of your life. One of the biggest goals to approach with regard to this elder law plan is avoiding being unprepared for your biggest retirement expenses.
Purchasing long term care insurance or even a Medicare advantage plan might not be the right choice for you. Despite the fact that there are options out there it is up to you to schedule a consultation with a dedicated estate planning lawyer to discuss the various costs you could help to defray and which strategies are most aligned with your individual goals.
If you’re not sure how these various plans or insurance policies work, having an outside professional explain it to you and walk you through the process of how this helps you achieve all of your estate planning goals is especially beneficial.
Make sure you take the time to learn about to defray these common expenses so that your retirement isn’t in jeopardy.
Need help? Speak to our estate planning lawyers in Pasadena today.