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Have you begun to think about long-term healthcare costs? More than 70 percent of Americans over the age of 65 will need some kind of extended healthcare, and as the baby boomer generation advances in age, retirement issues are becoming more imminent.
According to Miriam Bakker of Resnick Advisors, assessing long-term care is a critical component of the overall financial and estate management process. Without it, says Bakker, there could be potentially financially devastating consequences. "The cost of extended healthcare can decimate retirement savings and force liquidation of hard-earned asset," she says. She adds, "Most families will need to make difficult choices "If we can't be our own caregivers, who will pay for care, and how?"
Bakker says, "Caring for a family member or friend who needs assistance with daily living or supervision can be very difficult to manage, especially without help. It can be painful for aging parents to ask their children for help, physically or financially, and for their adult children to find ways to meet the needs of their parents and their own young families at the same time. With careful oversight, it might be possible to protect retirement savings and assets while providing the level of care that is ultimately needed by so many." Learning about these options, she says, is an important step in the process.
Have you made plans for future healthcare costs, or are you procrastinating -- like me? Let me know here.
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