Some of us may try to avoid it, and it certainly can be a bit of a delicate subject for others. But as we all know, aging is inevitable—so why not embrace it?
It’s exciting that we’re living longer than ever, thanks to amazing advances in medicine. To those who are planning or even nearing retirement, you have plenty of life left to live, which makes it all the more important to make sure we all think about how we’re aging.
The idea of aging well is causing people to place a larger emphasis on continuing to stay active and engaged as they grow older in an effort to live longer, fuller lives. This can mean different things for many people—whether it’s exercising, traveling the country or world, or staying involved in your community. However you define it, it’s your lifestyle and you should be able to enjoy it.
Unfortunately, fewer people nearing the age of retirement are expecting to be able to enjoy their later years or afford the things they want to do during retirement, according to a recent study by the AARP, due to the declining economy and uncertainty surrounding their personal finances. More people are also less confident in their ability save for retirement and anticipate having to scale back their lifestyle during retirement in order to make ends meet. That’s why solutions like long-term care insurance can play a crucial role in helping people age well, and it should be a part of your retirement planning checklist. Here’s why.
Many people only think of long-term care insurance as a way to cover health care and other expenses should they need long-term care as they age. While it’s true that it does help you plan for those financial and health risks, it also protects your “lifestyle risk” during your retirement years.
By covering the cost of unforeseen care needs, long-term care insurance can provide the added confidence and peace of mind that your retirement income will be there to support you and your family when you need it. It can also extend your retirement savings so that it can provide for daily living expenses, vacations and family visits, or other activities that make up the lifestyle and quality of life that you spent years preparing for.
In short, long-term care insurance can help preserve your independence, secure the retirement you want, and give you a reason now to feel secure about your future. And should you need it, long-term care insurance can also provide you with the care you need in the setting you prefer.
No matter your age, it’s never too soon to begin planning for retirement. I encourage you to learn more about long-term care insurance and other solutions to see how they can help you and your family. By eliminating some of the worry that may surround your later years, you can focus on living—and aging—well.