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Funding a Healthy Future: What's Your Plan?

May 06, 2019 3 min read

Think you’re headed toward a retirement that comprises decades of wealth and health? Reality check: Many Americans don’t consider the risk of developing a disability during their retirement. It is estimated 52% of those turning 65, including 58% of women* are expected to need some form of long-term care services in their lifetime. If you don’t plan it could set you back even as much as six figures.

So, even if you’re not sandwiched between caring for growing children and aging parents, it pays to think about your own future — and how to avoid putting a financial and emotional burden on your loved ones’ plates.

You’ll find a wealth of resources on long-term care and caregiving online. But because plugging care into your plans can be complicated, consider bringing a professional into the conversation.

 

 

Here are five questions to help kick-off a conversation with a financial advisor about your potential care needs as you age:

  • 1. What kinds of expenses should I plan for?

    In-patient facilities? In-home help? Out-of-the-box solutions? The cost of care can be more than you imagine.

  • 2. Will I need a lawyer?

    You may want to consult a pro on advance care directives, power of attorney, estate planning and more.

  • 3. What steps should I take, and when?

    From organizing files to having “the talk” with your spouse and children, putting together a plan — and a timeline for executing it — can help you stay independent and live life on your terms.

  • 4. Where should planning for my own care fit in my financial priorities?

    If saving for retirement is Job 1, planning for risks of developing a disability and needing long-term care services— and getting familiar with available solutions — might be 1a.

  • 5. What does my family history say about my future needs?

    Past isn’t always prologue, but it can be a good indicator of what’s to come and offer important clues to help you prepare.

 

Your move

Want to discuss your options? Schedule a call Opens in new window with an advisor.

Prefer talking finances face-to-face? Find a local Prudential advisor Opens in new window.

 

 

Footnotes

*Long-Term Services and Supports for Older Americans: Risks and Financing Opens in new window,” U.S. Department of Health and Human Services, February 2016

 

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