The Washington Post is running a new series and I think it is going to be amazingly helpful to their readers. The newspaper is asking people to provide information about their financial situation and then letting experts in retirement savings plans comment and make suggestions. I think it will be very helpful to the people who choose to participate and passive readers alike. If you are interested follow this link and you can participate.
I think this series fits in very nicely with our philosophy here at LTC Tree. It is providing people with the information they need to make the right decisions. There is no pressure and no sales person twisting your arm. We just look at your situation and send you the plans that fit your circumstances.
The biggest benefit of this series is that it may get people thinking about their retirement and having the tough, honest conversations they need to have to make these plans. Retirement savings plans are important, and everyone needs to look at how they are going to build up the nest egg that they need to live comfortably in retirement. But how do you protect that nest egg from the unpredictability of life.
We do not know if we are ever going to need Long Term Care insurance. It is a fact that all insurance types share, you may pay into them and never need them. However, more and more, people are finding that Long Term Care insurance is a key ingredient in a prudent retirement plan. As we age the likelihood that we will need assisted living services increases. These services can cost hundreds of dollars a day. Extended hospital visits can also be a drain on bank accounts and other financial assets.
Many people believe that they are already covered by Life insurance riders or Chronic Care insurance. These plans are not always as extensive as they appear and may only cover certain illnesses. The riders feel like a savings because you pay for them with other insurance, but you may find yourself dealing with a funding shortfall. The bottom line is; there is no long term care insurance, but Long Term Care insurance.
I will be following this series as it unfolds, I love the idea behind it, and I hope that you will be following the stories as well. It could be just the information you need to put together your retirement plan. And, once you have that plan in place contact LTC Tree and we can help you protect that plan.