Did you know that this October is also long term care planning month? So as we get ready for Halloween and the festivities that come after, we also urge individuals to take this time and prepare for their future long term care needs. We at ALTCP.org remain steadfast in encouraging individuals to safeguard theirs and their families’ futures by planning for long term care expenses. America’s cost of care can take a severe toll on one’s savings. This is why we would like to lend a helping hand to every person who would take it.
Starting with Retirement
Growing old and retirement planning must go hand-in-hand, but many individuals still choose to delay the latter. Long term care coverage is a big portion of retirement planning, and yet one-third of individuals age 40 and older have done no planning at all.
Every person wishes for an easy retirement, but not many plan efficiently for it. Surely, everyone wants to grow old gracefully. However, it takes careful retirement planning for you to meet your desired goals. If you wish to travel to different places or to live in a cozy environment, you need to save money while you still can.
There is no absolute right way to plan for retirement because each situation is different. Many seniors today wish they can step back in time so that they can plan out how they would live their senior years. Unfortunately, time passed by so quickly. Some seniors were not able to plan for retirement. They have no choice but to be contented with their lives and enjoy their remaining years.
When Is The Best Time To Retire?
Though long term care coverage is a big portion of retirement planning, individuals have other components to plan for. One of which is deciding when to leave the workforce.
Many people would choose to retire when they are already entitled to receive their private or public pension benefits. Some follow the traditional route and retire when they turn 65. However, a number of people are not as lucky. Plenty of individuals are forced to give up work because of certain physical conditions. These hinder them from performing activities of daily living, not to mention tasks required to complete their work.
Different people face different situations. This is why you should take extra measures to plan a retirement that is entirely your own. With that said, there is no specific age people should retire, so plan according to your needs and your goals. What kind of life do you want to have at that age? Take the necessary steps to achieve that goal.
Bear in mind that you should plan while you are still healthy and employed. Planning while you still have a stable income is important. But also consider how much you will receive after retirement. Determine what you can afford now such as long term care insurance premiums and other expenses. Along with this, evaluate what you can afford after leaving work and the steady paycheck that comes with it.
Lifestyle Choices for Retirees
Upon retirement, Americans often select from these lifestyle choices:
- Continue working full-time
- Continue working part-time
- Retire from work and becoming engaged in a variety of leisure and recreational activities
- Retire from work and later returning to work full-time
- Retire from work and later returning to work part-time
Four out of five of these lifestyle options involve working. The country is facing an important demographic change as the baby boomer generation is now reaching retirement age. The primary reason that seniors never retire or return to working after retiring is that their wages and fringe benefits are not enough to cover their everyday expenses. The reality is that retirement in the country is expensive.
If you want to enjoy your senior years, you need to plan for your retirement. Think about how you can afford housing and health care services. If your bucket list includes traveling, you need to plan for that as well. To live a comfortable and stress-free future, you can seek the help of your financial adviser or an insurance company specializing in retirement plans.
Retirement planning is not easy. You need to consider many factors like your health, financial resources, and lifestyle choices. But saving for your future can start as early as now. You can invest your money and secure an insurance plan. Make sure that it is one which provides enough benefits for you to live a comfortable senior lifestyle.
How Is Your Retirement Plan Going?
Retirement can be a fun time for many people, and we would love to hear your stories and tips! Send over any experiences you would like to share about your retirement plan, and we will post it here. Send us a message here, and let us know.