One vital aspect of retirement planning that needs to be carefully considered is long term care. There might come a time where we will no longer be able to make important decisions concerning ourselves, so we need to take the necessary measures to ensure that our wishes will still be followed during that time.
Below are important considerations you need to know to secure a comprehensive retirement plan.
Long Term Care Facilities and Providers
By knowing the various facilities and providers available, you are able to weight all your options and make the best decision for your future welfare. Ask yourself these questions when deciding:
- Can I receive care at home? And who will provide the care I need?
- Which care services or facilities are available in my area?
- Which care services or facilities are best equipped to provide the care I need?
Advance directives are documents containing instruction on how you wish to be taken care of in the event that you are unable to decide for yourself. Generally, there are two types of advance directives:
- Living Wills – these are written instructions detailing the care or medical assistance you wish to receive when you are unable to decide for yourself.
- Medical Power of Attorney – This is a legal document that provides another person the power to make medical decisions on your behalf when you can no longer do so for yourself.
There are other legal documents, which are designed to protect your financial assets:
- Living Trust – This is a legal document that places your assets into a trust for your benefit during your lifetime.
- Durable Power of Attorney – This document transfers the power of making decisions for your estate to someone else when you are no longer able to make the decision.
As you plan your retirement and take these steps, make sure to discuss your decisions and choices with your family and loved ones. This way, they are aware of your wishes and can carry them out for your benefit.