In this video Ryan talks about Malibu Wealth Plannings approach to investing in the stock market.
Read More Long-Term Care Insurance
Research shows that US citizens are living longer. However, extended life expectancy increases the likelihood that you will need long-term care, offered by assisted living professionals. Long Term care helps you with day-to-day tasks such as bathing, eating and getting dressed to name a few. You may even need to be admitted to a care home or nursing home. As an example, someone turning 65 years old today has almost a 70% chance of needing some type of long-term care services in their remaining years, according to the U.S. Department of Health and Human Services. Women need 3.7 years of care, while men need 2.2 years.
Subsequently, the cost of traditional long-term care insurance is not guaranteed to stay level. Meaning that if you start paying for LTC at 60 years old and by 80 years old the premiums could increase so much that you may not be able to afford paying them anymore. Many people pay for long term care for 20 years or more and when the policies become too costly, they have to stop paying them and then they lose all the money they added and the benefit. Fortunately, there are alternatives to traditional long-term care.
Long-term care insurance should be a key part of your comprehensive financial planning strategy. Our expert advice helps you to understand which issues you should focus on and presents you with the best options to protect your spending power in old age together with your family’s inheritance.