Long-Term Care Planning Considerations As You Contemplate Retirement

Did you know that only 13 percent of Older Americans are prepared for the costs of long-term care? Research suggests this may be due to rising costs of living and medical expenses, as well as the common misconception that only seniors require long-term care. In reality, the need for long-term care can arise at any time, and being unprepared can make the situation more challenging to navigate. To help alleviate your concerns, let us share with you a few long-term care planning considerations when you are contemplating retirement. 

The first, and perhaps most important step, is to plan early. It is never too soon to start thinking about your future. Unfortunately, many people rely on planning options being available in a crisis, and wrongly believe that creating an estate and long-term care plan is unnecessary, or only for Older Americans. While there may be options available to you in a crisis, they are typically less robust and comprehensive. Planning ahead is key to creating a carefully thought out and developed plan for your future care. 

While planning ahead, we also encourage you to keep your loved ones informed throughout the process. Planning for the next stage in your life can be overwhelming, and sharing your concerns and goals with loved ones may help keep you grounded. Involving your close friends and family members may help you make decisions and alleviate some of the concerns you may have. Remember, you do not need to prepare for retirement alone. 

Once you have your goals in mind, do not hesitate to get in touch with an experienced elder law attorney who can help you achieve your long-term care goals. He or she can help you create a plan that meets your needs, and will help advise you as to the types of planning documents for your unique situation. 

These are just a few long-term care considerations when you are contemplating retirement. We know this article may raise more questions than it answers. We encourage you to think about what you need for yourself as you contemplate retirement, and then contact an experienced elder law attorney to get the information you need.

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