Conquer Your Retirement Fears
By Dustin Graham
April 1, 2018
Two of the biggest worries I hear are:
I might run out of money.
I won't be able to take care of myself.
In a perfect world, retirement would look like it does in a magazine ad or in commercials. Visualize yourself and your spouse taking the boat out, visiting your lake home while the grandkids are visiting for the summer. There are bright blue skies and carefree smiles until we draw our last breath.
The reality is, this glorious phase of life brings far more stress and worry than folks want to believe. A lot of precious time is spent planning doctor appointments and reacting to medical ailments. You want, and need, your health to cooperate so you can enjoy the fruits of your 40 plus years of working and saving for the golden years.
However, we have learned 70% of the Americans over 65 will require some form of long-term care. In some instances, far earlier than we’d like for it to. For married couples, the likelihood is higher, a 96% chance. For "average" care the costs can be astronomical. In Maricopa County, a private room in a nursing home will set you back over $8,300 per month... almost $100,000 per year! And in 10 years, the same room is projected to cost over $11,000 per month!
Too many families are facing this reality without any actionable plan for long-term care. Many families will pull money from their retirement savings, further compounding the financial situation for the surviving spouse and family. Long-term care planning is like fixing a leak in your roof. The longer you wait, the more expensive it becomes.
Please, for yourself, your family, and your loved ones DO NOT wait any longer to have this conversation. You have far more options available to help alleviate the burden of a tragic situation than you think. New solutions are far more inclusive and can keep you in control of your care.