Three things you can do to observe “National Save for Retirement Week”
For most working Americans, retirement conjures up images of travel, spending time with grandkids and maybe a few budgeting changes. While that’s the typical American retirement dream, it’s not always the reality. Statistics show that 70 percent of people turning age 65 will need long-term care at some point in their lives – a significant part of the retirement years that few people plan for.
Studies show that fewer than half of workers do not know how much money they will need to live comfortably in retirement. Additionally, less than one-third of Americans age 50 and older have begun saving for long-term care. While the picture may start to look bleak, the reality of long-term care doesn’t have to be daunting.
“Retirement is becoming more of a stressor for families due to people living longer and having fewer resources as we continue to age,” said Troy Tice, owner of Amada Senior Care North Houston. “Fortunately, there are a few things you can start doing now that will help tremendously in the years you need it most.”
Save for long term care. “Most people are not aware that Medicare will not pay for help with your assisted daily living, which is the type of long-term care that most retirees will need,” said Tice. Explore your long-term care options, including long-term care insurance and calculating the amount of extra money needed to pay for care outright.
Involve your family in your retirement plans. As it is typically the younger generation who will help you in your retirement years, make sure your family knows your long-term care wishes. “Whether your preference is staying in your home with assistance or moving to a senior facility, make sure your family is aware of your choice,” said Tice. This offers the best chance for a successful transition to the next phase.
Have a legal plan in place. We have all heard the terrible stories of infighting over a loved one’s assets or the horrors of financial elder abuse. “There may come a time when you are unable to care for yourself, so having a living will prevents having your family being torn apart guessing at what your wishes might be. When everything is clear and in legal standing, there is no room for misinterpretations,” said Tice.
According to Tice, retirement is supposed to be for enjoying your life’s work, not for the added stress of unforeseen expenses. “Even a small amount of advance planning now can help you enjoy a long and happy retirement with your loved ones.”
Amada Senior Care North Houston provides non-medical in-home care that is highly personalized and cost-effective. For more information, call (832) 209-8844 or visit www.amadanorthhouston.com, www.amadacentralhouston.com or www.amadasugarland.com.