Medical advancements are enabling Americans to live longer than ever before. Consequently, retirement plans need to reflect a longer view than they did even a decade ago. Now is the time to review and possibly revise a retirement plan to make sure it can address the rising costs of living longer.
Living longer also comes with increased risks of developing a debilitating condition, requiring some form of care or assistance. Whether it is a simple surgery, that requires short-term assistance, or something life-changing like Alzheimer’s or dementia, which needs escalating, long-term care, every adult must include considerations for these eventualities in their retirement plans.
Care varies not just in length, short or long-term, but also in who administers it, family members, volunteers, professional non-medical aids, or skilled medical staff. It is important to remember that not all care, even that provided by professional aids or skilled nursing staff, is covered by Medicare or supplemental insurance. (more…)