People fear life after retirement because they think that they will just become a burden to their family. Nobody wants to be in that position and the best way to dodge this is by planning as early as now. Based on the numbers mentioned at http://www.ltcoptions.com, about 70% of Americans 65 and above will need long term care. This is very alarming and thus people should make a move now. The cost of long term care is becoming more expensive and paying for this out-of-the-pocket will just deplete your assets. So what’s the best way to beat the high cost of long term care? By purchasing long term care insurance, one can avoid becoming a burden to their families and can successfully secure their future financially while receiving long term care.
If you ask what most people fear most in retirement, it’s being a burden. Long-term care insurance can alleviate that fear, but it doesn’t come cheaply.
About 70% of all retirees need long-term care at some point, although that includes help from family and friends as well as assisted living and nursing homes, says Jamie Hopkins, professor in the Retirement Income Program at The American College.