Episode Resources: The Retirement Planning Success Course – Everything you want to know for choosing the right retirement strategies.
Principle #6 of 10 for Building Wealth For Life: You have to have a plan for long term care.
I took care of my mom, my dad, and my grandma for 10 years.
My mom and grandma ended up living with me for about five or six years at that as they got hit with medical issues later in life.
Well, while I’m a wiser person, a better person, for being able to care for my parents, that is not how you draw it up.
You need to have a plan for long term care.
If you’re a couple and you’re going to retire and you’re in your 60s, you have about a 70% chance that you’re going to need long term care.
So it’s not just about buying long term care insurance. (Which may NOT be the best idea!)
It’s about how are you going to manage your assets, where are you going to live, what kind of care plan are you going to have, how are you going to communicate with your family.
All those things are critically important and you have to plan for it.
I know you know people who have gone through long term care issues.
What are you doing right now to plan for it?
You have to put a plan in place. It’s easier to do it sooner versus later.
So that’s principle number six, make sure you have a plan for long term care.
If you want to learn more about these strategies check out the Retirement Success Course that we have from Wealth For Life. Thanks for reading this!