With retirement fast approaching, you likely have many things on your mind. Are you ready for everything that comes with that phase in life? If you want to make sure you are really ready for retirement, retirement planning is key. Looking over finances and deciding how and where you want to spend your time is a must. Have you taken the time to do some long-term care and estate planning as well?
Estate and LTC planning is something most people in Illinois and elsewhere put off because they feel they don’t need to do them yet. The reality of the situation is this: you do not know when those plans will be necessary. It is better to prepare now for the what-ifs rather than keep putting it off until it is too late.
LTC planning
Roughly 70% of people who are currently in their mid-60s will need long-term care services at some point in the future. For some, that will involve in-home care; for others, that may look like living in an assisted living center or nursing home. The problem is that insurance providers do not cover the full cost of such care. Chronic illness, disability or incapacitation can strike at any time. So, it is suggested that people:
- Take the time to do Medicaid planning.
- Look into acquiring LTC insurance.
- Consider setting funds aside.
Without LTC planning, you and your family may face significant financial consequences down the line.
Estate planning
If you already have an estate plan in place, making sure it is up to date is always a good idea. Most experts recommend that you review and make necessary changes to your plan every few years or after a major life event. If you do not already have an estate plan, there is no time like the present. An estate plan serves many purposes. Among other things:
- It allows you to protect your assets.
- It is a good place to name beneficiaries.
- It allows you to designate personal representatives.
An estate plan can do so much, but it is only good if it is up to date and legally valid.
Ready to start?
No one can force you into getting retirement, LTC or estate planning done. You have to be ready to do it on your own terms. When you are, hopefully sooner rather than later, you have the right to seek assistance with the process, so you can ensure proper completion and that the final products truly fit your needs.
