Retiring at 65 is a Fairy Tale

People in the past has the luxury of leaving the workforce once they turn 65, splurge money on expensive things, travel around the world, learn a new hobby and not worrying about their finances. But things have changed and people nowadays prefer to retire late due to one reason, they don’t have enough money. 

Longevity is one of the reasons why people retire later than age 65. Since people are living much longer, they become more at risk to conditions and diseases that might require medical attention or long term care.  A lot of people didn’t anticipate the inflation rate of healthcare and long term care cost. To make things worse, only 7% of Americans have purchased long term care insurance coverage. 

So how can we have a happy ending to our retirement? We should invest on our health and stay on our job as long as we can.

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Important Tips for the Sandwich Generation

People who are between the ages of 35 and 55 will experience a financial pinch due to your growing or grown children, aging parents and even your in-laws. In addition to this, pressure might also arise from juggling your commitments at work and what your family expects from you in terms of time and support. A lot of people are experiencing this right now and they are part of the Sandwich Generation. 

There are efficient solutions that can keep you financially on track and they are the following:

1. Pay yourself first
2. Be open about finances
3. Discuss long term care insurance
4. Keep your financial and legal documents up to date
5. Explore your options to help offset costs
6. Set limits

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Important Facts about Senior Americans

The latest report revealed that around 70% of Americans 65 and above will require any form of long term care. It is projected that by the year 2050, there will be around 86.7 million Americans who are 65 and above. This is significant because it shows that more people will most likely require long-term care in the future. The cost of care is steadily increasing and thus the need to prepare for this as early as possible. Planning for long term care early can help you protect your assets and loved ones while you receive long term care services at home or inside long term care facilities.

 

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The Benefits of Investing on Long Term Care Insurance

According to Longtermcareprimer.com, about 7 out of 10 of American adults turning 65 will need long term care at some point in their retirement. This is one of the reasons why people should invest on long term care insurance as early as possible. 

People shell out around $81,000 to $122,000 annually for different types of long term care services. These amounts will double by 2025 and will quadruple by 2030. This projected rise will make it more challenging for Americans to shoulder the cost of long-term care.  Relying on pension and assets will not be enough, so it’s best to invest on long term care insurance.

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New Research Shows that Overconfidence and Misconceptions Hurt Retirement

According to David Littell, the Director of the New York Life Center for Retirement Income that Americans are struggling to come up with answers on basic retirement planning questions such as long term care planning, longevity, Social Security benefits, annuities and retirement investments. 

Only 85% of respondents are familiar with the cost of long term care and healthcare in retirement. But what’s really alarming is the fact that only one in four respondents are aware that about 70% of people who are 65 and above will require long term care. This only shows that that are not prepared for what’s about to come and will most likely face big financial woes in the future. 

The combination of overconfidence and misconception will definitely hurt your life after retirement. So this should be addressed right away in order to avoid making misinformed decisions. 

Source: http://www.forbes.com/sites/jamiehopkins/2014/12/03/misconceptions-and-overconfidence-hurting-retirement-new-research-shows/

Financial Tips for LGBT Community

According to an exclusive analysis by the Associated Press-NORC Centre for Public Affairs Research, same-sex couples are not that financially prepared for retirement compared to their straight counterparts. 

The LGBT community will most likely have less retirement savings and fewer benefits that they can get through their spouses. In addition to this, they will also most likely need long term care since most of them don’t have children to take care of them as they grow older. Another significant factor is the fact that various laws from different states make it hard for LGBT couples to plan for retirement.

In order to plan accordingly for retirement, here are some planning tips for LGBT couples:

1. Know local laws
2. Re-check your employer's policies
3. Long term care insurance policy
4. Double check your documents
5. Straight or gay you need to save
6. Get married if you can

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