Long-Term Care Planning is Critical for Retirement Planning.
Nearly 70 percent of Americans over the age of 65 will need some sort of long-term care in the future, says Greg Lavelle of Retirement Advisers at Financial Square*. Addressing this issue is a critical piece of any retirement plan. He says his firm doesn’t do the insurance-based type of long-term care anymore, but the asset-based type of long-term care planning instead. One out of six people may end up running out of money in retirement because of the way they have their money allocated. If too much money is invested too conservatively, you will not keep up with inflation. If too much money is invested aggressively in the stock market, you could risk losing 30-40 percent if there is a downturn. Retirees need to have some money that is “guaranteed” to take care of ongoing expenses to avoid running out.
To learn more about Greg Lavelle and Retirement Advisors: www.retirementadvisers.net
For more Right on the Money: https://rightonthemoneyshow.com
*SOURCE: https://www.aginginplace.org/what-is-long-term-care-insurance-and-who-needs-it/
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