It can happen to anyone
Think it won’t happen to you? Some of the most impregnable seeming public figures have found themselves needing long-term care in recent years:
- Muhammad Ali
- Michael J Fox
- Michael Schumacher
- Ronald Reagan
- Christopher Reeve
- Montell Williams
- Margaret Thatcher
This is not to say that it will happen to you, but if it can happen to the most famous, the most youthful, the fastest, strongest, the most powerful and the most heroic, it can happen to anybody. This illustrates why the possibility of needing long-term care should always be factored into a person’s retirement planning, regardless of who they are.
Even basic health care costs are expensive
According to Health View Services, a Massachusetts-based company which examines retirement health care cost data for financial advisers, rising inflation means that a couple retiring towards the end of 2018 at age 65 will be spending $11.752 on yearly medical expenses. In twenty years time projections suggest they will be spending $31,966 annually.* And this figure doesn’t even take into consideration costs for long term care which could make this figure increase exponentially.
Those who are retiring early have even more to plan for as although they are eligible for Social Security from 62, they must wait a further three years for Medicare enrolment, which is anyhow unlikely to cover all prescription costs.
You have options
Of course, caring for your health in the here and now is great option – but although doing so is going to reduce the risk of premature decline, eating well, exercising and leading a healthy lifestyle are no guarantees against needing long-term care.
There are various financial solutions available, from insurance products to investment portfolios to health savings accounts. So, unless you want to become dependent on the state and/or your children, it is best to plan in advance for all contingencies. This is why you should sit down with your wealth manager so the possibility of needing long-term care can be discussed and built into your retirement planning.
Retirement Planning with Blacktower in the US
Your retirement planning will determine just how much freedom, flexibility and wealth you will have in your sunset years. Blacktower in the US offers wealth management services for expats who want to ensure that they choose the right strategy for their goals.
Contact us today to discuss your wealth planning needs.