10 Aug The cost of retirement
It is common to hear that more than 15000 people celebrate their 65th birthday every day, this is a recent affirmation that even 20 years ago people didn’t have hope to live as long as today. Proof of this is to think for ourselves and even as we grow older, we think that people 65 years old are still young. We don’t hear anymore regrettable deaths for heart attacks o cancer, a great part survive this ailments and live to be 80 years or more.
A generation of older adults in particular that can be recognized for being in their 80’s is growing in a fast paced and all of them will require long term care, nursing, rehabilitation, medical supply, palliative care etc..
The biggest challenge is that a big part of this people planned their retirement for their 60’s, forgetting the probability that this could come until their 80’s and that it will require a greater attention. What to do when health starts to decrease permanently.
Planning retirement requires a whole analysis, retirement divides in two parts. The first part are the vigorous years and the second part is to plan the long term attention and for sure 75% of us will require medical attention the older we get. And now the question is how do we save for long term care? How much is enough?
We think that it will be ideal to stay in our houses with the least care if necessary, but many of us will need a care provided by the assisted living community. If it was like that, we would like to have the power of choice and choose a place that really provides good attention and satisfies our needs. For this, we have to save at least 2 years of payments per person, the average cost of assisted living today comes as far as $6,000 dlls per month. For 2 years this cost could raise up to $120,000 dlls. We should have this money on savings accounts destined for long term cares or insurance that covers this cost.
Maybe we will face this scenario more than once in our lives, so knowing the whole picture will help a lot. Contact an adviser expert on this topic and get to know more about how to plan your retirement.