Saving for retirement!

Saving for Retirement

It is fortunate that I have a large family who is close and sticks together no matter what. As my parents got older, I began having to take a more active role in their lives. It was really important to be involved in their life especially when it comes to the financials, healthcare and their well being. It made me realized that it is important to create a secure financial and healthcare plan for the future.

Healthcare is a growing concern among many Americans. Its something that should be available and accessible to everyone. But it is considered a benefit or a form of compensation as oppose to a right. The cost of healthcare has continued to grow year over year. Saving for retirement and healthcare costs is critical to the current and upcoming generations. I was looking at a report on the Today show, and the correspondent provided a comparison in long term care options for retirement.

The benefits were for couples or individuals who have assets of $500,000 or more, this didn't include your home as an asset.

http://www.today.com/series/starttoday/have-healthy-retirement-jean-chatzky-how-pay-long-term-care-t106862

by: Jean Chatzky

"Who it works for: Again, people with more than about $500,000 in assets but less than a few million (over that amount you can self fund your care). Unlike traditional long-term care policies, which don’t have guarantees (that’s why so many people have seen their premiums pop in recent years), these hybrid policies often do. If you pay your premiums as contracted, you have a guaranteed death benefit, guaranteed cash value, and a guaranteed amount of long-term coverage. Typically, the amount of years you spend paying the premiums on a hybrid policy is shorter than on traditional life insurance — some have a single premium, others are paid for over about 10 years, but the amounts themselves are much higher.
For example, a 55-year-old healthy female could spend $75,000 on a policy (paid all at once, or $8,500 a year over 10 years) that would provide $271,000 to be used for long-term care, as well as a minimum death benefit of about $135,000, according to the AALTC. (Using the long-term care benefit, however, reduces the death benefit.) There is also typically a waiting period before you can access the money in the policy for care. Make sure you know what that is. "

It was also said that:

"Medical costs, especially unexpected ones, can add up. A 65-year-old couple will need an estimated $260,000 to pay for unreimbursed medical expenses through retirement — and that doesn't include long-term care, according to Fidelity Investments. "

Those of us who are getting older, have to plan ahead.

I know that many of us are too busy dealing with today, that we don't even have the time to think about the future. However, the years are going by really fast and before you know it, its that time to retire.

Either we can retire comfortably or continue working beyond retirement age?