The need for long-term care planning in today’s world is real. The frequently citied Genworth cost of care reports show us the astronomical cost to pay for home health, assisted living or nursing home.
What kind of impact will that have on your retirement savings?
For example, for 2016, the state median for Michigan for Assisted Living was $3,563 or $42,750 a year*.
Through the use of long-term care insurance, long-term care hybrids, or the use of an accelerated death benefit rider, you can create a self-funded plan where if you require long-term care, the money will be there, but if you never touch it, your family will be provided with a death benefit. These plans often can be funded with your IRA or 401(k) distribution.
There are many options available, and we can help you find the one that fits into your overall retirement planning strategy.