Planning For Your Own Long Term Care What You Can Do Now

Aging is inevitable, and no one knows what the future will hold. For this reason, it’s more important than ever to begin planning for your retirement and senior years at a relatively young age. Proactively planning for your future helps to take the financial burden off of your children and provides the lifestyle you’d like to have during your retirement years. Even when you’re young, some basic steps can ensure that you’re well cared for as you age.

Pay Off Debt

The first step you can take to prepare for your financial future is to pay off any unsecured debts that you have and raise your credit score. A high credit score will help you get financing should you need it in the future—particularly if you need to pay for healthcare as you age.

Build Savings

Retirement savings are a key part of planning your future, and it’s never too early to start saving for retirement. If your company offers a retirement plan—especially if they match your contributions—be sure that you’re investing as much as you can afford. You’ll be reliant on this money after you retire, so every penny you can save now will help you down the road.

Invest in Long-Term Health Insurance

While you’re younger and in relatively good health, consider purchasing life insurance, long-term health insurance and long-term care insurance. While these policies may seem like unnecessary investments now, they’ll only be harder to obtain as you get older and your health declines. Purchasing them while you’re young and in good health may save you a great deal of money in the long run.

Research and Budget for Retirement Home Costs

If you’re in a financial position to do so, set aside a specific amount of money each month for retirement expenses. This savings will help you as you age and need to pay for things like a retirement home, cost of living increases on food and medications, or home health care aides.

Resources

Medicare. (2009) Paying for long-term care. Retrieved October 29, 2010, from http://www.medicare.gov/longtermcare/static/PayingOverview.asp

Virginia Cooperative Extension. (2009). Long-term care insurance.Retrieved October 29, 2010, from hhttp://pubs.ext.vt.edu/354/354-172/354-172.html