According to the survey, more than half of participants were not expecting to live as long as they had, and they’re feeling pressure when it comes to their retirement savings. Their first piece of advice: don’t underestimate how long you could live.
Most retirees currently get their income from Social Security, but younger people now know that relying on Social Security for retirement income could be risky. Interestingly, a whopping 88% of octogenarians would advise younger people to create a pension-like income for their retirement. Saving money over the years that becomes a monthly income upon retirement not only offers financial security, but it also offers peace of mind.
When it comes to retirement, planning really matters. It’s not just important to save money. It’s also important to protect it. What happens if, during your retirement, an illness or an injury sends you into a long-term care facility, such as a nursing home? Actually, about 7 out of 10 people over age 65 will need long-term care. The national average cost for a private room in a nursing home is over $80,000 per year. After the first year, most people’s retirement savings would already be drained. That’s why it’s important to plan in advance, not only to save money for retirement, but also to protect it, just in case you’re faced with paying for long-term care.
Don't lose your hard-earned savings to a nursing home. We help our clients protect their savings while at the same time getting them into a position to easily qualify for financial assistance that will pay for nursing home care. For more information, visit our Medicaid Planning page, or contact us for a free consultation.