Putting the ‘gold’ in golden years

If you were born between 1944 and 1964, you are a Boomer, and are well aware of how important it is to save for your retirement. Today, the responsibility for retirement saving has shifted from employers to employees, and Social Security provides only a base level of income. Today, it’s up to you to put the “gold” in your “golden years.”

Many Long-Term Care companies survey trends in the marketplace. Among them, Genworth, Inc. did a Financial Reality Check Survey in 2011. 73% of people answering the survey said that they “would not know what to do if they received a call today letting them know that a family member needed long term care.”

The survey also reveals that people value their independence over comfort. For example, did you know that:

  • 8% say they would turn to family for financial support in retirement
  • 11% would move in with family to ensure a comfortable retirement
  • People are 5 times more worried about being a burden than dying, and
  • 78% say they would find it “helpful to talk with a financial professional or specialist about long term care planning” but only 16% have actually had the conversation.*

While it’s tempting to look for the proverbial “pot of gold” at the end of the rainbow and to think or talk about more pleasant things, we all age and most of us end up needing help in some shape or form. It’s not difficult to keep big or small issues from overtaking the golden years! Being prepared with informed decisions based on reviewing long term care protection can mean you’re “gold to go!”

*Genworth, Inc. April 2011 Cost of Care/Financial Reality Check Survey  ~Elise

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