You’re in your 50’s, and you feel like the real adventure is just beginning — and for many, it is. So why would I encourage you to start thinking about long-term, extended care needs right now when you feel like you’re in the prime of your life?
In today’s episode of Your Money Minute with Tracy Stewart, CPA, I want to talk about considering and discussing your long-term care needs with family at age 50. You’re still young, you know that? You may have grown children, but not even be a grandparent yet. This is the time of your life — and it just keeps getting better.
But delaying the conversation on long-term care is a bad idea. Studies show that many people today in their 50’s will need extended care as they age. You could be in this crowd — even if you don’t feel like it now. You never know what could happen… You could have an illness, accident or just need care because you get older. You may get to a point where feeding, dressing or doing any other life activity is difficult. What will you do then? What do you *want* to do then?
You have options, and the best time to explore these is ahead of time and before you need them. Do you want a long-term care insurance policy? These get more expensive the longer you wait to establish them, so if you want to pursue this option, get lower premiums by starting the process now. Are you going to fund your needs out of your own pocket? You can do this, too, but you’ll want to prepare.
The biggest takeaway is that you should be having the conversation with your family so they know how to best support you if or when the time comes. These conversations are difficult and take some time, so start early and ahead of schedule.
Financial independence is unbelievably liberating. Preparing for your future takes some time, but it will give you the peace of mind and stability to live well long into the future.
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