You’ve been diligent as a career professional. Since you graduated college and got your first job with your degree, you have socked money away into investments, savings accounts, and your 401(k). You are proud of what you’ve accomplished and as you move into your 50’s, you’re looking at retirement with increasing levels of confidence.
That is absolutely wonderful. However, are you doing enough to protect your savings and those investments?
If you’re unclear what this means, have you ever heard about long-term care insurance? In most likelihood you’ve heard about it, but know very little about it or have dismissed it for one reason or another.
How failing to carry long-term care insurance can affect retirement.
Let’s paint a specific scenario for you. You and your wife have worked hard, raised your children, sent them off to college, and are proud of the lives they’re building for themselves.
You sacrificed many years, cut back on vacations, drove the same car for 10 or 15 years without complaint, and avoided the temptation to go out and upgrade your house to one of those McMansions most people can barely afford.
You did the right things, so now you get to enjoy retirement. You and your wife retire and you start traveling the world, seeing the sights, and enjoying all those things you always dreamed about.
But one afternoon you don’t feel that good. There’s an odd sensation, a dizziness, or perhaps extreme pressure in your head. By the time you get to the hospital, you’re unconscious.
You wake up what seems like a few hours later only to discover it has been several weeks. You had a stroke.
You are unable to speak and struggle to move your extremities. After the fear and anxiety begin to subside a little, you listen to the doctors tell you about the prognosis and as your spouse looks at you with loving, supportive eyes, you suddenly realize there’s a long road to recovery ahead of you.
How much is all this going to cost?
You’ll have to go to a nursing home for a few months while you work with a physical therapist and begin to regain some mobility. You never considered this or the fact you may very well require long-term care for a year or more.
As the bills pile up, your retirement accounts and savings dwindle. By the time you make a full recovery, you may have just enough to survive on for the rest of your days.
You deserve better. You worked hard, saved diligently, and that’s why long-term care insurance is vital for you at this point in your life.