All ages procrastinating long-term savings
According to a recent study by the Center for Retirement Research, Americans at all ages are prone to being shortsighted where long-term savings and finance is concerned.
Saving for retirement is contingent on a number of things, and varies by age according to income levels and the relationships individuals have. According to the study workers at all ages and income levels are not be expected to devote much effort in addressing long-term savings needs.
Saving for long-term care or senior living is not prioritized when dealing with day-to-day life circumstances. Although important, it may be difficult to set aside enough money to secure a basic level of financial well-being to be able to afford long-term care or senior living.
Although many of us are not saving, most will need long-term care
According to the American Association for long-term care insurance, 54% of Americans will utilize more than 1 year in an assisted living facility. Without planning ahead, paying for that stay could drain accumulated wealth or mean utilizing public assistance such as medicaid.
According to the Annals of Internal Medicine, assisted living facilities, at a minimum, could be about $5,000 per month. That would equate to about $250,000 to $300,000 per person for someone with dementia or Alzheimer’s disease. Depending on the facility, those costs cost be significantly higher. It is easy to underestimate the finances you may need in your later years. Healthcare is very expensive, and costs are continuously rising. You are not alone if you find yourself wondering how you are going to pay for the high costs of long-term care.
Reverse Life Insurance could be an option
If you find yourself in this situation and unprepared, you are not alone. Reverse life insurance could help you cover these costs. It is possible to tap into life insurance and sell your life insurance to get cash now while you are still living. If you qualify, a reverse life insurance policy can help you obtain the funds needed to meet the costs of long-term care or senior living. Many people may think, “I can’t sell my life insurance,” but before making that conclusion you should let reverse life insurance help you reach out to a licensed life settlement provider and get a value on your life insurance policy on the secondary life insurance market.