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New guide offers data-driven analysis and actionable guidance for the second half of retirement
BALTIMORE, Jan. 7, 2025 /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, announced today a new resource for retirees, "Planning for Life and Long-term Care in The Second Half of Retirement: A Comprehensive Guide." The guide is designed to help retirees and soon-to-be retirees navigate the complexities and opportunities of the later stages of retirement and explores how the financial implications of long-term care (LTC) can be incorporated into their overall retirement plan.
T. Rowe Price has also dedicated a new episode of its podcast series, 'CONFIDENT CONVERSATIONS® on Retirement' to the LTC guide, featuring key insights from the piece as well as expertise from co-author, Lindsey Theodore.
"This comprehensive planning guide reflects T. Rowe Price's commitment to providing retirees with the tools and knowledge to make informed decisions about their future," says Lindsay Theodore, CFP®, Senior Thought Leadership Manager at T. Rowe Price. "We aim to offer clarity and confidence as retirees plan for potential life and long-term care needs."
According to a recent study by the firm, large, out-of-pocket healthcare expenses, such as LTC, ranked among the most common concerns reported by retirees, just behind inflation and the economy. With this in mind, the guide focuses on three important factors to maximize LTC resources:
The Personal: The guide begins by offering detailed information about the various housing and support options available to aging individuals, along with the costs associated with each option.
The Financial: Retirees can then estimate LTC costs using T. Rowe Price's proprietary analysis, which considers their housing and care preferences, health and family medical history, and the actual LTC expenses incurred by other retirees.
The Planning: The guide then provides objective information about available products, including insurance, that can help alleviate potential pressure on income and assets. It suggests strategies to mitigate risk within a self-funding plan and provides a proprietary analysis comparing long-term care insurance to self-funding. The analysis focuses on the assets remaining at the end of life and how having insurance can enhance the likelihood of a plan's success, compared to relying solely on self-funding.
Theodore continued, "The second half of retirement is often filled with unique challenges which require thoughtful preparation and a clear understanding of the risks and planning options available. We are committed to providing actionable information through resources such as the guide and the podcast episode, as well as personalized guidance and one-on-one support through our RETIREMENT ADVISORY SERVICE™. Our goal is to ensure that individuals feel empowered and prepared at every stage of their retirement journey.