Planning for retirement also means preparing for potentially huge expenses. Many elderly Americans may require paid care. So how do you balance your retirement savings with saving for long term care for you and your loved ones?
Robert "Bob" Powell sits down with Sharon Carson, J.P. Morgan Asset Management Retirement Insights Strategist, and Surya Kolluri, Head of the TIAA Institute, to discuss everything there is to know about long-term care. How do you plan for needing to pay for paid care on top of your retirement savings? Kolluri and Carson offer insights on the different options Americans have when considering using caregivers for themselves and family members in this week's episode of Decoding Retirement.
The truth about long-term care (:57)
According to the Treasury Department, 50% of Americans will require long-term care.
"The longer you live, the more the chance you're going to need it."
Balancing the cost of long-term care (5:50)
The reality of planning for long-term care is that there are many different factors that can impact your savings plan.
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"What if all of the assets are spent down on my Dad's care...is there going to be anything left for me if I need care?"
Avoiding caregiving crises (20:40)
Many things can go wrong when planning for using paid care. So how do you avoid the worst-case scenarios?
"If you have a plan in place, you can put out the fire quicker."
Video highlights:
:35 - The truth about long-term care
2:00 - How to use paid care
5:45 - Balancing the cost of long-term care
8:00 -Continuing care retirement community
13:22 - Uncompensated caregivers
16:30 - How to avoid caregiving crises
20:30 - Younger generation's view on retirement
Retirement planning doesn’t mean locking up your money for a rainy day and forgetting about it. Planning your future means reacting to events today. Decoding Retirement gives you the tools to navigate the years ahead, and take action now!
Yahoo Finance's Decoding Retirement is hosted by Robert Powell, and produced by Austin Rivera.
Find more episodes of Decoding Retirement at http://goldberglawma.com/?id=videos/series/decoding-retirement.
Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com.
Editor's note: This post was written by Austin Rivera.