As retirement nears, consider protection from what’s down the road
“Often, the Baby Boomers are still focused on asset accumulation, rather than what’s going to happen when they start using those assets for income in their day-to-day living,” Hall said.
In the coming years, the first wave of Baby Boomers will turn 80. More than half of them will need some form of long-term care (LTC) at some point, and one in five will need it for more than five years1.
“What we see is that even people who have planned very carefully for asset accumulation haven’t planned for the potentially devastating effect that LTC costs can have on the kind of retirement they want,” Hall said.
In a recent “Ditch the Rear-View Mirror” presentation at NAIFA Performance + Purpose in
“In our conversations, we hear many people say they’ll self-fund any LTC costs they might need,” said
Asset-based LTC solutions can help protect retirement income from the drain of unexpected expenses, while providing a death benefit if LTC benefits aren’t fully used.
“Asset-based LTC solutions can help leverage existing assets to protect income in retirement,” Hall noted. “They can reposition an underused asset, like a CD or annuity, into one that provides protection from the costs of LTC.”
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1 “How Much Care Will You Need?”
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