When planning for longevity, we typically focus on the potential need for assisted living and long-term care because of the potential for critical or catastrophic illness, and the appropriate survivorship income should one spouse predecease the other.
Assisted living and long-term care can be a very challenging and confusing topic for the average person to try and understand. There are many different types of long-term care planning that can be implemented. Long term care is one of the most overwhelming issues that you or your family may face in your lifetime. This piece of the financial planning puzzle is often the most overlooked and costliest in terms of emotionally, physically and financially exhausting.
The most important piece of information that we can share with our clients is that everyone’s assisted living and long-term care plan should be custom designed. We all have different potential needs, values and beliefs.
Planning for survivorship income too is oftentimes overlooked when retirement income planning is discussed. The loss of a pension or Social Security Benefits if one spouse were to pass away could have a significant impact on the surviving spouse. We take the time to explore all the options to help ensure you have a solution in place if it is needed.