Whether its Thanksgiving dinner, lighting the candels for Hannukah, gathering around the Christmas tree or ringing in 2022, families will be gathering all around the country.  Unfortunately, with near certainty, most famililes won't take this opportunity to discuss an important topic: Aging parents and Long-Term Care 


A parent's loss of independence will often impact an entire family, and far too many wait until it’s too late to implement appropriate planning.  According to Fidelity's Retiree Health Care Cost Estimate, those approaching retirement should recognize that a 65-year-old couple retiring in 2021 will need an average of $300,000 per couple, excluding long-term care expenses.  The report goes on to say that "health care is expected to be one of your largest expenses in retirement..... So, health care costs will likely consume a larger portion of your retirement budget—and you need to plan for that.


Quite simply, American families need to ask the question:  "How do we address these issues effectively?"   


Answering that question often requires input from many of those joining your clients this holiday weekend.  Because, unfortunately, the physical, emotional, and financial implications of Long-Term Care needs could eventually be felt by ALL of them.   The best way to mitigate the impact of future Long-Term Care needs is to have a plan that is well thought out and addresses the needs and concerns of the entire family, and perhaps the year-end and holidays are a good place and time to begin those discussions!!



As we approach the holiday season, perhaps you should encourage clients to take

advantage of family gatherings to address this important, multi-generational topic! 



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