Long Term Care Insurance (LTC or LTCI) is designed to help pay for the care of people who are not necessarily sick in the traditional sense, but who are unable to perform activities of daily living. Activities of daily living (ADL) include bathing, eating, dressing, toileting, continence, transferring (to or from a chair or bed) and walking. It is estimated that over 70 percent of people over the age of 65 will require Long Term Care during their lifetime. Long Term Care can be received via Home Care, Assisted Living, Nursing Home Facilities, etc.
Historically, Long Term Care Insurance has been premium based, like car insurance; if you don't use it, you lose it. In other words, if you pay premium dollars for years and years, but then never use your Long Term Care Insurance policy, all the money you spent is gone. There is now a new option, often referred to as Asset-based Long Term Care Insurance.
On January 1, 2010, Long Term Care provisions from the Pension Protection Act went into effect. These provisions have revolutionized Long Term Care Insurance by allowing combination policies and policy premiums to be paid in tax-advantaged ways. As a result, if you purchase an Asset-Based Long Term Care Insurance policy, whether you use Long Term Care benefits or not, you or your loved ones are guaranteed to benefit from the premiums paid into the policy.
There are multiple plan options that will fit the Long Term Care Insurance needs of most people, regardless of health condition or budget. If you currently own a traditional Long Term Care Insurance policy or if you are concerned about how you will pay for Long Term Care expenses when the time comes, please contact one of our Long Term Care Insurance experts for a free evaluation.
For many Americans, preparing for retirement is an exciting prospect. These Golden Years can be a time to travel, play golf, relax by the pool, or watch the grandchildren grow up. Of course, much of this is dependent on having the resources to do these things. In a recent study by Fidelity Investments, it was found that 38% of current retirees fall short of covering their monthly bills. This can largely be attributed to an average 28% income drop upon retiring.
As our nation still faces several years of hardship, many Americans have responded by more aggressively saving for retirement. While the idea of saving is correct, unfortunately most people don’t know where to allocate their savings in order to create the best income stream during retirement. Another important factor is not overspending on things like health care. Choosing the right health plan that fits your needs may not only save you money, but it will also give you better overall coverage.
Since everyone’s situation is different, there is no quick answer on how to plan your retirement. Knowing your options and making educated decisions is very important in retirement planning and cannot be overstated. When it comes to taking control of your future and making the decisions that are best for you, The Center for Senior Benefits is here to offer guidance and assistance. Please contact us for a free and no obligation consultation.
On April 23, 2012, the New York Times published an article stating that Social Security is unsustainable without a significant change to the program. Current estimates predict that by the year 2033 there will not be enough money in the program to cover 100% of the payments to those in line to receive the benefit.
The last significant change to the program occurred in 1983 when payroll taxes were increased along with retirement age. Despite all of the gloomy facts, there is currently no concrete plan to remedy the problem.
The only real solution is to take control of your financial future! Too many Americans seem to be relying on Social Security and neglecting their own retirement planning. It is important to create your own personal income stream, which will be supplemented by Social Security, to ensure that you never run out of money. There are many options available and we are the experts you can count on to help determine which option is best for you.
More detailed information about the financial outlook of Social Security can be read in the New York Times article by clicking HERE
A Baby Boomer is someone defined as being born between the years of 1946 and 1964. Estimates put the number of Baby Boomers to be over 70 million people with the oldest of this group currently reaching retirement age. In fact, according to a Pew Research Center report, there will be an average of 10,000 Baby Boomers reaching age 65 every day for the next 20 years.
Research shows that a substantial number of Baby Boomers are delaying retirement right now. According to Woelfel Research Inc. as many as 64% are expected to supplement their retirement funds with an income generated from employment. Many of the Baby Boomers staying in the workforce are those who counted on Social Security, employment pensions, or personal investments such as IRA’s and 401k’s, all of which have been affected by the troubled economy.
With healthcare costs increasing and long-term care not being covered by Medicare, many Baby Boomers are uncertain how they will manage their finances during retirement. While reallocating from stocks to bonds may have been a useful method in the past, times have changed quite drastically in the last decade and it is highly recommended for people to sit down with a professional to plan each individual retirement strategy on a case by case basis.
By scrolling down you will find several graphics with information about what Social Security means for you and your future. You may click on each graphic to see a larger and easier to read image.
Only you can determine when you should take your Social Security income. It all comes down to how long you expect to live…if only we had a crystal ball! However, it generally is not recommended to take your Social Security income at 62, and then go back to work. If you do, the Federal Government could penalize you $1 for every $2 or $3 you earn in income. Please contact one of our Retirement Planning professionals for additional information.
The table above shows the age that your draw Social Security on the left, and the age at which you pass away along the top. This is a hypothetical example for illustration purposes only. Please contact us for additional information.
Congratulations to our President, Mark Snihurowych, for being
selected as a 2012 Utah Business Magazine 40 Under Forty Honoree. Please click on the image for Mark's portion
of the article.
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The Center for Senior Benefits is proud to launch our new website! Our website is devoted to providing comprehensive, yet easy to understand information about Medicare Health Plans, Life Insurance, Long Term Care Insurance and Retirement Planning.
Our website is the starting point for deciphering your options as you look towards the next chapter of your life, retirement. We have the unrivaled expertise to address your unique needs and retirement goals.
Contact us today!
info@centerforseniorbenefits.com
1.877.891.8385