Fall Is Time for a Retirement Checkup

As we leave suitsuits and swimming and walk into fall, September is a good time to look at the parts of retirement that may be easy to overlook. We often plan for housing, travel, food and everyday medical expenses. But have you thought about what would happen if you needed help taking care of yourself?

Long-term care does not always mean moving into a nursing home. It may begin with a few hours of help at home each week.

Someone may need assistance with bathing, dressing, preparing meals or taking medications. Long-term care can also include transportation, adult day services, home healthcare, assisted living, memory care or skilled nursing care.

These services can help a person remain safe and independent. They can also become a major expense when care continues for months or years.

Check to see wha the actual expenses in your area of the country might include.

Many families assume Medicare will cover this care. Medicare may cover certain medical services or short-term skilled care when its requirements are met. However, it generally does not pay for ongoing custodial care, including help with everyday personal needs. Check with me to learn about our state and what it provides for you.

Without a plan, the cost may come from retirement income, personal savings, home equity or family members. Loved ones may also become caregivers, which can affect their jobs, finances and well-being.

Planning early gives you more time to consider your choices. Depending on your situation, those choices might include personal savings, long-term care insurance, a life insurance policy with a long-term care rider or a combination of resources.

No one can predict exactly what care they will need. But we can ask the question before a crisis makes the decision for us.

As you review your retirement plan this September, consider asking me: “If I need help later, how will I pay for it, and where would I want to receive it?”