Many Texas residents and others around the country are looking forward to their retirement years. Some may be anticipating the time when they get to finally relax, travel or take up a new hobby. Others may be excited about starting a new business venture or embarking on a second career. Regardless of what a person intends to do after he or she retires, there are many plans that must be made before leaving the workforce, including making decisions about long-term care.
The country’s Bureau of Labor Statistics has reported that the average person spends roughly 18 years in retirement. Based on estimated annual spending, it is suggested that someone needs over $800,000 in retirement savings to cover those years. Certainly, these numbers could go up if a person retires early or has a longer life span. It is critical to have a plan that addresses how these “golden years” will be funded.
Housing is typically a major expense for retirees. While a home may be paid for, it still requires upkeep and maintenance. It might be appropriate to consider downsizing to reduce taxes, insurance and other expenses. Health care will likely be another major cost. Even if someone is eligible for Medicare, premiums for a supplemental insurance policy and other out-of-pocket medical expenses can quickly add up.
Transportation, food, clothing and utilities are other categories of expenses that retirees must consider. However, most aging Americans will have to deal with long-term care costs at some point in their lives. Some consumers decide to get long-term care insurance since costs for assisted living facilities or nursing homes can be exorbitant. The policy premiums can be expensive as well, so it is important to carefully consider what types of coverages one needs and can afford. Better options are available if a person applies for a policy when he or she is in fairly good health.
Long-term care planning is a key component in someone’s overall retirement plan. A Texas attorney familiar with elder law can help clients address all the issues important to their futures. A trusted lawyer will work diligently to develop a plan uniquely designed to meet the retirement needs of his or her clients.
