Planning for the Future: Five Things to Consider

Getting older is a natural part of life we all hope to experience. We want to travel the world, watch our children and grandchildren grow up, and hopefully retire into comfortable life surrounded by the people we love. When it comes planning for later life, it’s never too early to start! Opening savings accounts, IRAs, or investing in passive forms of income like rental properties can set you up for life after retirement. But what about the other parts of getting older no one really talks about? Planning for long-term care can protect you and your family against unanticipated expenses.  

Here are five things you should consider when planning for your future: 

Comprehensive Planning 

When it comes to making plans for later in life, we often focus on the adventures we want to have: where to travel, what projects you want to get done around the house, etc. However, as we get older it’s important to include contingency plans in case of illness or injury. Long-term care insurance in Boca Raton can help cover the cost of care after an accident or illness. Because aging affects how quickly we heal, long-term care insurance helps ensure you get the care you need.  

Long-term care insurance in Boca Raton also extends to health changes associated with aging. Mobility limitations and fragility due to aging may make it more difficult to manage everyday tasks on your own. Cognitive impairment such as dementia can make living alone dangerous, especially as the condition continues to progress.  

When exploring options for long-term care insurance in Boca Raton, determine exactly what you want in terms of future care plans. The Center for Long-Term Planning can help guide you through considering potential scenarios and finding comprehensive coverage for all contingencies. 

Housing Options 

While retirement homes can be a great option for some people, it’s not ideal for everyone. Determining what you want so far as housing as you age is important. If you want to stay at home, research your at-home care options. Home care can involve a nurse who visits during a specific time frame, or a live-in aid who can help with your needs around the clock. Specific health needs can dictate which of these options is better for you.  

In some cases, staying home is just not a viable option. Serious health conditions that require around the clock medical supervision may mean entering assisted living or a nursing home. Having proper long-term care insurance will cover the expenses associated with such levels of care, ensuring you can get the best care possible. 

Survivor Benefits 

While no one wants to think about their own death, planning ahead has many benefits for surviving family members, especially dependents like a spouse or children. Having pre-determined survivor’s benefits gives you the peace of mind of knowing your family will be taken care of even when you are no longer here. Designating beneficiaries prevents future issues receiving insurance benefits.  

When it comes to survivor benefits, you can also determine the way your designated beneficiaries receive the payout. Creating trusts in the name of children or grandchildren, dividing property, and creating clear instructions for your final wishes can reduce the stress of dealing losing a loved one. 

Spousal Plans 

While your spouse can be listed as a beneficiary for survivor benefits, spousal plans are specifically designed for your partner’s protection. This is especially beneficial if you are receiving social security benefits which your spouse does not yet qualify for. By obtaining uninsured spouse security benefits, you can ensure they are still supported into the future. 

Inflation Protection 

Don’t wait to secure your long-term insurance plan in Fort Lauderdale! The Center for Long-Term Planning offers inflation protection for your plan to protect against inflation. If lower rates are available in the future, you may be able to re-negotiate terms to lower your premium.  

If you’re ready to begin planning for your future, contact us today!