If you fall into the baby boomer generation or you’re caring for an aging parent who is, you’re part of a nationwide shift that will alter the focus from retirement planning to end of life care in the next few decades. As baby boomers transition into retirement, their initial concerns tend to be about the best way to maximize retirement income. Over time, however, the concept of long-term care planning becomes critically important.
Currently, 43 million Americans fall into this portion of the baby boomer generation that is kept busy with retirement planning decisions. Although these are certainly worthwhile, it’s important not to skip over considerations related to long-term care, either.
As this generation grows older, though, the focus will be less about how to preserve these assets to retirement and more about passing them on to heirs or even reducing them in order to qualify for Medicaid. By the year 2050, the number of Americans needing long-term care is expected to increase from 12 million to 27 million.
Planning for long term care doesn’t require that you wait until you’re older, however. Too many Americans face the challenges of not having planned ahead and having to pay out of pocket for critical long-term care services. Carefully considering your options now during early retirement years makes it easier to confront the long-term care landscape. If you need help planning ahead for long-term care, contact our office today for more details at [email protected].