Long Term Care Articles by Terry Savage
Terry Savage is one of the most respected financial advisors.
The following articles are linked to Chicago Sun-Times columnist Terry Savage
We're in mass denial of long term-care reality
I'll say it again. The next great financial crisis facing our retirement assets is not another bear market. It's the cost of long term care. A new study released this week by Met Life shows that the cost of care in a nursing home now averages $70,000 a year!
Plan while you can for long term care
The cost of long term care could overwhelm your retirement savings. The average cost of one year in a nursing home is now $70,000, according to a just-released MetLife study, and full-time, home health-care can be even more expensive. Once you reach age 50, it's time to insure against long term care costs that could devastate your retirement plans.
Father knows best on investing - sometimes
Q: I have been reading your installments on long term care with relish. I am in my early 40s, and I think my husband and I should be looking into this. Those that I work with are split as to the better option: long term care insurance or personal investments. I think long term care has been stigmatized. My father insists if I buy a policy that I should have a lawyer look at it. He seems to feel that it is better to take that premium money and invest it in long term mutual funds.
A long term care policy is a financial protection
The most devastating thing that could happen to your financial future is not a bear market. It's the need for long term care--for yourself, your spouse, or your parents.
How to make Part D open enrollment a breeze
All seniors age 65 should sign up for Medicare Part D -- the prescription drug program, even if you don't take any prescription drugs right now.
Make time now to look into long term care insurance
As predicted here in January, some insurance companies are dropping long term care coverage, some are raising prices, and now one big insurer is aggressively promoting a slightly different policy that is bound to attract attention. That makes this a perfect time to remind you that if you -- or your parents -- haven't investigated long term care insurance, the time is now!
Self-insurance can be a matter of self-preservation
Q: Do you have a rule of thumb as to how much you would need in order to self-insure for long term health care? Also, if you don't need Social Security income, at what age do you recommend to begin collecting benefits?
Long-term care insurance is a must
Q: I have been considering long term care insurance it for my wife and myself. I am 58 and my wife is 59. We are retired and have a net worth of about $3 million and a pension income of $93,000 a year. Do I really need long term care insurance or should I consider myself self insured?
Maximize the money when planning long term care
Q: I sold my mother's house, and have $300,000 in the bank to pay for her expenses in the nursing home. I have power of attorney for her finances. My bank advised me to buy an annuity or put money in a floating-rate fund since we cannot tie up her money or risk it in any way. What would you advise and is there a downside to either choice?
Peace of mind for golden years
What is the greatest risk in your financial plan? It's not another bear market. It's the devastating cost of long term care.
Do your parents and in-laws have enough money to pay for their own care for years to come, or will you be asked to supplement their long term care needs just when your own children are in college and you are trying to save for your own retirement?
Reverse mortgage puts home equity to work
Are you living beyond the income your retirement plan provides? If you're like many seniors, your home is your largest asset, and although you shudder at the thought of borrowing on it, your house may be the only way to increase your income.
A long term care policy is a financial protection
The most devastating thing that could happen to your financial future is not a bear market. It's the need for long term care--for yourself, your spouse, or your parents.
Terry Savage is the Chicago Sun-Times personal financial columnist, and a regular commentator on The Nightly Business Report. Her latest book, The Savage Truth on Money, was named one of the ten best money books.
