Solving America's Elder Care Crisis

Barron's Retirement

By Elizabeth O'Brien | Sunday, October 27

It's hard to know how much is enough to have saved for retirement. There are general guidelines, yes, like saving 25 times your expected expenses. But an extended long-term care need could blow that number out. This uncertainty leads some folks to under-spend in retirement, even with considerable resources. You can't say for certain that you have enough until you (or a surviving partner) are gone.


Ideally, insurance would be able to protect against catastrophic scenarios and give policyholders peace of mind to spend. Yet the market for standalone long-term care insurance has largely collapsed. Hybrid life insurance and long-term care policies offer some coverage, and many advisors say something is better than nothing when it comes to protection against long-term care needs.

The stakes couldn't be higher, with the baby boomers pushing into older age. Read more about the crisis in long-term care in today's edition.

 
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RESOURCES
Social Security
Medicare
Required Minimum Distribution calculator
Getting Ready to Retire? Here's a Planning Guide for the 5 Years Before Your Last Day.
Finra's Guide to Social Isolation and the Risk of Investment Fraud
The SEC's Guide to Identity Theft, Data Breaches, and Your Investment Accounts
 

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