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The objective is to use the least tax efficient accounts first to allow your tax advantaged accounts time to grow and compound.
Evaluate your retirement income and assets to assess your ability to adequately support your goals.
Retirees spent more on travel, eating out, and other discretionary items at the beginning of retirement. As retirees age, discretionary expenses decrease, and health care costs increase.
Although Social Security is a political hot potato, it is likely that policy makers will eventually make some adjustments to avoid dramatic benefit cuts.
Your financial goals also influence your strategy to cover LTC. LTC insurance may provide greater peace of mind, or you may want insurance to protect your assets to leave a legacy to children or a charity.
It is everyone’s hope that long-term care will not be needed but according to the U.S. department of Health and Human Services (DHHS), approximately 70% of people who turned 65 in 2020 will require some degree of long-term care services in their lifetime.