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Although Social Security is a political hot potato, it is likely that policy makers will eventually make some adjustments to avoid dramatic benefit cuts.
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.
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.
If you delay taking benefits till age 70, your benefit will increase 8% a year from your full retirement age to age 70.
The SECURE 2.0 Act was recently signed into law as part of the $1.7 trillion spending bill that congress passed before the Christmas holidays.
Studies have found that at 40, you should have about two times your pre-tax income invested for retirement.