If long-term care isn’t at the top of your mind for your own reasons, you might be thinking about this issue from the perspective of being an adult child looking ahead to help your parents navigate their own transition to retirement. But even if your most immediate concerns have to do with aging loved ones, you still need to evaluate the connection between your own long-term care plan and your current retirement planning structure.
In January 2020, 70% of American workers reported that they were somewhat confident or very confident about their ability to have enough money to live comfortably within their retirement years.
However, so much has changed in the world since then that the study was run again at the end of March to determine how the pandemic had influenced workers’ confidence in their retirement savings.
The second study found that the number of respondents who were somewhat confident or very confident in their ability to live comfortably had dropped to 63% in March. However, the numbers from that survey were most worrisome when it comes to the cost of long-term care.
Only 18% of American workers today are very confident that they will have enough money to cover nursing home or home care costs. That amount dropped from 54% in January to 50% in March.
Having a solid estate plan and long-term care plan is one of the most important things you can do to protect yourself and to ensure that a spouse and any other beneficiaries have a plan for them to be protected as well. Schedule a consultation with an experienced and trusted estate planning lawyer to learn more about what you can anticipate in protecting your own estate in Massachusetts.
