Planning for Retirement? Don’t Forget Health Care Costs – New York Times – 10/06/12

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Email this to someone

Adobe-PDF-Document-icon

 

 

The Wall Street Journal

Wealth Matters  – October 6, 2012

Planning for Retirement? Don’t Forget Health Care Costs

By Paul Sullivan

It’s not news that health care costs are increasing. Yet several recent studies show that few people factor those rising costs into their retirement plans.

Consider this example from an annual report from Fidelity Investments: For a 65-year-old couple retiring this year, the cost of health care in retirement will be $240,000, 6 percent more than that same couple retiring in 2011 would pay.

Comments October6, 2012

Fidelity’s $240,000 estimate does not include any costs associated with nursing home care. According to the U.S. Department of Health and Human Services, 7 in 10 people who reach age 65 will need some long term care during their lives. One year in a nursing facility can cost over $100,000 per year if the care were needed in 2012. If costs continue rising at their historical 5% rate, they will more than double every 15 years.

The new Partnership Program Long Term Care Insurance policies allow policyholders to protect assets away from Medicaid without a ‘look-back’ period. In addition to federal tax deductions for long term care insurance premiums some states offer tax deductions or credits.

Let us research the market and design a long term care solution to meet your needs and budget at:

http://skloff.com/services-ltci.htm

Aaron Skloff, AIF, CFA, MBA
CEO – Skloff Financial Group

Aaron Skloff, Accredited Investment Fiduciary (AIF), Chartered Financial Analyst (CFA), Master of Business Administration (MBA), is the Chief Executive Officer of Skloff Financial Group, a Registered Investment Advisory firm. The firm specializes in financial planning and investment management services for high net worth individuals and benefits for small to middle sized companies.  He can be contacted at www.skloff.com or 908-464-3060.

Click Here for Your Long Term Care Insurance Quotes

 freeltcquotes