There may come a time when tasks like putting on your pants and brushing your teeth are difficult without assistance. The federal government projects that almost 70 percent of Americans turning 65 now will eventually need long-term care. How much care you think you’ll need, and how you’ll pay for it, is an essential part of prudent retirement planning.
Sometimes as we get older, we require assistance to perform basic activities of daily living. This can result from normal aging or a progressive disease or condition. And while many seniors prefer to stay in their own home, many will require more help than can be offered in that setting and must be cared for in a residential facility.
Perhaps you’ve lost a job, faced an illness or have been delt a family crisis that emptied out your emergency fund. What are your next steps?
You’re eyeing center-hall colonials in your neighborhood and dreaming about the garden you want to plant in the backyard and all the holiday celebrations you’ll host. You’ve saved toward this goal and think you’re ready to pull the trigger. But the real question is: How much house can I afford?
Or is it?
Social Security’s financial cliff is coming closer into view. Experts project that the fund that pays for government retirement benefits through FICA taxes will be depleted within the next 15 years.
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