With more and more Boomers entering retirement every day, the cost of retirement is a common topic. One cost in particular is gaining more momentum in discussion because of just how expensive it is and how few people are prepared for the high price: long term care.
Using a financial advisor to help you plan for retirement can be a great choice: it can help you get a better grasp on your finances, understand specific goals and targets for savings, and provide you with information that you otherwise might not know.
The need for long term care continues to grow throughout the United States and the cost of that care is following suit. Genworth Financial’s annual Cost of Care Survey breaks down prices of the different long term care options available. According to the survey, assisted living facilities are experiencing the quickest rise in cost among the various setting options for care.
Several of the top Long Term Care Insurance companies have been forced to raise premium rates in the past few years due to a number of factors. Amidst all the rate increases, some policyholders have been less than pleased, but others have taken it in stride, recognizing that there is indeed a good reason behind the increases.
Every one plans for retirement. Whether it’s saving money to retire, planning to retire part-time and use your newfound time to engage in some old hobbies, or simply dreaming about your life of leisure to come once you leave the workforce, it’s safe to say all workers plan for retirement in one way or another. Unfortunately, most workers overlook some vital aspects of planning.
Genworth President and CEO Tom McInerney is reaffirming the company’s commitment and new approach to the Long Term Care Insurance industry.
Confident in Market
In a recent short video, McInerney spoke of the excitement within Genworth about the Long Term Care Insurance business and their confidence moving forward after completing their in-depth review of the industry in 2013.
A recent MarketWatch article touches on the issue of caregiving and how it is fast becoming something familiar to more and more Americans as the Baby Boomers enter retirement.
Many people often find themselves in a situation where caregiving for a loved one is necessary, so they step up and take on the role.
Retirement planning means a lot of different things to different people. For many, it means simply making estimations of how much you will need to live comfortably in retirement and putting money into savings to help achieve your monetary goal.
The rapid advancement of technology is having huge effects across industries, and the healthcare industry is not exempt. According to the 17th annual Global CEO Survey conducted by PricewaterhouseCoopers, more than four-fifths of global healthcare CEOs believe the aging population and technology in healthcare will transform the sector.
As the aging population continues to explode across the United States, more families are facing tough decisions regarding long term care. One question that has a large bearing on the issue arises time and time again: just how much, if anything, do we owe our parents?
What Do Boomers Owe Their Parents?
A recent article focuses on this question of what Boomers owe their parents.