What's Missing in Your Retirement Plan?

Recently I was playing golf and discussing retirement plans with a friend. You know, all the usual stuff.....When do you plan to retire? How much will you need/want? What kind of return assumption are you using? And the big unknown - how long will your retirement savings have to last?

He had pretty well covered all the areas but of course, his plan (like everyone's) is based on assumptions.  There was, however, a missing piece in his assumptions - he hadn't considered the potential need for long-term care for him or his wife.

Statistics show that 70% of people 65 and older will need some form of extended care.  Quite commonly, planners forget or ignore the additional +/- $10,000 a month it could cost for this care.  That's a big number to plan for!  Fortunately, long-term care insurance can fill the gap and ensure the remainder of your retirement plan is protected.

If you haven't explored LTC options, don't delay.  As with most insurance, the cost increases as you age.  Hybrid policies - life insurance policies with extended care riders - are a great option.  These allow you to limit the premium pay period and premiums won't increase.  And if you don't need long-term care, the death benefit is available for our beneficiaries.