Will Your Retirement Savings Go to the Dogs?

JP sitting outside (002)I’m told in the internet world you can get attention with pets, especially dogs. So there you are, here is one of my dogs. His name is “JP”. While we love our dogs the idiom “going to the dogs” means, ” to become worse in quality or character;  becoming less successful than it was in the past”.

So as we all work hard and save money for our future retirement the last thing we want is our IRA, 401(k)’s and other assets to “go to the dogs”.

How do your assets ‘go to the dogs’? The biggest risk we face, involuntary risks, is the risk of needing Long Term Health Care. This is help with activities of daily living (bathing, easting dressing, etc.) or supervision due to memory problems. Some people will also require extended skilled care services as well.

Many people think health insurance or Medicare will pay for extended Long Term Health Care. This article addresses this problem: http://longtermcareplanningnews.com/articles/americans-mistakenly-think-medicare-will-cover-ltc-needs.

The fact is health insurance, Medicare and any supplement to Medicare will not pay for these costs except for a limited amount of skilled care. This means the vast majority of LTC costs will come out of our savings. This will have a dramatic impact on our lifestyle creating a huge burden on those we love.

Medicaid will pay for these costs but only if you are poor or become poor in a ‘spend-down’ of savings. In most states a person must spend-down to $2000. States allow a spouse to keep an amount that varies from $22,000 in Kentucky to $119,200 in states like Illinois, Colorado, Maine and Georgia. Many states are between. The point is … unless you plan ahead you pay for your own care or your family become the caregivers.

The financial costs and burdens of aging should be something you include in your retirement plan. This way you can safeguard your estate (IRA, 401(k)) and other assets from these high costs. Plus, you will make sure you get quality caregivers in the setting you desire (at home, assisted living, etc.). This allows family to be family.

Affordable Long Term Care Insurance can address these concerns. Most states have partnership plans which provide additional dollar-for-dollar asset protection.

Learn how easy it is to plan: www.mccannltc.net

About Matt McCann

Matt McCann is recognized as a leading Long Term Health Care (LTC) specialist. Since 1998, Matt has been a national leader in finding solutions for the physical, emotional and financial burdens LTC places on American Families. He has been recognized by the American Association for Long Term Care Insurance as one of the top specialists in the country. In 2015 he was listed among the top ten specialists in LTC planning in the nation. He has also worked in sales management for two of the leading organizations marketing LTC products. He served as Director of Business Development for ACSIA LTC and Senior Vice President/Sales for LTC Financial Partners. Many of his agents have been among the top LTC specialists in the industry. Matt's divisions have also led in an innovative webinar approach which allows agents to use screen sharing software so prospects can see the agent's desktop. Matt's proven areas of success include sales coaching, training and motivation in additional to being an experienced LTC specialist. He has produced results in total production, placement rates and lead efficiency. Matt is known for years of experience leading creative efforts for agent meetings and sales promotions which drove results for both agents and consumers. He is now focused on helping consumers find affordable solutions so they can protect their assets and never be a burden on family and loved ones. He specializes in LTCi, Critical Care and Asset Protection products. Matt also coaches individual agents throughout the country helping them improve their processes to help more consumers. Matt is also known as an effective public speaker on LTCi and LTC issues as well as sales motivation. He appears on radio and TV programs and is available for bookings. Because of his schedule an advance notice is always requested. Prior to dedicating his life to LTC, Matt was a well known radio station manager and personality, He worked at radio stations throughout the country He may be best known for as legendary Chicago radio personality Larry Lujack's co-host when Lujack came back out of retirement years ago. Matt can be contacted by email at http://mccannltc.net/ or by phone at 866-751-7957. You can follow Matt on Twitter: @mccannltc - https://twitter.com/mccannltc
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