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Virginia Beach Estate Planning Lawyer / Blog / Elder Law / Start Planning Now to Help Your Parents—And Yourself—In Retirement

Start Planning Now to Help Your Parents—And Yourself—In Retirement

This recent article in CBS MoneyWatch is calling attention to what they call “the national retirement nightmare.” The article points out that what used to be the simple plan of socking away a little bit of money from each paycheck has now turned into the huge nightmare of planning not only for your own old age, but also the elder years of your parents and possibly your spouse’s parents. The thought of such an overwhelming financial responsibility is enough to make anybody want to bury their head in the sand… unfortunately, ignoring the issue is the absolute worst thing you can do.

According to the article, “A long-term care event — either with your parents or yourself — can easily destroy anyone’s retirement plans. The cost of paying for long-term care at a nursing home for a few years — which insurance firm Genworth recently calculated at more than $80,000 per year — could pay to send a grandkid to Harvard or fund a nice retirement.”

This means that if you want to want to be able to keep your head above water during your golden years you’ll need to start planning now. The article suggests that “there are only two things we can do: (1) Take steps to reduce the odds of needing long-term care, and (2) prepare a plan for paying for the costs in case we need such care.”

Preparing a plan to pay for the costs of such care—especially if you’re planning for your parents as well as yourself—always begins with two conversations: The first conversation is with your parents about what planning they’ve done already, the second conversation is with your attorney or financial advisor to explore your options and start taking action.

As mentioned above, the idea of paying for your own golden years and for your parents can be overwhelming, but you don’t have to plan for it alone. Our firm can help you feel good about the years ahead for yourself and your loved ones.

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