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Long-Term Care Insurance: Who Needs It?

Tuesday, November 30th, 2010

We will all need long term care insurance at some point in our lives. The basic principle behind this financial term is ‘plan for your future early’. And while you are thinking of the future, consider inflation and the rise of costs and expenses. It only makes sense to secure your health starting today.

We came across this article which clears all confusion on who needs a Long-Term Care Insurance.

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Long Term Care Insurance: 6 Ways to Buy It Right

Monday, November 29th, 2010

Analyze what is most necessary and don’t go overboard. A long-term care insurance policy which covers both institutional and community-based care is enough. Doing so helps you stick with your resources and prevents you from spending too much. You need to be certain the insurance company is reputable and that both the company and the agent are properly licensed to sell long term care insurance.

We came across this article which gives a clear view that you need to keep in mind when buying long term care insurance.

It’s not only the insurance companies and investment markets that are messing with the future of long-term care. They’re doing it in the name of consumer protection. But that adds to the need for even higher premiums later, Some states don’t permit short-term policies or other money-saving designs that could reach a wider market.

Nevertheless, this industry isn’t going away. People with assets should get their heads out of the sand and protect themselves against these old-age costs. Here are six rules for buying LTCI today:

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Options for a Fulfilling Retirement

Wednesday, November 24th, 2010

The transition from a regular job to retirement is usually fraught with numerous queries ranging from “What subjects, hobbies, ideas am I enthusiastic about? What are the areas I must contribute? What should be my legacy?” Planning for retirement can be an occasion to learn of new and original pursuits and passions, and fulfill the things you never had time to do while you were busy on the job. Then again, you might want to get employed at another job either full-time, half-time, as an advisor, or on a volunteer basis. The reason why most people choose to work even during retirement is to maintain their benefits, keep a steady course of income, or because they cannot imagine staying idle! Whether you decide to keep a job or not, you may discover that retirement is a time for deliberating the various options at hand that will bring you satisfaction.

Where do I Draw the Line?

Imagine for a minute that you would like to uphold your current manner of living even in retirement, the foremost thought in your mind is likely, “How much am I going to need?” An answer to that question lies in knowing in advance an estimate of your present annual expenditures. If you would like to know whether your outgoing costs would vary from month to month, or you would be living within a budget or if you would be having a good hold on your daily expenses, making a record of your “Current Annual Expenses” can be a good start to summarize how much you would need to maintain your current lifestyle.

Setting Aside for Sunny and Rainy Days

It is always a good idea to review your savings strategies to help you realize your vision of retirement, and how you would like to live in retirement. When it comes to investing and getting the most out of your funds, time is of the greatest essence and a huge asset in helping money grow. For instance, if you calculate that you will need $600,000 in monetary funds during retirement (to augment the cash flow from your Social Security and work pension), you will need to build on the Current Annual Expenses chart to know how much you would need to save and invest, taking for granted an 8 percent tax-deferred annual rate of return.

Planning Makes All the Difference

Retirement planning is elaborate and may call for a considerable period of time and effort; but all for a good cause. You may want to assess and appraise your requirements, map out a plan, and confer with experts you trust, including your consultant, autonomous accountant and lawyer. They will help you ascertain how much you may want to set aside for your retirement and what steps you would want to take to achieve those goals. You might want to seek financial counselling from the company you work in, to help you understand your retirement funding alternatives.

Taking a practical look towards the future and planning cautiously can help to reach your retirement goals.