A lot of people are asking the question of "who will pay for my long term care". This is a valid question for so many people. Elderly people, disabled, sick, or injured people may ask this question the most. People who are coming up on retirement may ask this question as well. It is a valid and very realistic question, as most people in their lifetime will ask this question.
Be sure to come up with a plan to start saving for your own long term care. Each time that you have some extra money then throw it in savings and make sure to keep it there. This will help you save for when you really need it that way you do not have to turn to family to help you out.
Another good way to save for long term care is through the use of 401k plans and IRA's. These of course are for retirement but the majority of people need long term care when they are in their retirement. It is very, very, very important to start a 401k plan or IRA at a very early age and put as much money as possible into it. We will not be able to rely on social security payments forever, as they may be discontinued by the time you retire.
If you find yourself needing long term care and you do not have the money then it is possible that you may have a family member that is able to help. Keep in mind though that if they are paying for your long term care then they may not be able to pay for theirs when they need it. So only use this as a last resort and you feel confident that they are okay with it.
If you are a parent with young children, it is never to early to start putting money aside for them. A lot of parents like to set aside college money, which is great, but it is also good to set aside money for their own long term care. Yes, it seems early, but not everyone thinks to save for this and when your child reaches the age of needing long term care then you will no longer be around to help them.
We do not always need to pay for long term care. Sometimes we are able to live with a family member or friend that is willing to take care of us. This is a lot of times the best way to go if possible because it is cheaper on everyone's pockets. If this is what you decide then still be sure to put away some extra money just in case. Plans can change and we are not always prepared for change.
So if you find yourself asking "Who will pay for my long term care?" then it sounds like you need to set a plan into motion. Start saving, put extra into your 401k, and talk to your family and friends. It is never to early to be prepare oneself.
Be sure to come up with a plan to start saving for your own long term care. Each time that you have some extra money then throw it in savings and make sure to keep it there. This will help you save for when you really need it that way you do not have to turn to family to help you out.
Another good way to save for long term care is through the use of 401k plans and IRA's. These of course are for retirement but the majority of people need long term care when they are in their retirement. It is very, very, very important to start a 401k plan or IRA at a very early age and put as much money as possible into it. We will not be able to rely on social security payments forever, as they may be discontinued by the time you retire.
If you find yourself needing long term care and you do not have the money then it is possible that you may have a family member that is able to help. Keep in mind though that if they are paying for your long term care then they may not be able to pay for theirs when they need it. So only use this as a last resort and you feel confident that they are okay with it.
If you are a parent with young children, it is never to early to start putting money aside for them. A lot of parents like to set aside college money, which is great, but it is also good to set aside money for their own long term care. Yes, it seems early, but not everyone thinks to save for this and when your child reaches the age of needing long term care then you will no longer be around to help them.
We do not always need to pay for long term care. Sometimes we are able to live with a family member or friend that is willing to take care of us. This is a lot of times the best way to go if possible because it is cheaper on everyone's pockets. If this is what you decide then still be sure to put away some extra money just in case. Plans can change and we are not always prepared for change.
So if you find yourself asking "Who will pay for my long term care?" then it sounds like you need to set a plan into motion. Start saving, put extra into your 401k, and talk to your family and friends. It is never to early to be prepare oneself.
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