Long Term Care Series - Planning - Episode 2

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Summary

In this episode, A.J. Sioson discusses the importance of planning for long-term care as part of retirement strategy. He emphasizes the need to assess financial assets, engage in family discussions about care needs, and understand state laws regarding Medicaid and care costs. Personal anecdotes illustrate the complexities of these decisions, highlighting the necessity of proactive planning to ensure adequate care and financial security in later years.

Takeaways

Long-term care can significantly impact retirement savings.
50% of retirees may require long-term care services.
Planning for long-term care should start early, ideally between ages 45-65.
Assess your financial assets to prepare for potential care costs.
Family discussions about care preferences are crucial.
Understand the laws and costs of long-term care in your state.
Medicaid has limitations on the type of care it can provide.
Consider long-term care insurance as a financial safety net.
Personal experiences can guide decision-making in care planning.
Proactive planning can lead to better care outcomes and financial security.

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