People are living longer, and this continues to put stress on the retirement plan and planning for a Long-Term Care event has become a focus for many advisors and clients.
Consider the following:
61% of Americans surveyed that they are more scared of outliving their retirement than they are of death.
7 in 10 People turning 65 will need long-term care at some point in their lives.
Nationally the average cost for a Private Room Nursing Home Case is in excess of $95,000 annually.
Products have continued to evolve to provide clients with options to address this financial challenge. Many people have been able to utilize older life insurance products to assist in the solutions with the Living Benefit Riders in the current spectrum of products available today.
Foundational Planning Group will work closely with the wealth advisor to help analyze the need and create financially solid solutions with or without the utilization of different LTC products available.
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The 2Q11 SunAmerica Retirement RE-SETTM Study conducted by Harris Interactive surveyed a national sample of adults age 55+
Centers for Medicare & Medicaid Services 2/21/2017 (longtermcare.acl.gov/the-basics/index.html)