What Do You Think?
No matter your age, it’s never too early to start thinking about saving for your senior years.
>> What do you think?
Join the discussion and let us know your thoughts on your retirement savings plan.
No matter your age, it’s never too early to start thinking about saving for your senior years.
>> What do you think?
Join the discussion and let us know your thoughts on your retirement savings plan.
It’s a frequent question many women have grappled with since the rise in college attendance and the significant rise in tuition. The answer from many experts isn’t necessarily one parents want to hear. “Your retirement is much more important,” they say.
The fact is there are many more options for college financing than there are for retirement financing, and you shouldn’t sacrifice the nest egg you’ve built.
If you do want to help pay for your child’s college education, Phil Taylor from U.S. News offers some helpful tips on how to pay for school without sacrificing your retirement. He suggests starting early and starting small, taking advantage of tax-advantage savings plans and encouraging your student to apply for grants, scholarships and other sources of free money.
>> Is your child about to head off to college, or are they in college?
If you have any advice to share with the community, hit the Reply button and share the wisdom.
According to Kiplinger’s Contributing Editor, Kimberly Lankford, everyone who has enough money to afford the premiums should at least consider buying long-term care insurance, no matter how much savings you have. It is suggested that the best age to apply is between 50 and 65 years old. Remember though, premiums rise dramatically the longer you wait, or you could be denied all together. Sometimes it’s better to lock in a lower rate earlier.
Nursing homes can cost anywhere from $70,000 – $100,000 per year, and if your net worth is $75,000 to $3 million, long-term care can help protect your estate. If you have a net worth below $75,000, programs like Medicaid will pay your care as soon as your assets are depleted. If you have a hefty nest egg, it might be cheaper to pay out of pocket. Check with your financial planner or insurance agent for more details about your personal situation.
Also, consider if you have a family history of chronic memory loss, Parkinson’s, Alzheimer’s disease, dementia or stroke. Your chances are greater you will need long-term care at some point.
Looking for more in-depth information about long-term care insurance?
Visit Kiplinger’s Long-Term Care Center.
>> Do you have advice you could share with the community with regards to LTC?
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