Daniel D. Porter, CWS
Tel: 817-281-7964

Long Term Care A challenge for boomers

As tens of millions of Boomers approach retirement, their most pressing challenge is to maintain their lifestyles and independence. In part, this may require an approach to investing retirement assets that offers some protection against investment losses during retirement, if not guaranteeing a measure of lifetime income. While this objective is a good one, it's also incomplete in terms of total protection.

It's incomplete because an accident or unplanned change in health may require long-term care. If that happens, plans, hopes, dreams and savings could quickly go up in smoke.

Simply stated, guarding against the costs of unplanned long term care should be a primary concern for Boomers. The reason is clear. Research shows that about 70 percent of people age 65 or older will need long term care services at some point in their lifetime*.

*Source: National Clearinghouse for Long Term Care Information, U.S. Department of Health and Human Services: Planning for LTC. Date accessed, January 18, 2012.

Long Term Care Expressions of concern U.S. Representative John Dingell remarked that "The cost of long-term care can be catastrophic for Americans and their families."

And his colleague Representative John Shimkus said, "Long-term care can be financially devastating."

Source: John D. Dingell (D-MI) and John Shimkus (R-IL), statements before the Subcommittee on Oversight and Investigations hearing entitled "Long-Term Care Insurance: Are Consumers Protected for the Long-Term?" July 24, 2008.