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Is long-term care insurance right for you?

Is long-term care insurance right for you?

No one has ever said to me, “I can’t wait to move into a long-term care home!” So I think it’s a safe bet to say that very few of us want to do so. e want to stay as independent as possible in our own home for as long as possible.  

If you take care of yourself as mentioned in an earlier blog, you can hopefully push back long-term care needs well into your senior years.

Whether you will need long-term care or not, there is no doubt however, that long-term care is expensive. Has this been factored into your overall financial plan?

How to avoid running out of money in retirement

How to avoid running out of money in retirement

Running out of money in retirement.

It’s a really scary thought.

It’s actually one of the biggest fears people have about transitioning into this next chapter of their lives.

Many people also worry they won’t have enough money to live the life they want.

And that right there folks is the reason why planning for retirement mentally and emotionally first, and then working with a financial planner to flesh out your plans even further, will help give you the bigger picture.

Fear of loss of health

Fear of loss of health

My health means everything and I am doing all that I can to be in the best shape possible so I can continue to have a great quality of life in retirement. 

If you want to have great health in retirement, but you haven’t donned track shoes since your last gym class; you don’t eat well, sleep well, take time to recharge your batteries, are often stressed, or are generally in poor health, then you are at a crossroads and you have an important decision to make.

How do you want to feel and what do you want to do in the second half of your life? 

Fear of having to go back to work

Fear of having to go back to work

Studies show that more and more retirees are either delaying their retirement past the age of 65 or going back to work. In 2015, StatsCan, found that 53.5 per cent of men and almost 39 per cent of women who were 65 reported working during the year.

Some reasons for delaying retirement past 65 or going back to work include - not ready to retire; don’t have enough money; bored; lonely; want to meet new people; want to keep busy; etc.

Fear of a Lack of Purpose in Retirement

Fear of a Lack of Purpose in Retirement

A purpose is very important to living a meaningful life. Ernie J. Zelinski, author of How to Retire Happy, Wild and Free says that, “Two essentials for successful retirement are sufficient funds to live on and sufficient things to live for.”

You may have a lot of hobbies, interests and leisure activities that may keep you busy, however, if you want your retirement to be meaningful, these will most likely not be enough. You may need to find your purpose.

Fear of Boredom in Retirement

Fear of Boredom in Retirement

According to Family Service Canada, boredom is the number one reason for dissatisfaction in retirement. Without a person’s routine and social contacts of the workplace, many people feel alone and disengaged from their usual social circle. 

You are going to have a lot more time (at least 8 hours / day or 2000/ year) and anywhere from 20 – 30 years + of life in retirement available to pursue personal interests or hobbies. How will you spend all this extra time?

Fear of social isolation in retirement

Fear of social isolation in retirement

Loss of social network is a big concern among pre-retirees. When you will retire from your career, you more than likely won’t be seeing your colleagues and / or work friends everyday but that doesn’t mean that they are gone from your life forever. If you had good work and personal relationships with your co-workers, then these friendships may be strong enough to continue once you have left work.

Like all relationships, however, you need to make time and work on your friendships to stay connected.

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