How are you feeling about your financial future? Consider this if you have concerns. With the insecurity many are feeling about the market these days, some seniors are reticent to make any decisions- especially big financial ones. And, that is very understandable. With market fluctuations and a new administration that is doing things differently, the future seems uncertain. If you work with a financial planner, their guidance seems to be across the board- some say look to international investments, others say pull out of the stock market, many are saying to stay put and “ride it out.”
Amidst uncertainty, there is something available to qualified seniors that you may not know about. Have you heard of life plan or- perhaps- life care? Well, let’s dive in. Life plan- or life care as it is sometimes called- is one way that seniors can ensure financial security while also putting a plan in place for future care needs. This option also mitigates dramatic escalation in the cost of future care- if ever needed. Sound too good to be true? It’s not. This is a senior living model that has been around for decades. These continuing care retirement communities actually offer a type of insurance that is akin to long-term care (but works in tandem with it!). If you’ve heard of a “buy-in community,” you might be familiar with what these kinds of communities offer. This version of “buy-in” (actually called an “entrance fee”) is often almost fully refundable- which means a dip or crash in the stock market doesn’t tank the value you invest. And, it ensures that you will have a place to live and get the services and care you need literally for the rest of your life- regardless of what happens to the markets.* This is an option that provides financial security, and the security of life plan/life care for the future. Whether the market goes up or down, the security of life care/life plan doesn’t change. Plus, the assurance of predictability (knowing what your monthly costs will be) as healthcare costs continue to rise is also a tremendous benefit.
- Protection of your assets? Check!
- Plan for the future? Check!
- Predictable costs for services and care? Check!
*This assurance requires that residents do not self-impose destitution or recklessly give philanthropically of their income or assets during the duration of their residency.
If you would like more information on The Legacy’s life care/life plan options, please contact us. We can also provide an assessment for your unique financial situation to compare traditional investing versus investing in life care/life plan. This tool is helpful for you to review, discuss with your family, and provide to your financial advisor.
