Do Not Rely on Social Security
Planning for retirement is not something that most young adults think about. Many individuals think that they have a lot of time to plan for retirement. But the reality is that most people do not set aside money, therefore leaving them on a fairly low income in their retirement years. Some seniors have to work well over the age of 65 because they did not plan financially for retirement.
I have noticed a large amount of seniors who rely totally on Social Security as their income in retirement. The Social Security Administration reports that in 2015 Social Security benefits accounts for 39% of income for the elderly. They also reported that people who were unmarried rely on social security as 90% of their income. The sad part is that most people that I have come across barely make $1000 per month in social security income.
How will any senior be able to afford good quality Long Term care, especially when the average cost of a LTC nursing home is $10,000 per month or a residential care home that cost half of that amount. The answer is plan for retirement early in life, and do not rely on one source of income like social security income as your retirement. Look into getting a long term care insurance policy. There are various insurance policies that will fit your budget and that offer different benefits. Do not put your eggs in one basket, think ahead, plan ahead. I have not meet any family or senior that had regrets about paying for long term care insurance.