BULLET-PROOF YOUR RETIREMENT:

WHY YOU NEED TO START ELDER LAW PLANNING TODAY

Do you lose sleep at night worrying about leaving your spouse broke and their lives in chaos? Bullet-Proof your retirement with Elder Law Planning.

You worked hard all your life, and now it’s your time: it’s time to kick back, relax, and really enjoy those sunrises and sunsets that you missed for years; it’s time to travel the world, cruise, and experience the places you always dreamed of; it’s time to spend time with your children and grandchildren; and it’s time to reconnect with your spouse, or for some to find a new loved one to share your experiences with.

Yes, enjoying the freedom and flexibility that comes with retirement is seductive. But it doesn’t mean you can stop making decisions—actually, just the opposite.

Most retirees live on a set income and a strict financial budget. Even with tens or hundreds of thousands of dollars in the bank for retirement, without an Elder Law plan in place, a single unexpected sickness or long-term illness could deplete your entire retirement fund quickly.

Many Seniors Are One Sickness Away From Financial Ruin

With the average monthly costs for nursing home care averaging between $8,000 and $12,000 per month (higher in some locations – see article from Senior Living Article ), it could be a matter of months or a year or two, before your life savings dwindles below the point where you can sustain the retirement life that you dreamed of.

For many seniors, a single month could result in financial ruin. We know the recent inflation rates are outpacing the meager Social Security COLA increases (for 2024, the Cost-of-Living Adjustment is just 3.2%).

MEDICARE Benefits v. MEDICAID Benefits? Which Do I Need?

Medicare v. Mediciad. What’s the difference?

As we head toward retirement, we are bombarded with ads and information about Medicare and our choices. You may be wondering, if Medicare is taking care of my medical needs, why do I even need Medicaid? If it is essential, why don’t I see ads and information about Medicaid?  

Here is a way to help understand it better:

Medicare is for short-term treatments to get you back healthy; Medicare is for long-term care and support for chronic and permanent ongoing conditions.

While this analogy isn’t perfect, it sets the tone. Medicare typically covers medical services such as hospital stays, doctor visits, and certain preventive care meant to get you back healthy. However, it does not usually cover long-term care services such as ongoing nursing home care or assistance with daily activities, which are often critical aspects of elder law planning. Medicare will cover up to 3 months of long-term care and rehabilitation before YOU begin to pay.

Having a long-term care plan in place, including long-term care insurance or a plan to enable you to qualify for your State’s Medicaid Program, is one of the critical goals of an Elder Law plan. If you or a spouse served in the military, then VA benefits may be available for long-term care planning as well.

Most Retirees Live Primarily on Social Security

Consider the following statistics:

• A 2023 Gallup poll indicated that 59% of retirees live primarily or solely on their income from Social Security.
• A 2022 study found that the average retirement savings among Americans is just $87,000.
• 70% of adults over the age of 65 will require some long-term care services and support in the future.
• 40% of those needing long-term care required services for up to 2 years.
• The average length of stay in a long-term care facility is 3.2 years.
• 20% of long-term care residents required continued care for 5 years or longer.

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