How to Prepare Financially for a Longer Life

How to Prepare Financially for a Longer Life

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By Linda Buccilli, Northwestern Mutual

If you ask people, many of them will tell you that they are not afraid of dying so much as
they may be afraid of outliving your resources. No one looks forward to the time when you can
no longer care for yourself. When that time comes, your ability to live as good a life as
physically possible will depend on what preparations you make today. Exercise, eat right, stay
mentally fit and financially prepared.

Long-term care can be expensive and costs can quickly impact a person’s financial
security. People are living longer, which increases the odds of developing a chronic illness that
could require ongoing care. If the day comes that you are unable to do basic things, such as
dressing yourself, getting in and out of bed, eating a meal or going to the bathroom alone, you
will need to be prepared for the costs of paying professional caregivers for the help you need.

As health care costs escalate, an increasing number of people are protecting themselves
by planning for long-term care. Though Medicare covers skilled care for acute conditions such as heart attacks and broken bones, in general, it does not cover the custodial care required for
chronic medical conditions.

When making your plans for a secure retirement, it’s also important to consider long-term
care needs as a way of helping to protect your assets so they aren’t exhausted by possible
extended-care costs. By planning ahead, you can help maintain your independence and help
ensure you have financial security to live your life your way.

There are quite a few factors to consider when planning for long-term care. For this reason,
it’s important to work with a financial professional who understands your needs, and who can
design a plan that will meet those needs at a cost you can afford. Specifically, look for a financial
professional who is supported by a well-established company with a solid history of strength and
stability. A company that is well-positioned to deliver long-term value and will be there when
you need it most.

The right long-term care plan can provide you with options on how you receive the care you
need and where. It gives you choices about how your final years are lived and where. And
maybe, with such a plan can help reduce the fear of outliving your resources.

Article prepared by Northwestern Mutual with the cooperation of Linda Buccilli. Linda Buccilli is a Financial Advisor with Northwestern Mutual based in Boca Raton, FL. Linda Buccilli is a licensed insurance agent. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI, and its subsidiaries. To contact Linda Buccilli, please call (561) 445-2645 or email at