When saving for retirement, many seniors are diligent, but studies show it may be hard to decide how much money one will need to live comfortably during the golden years. When considering elderly planning, there is a simple tool that can help in making wise long-term financial choices. In Texas, taking the time to research the 4 percent rule may help seniors plump up their nest eggs.
When seniors plan for retirement and long-term care, most do not include a plan for debilitating illnesses. Being proactive and building a long-term care plan can ease the financial burden for the primary caregiver, who is usually the spouse. While the plan may never be put into motion, options are limited once an illness hits. In Texas, when devising a long-term plan, it is advisable to include one's family in long-term decision making.
The annual open enrollment for Medicare is Oct. 15 through Dec. 7, 2017. In order to enroll, one must be 65 or older and meet eligibility requirements. Having the right information from the start may help seniors avoid costly mistakes during elderly planning. In Texas, not evaluating all options when enrolling in Medicare can lead to long-term out-of-pocket costs.
Elderly Americans use Social Security as a major source of monthly income. To be eligible for retirement benefits, an applicant must be at least 62 years old and have earned a minimum of 40 working credits. Studies show that in 2017 nearly 1 trillion in benefits will be paid, and forty-two million of that will be paid to retired workers. For elderly planning in Texas, that amounts to an average monthly payment of $1369, the equivalent of one Social Security credit.
Being able to sit back and enjoy life at retirement should be easy. For some, planning for retirement can be a major cause of stress in their lives because they have been misled about how much money to put away for retirement. In Texas, savings plans that will cover long\-term care should be in place long before the paychecks stop. It is important to be informed and to make informed choices.
When a loved one reaches a point in his life that he can no longer live alone, assisted living arrangements may be the next option. Studies show that the average age for seniors moving into assisted living is 84-years old and is usually the result of a medical emergency. In 2016, the cost to rent a one-bedroom apartment in a Texas assisted living community was $42,180 or about $3515 per month for long\-term care.
National statistics show that women in Texas and all around the country have a longer life expectancy than men. Women are likely to live until age 81, while the life span for men is 76. Since women are often the primary caregivers when family members become unable to provide personal care, there is a valid concern regarding who will care for them in the future when they are in need. Long-term care planning is an important issue to address as the population in the country ages.
Many Texas residents and other adults around the country are looking forward to their retirement years. While several may anticipate the less-structured days when they no longer must go into work, others are waiting for the opportunity to get started on Medicare and reduce their monthly insurance premiums. However, financial experts warn that Medicare does not provide the comprehensive coverage that most seniors need. In fact, those approaching retirement still need to consider long\-term care planning for many services that are not covered, even with a Medigap insurance policy.
There are not many Texas residents or others around the country who like to think of a time when they may become seriously ill or unable to take care of themselves. While it is common for most people to make plans for their education, families and retirement years, they do not often consider long\-term care planning. Unfortunately, by the time it becomes an issue, it is too late to make the necessary decisions.
Many Texas residents and others across the nation are caring for elderly parents. A frequent topic is likely to be the difficulties experienced in finding quality care at an affordable cost. The reality is that everyone is aging and if life expectancies continue to increase, more people will need long-term care, not only for parents, but for themselves.