Are You Prepared for Retirement?

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It is estimated that 70% of Baby Boomers do not think they will have enough money to cover their retirement costs. With the rising costs of healthcare, assisted living and accomidations during long-term care situations it is no wonder that people are concerned. So, how do you know if you have enough money to make it through even the toughest times of your retirement years?

Budget Planning

One of the easiest ways to evaluate your own funds and options is with a simple budget planning method. An estimate of the costs you are facing can be a good indicator of how prepared you are and where you may be lacking with funds. If independent senior living is a possibilty you can contact local assisted and independent communities for a rough price estimate to add to your budget planning.

Insurance Coverage

Examine your insurance coverage during your budget planning evaluation. Look at the possible health risks that may show up during retirement years. Memory loss, Alzheimer’s, heart diesease, high blood pressure and certain types of cancer are possible health risks that you may want to consider. Find out what portions of these concerns are covered by your insurance and what you would be expected to pay for treatment plans. Consider a medigap or insurance gap coverage plan to cover expenses not covered by your current insurance.

Senior Care Consultant

There are several types of senior care consultants. Some consultants may deal only with retirement finance options while other may deal only with assisted living and care options as well as their funding. Find the right senior care consultant for your needs. If you just want an idea of what kind of care you will need and what to look for in insurance coverage plans then look for a senior care and living consultant. A meeting with a consultant can give you a much better idea of the costs you may face, the insurance options and the care options available to you if you are on a budget.

Insurance Provider Evaluation

Insurance coverage evaluation will give you a good idea of what your current insurance covers and what you may need to do for further coverage in the future. However, a meeting with an insurance provider or representative may offer more insight into the ways that you can change your current benefit packages to accommodate possible issues in the future. You may be surprised at what is available to you through other insurance providers and packages.