Baby boomers are more prepared for death than they are for the rest of their own lives
More than eight in 10 middle-income boomers have made at least one formal preparation for when they pass away, like having a will or outlining their funeral preferences, according to a study released this week by the Bankers Life Center for a Secure Retirement.
So why are boomers so resistant to planning for the care they might need in life? “It’s a topic that makes people uncomfortable to think about because they don’t know where to start,” says Scott Goldberg, president of Bankers Life. Whatever the reasons, experts say it’s essential that we plan for caregiving so that our wishes can be honored, and we can afford to pay for the care we’d like. Here’s how to do that.
It’s certainly not for everyone: “If you have a small nest egg for retirement, long-term care insurance may not offer enough protection to offset the high cost,” says Robert Baltzell the president of RLB Financial in Los Angeles. That’s because: “If you’ve spent all your assets, you may qualify for Medicaid to help pay for your nursing home.”
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