In a culture where youth is sometimes worshipped, many people don’t want to think about getting older and they certainly don’t want to plan for it. However, whether you plan for it or not, you are going to get older. When you consult a Fee-Only financial planner, you can make important decisions about your future with expert guidance. A Fee-Only financial planner can not only talk to you in general about retirement planning, but can also work with you to set up your finances so you will have money as you age.
In, “Long-Term Care: Is It in the Cards?” Michael Ryan observes, “Nearly everyone insures against the risk of a house fire and auto accident, but until recently, very few bought insurance for the greater risk of needing long- term care at some point (odds: 1 in 20).”
Even with those odds, you may feel safe that it won’t be you. We know of someone who was debating whether or not to purchase long-term care insurance. Before she could make a decision, she was diagnosed with a disease that meant she was no longer able to qualify for long-term care insurance at any price.
It can seem very scary to contemplate getting older or the possibility of needing long-term care insurance, but if you consider how much more frightening it would be to need long-term care and not have the resources to pay for it, you may want to examine your options. Ryan notes that people who purchase long-term care insurance have choices as to when they want to start to use it. A financial planner can work with you on figuring out key details such as when you want your policy to be activated and how often payouts will take place. And when you choose to work with a Fee-Only financial planner, you know that your financial advisor is not going to steer you towards certain financial products to meet a quota because Fee-Only financial planners adhere to strict codes of ethics and never benefit from recommending a particular product or service.