Making sure the you have the financial underpinning to enjoy your retirement years to the fullest is important.
But then there is the elder law issue of long-term care and the expenses that are potentially incurred. Medicare doesn’t pay for an extended stay in a nursing home or an assisted-living community.
If you combine the average length of stay with the average cost of a year in a nursing home in New York you’re looking at a figure well in excess of $200,000.
As you make preparations for retirement and the twilight years that will follow your active elder years you would do well to discuss everything with a licensed elder law attorney.
It is wise to enter into the consultation after having learned some of the basics so you can have a more meaningful conversation and ask the right questions.
With this in mind we would like to share some links to very relevant information.
Long-Term Care Links
When it comes to long-term care you may be surprised to hear that Medicaid pays for most of the care that is received. It is intended for people with very limited resources, but it is possible to keep assets in the family while still qualifying.
You should certainly discuss Medicaid planning with your elder law attorney. However, you can learn quite a bit online by visiting the appropriate section of the Medicaid website.
Click this link to gain access: Medicaid Long-Term Care Information.
Another possibility to consider when you are thinking about long-term care costs would be to take out long-term care insurance. A good place to start when you’re looking for information would be the website of the American Association for Long-Term Care Insurance.
Social Security/Retirement Planning
Social Security alone is by no means a retirement plan. You should work with a licensed attorney to make a retirement plan part of a holistic plan for aging.
That being stated, Social Security will play a role in most retirement plans. To find out how much you can expect to receive you can register your account online by visiting this page: Register Social Security Account Online.
You certainly need to know how much you are going to get, but you should also know when you are going to get it. The age of full Social Security eligibility varies depending on the year during which you were born. You can find the breakdown here: Social Security Full Retirement Age Chart.
In closing we would like to let you know that you can actually apply for your Social Security benefit online. You don’t have to visit any brick-and-mortar office.
Should you be interested in doing so simply follow this link: Apply for Social Security Benefit Online.