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#34 - The Good, the Bad, and the Truth About Paying for Long-Term Care: Part 1

Women and Retirement Long-term Care Healthcare Retirement Planning Caregiving/Caregivers


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Do you have a plan for the rising costs of extended healthcare as you approach retirement? 

Many women are caught off guard by the financial impact of caregiving, both for themselves and their aging loved ones.

In this episode of Simply Retirement, host Eric Blake sits down with long-term care professional Nancy Dykeman, who brings over 45 years of experience in caregiving, nursing home administration, and long-term care insurance advocacy. They discuss why it’s critical for women nearing retirement to think beyond traditional savings and begin planning for extended care. Nancy shares her personal journey and dispels common myths surrounding long-term care, offering practical strategies to safeguard your financial future.

Key Highlights: 

  • Understanding Long-Term Care: Nancy dispels the myth that long-term care is just for the elderly. She explains the true scope of extended care, which includes in-home care, assisted living, and more
  • Women and Caregiving: Women over 55 face unique risks, often juggling caregiving for aging parents while managing their own retirement plans. Learn how to mitigate these risks with proper planning
  • Nancy’s Journey: Discover how Nancy’s personal and professional experiences led her to advocate for long-term care insurance, helping families stay financially secure while aging at home
  • The Financial Toll of Caregiving: With costs ranging from $5,000 to $10,000 per month, long-term care can cause significant financial strain. Nancy explains how to prepare financially to avoid these burdens
  • Cognitive Decline and Care: Memory loss and cognitive decline require extended care. Nancy shows how to protect your financial future through early planning
  • Fiduciary Responsibility: Financial advisors need to address long-term care with their clients—failure to do so could put retirement plans at risk. Nancy stresses the importance of including care planning in retirement strategies
  • And much more!

Actionable Takeaways:

  • Begin planning early to safeguard your financial future
  • Start open conversations with family about caregiving roles and financial resources
  • Consider long-term care insurance or alternative financial plans to cover care costs and protect your assets

This episode offers vital insights for women approaching retirement, helping them navigate long-term care planning with confidence.


Episode Resources


⬅️ #33 - PRIORITIZING SELF-CARE WITH PROFESSIONAL TIPS FROM TAYLOR MORRISON

           
         


Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.

All investing involves risk including loss of principal. Results will vary. Past performance is no indication of future results or success. Market conditions change continuously.

Information here is provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither Blake Wealth Management nor RFG Advisory guarantee the accuracy of third-party sources. The views expressed here are those of Blake Wealth Management. They do not necessarily represent those of RFG Advisory, their employees, or their clients.

This commentary should not be regarded as a description of advisory services provided by Blake Wealth Management or RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.