Eileen Shrem Your Friend In Insurance
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Having financial independence, more spendable income, and security as one ages are some of the financial goals people have for retirement. An annuity can play an invaluable role in fulfilling these goals.
Sometimes it happens suddenly—maybe after a bathtub fall and broken hip. Sometimes it's a gradual, worrisome progression of forgetfulness or mental mishaps. In any case, the realization that you have become the protector of a parent can be gut-wrenching.
The average age of a long term care insurance policy (LTCI) buyer is getting younger. Recent surveys show that the profile of the average purchaser is now around 55, still working, and potentially many years away from needing the benefits that this kind of insurance can offer.
Question: So why now and not later?
Answer: Freedom of Choice; Peace of Mind; and Not Being a Burden.
Baby boomers will soon be addressing the significant task of structuring — or in some cases restructuring — their accumulated retirement assets for the preservation and distribution phases of retirement income management. Can they go it alone? Or will they need the help of skilled, educated financial professionals to help determine how to stretch their retirement assets to meet their anticipated longevity?
Medicare is the government-run health insurance program established in 1965 for those age 65 and older, those under age 65 with certain disabilities, and those of any age with End Stage Renal Disease. It offers several different types of coverage that, for those unfamiliar with the lingo, can be confusing and read like "alphabet soup."