In part two of our review of the Vanguard Health Care Costs in Retirement report, we discuss Long Term Care.
Long Term Care is WAY overblown in terms of the worry it causes so many people.
Vanguard says only 15% of retirees will spend over $250k, which is actually quite a bit higher than a REAL WORLD study from the EBRI.
However, Vanguard also says around 50% of retirees will not spend ANY money on long term care services. Nothing.
In fact, Vanguard even shows than 75% of retirees will spend less than $50k TOTAL.
So, given the likelihood that you aren’t going to spend much, but could spend a LOT Long Term Care is the perfect risk to offset with insurance.
DO NOT wait until you’re over 50 to get an insurance policy, as Dave Ramsey suggests.
GET IT NOW! Offset that risk.
And if you don’t have Long Term Insurance. Don’t sweat it. You’re not likely to need to spend a huge amount of $ anyway.
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