In this episode, Wade and Alex introduce the long-awaited arc on long-term care planning. They discuss the importance of planning for long-term care and the impact it can have on retirement. They define what a long-term care need is and explain the activities of daily living (ADLs) that determine eligibility for long-term care benefits. They also highlight the distinction between ADLs and incidental activities of daily living. The episode concludes with a preview of the next episode, which will cover the costs and prevalence of long-term care. Listen now to learn more.Takeaways
Chapters
00:00 Introduction to Long-Term Care Planning03:01 Personal Experiences and the Importance of Long-Term Care Planning08:58 Budgeting for Long-Term Care14:12 Determining the Amount to Set Aside for Long-Term Care21:36 The Demographics and Increasing Need for Long-Term Care26:39 Defining a Long-Term Care Need27:56 Activities of Daily Living (ADLs) and Cognitive Impairment32:46 Incidental Activities of Daily Living36:53 Summary and Next Steps
Links
Join the waitlist for the next Retirement Income Challenge by visiting risaprofile.com/podcast
The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/
This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips
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