Cognitive decline is probably my biggest fear in aging. I saw up close with my mother-in-law what full-time care in a quality memory care facility cost. I also have friends whose parents spent needed many years of care for severe dementia or Alzheimers. A few had LTC insurance but only covered 3 years. Others had moved into CCRCs and the healthy spouse could visit the one that needed constant care. It’s a huge financial challenge, as well as a tremendous responsibility for family.
it seems to me all these risks are greater the earlier a person retires and as is said longevity is the greatest retirement risk.
Don’t want to start another row, but isn’t there a direct relationship between income level and being financially scared in retirement? Doesn’t cutting it too close raise the risks?
Cognitive decline is probably my biggest fear in aging. I saw up close with my mother-in-law what full-time care in a quality memory care facility cost. I also have friends whose parents spent needed many years of care for severe dementia or Alzheimers. A few had LTC insurance but only covered 3 years. Others had moved into CCRCs and the healthy spouse could visit the one that needed constant care. It’s a huge financial challenge, as well as a tremendous responsibility for family.
I’m with you Rick
it seems to me all these risks are greater the earlier a person retires and as is said longevity is the greatest retirement risk.
Don’t want to start another row, but isn’t there a direct relationship between income level and being financially scared in retirement? Doesn’t cutting it too close raise the risks?
Seems like an obvious statement, although some people are anxious about their finances no matter how much wealth they have accumulated.
“Seems like an obvious statement”
It’s like saying, “the more food you have in your refrigerator, the less likely you are to be hungry.”