A study by Northwestern Mutual Life Insurance Co. says that almost 80 percent of Americans are aware of the need to plan for long-term care, but almost half of them neglect to do so.
In addition, almost two-thirds of more than 2,000 Americans surveyed said they believe the cost of long-term care will outstrip their savings, but fewer than one-third are currently saving specifically for future long-term care needs.
This disconnect in what we know and what we do can have a devastating effect, especially for women, who typically outlive men by an average of five years and have less income to live on. Despite this, the survey showed that fewer women than men are saving for their future long-term care needs.
Because they live longer, have lower incomes, have more care giving responsibilities and are more likely to be single in old age, women need to take charge of their retirement planning and plan well for their long-term care needs. A Florida elder law attorney can help guide you.
With the proper guidance, you can protect your finances and spare your loved ones the frustration of having to make costly and difficult decisions. Contact us for your initial consultation at one of our conveniently located offices in Fort Pierce, Stuart, Port St. Lucie, Vero Beach, and Okeechobee.