Most people don’t like to accept the reality that if we live beyond the age of 80, 85, 90, or older, we’ll probably have to get someone else to take care of us. Our children, a relative, a nurse, or someone else may have to look after us one day. But could you afford to have someone else look after you? What if your relatives were in a different state and couldn’t take care of you?
Studies show that today there are about 7 caregivers for each person over 80 in the US. As the baby boomer generation ages, the number of caregivers decreases. In 2030 there will be about 4 caregivers for each per person 80 or older, and only 3 caregivers in 2050 to take care of Generation X. Today American families consist of fewer children than they did decades ago, causing the number of available caregivers to decrease over time.
Decreasing amounts of available caregivers and increasing costs of care mean that today’s young people will have to pay more for their care in the future as they age. If you don’t have any children, or if your children and relatives are unable to care for you when you’re older, you’ll have to pay for a nurse to look after you or to live in assisting living facility. These costs can add up quickly, and if you don’t have a large savings, you could end up in real trouble.
That’s why it’s important to start saving today. Family Protection Center has tax-free retirement plans that can help you start saving today for whatever may come tomorrow. You won’t have to wait until you reach a certain age to access your savings, you can use it whenever you need it without paying penalties. You won’t have to pay income taxes on the money you withdraw from the plan and you can gain interest with no market risk. This means that you’ll earn interest when the market is up, but never lose when it decreases. These funds could provide the monetary resources you’ll need when you’re older, so you won’t have to worry about not being able to afford the care you deserve.
To find out more about saving for your future, visit our tax-free retirement page. If you’d like to speak with an agent about your retirement options, fill out the form to the right or give us a call today. We’ll help you find a plan that suits your budget and your needs.
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