Forward-thinking investors spend much of their investment effort on securing enough funds and future income to live comfortably in retirement. Many of those investors understand that their retirement fund needs to include enough money to protect themselves and their family against the costs of catastrophic or long-term health issues.
But investors protect themselves in different ways, and many investors do not protect themselves enough. Spectrem’s new study, The Convergence of Health and Wealth, determines how much financial planning investors have done to ensure that their family and their portfolio can withstand the costs of long-term illness.
Some of the topics covered in the study include:
- How many investors have protected themselves with long-term care insurance, and protected their family with a will, or a medical power of attorney.
- Which personal concerns (health, eventual living arrangements, tax bites in retirement) carry the most weight among both working and retired investors.
- Where investors think they are going to live when they cannot take care of themselves alone.
- The numbers – how much continuing care costs, how much money long-term care insurance provides, how much money Medicare provides.