Planning for Long-Term Care on a Limited Budget
Long-term care is a significant aspect of healthcare planning in retirement. Long-term care insurance can help cover costs associated with nursing home care, home health care, or adult day care. While it can be challenging to afford on a limited budget, there are options to consider.
You can explore hybrid long-term care insurance policies that combine long-term care benefits with life insurance or annuities, providing a death benefit if you don’t need long-term care.
Additionally, some states offer Medicaid planning resources that can help you qualify for Medicaid while preserving some assets for your spouse or other beneficiaries.
Supplemental Income Strategies to Boost Your Retirement Savings
As you approach retirement, exploring supplemental income strategies can significantly boost your savings. Having a financial cushion can make a substantial difference in your quality of life during retirement.
Supplemental income can come from various sources, including part-time jobs, side hustles, and investments. These income streams can help you cover unexpected expenses, pay off debt, or simply enhance your lifestyle.
