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Long-term care and retirement Lifetime retirement planning with Wells Fargo Advisors

May 27, 2011 • Business, Local Business Review

Wells Fargo Advisors is located at 110 West College Boulevard, Suite B in Fram Plaza. Phone 624-1811 for answers to your investment questions. The local staff includes: Brian D. Stokes, Vic L. Dodson, Joe Delamater, Penny Kelley, Chris Stokes, Ilene Goodwin, Cheryl Thomas, Kelly Sistok and Staci Daliege.

As life expectancy moves upwards, so does the need for longterm care. It may surprise you to realize that approximately 70% of Americans now turning 65 will need some form of long-term care during retirement. Forty percent of those will require long-term care in a nursing home.1

With nursing-home costs now averaging more than $83,000 a year, depending on where you live, the costs of long-term care can take a big bite out of your retirement income, or deplete the assets you may want to leave to your beneficiaries.2 In fact, in many cases, mounting long-term care expenses can require your heirs to pay for your care.

Long-term care insurance

You may never need long-term care, but if you do, having a long-term care insurance policy can help protect your retirement assets from being drastically depleted over a short period of time.

Many long-term care policies pay most of the costs of expensive assisted-living care, whether in nursing homes, hospices, or adult day-care facilities, and some policies will pay for in-home care as well. Coverage generally starts when you are no longer able to perform certain defined activities of daily living for yourself, such as eating, bathing, or dressing.

Long-term care insurance is not for everyone. To decide whether it’s right for you, keep the following parameters in mind. If you Login to read more

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