The biggest retirement gaff is not focusing on the planning needs, rather it is not planning comprehensively. Generally, planning is done in pieces. Financial planning, health planning (or more appropriately, health repair), legal planning and to some extent planning around housing issues. The problem generally is that there is no communication within these various professionals and therefore advice you get is not comprehensive advice. AARP article at least puts all the planning pieces together for you to consider. The next step for you should be reaching out to a planner that addresses all these issues under one roof, if you can find such a person. Some resources to help with planning for your future.
The Fiscal Times reports that some 70% of seniors 65+ will need long term care and some 20% will need the care of others for 5 or more years. Yet, we are simply not prepared as a nation to deal with the situation. The Class Act, being offered as an option, is no more than a ponzi scheme Madoff would have been proud of. The answer lies in taking responsibility to build a tri legged stool: savings, private insurance and public insurance-assistance.
Women need to be better prepared to deal with Alzheimer’s disease related issues. Some 65% of total Alzheimer’s patients are women and majority caregivers (60%) are also women. Without proper advance planning women are truly at the highest risk of falling victims in many different ways.