Bar News - April 17, 2009
Protecting Your Retirement Portfolio: The Case for Long-Term Care Insurance
From the NHBA Insurance Agency
We buy an awful lot of insurance during our lifetimes. While we insure our cars, houses, our lives and even our sources of income, have you considered whether your retirement portfolio is insured?
Most of the tools we are familiar with for protecting our retirement funds pertain to the contribution years. What protection is there for after we retire?
The single biggest risk to a retirement portfolio is the owner’s (or owner’s spouse’s) need for long-term care. Currently, the annual cost of long-term care is between $35,000 and $125,000 depending on the type of care needed and where it is provided. These costs have traditionally increased by three to five percent per year and it is not uncommon for the need for long-term care to last more than five years.
Would you like to learn more about long-term care insurance? Expert help and discounts for NH Bar members is available through the NHBA Insurance Agency. Contact Sue Morand at the Bar Center at 603-715-3204 or via e-mail at firstname.lastname@example.org.