Planning for retirement, including long-term care, begins now -- well before you retire.
Retirement planning requires starting early, consistently saving, and maximizing employer-sponsored retirement accounts. However, planning for risks like long-term care will help you build a secure financial future.
Matt McCann, a leading expert on long-term care planning, notes that planning for retirement can feel overwhelming for some people, leading many to delay taking action.
Yet, without a clear plan, you risk financial insecurity and a diminished quality of life in your later years. Proactively saving, addressing risks, and leveraging employer benefits are key steps to ensuring a comfortable retirement.
Why Do People Delay Retirement Planning?
Despite its importance, many Americans put off retirement planning.
Many people believe they have plenty of time to plan, but the years can slip away, health can decline, and options may become increasingly limited.
Are you one of those people who think they have plenty of time? Possibly.
While it's never too late to improve your financial situation, waiting too long can limit your options. By your 60s, you may face:
To set yourself up for a secure retirement, give yourself plenty of time to plan by taking action now.
Experts say that if you're nearing retirement and need to boost your savings, consider proactive steps like adjusting your lifestyle, extending your career, or exploring part-time work to enhance your financial foundation.
However, it is always best to plan well before retirement time.
Maximize Employer-Sponsored Accounts
Employer-sponsored retirement plans like 401(k)s and 403(b)s are among the most effective tools for building a secure financial future.
How Much Do You Need to Save?
A common guideline suggests you'll need 70% to 80% of your pre-retirement income, but factors like lifestyle, location, and health can increase this figure. Fidelity recommends replacing 55% to 80% of your income, with personal savings playing a critical role.
Preparing for Retirement Risks
Retirement planning isn't just about saving -- it's about anticipating risks like:
Planning for Long-Term Care
Long-Term Care Insurance protects your retirement assets from the high costs of home care, assisted living, or nursing home services. With costs rising nationwide by the time you require long-term care, you better have a way to address these costs. Plus, costs vary depending on where you live.
McCann emphasizes that many people fail to see long-term care planning as an integral part of retirement planning, even though the two are deeply interconnected.
"Long-term care planning isn't just a separate consideration -- it's a vital component of retirement planning," says McCann.
By addressing both together, you can protect your income and savings, ensure access to quality care, and preserve your overall financial security.
Take Action Today
Whether you're in your 30s or 60s, taking steps now can significantly impact your retirement security. Consult a financial advisor to develop a comprehensive plan and maximize your employer-sponsored benefits.
However, McCann says to seek advice from an experienced Long-Term Care Insurance specialist, like himself, for long-term care planning. Many insurance companies offer long-term care solutions -- learn about the best options before planning: Best Long-Term Care Insurance Companies: 2025 Provider Guide.
Top Long-Term Care Insurance specialists will represent all the top-rated insurance companies that offer long-term care solutions. Matt McCann represents the top-rate insurance companies that offer long-term care solutions.
His innovative approach enables clients to consult with him via phone while viewing his computer screen, making the education, exploration, and selection of options convenient and transparent. He is licensed in every state and the District of Columbia.
Most people get an LTC policy between the ages of 47 and 67. However, McCann notes that your health and family history play a big role in insurability and available options.
You can get free and accurate quotes from all the top companies, along with professional recommendations - Free and Accurate Quotes.
Media Availability
McCann is available for radio, TV, and podcast interviews. He also speaks to groups and organizations worldwide on the issues of aging, caregiving, health, and long-term care. Contact McCann through his website for information.