Is long-term care insurance right for you?

No one has ever said to me, “I can’t wait to move into a long-term care home!” So I think it’s a safe bet to say that very few of us want to do so. We want to stay as independent as possible in our own home for as long as possible.

If you take care of yourself as mentioned in an earlier blog, you can hopefully push back long-term care needs well into your senior years.

Whether you will need long-term care or not, there is no doubt however, that long-term care is expensive. Has this been factored into your overall financial plan?

You may want to consider purchasing long-term care insurance while you are still working. This insurance can provide coverage if you become unable to care for yourself and need assistance either in your own home or a care facility following an accident or illness.

When I finished paying for my long-term care insurance, I felt great about having that peace of mind should I ever need it.

Talk to your financial planner or your insurance provider to see if long-term care insurance is right for you.

What can you do now to increase your level of health to stay as healthy as possible for as long as possible?

Fear of social isolation in retirement

Loss of social network is a big concern among pre-retirees. When you will retire from your career, you more than likely won’t be seeing your colleagues and / or work friends everyday but that doesn’t mean that they are gone from your life forever. If you had good work and personal relationships with your co-workers, then these friendships may be strong enough to continue once you have left work.

Like all relationships, however, you need to make time and work on your friendships to stay connected.

If you don’t really have any close friends at work or outside of work, then you may need to nurture your existing relationships and even expand your network.

Some ways to do that are to:

  • Identify your interests and hobbies and join a local club e.g. if you love gardening, look for local gardening clubs

  • volunteer for a personal cause

  • join service clubs or associations – there are lots of service clubs who welcome new members, identify the service clubs in your area.

  • A club that I will be joining when I retire is PROBUS club. Their goal is to provide fellowship, friendship and fun in their retirement and semi-retirement years. Some of my retired friends are members and they are loving the people they are meeting and the experiences they are having. Visit www.probus.org for more information and for a club near you.

  • attend a class at your local college or

  •  attend community or church events

There are probably lots of events going on in your community so pick up the local paper or read it on-line and get plugged in to find out what is happening in your community.

Visit www.powerupyourretirement.com to watch the ‘Ten Most Common Fears About Retirement’ Masterclass video.

Fear of a Lack of Purpose in Retirement

A purpose is very important to living a meaningful life. Ernie J. Zelinski, author of How to Retire Happy, Wild and Free says that, “Two essentials for successful retirement are sufficient funds to live on and sufficient things to live for.”

You may have a lot of hobbies, interests and leisure activities that may keep you busy, however, if you want your retirement to be meaningful, these will most likely not be enough. You may need to find your purpose.

So exactly what is ‘purpose’? Think of ‘purpose’ as your ‘why’ – The ‘why’ behind what motivates you to get out of bed in the morning and excited about your day.

Your purpose is your authentic path, being the best ‘you’ are here to be by sharing your unique gifts and strengths to make a difference in this world. By doing this you add value to the lives of others while creating value in your own life. It’s win-win. Your purpose defines who you are and how you will live.

Just because you will be in retirement, doesn’t mean you can’t continue to live your purpose. In fact, if you don’t live your life on purpose, you are more than likely going to feel unfulfilled and dissatisfied with your life in retirement.

Knowing and living your life on purpose is key to a meaningful life.

Fears can be debilitating as they can stop us from achieving our dreams and doing the things we want to do. So, don’t let your fears stop you from living the life you want.

Identify, understand and take action to overcome your fears. These are important steps in preparing yourself psychologically for your retirement.

Visit www.powerupyourretirement.com to watch the ‘Ten Most Common Fears About Retirement’ Masterclass video. 

Marielle Gauthier, owner and principal of Redworks Communications, is a certified Results coach; an Associate Certified Coach (ACC); and a Conversational Intelligence Coach.