Social Security and Health Care Analysis
Key decisions about your future may involve your social security benefits and your long-term health care plans. When to claim social security is one of the most important decisions you will make, and the timing affects how much you’ll get in each disbursement as well as what benefits may be available for your loved ones. Social Security is an extremely valuable resource, particularly for women.
Claiming reduced benefits at 62 may give a woman a few more checks in her 60s, but it will not give her the most lifetime income if she lives into her 80s or beyond. It could be a lifetime distribution difference of up to $400,000.*
Additionally, women are outliving men, and the age your spouse claims his or her Social Security benefit can have a dramatic effect on the survivor benefit. While there is information online, these issues can be complicated and are unique for every individual. We can help you determine a strategy for your social security benefits.
Long-Term Care and Insurance
Do you know that your family would be taken care of if something were to happen to you? Medical expenses can add up very quickly. Many people underestimate how much their health care will cost in retirement, and aren’t sure if they will need long-term health care services, such as assisted living or nursing home care. Are you prepared? Having a plan for your care is an important part of protecting you and your loved ones.
Like social security, there is a wealth of information about long-term care planning. At Fish and Associates, we offer you a health care analysis as part of our financial planning. We can help you understand your options and answer any questions you have about what is covered and what isn’t with your insurance or Medicare.
Do you have questions about social security, insurance, and long-term health care? Schedule a consultation with Fish and Associates today.