Turning 30 and Thinking in the Long Term

ByJanel
21 Comments

This year I will be turning 30 and getting “old”. As every year of my life passes, I realize more and more how quickly time goes by. In the past two years we have worked extremely hard as a family to work our way completely out of debt with the exception of our mortgage and we are now working hard towards building our investments, savings, and being more financially prepared overall. Long term care insurance is one of the aspects of a well-balanced financial plan that we know we should get when we are a bit older but we hadn’t spent a lot of time really thinking about it and all the ways long term care will affect our family.

Turning 30 and Thinking Long Term Care

I read this article by Wife.org called “Long-Term Care is a Woman’s Issue“. In this article they explain why it really matters that we not only think about but put into action a plan for our future and help our elderly parents or grown adult children understand the importance as well. Both of our parents are in their late 40’s to early 50’s and right at the time when they should be thinking and planning for their own long term care. It was interesting to read some of the statistics in the article stating that Census projections estimate that 1 in 5 adults will be a senior citizen by the year 2030. What’s more, over half of the US workforce are left with the care of an elderly parent. These stats made me really realize how I need to be thinking no only of our own long term care plan but also having the conversation with our parents and helping them to plan for their care as well.

If we are careful and plan for our futures we can help prevent the financial burden that can come with needing to support the care of an elderly parent or for our own care. You can find out more about what Long Term Care insurance can help you cover, what coverage you might need, and how to start planning for your own care with Genworth Financial.

What steps have you taken to prepare for your own long term care?

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21 Comments

  3. Hard to save money but if you just put in a savings account allittle each week you’ll be surprised how much you can save.

  4. I am completely debt free, now I just need to start working on saving for retirement!

  6. I have been saving into my 401K that is about the only steps I have taken.

  7. you need to be very careful when signing up for long term health care policies, they have changed radically in the past few yrs. most can up your pymt a lot. and if you cant pay, you lose what you have invested….do your research.

  10. We are in the early planning stage of … planning for our future. It can get overwhelming just trying to balance what is going on now! Thanks for sharing your insight and info to inspire us!

  11. I have actually done nothing yet! 馃檨 but I need to, it’s just such a sad topic! But an important one to deal with before a loss happens!

  12. I’ve done some planning but know that I need to do more. I don’t want to burden my family when I get too old to care for myself, although I know they wouldn’t think of it as a burden.

  14. I am turning 35 this year, so talk about getting “old”! LOL This topic really scares me. Right now we are just paying the bills – not much left for savings. :/

  15. I turn 30 this year too. I do everything I can to prepare for my future, because time passes so fast – I’ll be 80 before I even know what happened!

  18. You are very young. You have done a lot in your life. But it is so important to make sure that we have adequate coverage in long term health insurance!

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