Ready for Tomorrow?

You’re a Millennial, or Gen X’er. So why should you be actively planning for care as you age?

Thirty percent of women — almost double the number of men — aren’t sure how they’ll address their own potential long-term care needs.

A recent longevity study revealed 80 percent of men die leaving a widow behind, while 80 percent of women die without leaving a spouse behind.

“Women are living longer than men. While retirement income will usually last long enough for one spouse’s long term care needs, it’s simply not enough for the woman’s long-term care needs as well,” says Rebekah Barsch, VP of the Retirement Market at Northwestern Mutual.

So what are the steps to getting proper long-term care?

“There are so many options for long term care coverage compared to 15 years ago that many women feel paralyzed, but finding a good financial advisor is one way to get unstuck,” says Barsch.

Online planning software can help women customize a long term care plan that fits their current and projected circumstances to build a secure future.

Early planning is another way to secure your financial future.

Nearly 50 percent of men plan for future needs, but only 37 percent of women do. “Having a mind set to save is important,” says Barsch. “The sooner you plan, the more money you can save. Savvy young women who save will see that long term care is less expensive as a planning solution.”

Minute Mentor: How to Get Your Finances in Order

Bonus PINK Link: SunTrust’s Bonnie Seagal on why you need life insurance.

By Christina Caldwell

“Being taken care of is nice. Taking care of yourself is even better.” Unknown