3 Ways to Pay for Long-Term Care
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 7 October 2024
⏱️ 35 minutes
🧾️ Download transcript
Summary
Long-term care is a reality that many retirees will face, but the question is—how will you pay for it? In this episode, we break down the three primary ways to cover long-term care expenses. We'll walk you through the pros and cons of each option and explain why planning ahead is critical. Plus, we'll introduce a tool that can help you estimate the actual costs of care in your area. Whether you're planning for yourself or a loved one, this episode will give you the insights you need to make an informed decision about long-term care expenses.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.2 | Everyone, welcome to the Big Picture Retirement Show. |
| 0:12.9 | I'm your host, Devin. |
| 0:13.9 | Join today by my co-host, John K. Ross Esquire. |
| 0:17.7 | Howdy. |
| 0:18.7 | Hey, John, I was at a conference. |
| 0:25.2 | I was at a conference this past weekend, which is a topic for another day. |
| 0:30.2 | In fact, I think I'm going to get Roger Whitney on the show to talk about this because this is his rock retirement group. |
| 0:35.4 | This thing was amazing. Anyway, someone, I had a bunch of people come up to me and ask me about you, all right? |
| 0:54.5 | Okay. All right. So they were missing you. I had one guy come up and said, do you guys regret stopping the podcast? And I said, well, yeah, you know, I kind of wish we wouldn't have stopped the podcast, but, you know, we got it started back. He said, wait, you started the podcast back? Yeah, about two years ago, we started the podcast back. But a guy came up to me and he goes, you know, |
| 0:59.8 | I'm kind of into music and I'd love to hear more about this band that John was in. Oh, no. |
| 1:06.3 | No. So for some of our newer listeners, they may not know this, that John was the drummer. |
| 1:31.5 | No, I was the lead singer. Oh, the lead singer. Was that what it was? Yeah. Okay. The lead singer for the band Striper. No, not for the band. Do you remember that story? I do remember that story. Oh. So back of the day, and we have pictures to prove it, John was a rocker. Long hair, no shirt, you know, metal bands, the epitome of a rocker. And I found a picture of the band Striper from back in the air about when John was the Wild Man rocker. And I'm telling you, |
| 1:37.9 | he's trying to hide it now. But he was the drummer for that band. Yes, I was not the drummer |
| 1:41.9 | for Striper. I don't know, man. I don't know that you can |
| 1:46.0 | deny it anymore. Well, and, and let's just think about it this way. Given, you know, I was, what, |
| 1:52.5 | 18 back in those days, right? 18, 19, 20. The drummer for Striper was probably in his 30s, |
| 2:00.1 | which means he's more likely to be one of our listeners. Maybe he's listening to the show saying, no, that was me. That's exactly right. I still got the bumblebee suit hanging in my closet. That's right. But you were a lead singer? Yes. I was the lead singer, yeah. So you played guitar and you sing. That's right. That's right. You'll have to give us your best. I am a, I am a Renaissance man of sorts. But now you are aging. Which is the topic of our show today, by the way. It is. Yep. You know, we don't talk about long-term care all that often, but it is a reality that most |
| 2:36.4 | of us are going to face. |
| 2:38.3 | You know, there's some varied statistics that are out there, but I believe it's Jenworth |
| 2:43.1 | that said that 48% of all people are going to need some version of long-term care. |
... |
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