How much of your monthly income are you budgeting for your future?

A school of thought about budgeting for your future is to budget enough to continue to live in the manner of your choice when you retire and are in need of skilled nursing care and remain in complete control of your life with assets available to pay for your needs and wants and leave something for your kids and grandkids to inherit after you pass away.

Others believe that their social security income benefits will provide enough income for them to sustain them through retirement.  Many currently (almost 42% of Americans today fund their long term care through government assistance or state funded Medicaid)  or if eligible rely on VA Health benefits and believe that this will be enough for them to meet their needs in later years.  

A couple things to consider about the two schools of thought are without control of your future, your survivors responsible for your estate will be left to figure out how to settle debts that you incurred for your care and if you are dependent on Medicaid or VA eligibility will be cared for in the next available facility with a bed open in your state.  That could mean clearly on the other side of the state, making it very difficult for your family to visit you near the end of your life.

You will also not have left anything to them if your estate is sold off to settle your debts incurred for your care.  Medicaid and VA eligibility will require that you spend down all assets first before becoming eligible, and anything left like real property or estate items that have value will be sold off to pay back costs of care incurred.

A very simple remedy to avoid poverty in the future, is to budget for insurance like whole life, final expense, long term care and the above chart provides a pretty good rule of thumb to follow.  A 47 year old male budgeting accordingly above would be secured with more than $1 million in cash valued assets, and over $500,000 in guaranteed death benefit life insurance from the age of 47 through the age of 90.  Would be able to pay off his home mortgage, and would not be reliant on outside wage income past age 67 to maintain control and choices in life.

Talk to a professional at 301-259-1721 or click here to tell us about how much insurance you think you need and what kinds of insurance products best suit your current needs based on your current physical risk factors and future risk factos that can effect elibility for insurance products when most needed.  Insurance products for the clinically obese, overweight, or those diagnosed with diabetes, hypertension, or specific illnesses can be obtained and healthy lifestyle training can be incorporated to keep you healthy for a great long life where you get cash value back from life insurance policies.