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When Is It the Right Time to Think About Long-Term Care Options

If you’re nearing retirement, and haven’t thought about those end-of-life years, it’s important to start considering it now. The reality is that almost three fourths of Americans will need long-term care services before they pass away and 20% of people will need that care for at least five years.1 If you’re getting close to retirement, it’s time to start thinking about your long-term care options. 

Thankfully, there are plenty of great long-term healthcare options out there. But they may come at steep prices . . . that’s why financial planning for long-term care is vital. Here are a few questions you may be asking yourself (and some helpful answers to get you started on your planning process):

Why should I care about long-term care?

The average life expectancy in the United States in 2023 is 76.4 years.2 The World Health Organization found that “by 2030, one out of every six people will be 60 years or older.” And “in 2020, the number of people over 60 years old outnumbered children younger than five years old.”3,4 

The world’s population as a whole is aging. The Baby Boomer generation will likely feel the brunt of that in a long-term care crisis. There will likely be more people in need of long-term care than room available in retirement communities and nursing homes. That’s why having a long-term care plan is so important. Planning before you need care will help to position you from experiencing the hardship of searching for care when you need it the most.  

When is the right time to plan for long-term care? 

It’s never too early to plan for the future, but when it comes to long-term care planning, you typically want to start around the age of 60. Long-term care insurance premiums can be pretty pricey, so signing up for it too soon would mean that you’re paying a lot of money for something you don’t need yet. But it’s important that you plan early. In this case, long-term care insurance is the difference in offsetting expensive care costs and paying for them out of pocket. In fact, the annual cost for a room in a nursing home is over $108,408.5 And if you’re part of the 20% of the population that needs care for more than five years, that means you’re going to be spending over $542,000 on the room alone.

What if I don’t have a plan in place?

If you don’t have a long-term care plan in place and you’re retired (or over the age of 60), that’s okay. But now is the time to start thinking about your end-of-life desires and plans so you can be prepared. Do you have someone in your life that is able and willing to care for you later on if you need it? Maybe you have a family member who has offered to do that. If so, that’s great. And if you don’t, that’s okay too.

That’s why retirement communities and homes exist—to make sure you are taken care of when you need it! But, it’s not cheap. If you don’t have a long-term care insurance plan in place, it could easily eat up your nest egg and more. You don’t want that burden on you (or your family). By setting up a long-term care insurance plan, you can start building up the funds you need to cover whatever costs might come your way. 

Who can help me develop a plan?

Wondering how to plan for long-term care? SageSpring Wealth Partners can help. We have resources available to help you create your plan for your future long-term care needs. And if you decide you want to set it (and forget it), we can check in with you when the time comes to get it in motion. 

Our financial advisors are well versed in retirement, long-term care, and generational planning. You don’t have to guess your way through the golden years of your life. Let us help you build your plan. Contact an advisor today and feel confident about your tomorrow.  

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of SageSpring Wealth Partners and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. 

Guarantees are based on the claims paying ability of the issuing company. Long-Term Care Insurance or Asset Based Long-Term Care Insurance Products may not be suitable for all investors. Surrender charges may apply for early withdrawals and, if made prior to age 59 ½, may be subject to a 10% federal tax penalty in addition to any gains being taxed as ordinary income. Please consult with a licensed financial professional when considering your insurance options.

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Jeffrey T. Dobyns


President, SageSpring | Financial Advisor, RJFS 

Jeffrey T. Dobyns

President, SageSpring | Financial Advisor, RJFS

Beyond crunching numbers and investment strategies, at SageSpring, we’re about building relationships. When you encounter Founder & President of SageSpring, Jeff Dobyns, it’s easy to understand why this is at the very heart of who we are as a firm. You won’t find stuffy formalities with Jeff; instead, you can expect to find him sharing a warm smile, communicating a compelling vision, or patiently untangling life’s complex challenges with clients. He believes in truly getting to know clients, understanding their aspirations and priorities, and navigating their financial plans with a tailored, comprehensive approach. Our team members have often been caught taking notes on Jeff’s effortless relationship skills from a distance, and we admire them for striving to learn from one of the best. 

Jeff’s financial expertise and wisdom are the perfect match to his innate people skills. Jeff holds the prestigious CERTIFIED FINANCIAL PLANNERTM certification, Chartered Life Underwriter (CLU®), and Chartered Financial Consultant (ChLU®) designations, and has held executive positions with financial planning firms for more than two decades. 

His dedication extends beyond the office to the boardroom and the local community, where Jeff is passionate about giving back. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. Jeff actively supports other initiatives in the community by sitting on the board of The Signatry of Middle Tennessee and the Halftime Institute of Nashville. 

Witnessing his four children, Gracyn, Hunter, Tanner, and Logan, excel on the field is almost just as rewarding, if not more, than celebrating the victories of seeing his clients overcome obstacles and build wealth. Spending weekends boating on the lake, hiking mountain trails, and fishing with his family are the moments Jeff cherishes most. It’s this grounded perspective that reveals the true meaning of wealth for Jeff: not just numbers on a page, but the freedom to create experiences that enrich your life and the lives of those you love. When you choose the Dobyns McMillin Wealth Team, you choose more than financial expertise. You choose a partner who champions your dreams, celebrates your victories, and walks besides you on the path to achieving your unique goals.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER TM, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.