Long-Term Care - Local Banking Solutions to Secure Your Future |
As we age, it's crucial to plan for the possibility of needing long-term care. Long-term care encompasses a range of services, from assistance with daily activities to specialized medical care, and it can significantly impact your financial well-being. To ensure peace of mind and financial security, partnering with a trusted banking institution like St. Anne's Credit Union can make all the difference. In this blog post, we will explore the importance of long-term care planning and what factors to keep in mind for securing your future. St. Anne’s Credit Union Long-Term Care Planning Tool ListUnderstanding Long-Term Care
Long-term care refers to the ongoing support and assistance required by individuals who have difficulty performing everyday tasks independently due to age, illness or disability. It can be provided in various settings, such as nursing homes, assisted living facilities or even in the comfort of your own home. The Cost of Long-Term CareOne of the primary concerns when it comes to long-term care is its substantial financial impact. The costs associated with long-term care services can be significant, and without proper planning, they can quickly deplete your savings and assets. Consider these resources when building a long-term care plan: Financial PlanningSt. Anne's Credit Union understands the complexities of long-term care planning and can provide free access to financial coaches who can assist you in navigating this journey. These coaches can help you assess your financial situation, understand your options and develop a personalized plan that aligns with your goals and resources. Savings and Investment SolutionsTo prepare for long-term care expenses, it's essential to build a solid financial foundation. St. Anne's Credit Union offers a range of savings and investment products that can help you grow your wealth over time, ensuring you have a robust financial cushion to rely on when the need arises. Our savings certificates allow you to take advantage of compound interest and higher fixed rates than regular savings accounts without tying up your money for long periods of time. Additionally, we offer money market accounts, which also have higher rates than regular savings accounts, making them ideal for saving for specific short-term needs such as a long-term care fund if you’re already retired or close to retirement.
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