With a cut to Social Security benefits high, seniors may want the protection long-term care insurance policies provide.
Social Security is running low, just not as quickly as initially expected. That was the big news for seniors this week after the Social Security Board of Trustees released its annual report, projecting that it may not need to cut benefits until 2035, or one year later than originally predicted. Still, if that cut does eventually come to fruition, it will be a painful one at 17% less in monthly payments.
And that will be particularly problematic if your Social Security benefits have been cut by that point.See how much a long-term care insurance policy would cost you now.The need for care will increaseAs you age, the need for long-term care will increase. But waiting for that need to arise could align with a cut to your Social Security benefits, combining to form a perfect storm of needed care and a limited budget.
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