Having a long-term care policy can be a great way to pay for expensive long-term care costs. However, it’s important to carefully consider the tax implications associated with this decision.
Travis Johnson, TRS financial planner and educator, helps us explore this topic in an excerpt from Retirement University’s online course, “Tax-Saving Strategies in Retirement.”
When planning for your long-term care costs, it’s important to evaluate:
- The tax implications of using a long-term care policy, as compared to using an IRA, for expenses like in-home care
- The potential impact this decision could have on your beneficiaries
- How this decision fits into your overall retirement plan
We encourage you to look at your retirement plan holistically so you can better assess how each part of your financial plan aligns with your goals. A great first step is to learn more about how tax strategies can evolve throughout your retirement. Check out “Tax-Saving Strategies in Retirement,” our flagship course at Retirement University!
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