RICHMOND, Va.--(BUSINESS WIRE)--CareScout, a growing platform designed to help families navigate aging with greater confidence and ease, has expanded its service offerings nationwide. Families across the country can now access two powerful tools through CareScout: a personalized Care Plan created by a licensed nurse and a credentialed network of home care providers through the CareScout Quality Network. The offerings mark another step forward in CareScout's goal to become a one-stop platform for aging and l ...

Core Insights - Retirement planning must account for significantly higher healthcare costs than current expenses, with a 65-year-old couple retiring in 2024 needing at least $315,000 for medical expenses [3] - Long-term care costs are substantial, averaging over $116,000 annually, which can deplete retirement savings quickly if not planned for [2] - A diversified income strategy is essential to avoid outliving savings, with recommendations to utilize tax-deferred accounts and consider annuities for lifetime income [4][5] Group 1: Financial Preparedness - The importance of factoring in inflation when calculating retirement savings is highlighted, with the current inflation rate around 2.7% [9] - Strategies to prepare for long-term care include obtaining long-term care insurance or consulting a financial planner specializing in this area [8] - Creating a post-retirement budget that includes big-ticket items is crucial to avoid unexpected expenses [12] Group 2: Spending Habits and Family Support - Retirees may spend more than anticipated due to lifestyle changes, such as increased entertainment expenses [14] - Financial planning is necessary to manage potential overspending on family, including children and grandchildren, to protect retirement savings [16][18] Group 3: Tax and Fees Considerations - Taxes on retirement income can significantly impact savings, necessitating careful planning to account for withdrawals from tax-deferred accounts [19][21] - High fees on investments can erode retirement savings, with a notable example showing a $100,000 account could incur $40,000 more in fees over 30 years if fees are 2.5% instead of 1.5% [22] Group 4: Debt Management and Withdrawal Strategies - Taking on new debt in retirement can jeopardize financial stability, emphasizing the need for proactive debt management [24][26] - The conventional withdrawal rate of 4% may be too high for some retirees, with studies suggesting a more sustainable rate closer to 2.8% [27][28]

Core Insights - Long-term care is a significant and often overlooked expense in retirement planning, with nearly 70% of retirees expected to need it, and costs potentially exceeding six figures [1][4] - Most retirement calculators fail to account for long-term care costs, which can lead to financial strain on families [1][4] - Planning for long-term care should begin early, as costs are unpredictable and can escalate over time [2][5] Group 1: Long-Term Care Costs - Long-term care expenses can average nearly $200,000 for retirement healthcare, highlighting the importance of early savings [5] - The costs of long-term care are not fixed and can vary significantly, starting with minimal assistance and potentially evolving into full-time care [4][6] - Many families mistakenly believe that Medicare covers more long-term care expenses than it actually does, leading to significant financial gaps [4][5] Group 2: Emotional and Financial Impact - The emotional toll of long-term care planning is substantial, as it involves personal care decisions that can feel uncomfortable [5][6] - Families often delay discussions about long-term care until a crisis occurs, which can lead to rushed and stressful decisions [6][7] - The need for long-term care support can start with manageable costs but can grow over time, straining family budgets [6][7]