Milky Way Retirement

Welcome to my November newsletter! Happy (belated) Thanksgiving! Yes, when you are reading this newsletter, a new month is coming too, and the holiday of the month, Christmas, is on the way, too.  But I still want to say thanks to you who have subscribed to my newsletter and sent me comments about it.  My intention is to bring you more and more useful information which can affect your future personal finance so that you can make your own decisions. Your support throughout these months has empowered me to write consistently.  November is not only a month to give thanks but also to raise awareness about Alzheimer's Disease and Long-term Care. It is also National Family Caregivers Month .  We are thankful to be able to live longer than the previous generations but also scared of thinking about it, especially when chronic illness or cognitive impairment is mentioned.  " Alzheimer's Disease is the most common form of dementia in 60-80% of all diagnosed cases ". This ...

  Having seen a lot of questions about Long Term Care Insurance in a Facebook group, I attempt putting all information in a short post. Yes, I specialized in Long Term Care insurance (LTCi) and Long Term Care annuity. I hope what I wrote here can help you have a good understanding before shopping around for it. 70% of people above 65 years old will need Long term care (LTC), which will not be paid by Medicare or any health insurance you have. With the rising cost of health care, you have to plan big for LTC expenses. You can google and see how much LTC costs in each state, and compare, and plan for yourself. As far as I have known, there are 4 kinds of LTC insurance: -         Traditional LTCi – a lot of people when talking about LTCi will think about this kind-“ Use it or lose it”. The premium is the cheapest at the time you apply for it, but no guarantee to not increase.  -          LTC rider...

 Will you be a caregiver? We are caregivers for our kids from their very young age to adults. We know that we will be caregivers for our parents as they age and need help.  Traditionally, our Asian families have 3 generations living together under one proof. Now it all changes. We live in Virginia, my parents in-law live in California, and my parents are in Vietnam- more than 12-hour-flight away.  Most of the times, our parents want to be as independent as possible but long to be close to their kids and grandkids.  It is possible that we will do the same with our kids when we are aging. As parents, we don't want to be burdens on our kids.  We may be caregivers for our friends or neighbors if they need help.  But, do you know what caregivers look like? I was surprised to learn this from Lloyd Lofton's newsletter :  √   59%   of caregivers work full or part-time √   21%   of adults care for someone √   83%   care for relativ...