My husband and I have been married for thirteen years. We both have had our careers for almost that same amount of time. My husband has a 401K, while I have a pension and deferred compensation. But I constantly question myself, is that enough?
I feel that sometimes we live paycheck to paycheck, and it is somewhat scary to think of the future. Although we have a good healthcare policy right now, the co-pays for doctor visits and prescriptions are getting more expensive each year. Plus, our son is six years old and he has had some health issues throughout his life.
My parents are still working with my mom retired from her long term career and my dad still working. I see my mom constantly juggling between two health insurance policies and the expenses. What will it be like when we are older?
With our current economy, we are all struggling to get by. We constantly are looking to cut our budgets and the “extras” in our lives. How will this impact our future? Will we be ok? Will our savings be enough? Will we have health insurance? These are the things and questions that are currently going through my mind. I plan to discuss some of these things with our accountant at the beginning of the year.
My grandmother passed away seven years ago. My mom was her only child. Luckily, my grandmother was very frugal with her money, and had a savings built-up. A few months before she died, she was diagnosed with cancer, and was in-an-out of the hospital several times. She finally came home from the hospital and was put on 24-hour Hospice Care. Our family lived over an hour away, so my mom had to hire a Hospice Nurse. It cost her several thousand dollars to make the arrangements, and unfortunately, my grandmother passed away within a week.
My friends, Janice and Susan, over at 5 Minutes for Mom have invited me to participate in a campaign with with Genworth Financial. This campaign is to raise awareness among moms about the importance of taking an active role in planning for their financial futures. I think as parents and families, we need to take a closer look at these things and our futures.
Do you have a plan for your long-term finances? Have you discussed this with your family?
Disclosure: This sponsored post is part a series we and several other bloggers are writing for Genworth Financial to raise awareness amongst moms about the importance of taking an active role in planning for our financial futures. To find out more about long term care planning or to talk to a financial professional visit Genworth Financial.