West Virginia's Raleigh County Commission on Aging recently featured a seminar that was meant to provide baby boomers with strategies to successfully plan for their retirement, but also touched on longterm care options that often go overlooked, according to The Register-Herald.
Financial consultant Bill Kinder covered a wide range of topics about saving, from living on a fixed income to understanding Medicaid and Medicare, and emphasized the importance of careful planning.
"Once a person retires, they need to make sure they are doing the right things to protect what they already have and to maximize the amount of money they can develop to live on," Kinder said, according to the news source.
He added that savings should be combined with other sources of income, so that paying for skilled nursing care later in life becomes possible.
The Epoch Times recommends that those who are saving for retirement should invest in a company's 401(k) plan as soon as possible.
Also, retirees should be very careful when they start to withdraw money from a savings account, because travel, entertainment, healthcare and household maintenance costs can quickly add up without a steady source of income.