When it comes to retirement planning, there’s one financial wildcard, one blind spot that can upend the best-laid plans: the high cost of long-term care — if you ever need it.
Like many people, this reporter has not given much thought to the cash cushion or funding vehicles to pay for long-term care (LTC) later in life. My wife has an LTC insurance policy she got through work 15 years ago that will offset her costs. However, despite diligently building a retirement nest egg, I never really investigated whether I would need long-term care, how much it would cost, and, more importantly, how I would pay for it. Like most folks, I have read stories citing cost guesstimates based on the “average” person. But I’ve done little planning specific to long-term care.
