When you think of your future retirement, you may be concerned about how much Social Security you will receive or if your 401(k) and other investment accounts will last. You should also be adding the cost of long-term care to your list of retirement necessities. Between unforeseen medical expenses and the possibility of nursing homes or assisted living facilities, the costs can add up quickly.
We see far too many people who simply ignore the topic of long-term care because they are worried about whether they can afford it. But it should not be forgotten because many, if not most of us, will need it at some point in our lives. Someone turning age 65 has about a 70% chance of needing some kind of long-term care service or support for the rest of their life. The cost of long-term care is continuing to rise, but there are ways you can start planning and preparing for higher costs now.
