What challenges will you face in retirement? For many seniors, one of the biggest financial obstacles is paying for long-term care. The U.S. Department of Health and Human Services estimates that today’s 65-year-olds have a 70 percent chance of needing long-term care during retirement. Long-term care is usually needed for a few years, and 20 percent of those who need care require it for more than five years.1
Long-term care is usually needed because of cognitive disorders such as Alzheimer’s. However, it can also be needed due to things like strokes or mobility issues. Those who require long-term care may need help with things like eating, bathing, dressing or a wide range of other day-to-day tasks. Care is often provided either in a facility or in one’s own home.
As you might expect, long-term care can be costly. If you don’t have a plan in place, you may struggle to get the care you need. Below are three strategies you can use to fund your future long-term care needs. A financial professional can help you develop and implement a plan.