You may think that saving a bunch of money is the only thing you need to do for retirement. This may be a dangerous way to think. Many things go into retirement strategies, and keeping an eye on the potential cost of long-term care is something that many people may not consider and may regret later.

It may be easy for you to feel healthy and comfortable now, but retirement can last a long time. And as people get older, they can need more complicated medical care, and they may even need long-term care. If you aren’t prepared for long-term care, it can be very costly. A single year in a private nursing home can cost, on average, over $100,000.^[1]

You may also be considering leaning on your family for long-term care. This can be a reasonable option for some people, but you may also want to consider that family members can’t meet certain care requirements. Requiring your family members to take care of you may also limit their ability to work, and from a financial perspective, it could limit your family’s potential for financial stability.

At the end of the day, how you decide to prepare for long-term care is up to you. But if you are concerned about the potential costs of long-term care, a financial professional can help you to consider the available options for you.

It can be hard to know what your best option is, even if you’re reading through some articles online to make sure you’re informed. A benefit of a financial professional is that they know you and they can guide you toward what works for your life. So, don’t hesitate to contact us to discuss how you can address long-term care needs in your retirement strategy.