My Smart Retirement

When planning for retirement, we hear a lot about managing risk in our portfolios. On today’s episode, we are going to approach risk in a different light. How prepared are you for the risk of needing long-term care to cope with a chronic or lifelong condition? This is the least favorite topic of many pre-retirees and retirees because most of us want to plan for the fun things: vacations, hobbies, family legacy, etc. Yet, this is one of the most important components of a healthy retirement plan. 7 out of 10 people will need some type of care in their life. Despite this statistic, many people ignore this issue or assume family will be able to take care of them. While this is a great sentiment, it doesn’t always work out this way. If you end up needing assistance, where will these funds come from? Preparing for this possibility protects us from the immense price of long-term care. There are several solutions to this problem. Long-term care insurance isn’t offered as much as it used to be, but it is still an opti