5. Think Long and Hard about Your Long-Term Care Options
While many people believe that long-term care insurance is too expensive to consider, not having a long-term care plan in place can ruin your retirement.
No one ever thinks they’re going to need long-term care or have to move to some kind of facility, but more and more individuals are finding out that’s not the case, noted Kansas City financial planner Clint Haynes.
Even if you don’t think it’s ever going to happen, you still have to prepare for it just in case.
“Whether it’s purchasing long-term care insurance or setting up steps with your children, a plan needs to be in place,” said Haynes. “The costs of a long-term care facility can be exorbitant and the emotional burden on your children can be even more trying. Take the time to create a plan with your family.”
And yes, this is another area where you can reach out to a financial planner or insurance professional for help. If the day comes where you need long-term care for any reason, you’ll be glad you did.