Long-term care (LTC) refers to a range of services designed to meet the needs of individuals who require assistance with daily activities due to chronic illness, disability, or cognitive impairment. With healthcare costs on the rise and life expectancies increasing, planning for LTC has become a critical component of retirement planning.

According to a study by the U.S. Department of Health and Human Services, 70% of individuals over the age of 65 will require some form of long-term care in their lifetime. However, many people underestimate the potential costs associated with LTC, assuming that Medicare or private insurance will cover these expenses.

To ensure financial security during retirement, it is essential to include LTC in your retirement planning. This may involve purchasing long-term care insurance, setting aside savings specifically for LTC costs, or exploring other options for covering these expenses.

By addressing the need for LTC in your retirement planning, you can better prepare for the potential financial challenges that may arise as you age. Planning ahead can help alleviate the burden of LTC expenses and ensure that you receive the care you need in the future.#25#