In your retirement strategy, you’ve likely put a good deal of thought into putting away enough money to enjoy your life, once you’ve put the daily grind in the rearview mirror. Like many, you’ve probably planned for a bit of travel, time to pursue your interests and favorite activities, and also to maintain your current lifestyle (or perhaps, even improve upon it a bit).
It’s also important to anticipate other needs as well. While you may be already thinking about your health insurance, including Medicare, it’s important to remember that you may, at some point during your retirement years, require some sort of extended care.
A 2017 report from longtermcare.gov shows that 69% of Americans turning 65 are going to require some sort of extended care. An American Association of Retired Persons report for the same year indicates that 14% will need it for more than five years. If you’re thinking, “that adds up,” you’re right.1
The good news is that just as you are strategizing for the good life, you also have choices when it comes to thinking about extended care. Let’s have a conversation about that strategy.
1. The Motley Fool, September 2, 2018