Do Your Retirement Plans Include Long-Term Care Planning?

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Retiring is a step that seniors look forward to. Working days will have ended, and you can begin to live on the money you have saved in various retirement accounts over the years. There are plans to fulfill and trips to make. While no one wants to consider the need for long-term care—have you included it in your retirement planning?

Although no one knows whether or not long-term care will be needed, as many as 70 percent of 65-year-olds are likely to need it. It is costly, and you need to prepare for it.

The Cost of Long-Term Care

Prices for long-term care will vary between areas, but you can expect it to be expensive. RamseySolutions says that the average cost of long-term care is $172,000 while individuals with dementia could see that figure could rise to $367,000.