Pitfall# 2: Ignoring the Risk of Long-Term Care

Series: 9 Mistakes to Avoid in Retirement Planning

Long-term care is the biggest financial risk we face in retirement. Not only can it be expensive, but care can also extend for a long period of time. Many of us ignore the possibility of long-term care because it’s something we don’t want to think about. We also underestimate the chance we might need it.

Sometimes we think, it’s no problem, someone will just care for me. My spouse will care for me or my children will help out. We don’t realize what a strain that could be on others to provide that care for us.

It’s vital to come up with realistic solutions in the event long-term care is needed. Closely examine your financial resources. Look into purchasing a financial product for your needs. Be prepared to be covered by a government Medicaid program.

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