When people imagine retirement, they tend to conjure images of themselves as being healthy, happy, and fully capable of doing what they want to do. However, as people live longer and longer, we know that sometimes our bodies start to fail before our minds do, or that our minds start to fail before our bodies do. None of that is pleasant to talk about, but it is even less pleasant to confront this scenario without a plan in place.
A long-term care plan is just that: a plan. A long-term care plan is not necessarily an insurance policy.
A properly designed plan is a combination of emotional, physical, and financial decisions that you have thoughtfully made with your family and other caregivers. You don’t want to make the plan one surprise at a time, especially if you will one day say, “We have no choice but to…”
As a financial planner, my...