Prepare for the Uncertain Future of Long-Term Care

Long-term care poses a significant concern for retirees, with research indicating an almost equal likelihood of needing paid long-term care. This uncertainty necessitates careful planning to address potential health care needs in retirement. Three primary strategies exist for managing these concerns: self-funding, where higher-income retirees plan to cover expenses out-of-pocket; utilizing insurance products, such as long-term care insurance, despite the market's instability and history of premium increases; and exploring alternative funding solutions that may be less conventional. Effective preparation can help alleviate stress related to future health care needs.