Planning for the Cost of Long Term Care

When considering the likelihood of a financially successful retirement one factor that should be considered is the risk of needing long term care and the potential cost of that care. If care and support is needed during working years, wealth accumulation and retirement planning will likely be negatively impacted. While this is possible, the emphasis of this article will be on the need for long term care arising later in life and the financial cost of that care. As longevity improves, the probability of physical or cognitive decline requiring the need for daily assistance increases. The cost of that care today and into the future must be considered on the negative impact long term financial security.