By Dr. Sandra Timmermann Gerontologist
When we plan for retirement, many things are on our mind — replacing our income, growing our assets and setting aside money to travel and to enjoy a more flexible lifestyle. One thing that we generally don’t address in the retirement planning process, however, is the possibility that we may need long-term care someday or that we may end up being a caregiver for a spouse, parent or even a child.
Facing up to that reality can be hard, but without incorporating long-term care planning into a retirement plan, your financial future can easily be derailed. Getting a plan in place will enable you to stay in control of your life, determine where you will live and allow you to stay at home as long as possible, help to preserve your assets, and support your family and their caregiving responsibilities.
Ten suggestions for you and your family as you consider long-term care risk and where it fits into your retirement planning process.