Probably one of the top areas of financial planning that is largely overlooked by most Americans is the planning for their long-term care.
I get it. I understand why.
In this economy it’s hard enough to just take care of our day-to-day life, day-to-day expenses. We spend so much time just getting by, hanging on, and holding on that we sometimes have a hard time planning long term.
And you know, that is where Mr. Murphy kicks our butt. He always shows up where we least expect it and when we can least afford for him to show his miserable face.
The planning for our own Long-term care is paramount and we really should not discard it’s importance. In fact, the closer we get to retirement, the more important it becomes, and yet, the “sweet spot” for signing up for long-term care protection…. by then…. is long, long gone.
The smart folks were the ones that put plans in place along about the time they turned 50-55 (in my opinion).
watch the below video on the topic and then let’s look at some of the kinds of costs you can expect, based upon age and family size.