Growing Need for Long-Term Care

As life spans lengthen, and as more and more individuals reach their late 70s, 80s, and 90s, the need to plan for long-term care is becoming more apparent and more significant. No longer can a sound retirement plan ignore this reality or dismiss the risk. The fact is that more than half of all individuals will require some type of long-term care in their lifetime. The question is, will they be prepared?

Long-term care can be delivered in a variety of settings, including one’s home, but it can be very costly. Today, retirement planning must address this potential need and include options for the funding and delivery of that care. Those who work in the senior market and those who provide retirement planning services and products must understand that the needs of the retiree extend well beyond asset accumulation, income distribution, and estate planning. Today, meeting the needs of the senior market (as well as those who are preparing for their retirement years) requires knowledge of long-term care—when it is needed, how it is delivered, and how it can be funded.