Reported 1 day ago
Long-term care costs can significantly disrupt retirement plans, with a study by Morningstar revealing that household retirement failure rates are 41% when these costs are considered, compared to 26% when they are excluded. Women, particularly single women, are at a higher risk of running out of money due to these expenses. As Americans age, the need for long-term care is expected to rise, yet many aren't prepared, as Medicare does not cover such costs. Advisors recommend planning early, considering long-term care insurance, and exploring alternatives like reverse mortgages or life insurance policies with care riders.
Source: YAHOO