It’s daunting to think about the day when you may not be able to live independently and care for yourself. But planning early for long-term care can keep you from becoming overwhelmed in the event that you develop a chronic illness, disability or other condition. By planning your care now, you’ll be more likely to have greater control over significant decisions and remain comfortable as you get older.
Here are some ways that you can start planning your long-term care before you need it:
How long will you live?
It’s not a question anyone can answer with any certainty, and that creates a significant risk when planning for retirement. Your retirement may last for a long time, and you will need to have enough income to live comfortably without running out of money.
In 2018, Gallup surveyed retirees about their retirement income. The top income sources for Americans were:1