12. Most People Will Need Long-Term Care
Around 70 percent of people over age 65 will need long-term care at some point in their lives, according to the U.S. Department of Health and Human Services. “The cost will vary by state, but three years can easily set you back $300,000,” said Mark Struthers, certified financial planner and founder of Sona Financial in Chanhassen, Minn.
To protect against this likely expense, Struthers suggested that retirees purchase long-term care insurance, which was created to cover long-term costs — like skilled nursing, assisted living and hospice care.
