11. Decide whether you want long-term-care coverage
If you are going to buy long-term-care insurance, which helps pay costs should you become unable to care for yourself, your 50s are the years to do it. Wait much longer and premiums become prohibitively high. Also, you could develop health problems that could disqualify you for coverage.
The problem is, long-term-care insurance is extremely expensive. The average premium for a 60-year-old couple was $3,490 in 2017, according to the American Association for Long-Term Care Insurance.
What’s a prudent person to do? After all, the cost of nursing home care currently is about $235 a day for a semi-private room, according to Genworth Financial.