Traditional planning for the cost of long-term care (LTC) doesn’t reflect the realities of what the costs are and where they’ll be paid from.
We’re living longer in retirement, and more of us want to age in place rather than sell the family home. A recent policy paper by AARP listed the goals of the age-in-place population:
- Ensure access to affordable, high-quality long-term services and supports (LTSS) that maximizes the dignity, independence, and protection of older adults
- Create age-friendly, livable communities that enable people to age in place, and continue as engaged members of their communities
- Support family caregivers
- Provide ample opportunities to generate, save, and preserve financial resources
Those goals all seem reasonable and smart. Our focus is around # 4 — and about planning to preserve resources while meeting retiree objectives.
Let’s start with costs.
