Long-Term Care Planning in Retirement Planning

Comprehensive planning requires long-term care planning and risk management techniques to be incorporated into a retirement plan. Unfortunately, the financial advisor community has often suffered from a segmentation of investment specialists and insurance professionals. Many financial planners recognize the importance of long-term care but aren’t having conversations with clients because it is not where they specialize. Instead, any professional providing retirement planning needs to incorporate risk management techniques into their plan.

You have a plan to ensure you can retire someday and focus your time on what is most important in life. But does that plan have contingencies for when your health begins to fail? When you need extra care, will you still be able to make the most of life’s remaining opportunities?

While most advisors recognize the need for LTC planning, only about a quarter of them are having that conversation with their clients. Broad and harmful misconceptions, at both the financial advisor level and at the consumer level, are hindering better long-term care planning.