These Retirement Expenses Could Bust Your Budget. Plan Accordingly
The average 65-year-old today has close to a 70% chance of needing long-term care at some point during retirement. While the cost of that care can vary tremendously based on specific needs, duration, and location, the average senior spends $172,000 to cover it.
To steer clear of financial problems later in life, apply for long-term care insurance during your 50s. While you will shell out some money for a policy, having one in place will protect you if you wind up needing extended care in a costly facility. Of course, it never hurts to pad your IRA or 401(k) so …
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