Health Care after Retiring
After age 65, there is more than a 70 percent chance Americans will need some form of long-term health care, according to the American Society on Aging. Covering the exorbitant costs of such care could wipe out your retirement plans.
Frightening as it is, in order to cover possible future long-term illnesses or care in a nursing home at an advanced age, it is absolutely worthwhile to include long-term health care insurance in your retirement plan.
Many health care plans do not cover this sort of care, so it's worth checking into other options in order to save on serious health costs in the future and avoid burdening your children.