6-steps to a long-term care plan

Morningstar’s director of personal finance, Christine Benz outlines a six-step process to create a long-term-care action plan as part of your total retirement plan

Christine Benz 11 June, 2019 | 4:01AM

Retirement

Many of us will need long term care as we age. The 2019 Franklin Templeton Retirement Income Strategies and Expectations (RISE) survey found that 80% of Canadians are concerned about retirement expenses. The top three concerns are around lifestyle expenses, assisted living care expenses and medical expenses. Yet, in March 2018, in-home care provider Home Instead found that only 13% of seniors have a financial plan for long-term care.

It may be daunting, but it is important to have a plan. Morningstar’s director of personal finance, Christine Benz, recently came up with a six-step process to create a long-term-care action plan as part of your total retirement plan:  

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About Author

Christine Benz

Christine Benz  Christine Benz is Morningstar's director of personal finance and author of 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances and the Morningstar Guide to Mutual Funds: 5-Star Strategies for Success. Follow Christine on Twitter: @christine_benz.