FINANCIAL WELLNESS COACH : Plan and save now to fund cost of assisted living (opens original article in a new tab)

Retirees should plan for long-term care costs by assessing financial risks, building an emergency fund, and considering insurance products like critical illness and functional disability cover to ensure financial security.

• Retirees are advised to plan for long-term care costs by understanding financial risks, building an emergency fund, and considering insurance products.
• Critical illness and functional disability insurance are recommended to cover potential needs for assisted living or dementia care.
• Financial planners are urged to review existing coverage and ensure it provides adequate support for future care requirements.