How to Retire: Understand and Plan for Long-Term Care

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Howard Gleckman discusses the reality of long-term care today.

Christine Benz, Morningstar’s director of personal finance and retirement planning, interviews financial experts about different aspects of retirement in ‘How to Retire,’ the companion podcast to her book of the same name. In this episode, Christine talks with author and researcher Howard Gleckman about long-term care.

01:00 How Long-Term Care Differs from Conventional Healthcare

01:47 Why Americans Need More Long-Term Care Than Ever Before

04:05 Long-Term Care Isn’t Just in Nursing Homes

06:04 Does Medicare Cover Long-Term Care Costs?

07:43 Who Should Consider Long-Term Care Insurance?

11:30 he Financial Implications of Continuing Care Retirement Communities

16:47Howard Gleckman’s Experience with Long-Term Care

20:52 Key Takeaways



Hi, I'm Christine Benz from Morningstar and welcome to the How to Retire podcast. It's a companion to my book, which is also called How to Retire. Each episode will provide a bite-sized lesson about how to do some aspect of retirement well.

If you read my work regularly, you know that I'm a little bit obsessed with the topic of long-term care, not just how to pay for it, but also all of the other dimensions of it, like the impact on families. To help discuss that topic, I reached out to Howard Gleckman. He is the author of a book called Caring for Our Parents, and he is also a Senior Fellow at the Urban Institute, where he is affiliated with the Tax Policy Center and the Program on Retirement Policy. He also writes a great blog for Forbes. I asked him to discuss the basics of long-term care, as well as the financial ramifications and implications for caregivers.



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!I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $2m+ before retirement

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Ah, this video was a ray of sunshine - necessary, but depressing

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