(New York)

Here is a tough fact for clients to accept: the major of retirees will need long-term care as they age. From an emotional perspective, that is difficult to expect. From a financial perspective, it is even worse. The average cost of long-term care is between $53,000 to $105,000 per year. This presents a major funding challenge for retirees.

FINSUM: Advisors need to help clients come to terms with this likelihood. Long-term care insurance is a good option for this situation. This usually costs between $1,375 to $3,600 a year for a 55 year-old man, and between $2,150 and $6,4000 for a 55 year-old woman.