Long-term care
As we age, our chances of needing long-term care increase. This could also involve assisted living, nursing homes, or even in-home care. These types of costs could rapidly accumulate, slowly exhausting the larger part of your retirement savings, especially if you need preparation time.
A good piece of advice would be to purchase long-term care insurance while you’re still young and healthy to avoid unpleasant and unforeseen expenses. Start your research and try to compare different care options and their costs.
4 Responses
The worst cost is the ridiculous property taxes that the blue states have! NJ is the worst. That is a total waste of $$$!
Do not move to Palm Beach County in South Florida…..everything is more expensive insurance, both car and homeowners; higher rates than NJ!! HOA monthly fees are through the roof, entertainment, parking, food ..they are trying to gentrify the county for only the rich…; something Miami, Ft. Lauderdale and the like have been doing for years!!! Unless you have lots of $$$$…it’s not your “grandparent’s retirement ….and be most wary of your healthcare!!!
I will sell my house in a split second. Worst decision I ever made was buying a house. Even though I have a low interest rate, I am sick and tired of being nickel and dimed to death with fees by my mortgage company.
Curious on how your mortgage company can charge you more fees since owning the house.
Did you apply for an equity line credit, or refinance the mortgage? My experience has been when I closed on my house, there weren’t any more fees other than what I agreed to pay each month.