The Biggest Retirement Expense Almost Nobody Is Ready for

The Biggest Retirement Expense Almost Nobody Is Ready for

The statistics are scary: Roughly 81% of Americans admit to not knowing how much they'll spend in retirement. And who can blame them? The conventional wisdom, which is that you'll end up spending a little less per year on day-to-day than you do before you retire, might actually be wrong.

And while much ink has been spilled about how expensive healthcare is in retirement, even the most rigorous numbers (like Fidelity's estimates that healthcare will cost $275,000 per couple retiring today) are based on averages that cannot take into account all the possibilities. In fact, those estimates neglect a major healthcare expense that could dwarf your other costs -- one that, according to BlackRock, 70% of retirees will likely encounter in some form.

That's long-term care.

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Source: Fool.com