When you plan for retirement, you’re probably going to think about all the great things that you hope to do after you don’t have to go to your job all day. You may have a budget for gardening, traveling, buying treats for the grandkids, fishing, or enjoying whatever other hobbies you’ve always loved but never had enough time for.
Unfortunately, as you are thinking ahead about how great retirement will be, there’s a very good chance you are forgetting to plan for a huge expense you are likely to incur as a senior.
Not planning for this expense could be a disaster, though, so you must make sure you take the cost into account and are well prepared for it. Here’s what it is.