Why is long-term care considered one of the biggest retirement risks?

Answer:

Unlike most retirement expenses, long-term care is unpredictable. No one knows whether they'll need care, what type of care they'll require, or how long it may last. According to federal research, about 56% of Americans turning 65 will eventually need long-term services and supports that meet the federal definition. A prolonged need for home care, assisted living, memory care, or nursing home care can substantially affect retirement savings.