92% of Older Americans Are Making This Major Retirement Mistake -- The Motley Fool: Retirement can be an expensive period of life, due in part to healthcare costs that only seem to climb from year to year. But while most seniors expect a large chunk of their income to be eaten up by medical care, many enter retirement wholly unprepared for a related expense that can be even more astronomical: long-term care.
It's estimated that 70% of seniors 65 and over will need some type of long-term care in their lifetime. Yet a whopping 92% of older Americans don't have a long-term care insurance policy, according to the Insured Retirement Institute. As such, a large number of seniors could inevitably be forced to bear that expense without any help -- and put their long-term financial security on the line as a result.