I just retired but my wife, 62, has been diagnosed with a serious illness and may need long-term care. What do we do?

While much boomers are moving beyond their 65th day and galore volition unrecorded to 85 oregon beyond, not each volition walk their last years successful bully health.

Picture Dave, 66, and his woman Susan, 62 — diligent savers who person six months of exigency savings successful a high-yield relationship on with an awesome $2-million nest ovum successful 401(k)s, which they hoped to gully down astatine a comfy 4% annually, oregon $6,700 a period successful their aureate years.

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They’ve planned for everything … but Susan’s caller MS diagnosis.

Susan hoped to enactment a fewer much years, but her deteriorating information means she indispensable halt moving sooner than expected. Dave already retired, and gets $2,000 a period successful Social Security payments.

Dave knows he’ll request assistance caregiving, but that’s an costly proposition: a location attraction adjutant costs an mean $6,483 per month.

But the terms tag for semipermanent attraction is adjacent higher: an mean $9,277 per period (or $111,324 a year) for a semi-private room, according to CareScout (1).

That benignant of outlay would drain the couples’ 401(k)s successful 18 years, erstwhile Susan is 80 and Dave 84, the precise clip they would some request much support.

No wonderment they’re anxious. Here are immoderate options to consider.

While they didn’t expect Susan’s diagnosis, Dave and Susan are successful a bully presumption to woody with their existent needs, acknowledgment to their exigency fund.

There are further ways the mates tin amended their outlook to enactment Susan’s attraction successful the adjacent term.

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She whitethorn suffice for semipermanent disablement (LTD) and beingness security sum done her existent employer. If she does, she could see applying for benefits immediately.

As Susan tin nary longer enactment owed to disability, she tin discontinue aboriginal and commencement collecting Social Security Disability Insurance (SSDI).

While she tin cod LTD and SSDI astatine the aforesaid time, SSDI benefits volition trim her LTD sum if she has any. But it whitethorn assistance enactment them successful a amended fiscal presumption (2).

Meanwhile, arsenic her superior caregiver, Dave whitethorn suffice for Social Security Family benefits.