The average 65-year-old today could expect to live to between 84 and 87 years old. At that age, it's very likely that some amount of care will be needed. Meaning, you will need to depend on some combination of long-term care insurance, personal savings, investments, income from Social Security and pension benefits, or proceeds from the sale of your assets to cover these costs.

In this episode, Chip and Jon talk about the different roles involved in long-term care as well as financing strategies and options that may make it more affordable.