When you self fund, you are responsible for paying long-term care yourself. A "pay as you go" strategy, however, does not mean you can just "wait and see." To avoid disrupting your long-term investment plans or running out of money requires discipline. Since your financial situation will change over time, this approach involves constant vigilance to make sure you stay on track. Your family can be an important safety net in case you outlive your resources.

IDENTIFY ALL SOURCES OF RETIREMENT INCOME

• CALCULATE THE FUNDS YOU HAVE IN PENSIONS OR ACCUMULATED IN 401(K) OR OTHER SAVINGS PLANS
• USE YOUR SOCIAL SECURITY STATEMENT TO IDENTIFY GAPS IN YOUR RETIREMENT INCOME
• CONSOLIDATE ACCOUNTS

DETERMINE HOW MUCH YOU NEED FOR LTC EXPENSES

• REVIEW YOUR LIFE INSURANCE POLICY TO SEE IF IT COVERS LTC
• FIND OUT HOW MUCH SERVICES COST IN YOUR AREA OR WHERE YOU PLAN TO RETIRE
• VISIT RETIREMENT COMMUNITIES, ASSISTED LIVING TO SEE IF THESE ARE RIGHT FOR YOU
• DO A BENEFITS CHECKUP TO IDENTIFY COMMUNITY RESOURCES
• CONSIDER WORKING WITH A CARE MANAGER TO DISCUSS COST-EFFECTIVE OPTIONS

DEVELOP A FINANCIAL PLAN THAT INCLUDES LTC

• FOR FUTURE NEEDS
• ESTABLISH A LONG-TERM CARE SAVINGS PLAN AND KEEP SAVING
• MANAGE YOUR INVESTMENT PORTFOLIO AND INCLUDE GROWTH POTENTIAL
• UNDERSTAND THE IMPACT OF TAXES ON YOUR RETIREMENT INCOME
• MAXIMIZE HOME EQUITY IF YOU PLAN TO STAY AT HOME
• MINIMIZE CREDIT CARD AND OTHER DEBT
• FOR IMMEDIATE NEEDS
• SET ASIDE CASH OR OTHER FUNDS THAT CAN BE EASILY CONVERTED TO CASH FOR LTC
• CONSIDER PURCHASING AN ANNUITY TO AVOID RUNNING OUT OF FUNDS
• CONSIDER WORKING WITH AN ELDER LAW ATTORNEY OR ESTATE PLANNER

TALK TO YOUR FAMILY

• MAKE CLEAR YOUR EXPECTATIONS FOR FAMILY SUPPORT AND CAREGIVING
• DISCUSS THE POSSIBILITY OF LIVING WITH YOUR KIDS

EVALUATE YOUR LIVING SITUATION IN RETIREMENT

• CHECK THE SAFTEY OF YOUR HOME TO AVOID ACCIDENTS THAT CAN LEAD TO LTC
• CONSIDER HOME MODIFICATIONS TO HELP YOU COPE WITH PHYSICAL OR MENTAL CHANGES
• CONTACT YOUR BANK TO LEARN ABOUT REVERSE MORTGAGES

WORK WITH AN ATTORNEY

• DEVELOP A DURABLE POWER OF ATTORNEY TO DEAL WITH FINANCES IN CASE OF INCAPACITY
• DRAW UP A WILL
• DEVELOP A LIVING WILL OR ADVANCE DIRECTIVE FOR HEALTH

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