As tens of millions of Boomers approach retirement, their most pressing challenge is to maintain their lifestyles and independence. In part, this may require an approach to investing retirement assets that offers some protection against investment losses during retirement, if not guaranteeing a measure of lifetime income. While this objective is a good one, it's also incomplete in terms of total protection.
It's incomplete because an accident or unplanned change in health may require long-term care. If that happens, plans, hopes, dreams and savings could quickly go up in smoke.
Simply stated, guarding against the costs of unplanned long term care should be a primary concern for Boomers. The reason is clear. After age 65, the need for some form of long term care will affect about two-thirds of us*.