The Good, the Bad, and the Truth About Paying for Long-Term Care: Part 1


Hi Reader,

Do you have a plan for the rising costs of extended healthcare as you approach retirement?

Many are caught off guard by the financial impact of caregiving, both for themselves and their aging loved ones.

​Nancy Dykeman has over 45 years of experience in caregiving, nursing home administration, and long-term care insurance advocacy. She has spent the last 20+ years as a national specialist and educator in the long-term care industry and is a former instructor of the CSA designation as a Certified Senior Advisor.

She brings her personal caregiving experiences for her parents, daughter, stepdaughter, and now her husband through education and planning, providing consumers and professionals with stories and interactive techniques to make her a very successful expert in planning for future health events.

In part 1 of a 2-part series, Eric Blake sits down with Nancy to discuss why it’s critical for those nearing retirement to think beyond traditional savings and begin planning for extended care. Nancy shares her personal journey and dispels common myths surrounding long-term care, offering practical strategies to safeguard your financial future.

This episode offers vital insights for those approaching retirement, helping them navigate long-term care planning with confidence.

Key Highlights

  • Women and Caregiving: Women over 55 face unique risks, often juggling caregiving for aging parents while managing their own retirement plans. Learn how to mitigate these risks with proper planning
  • Nancy’s Journey: Discover how Nancy’s personal and professional experiences led her to advocate for long-term care insurance, helping families stay financially secure while aging at home
  • The Financial Toll of Caregiving: With costs ranging from $5,000 to $10,000 per month, long-term care can cause significant financial strain. Nancy explains how to prepare financially to avoid these burdens
  • Cognitive Decline and Care: Memory loss and cognitive decline require extended care. Nancy shows how to protect your financial future through early planning
  • Fiduciary Responsibility: Financial advisors need to address long-term care with their clients—failure to do so could put retirement plans at risk. Nancy stresses the importance of including care planning in retirement strategies
  • And Much More!

Actionable Takeaways:

  • Begin planning early to safeguard your financial future
  • Start open conversations with family about caregiving roles and financial resources
  • Consider long-term care insurance or alternative financial plans to cover care costs and protect your assets

Click the image below or tune in on your favorite podcast app!

Episode Resources

Have more questions about retirement planning? Just hit reply to this email. I read and respond to every message. 😃

Keeping Retirement Simple,

Eric Blake, CFP®

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All investing involves risk including loss of principal. Results will vary. Past performance is no indication of future results or success. Market conditions change continuously.

Information here is provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither Blake Wealth Management nor RFG Advisory guarantee the accuracy of third-party sources. The views expressed here are those of Blake Wealth Management. They do not necessarily represent those of RFG Advisory, their employees, or their clients.

This commentary should not be regarded as a description of advisory services provided by Blake Wealth Management or RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.

Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC ("RFG Advisory" or "RFG") a registered investment advisor. Blake Wealth Management and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place. RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.

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