However, the need isn’t universal, and that makes it “super hard to plan for,” Sharon Carson, a retirement strategist on the JPMorgan Asset Management Retirement Insights Strategy team, said in a recent episode of Decoding Retirement (see video above or listen below).

For those who do require long-term care, it’s impossible to predict whether the need will be short-term or long-term. According to Carson, about one-third of older Americans require care for less than three years, while another third need it for more than five years.

And the expenses people face can vary. Carson stated that about 25% of individuals spend less than $25,000 on long-term care, a cost that may feel manageable for many. However, approximately 30% of people incur expenses exceeding $250,000, which can place a significant strain on financial resources.

Given this uncertainty, how can someone effectively plan for long-term care and its associated costs?

“We think there's not just one answer — there's no silver bullet, no one answer is going to be right for everybody,” Carson said. “It really takes sitting down and looking at your plan in terms of what are all of the things that I might be able to do. I think for a lot of people it's going to be a combination. It's not going to be just one thing.”

Strategies to pay for long-term care

Here are a few approaches Carson said retirees often consider to tackle the unpredictable costs and needs of long-term care in retirement.

Support from family and friends

Many individuals rely on family members or friends for care, which can significantly reduce costs.

“That's probably a big one for a lot of people,” Carson said. “Even if you're going to pay for care, you're probably going to get some help from family and friends.”

Adjusting spending habits

Additionally, when long-term care becomes necessary, other expenses like travel and dining out often decrease, potentially freeing up funds for care, she said.