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Purchase Long-Term Care Insurance

Sure, she's smiling. She has long-term care insurance.

©­iStockphoto/­Annett Vauteck

It's a pretty depressing thought, sure, but we're all going to die one day. Unfortunately, none of us can say how and when we'll die. That's why it's a good idea to purchase long-term care insurance. This specialized form of insurance covers the cost of health care that extends long beyond a typical hospital stay.

On the surface, buying long-term care insurance doesn't seem to have much to do with saving for retirement. Remember, however, that smart saving also involves spending at times. With long-term care insurance, you're actually buying a policy that protects your retirement savings. Having to spend your nest egg on long-term care -- which can easily reach into the tens and even hundreds of thousands of dollars, depending on the quality and length of the care -- is not what you've been saving up for throughout your career.

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