“Planning is bringing the future into the present so you can do something about it now.” – Alan Lakein

Most of us are taught how to plan for short-term expenses—groceries, rent, vacations, maybe even next year’s taxes. But long-term financial planning often takes a back seat until it’s too late. The truth is, whether you’re 28, 48, or 68, thinking ahead about future costs is one of the most powerful decisions you can make for your financial security, peace of mind, and life satisfaction.

The longer we live—and with more of us expected to live well into our 90s and 100s—the more important it becomes to plan for future expenses that may seem far away today. From housing and healthcare to lifestyle and legacy, long-term costs can be overwhelming… unless you plan ahead.

Why You Should Start Now

A report from theU.S. Department of Health and Human Services found that 7 out of 10 people turning 65 today will need some form of long-term care during their lives. And it’s not cheap: the median annual cost for a private room in a nursing home in the U.S. is over $100,000, according toGenworth’s Cost of Care Survey.

But long-term costs go beyond medical care. They include:

• Downsizing or relocating in retirement
• In-home caregiving
• Assistive technologies
• Legacy planning or end-of-life costs
• Ongoing wellness and lifestyle expenses

“I thought I had everything mapped out—until my partner was diagnosed with early-onset dementia. Now I tell everyone: don’t wait to plan. Start before you think you need to.” – Age Brilliantly member, 62

Planning early doesn’t mean obsessing over worst-case scenarios. It means giving yourself more options, freedom, and time to prepare—not just for problems, but for the life you truly want.

Six Action Steps to Start Planning for Long-Term Costs

1. Understand Your Future Expense Categories
 Begin with awareness. Use tools like theAARP Long-Term Care Cost Calculator orNewRetirement Planner to visualize potential expenses in your 70s, 80s, and beyond. Consider housing, health, caregiving, lifestyle, and legacy.

2. Build an Emergency and Long-Term Fund
 If you haven’t already, set aside a separate savings fund for long-term or unplanned costs. You can automate savings through apps likeQapital,Chime, orDigit to make saving a regular habit.

3. Consider Long-Term Care Insurance or Alternatives
 Purchasing long-term care insurance earlier can significantly lower premiums. Look into options through sites likeLTC News or talk to a certified financial planner about hybrid life and long-term care policies.

4. Maximize Your HSA (Health Savings Account)
 If you’re eligible, contribute to an HSA—one of the only tax-advantaged accounts that lets you save tax-free for medical expenses in retirement. Learn more atHealthEquity.

5. Talk to Your Family and Set Expectations
 Long-term planning isn’t just financial—it’s emotional and relational. Discuss your preferences with your loved ones: Where do you want to live? Who would help manage your care if needed? These conversations reduce stress later and prevent confusion.

6. Review and Adjust Regularly
 Make long-term planning part of your annual financial review. Use planning platforms likePersonal Capital orEmpower to track your progress and adjust as life changes.

It’s About Control, Not Fear

Planning for long-term costs doesn’t mean fearing the future—it means owning it. It’s a gift to yourself and your loved ones. It allows you to live fully, knowing your bases are covered.

As another Age Brilliantly member shared:
 “When I finally sat down and mapped out my long-term plan, I felt this incredible wave of calm. I stopped worrying about ‘what if’ and started dreaming again.”

You don’t need to know all the answers. You just need to start asking the right questions—and give yourself the time and tools to prepare.

What’s one step you can take today to start planning for the life you want 20 or 30 years from now?

Join the conversation and share your ideas in theforum.