What is the greatest risk in your financial game plan, and once identified, can you quantifiably minimize it?

Many people believe it is the recurring bear stock markets, which have devastated the balances of many retirement plans. Much of this risk can be minimized by committing to regular savings and meeting with a qualified financial adviser to properly fund and allocate your investments.

Others think that the premature death of a business owner or family breadwinner is the greatest dilemma. But most families and businesses have life insurance to cover this risk.

Others suggest that potential estate taxes for an affluent family are the largest financial risk. Prudent estate planning addresses this problem.

So what is your greatest risk? It is a combination of two events:

The devastating cost of long-term care, which is more likely.

A disabling event during your working years.

Today, I will address long-term care.

We are living longer these days, and living longer has a price tag. Chronic health or cognitive issues progress as we age. Ask a busy mom balancing her family life who also is caring for her aging parents. Home health costs in North Carolina are $20 per hour. For assisted-living care, it’s $42,000 per year, and for facility care it’s $72,000 per year.

These costs are escalating faster than most Americans’ incomes. Do your parents or in-laws have enough money to pay for their own care for years to come? Or will you, your spouse, your kids or a combination of these be asked to supplement their long-term care need when your kids are in college or you are strapped saving for your own retirement?

Most people have not saved adequately for a healthy retirement, much less saved the extra money needed for long-term care. Most employers do not offer long-term care solutions, but many are catching on to the vital importance of adding it to benefits packages.

You can live a life by design, not by default. The good news is that long-term care risk responsibly can be addressed within your budget. Respected consumer advocates strongly encourage this type of planning. You can pick the level of care that you prefer. Read and educate yourself about it.

Also, utilize a specialized financial adviser who can assist you. If you are insurable, traditional long-term care insurance options greatly can outperform self-insuring. You can quantifiably minimize this financial risk, and focus on living the good life.

The column was prepared by Landmark Financial Services LLC for Bob Land, its representative in Rocky Mount.