Long Term Care Insurance

While most, if not all, states offer some kind of state-run long term care facilities, it is almost always a better idea to go for private ones. The catch is that private nursing homes and rehab facilities can be quite expensive. Therefore, it's essential that you prepare for this potential cost before you actually need this type of health care.
                         
Long term care insurance is your best bet for making sure that cost won't keep you from getting the highest level of care in the event of a debilitating illness or catastrophic injury. This is something you should be thinking about right now, no matter what your age. While nursing homes are thought of as being for "old folks," the fact is that an injury can put you into one even if you're only 20, and you may be there for a long time before you recover. Therefore, long term care insurance is not something that only applies to the elderly. This is especially true if you have a riskier lifestyle, such as one that involves sports where head and neck injuries are common.
                         
One thing you can do for your old age in particular is invest in annuities. These are meant to protect against outliving your income. They pay a fixed amount every month or year once they mature. When used as a hedge against post-retirement poverty, annuities are typically timed so that they mature right around retirement age. When you have them, you can rest assured that you'll get a certain amount of income no matter how long you live, at least if you keep the underlying securities intact. Start buying them early enough, and you can end up with great checks once you're a senior citizen.