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(BPT)—By 2029, more than 76 million baby boomers will be 65 or older, according to recent Census estimates. While there is great upside to increased longevity, there are also challenges. Inflation, climbing health care expenses and ebbing safety nets are complex dynamics to navigate through an extended retirement.

One key aspect of longer lifespans many Americans overlook is caregiving. In fact, the government estimates 70 percent of adults 65 or older will require some form of long-term care (“LTC”). Recent findings from Northwestern Mutual’s 2015 C.A.R.E. (Costs, Accountabilities, Realities, Expectations) Study underscore this reality. Nearly four in 10 Americans (36 percent) are currently or have been caregivers to adults who are aging, ill or with special needs. The study further reveals caregiving, while rewarding, can have significant financial and emotional implications.

The good news is that whether boomer or any other generation, it is rarely too late to create—or adjust—a financial planning strategy that will help you live your desired lifestyle through your lifespan. Rebekah Barsch, vice president, planning and sales, Northwestern Mutual, suggests the following:

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