Husband is 73 and has dementia. Wife is 68 and caregiver.
I would recommend that you find a CFP® professional that can look at your needs holistically and make recommendations. You can find a CFP® professional through their website, www.cfp.net or through the Financial Planning Association website, www.fpanet.org. Through those resources, you can find a financial planner that has experience with retirement planning issues. I would suggest that you interview a few (generally the first consultative appointment is free) and find the planner with whom you feel most comfortable. Through that process, you’ll discover who has the experience you are seeking.
Great answers from Steve and Helen. Just to piggyback a bit, another source to find a qualified financial advisor is NAPFA, which is the largest professional organization of fee-only advisors in the country. Fee-only advisors charge only for their services, there are no product sales. On the left side of the site's http://napfa.org/ home page is an area labeled Find an Advisor. Just enter your zip code and you can get started. In each advisor's bio there should be a listing of the services they offer. Full disclosure I am a member of NAPFA.
You may need different advisors for different things. An estate planning attorney will be helpful in reviewing your health care directives, powers of attorney and wills. You can find one through the National Association of Estate Planners and Councils (www.naepc.org). An elder law attorney will be helpful in advising on asset protection (National Association of Elder Law Attorneys, www.naela.org).
You may want to speak with a board-certified financial planner familiar with estate planning and who may also be licensed to sell insurance products or works with someone who is. Without knowing the specifics of your situation, it is difficult to provide an answer.
There are so many variables to consider when discussing retirement income planning. At your ages you have probably already selected pension and Social Security benefit options. Depending on the amount of cash, investable assets or other insurance policies, you may have other options available.
For example, you may have existing cash value life insurance which may be exchanged as part of a "life settlement" that could supplement your current assets or be used to buy annuities that have a rider for payouts when a policy owner is receiving skilled care or is in a nursing home.
Depending on your assets, your elder law attorney may advise you to consider converting such assets into immediate annuities. But to qualify for Medicaid, you would need to make sure that the immediate annuity is compliant with Medicaid rules. There are only a few insurance carriers that offer this. Otherwise, an attorney needs to draft special language and have it reviewed which may cost additional money.
Gloria, Helen and Steve are on mark. You will be better off in working with a team of advisors that specialize in different aspects of this type of situation. Talk to a couple of different advisors to get a feel of how each would approach your situation. Good Luck, Dan