A Fresh Look on Finances with Aubrey Morrow CFP®
LONG-TERM CARE is the #1 Financial Risk faced by retirees.
According to the Department of Health and Human Services, at least 70 percent of people over 65 will eventually need long-term care, either at home or in a nursing home, and that can be very expensive. The average stay for a woman entering a nursing home is almost four years; if she’s in a semiprivate room, that cost in San Diego is about $375,000. For married couples, the chances that one spouse will need long-term care rises to 91 percent.
When it comes to financial planning, determining how to pay for longterm care is often the last item families address, even though it may be one of the most important. Failure to plan for long-term care needs can be financially devastating. We are well aware that health care costs are a big concern for people going into retirement, but the costs of long-term care can still be an unexpected financial shock.