Living longer has many rewards, it also comes at a financial price. Your hard-earned assets need to last longer than ever because we are living so much longer than our parents did. According to the Social Security Administration,
About one out of every four 65-year-olds today will live past age 90, and one out of 10 will live past age 95.
So you have a lot of livin’ yet to do! Just a dash of caution though–according to a 2017 Health and Human Services (HHS) report, 70% of people who will need long-term care at some point.
With this sobering thought, in addition to everyday living and lifestyle expenses, there will be health care costs. For some those will be short-term and manageable, for too many, they will be chronic and even catastrophic.
Long-term care is the care you may need if you are unable to perform activities of daily living (ADL’s) your own. That means things like eating, bathing, dressing, transferring and using the bathroom. And by the way, as you age, the majority of people become more frail benefiting from assistance with these ADL’s. Medicare, Medicare supplement insurance, and health insurance you have rarely pays for long-term care.
- 62% of caregivers used their own retirement and savings funds to pay for care
- 7 of 10 people over the age of 65 will need some type of long-term care support
- 100% of families are affected in some way.
Senior Care Specialist
HighTower | Blanke Schein Wealth Management
- 017 U.S Department of Health and Human Services (longtermcare.gov), 10/10/2017.Life Expectancy and Long-Term Outlook for Alzheimer’s Disease”, healthline.com, site accessed 11/16/17.
- Genworth Beyond Dollars 01/20/16. – page 8
- 2017 U.S Department of Health and Human Services (longtermcare.gov), 10/10/2017.
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