In past generations, the big fear was dying of an infection or cancer before reaching a ripe old age. Today, the biggest risk is living too long and having your financial resources run out. There are a number of factors that have contributed to people living longer lives- better healthcare, healthy diets,and more exercise. At the same time, there have been a number of factors that have and will continue to stretch our financial resources-particularly inflation and the high cost of medical care.
In terms of cost, the biggest risk we face is the need for long-term care. According to some reports, 6 in 10 men and 8 in 10 women will need some form of long-term care. In 20 years, the cost of care in a nursing home is expected to average $300,000 a year. Even care in an assisted living facility will run $160,000 annually.
Now is definitely the time to plan ahead for how you will pay for your long-term care costs. To receive an electronic copy of my book, "How to Plan for Long-Term Care," email info@superiorltc.com.
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