We’d all like to have a perfectly functioning mind and body for as long as we live, but that’s not realistic for most of us. The reality is that we should include planning for Long Term Care when we are preparing for our retirement.
Americans are living longer than ever, and these bodies aren’t built to last forever. As we age, we may begin to suffer from ailments which make it difficult to perform daily physical tasks, even while our minds are still sharp.
Alternatively, our bodies may be healthy and strong, but our minds may begin to decline in performance. The Alzheimer’s Association says that deaths from Alzheimer’s Disease increased 123% between 2000 and 2015. They also note that 5.7 million Americans are currently living with Alzheimer’s, and that number is expected to increase to almost 14 million by 2050. That’s a lot of people who will need help with at least some minor daily tasks, and often require even greater assistance.
An Assisted Living Facility provides personal care and health services for people who need a minimal level of assistance. According to Genworth’s most recent annual Cost Of Care study, staying in an Assisted Living Facility in the Tyler, Texas area in 2017 cost an average of $3,506/month. By 2047, that’s estimated to rise to an average of $8,510 monthly.
If an Assisted Living Facility is not sufficient for the level of care and help you require, the next step up is Nursing Home Care. A Nursing Home typically offers skilled nursing care 24 hours a day, medications and therapy – along with a higher level of assistance than would typically exist in an Assisted Living Facility. In 2017, near Tyler, Texas, the monthly average cost for staying in a nursing home was $4,502 to $7,604 depending on the room. By 2047, those costs are expected to increase and become $10,928 to $18,457.
Those cost estimates and averages for the Tyler, Texas area are lower than national averages, but they’re still not cheap. That’s why Long Term Care ought to be included in your financial planning for your retirement years. It could break your retirement living budget if you don’t plan ahead to cover those types of costs through insurance or savings.
Long Term Care is just one of many pieces that need to be considered in your personal financial planning for retirement. The financial planning professionals at Texas Financial and Retirement help guide people through the intricacies of retirement planning every day, and they’re ready to assist you, too.
Contact James Holloway Sr. and the rest of the team at 903-534-5477 or email@example.com today to review your portfolio with a complimentary visit. They will look at your current financial condition, then learn about your dreams and what is important to you. Then the team of retirement planning professionals can help you create a personalized financial plan that makes sense for you and the retirement you want.
Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Texas Financial and Retirement, Inc. are not affiliated companies. Investing involves risk, including the potential loss of principal.