Will Long Term Care Wipe Out Your Retirement?
About this episode
This episode discusses the impact of long-term care costs on retirement savings and how to prepare for these expenses.
Today, I'm talking about one of the biggest threats to retirement savings—long-term care costs. Most people will need some kind of care as they age, and the costs can be much higher than expected. In this episode, I'll break down how long you might need care, what it typically costs, and how these expenses can affect your plans for retirement. If you've ever wondered about long-term care and how to prepare, this episode is for you. I want you to know that there is hope. Listen now! Show highlights include: Sobering statistics from the Administration on Aging on people aged 65+ who will need long-term care. (1:13) Understanding required care durations beyond averages with a 40-year care history example of Parkinson's and the 8-year median for Alzheimer's. (1:46) If you're a woman, why you specifically should consider this Alzheimer's risk data. (3:55) What home care in Washington state and assisted living actually cost. And what if you choose a continuing care retirement community, but it won't accept Medicaid? (4:21) The tragic realities of the elderly and their families, sometimes the children themselves aging, that I witnessed firsthand working in assisted living. (5:59) A…
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