Retirement Risk
The Sky-Rocketing Costs of Long-Term Care
We know you probably don't want to talk about needing long-term care. It's not easy. It's not fun. But it could be one of the biggest risks you’ll face in retirement. Our Long-Term Care Plan will help make sure your assets aren't lost to a nursing home, and stay with your loved ones.
Here's the Danger
If you are over the age of 65, there is a 75% chance* you will need long-term care at some point in your life. And chances are you will need it for more than three years.
With a private room in a nursing home averaging over $8,500 per month, it’s easy to see how the costs can pile up and cost you your home and investments — all of your savings. Many retirees don't understand that Medicare won't pay and neither will Medicaid, until you are almost or already broke.
Monthly Average Cost of a Private Room
$8,500
Annual Average Cost of a Private Room
$102,000
*According to the Department of Health & Human Services’ Association for Community Living.
Learn More About Long-Term Care Planning
How the Roadmap Helps Solve This Risk
At more than $8,500 per month, long-term care costs can quickly drain even a $1 million retirement portfolio. Without a plan, just a few years in a nursing home could cut your savings nearly in half — leaving less for your spouse and children. Our Long-Term Care Plan outlines legal and financial strategies that can protect your assets from being eroded by care expenses, helping you safeguard what you’ve worked for.
Here's how fast care costs can shrink a $1,000,000 portfolio.
Assumes costs paid from portfolio; no investment growth, single individual; constant monthly cost; excludes taxes/benefits/insurance. Illustrative only. Actual costs vary by state and care level.
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More Insights on Long-Term Care in Retirement
The Looming Cost of Long-Term Care
What are the chances you'll need long-term care? What are the average costs? How do you pay for it? This infographic breaks it all down.
This One Thing Your Retirement Plan Is Probably Missing Could Cost You Everything
One of the biggest signs that you might run out of money in retirement is not having a plan to pay for long-term care. In fact, the risk is so big that it topped a recent Yahoo News article on the topic, and with good reason.
How to Get a
Long-Term Care Plan
The Long-Term Care Plan is part of the Roadmap for Retirement , your comprehensive plan for protecting your retirement.
Your personalized Roadmap for Retirement contains all the tools you need to minimize what could be your greatest risks in retirement, including a Long-Term Care Plan, an IRA Tax Plan to help lower your overall tax burden, a Market Risk Report to help right-size your market risk, and a Fee Analysis to identify how much you’re paying in investment and advisor fees.