Planning for long-term care

Posted at 8:15 AM, Sep 06, 2017
and last updated 2017-09-06 11:15:39-04

Did you know that roughly 70 percent of 65 year-olds will need long-term care at some point in the remaining years of their life? Of those people, the average long-term stay is about two and a half years. However, about 30 percent will need it for more than five years, and the cost of long-term care averages a whopping $70,000 per year.

According to experts at Desert Schools Financial Services, if you’re between the ages of 40 and 75, long-term care planning should be part of your financial strategy and estate plan, and is just as important as adding to your retirement fund. According to Desert Schools, more than 40 million Americans are providing care for adult family members or friends.

Trying to stay financially fit? Check out more money-saving stories in our Financial Fitness Zone.

The information listed may not reflect the capabilities or practices at Desert Schools Federal Credit Union, but is rather meant to serve as a unbiased advisement and support of the financial health of our community.