In this Elder Law Minute, Wes Coulson discusses the biggest threat to your life savings. He talks about the challenges facing older Americans, such as increasing nursing home costs.
Hi, I’m Wes Coulson and this is your Elder Law Minute. In our brochure on ‘Protecting Your Life Savings’, which by the way we’ll be happy to send you one, we talk about the threat of losing your life savings to long-term care costs as being the greatest financial threat that older Americans face.
Let me tell you a little more about that threat. According to a study by the United States Department of Health and Human Services, if you’ve made it to age 65, there’s about a 40% chance that you’re going to later need nursing home care. Alzheimer’s is being referred to as something that is going to reach epidemic proportions between now and 2050. The cost is really scary. If you’re 75 now, a five year nursing home stay, starting at age 80, figures to cost you about $425,000. If you’re only 65 now, figure on a staggering $670,000 or more. It’s simply put – too big of a threat to ignore. That’s why I will say that you need an asset preservation plan. If you don’t have one, you’re not prepared for the Elder Care Journey. Thanks!