One of the most challenging parts of retirement planning is long-term care planning.
“It’s truly impossible to predict if, when, and for how long you may need long-term care,” said certified financial planner Mike Hennessy, founder and CEO of Harbor Crest Wealth Advisors in Fort Lauderdale, Florida, in this CNBC article. “Costs vary substantially, so it’s difficult to carve out the exact amount you may need.”
Monthly costs for long-term care (LTC) can be steep. According to Genworth, it can cost a median $4,000 for care at an assisted-living facility ($48,000 yearly), $7,500 for a semi-private room in a nursing home ($90,000 a year), $4,400 for a home health aide ($52,800 annually), and $4,300 for homemaker services ($51,600 a year). Unfortunately, Medicare generally doesn’t cover long-term care.
Online calculators can come in handy when trying to plan out long-term care costs. CNBC highlights an online tool from Saturday Insurance that can help determine how much you might need for LTC services.
Read the full CNBC article "New online tool helps you prepare for a tricky cost that may sink your retirement" here.
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