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Money and Finances
Reply to "How much do people have saved for retirement?"
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[quote=Anonymous][quote=Anonymous]I agree that $25k per month seems incredibly high. We recently went through LTC for a parent with Alzheimers. We spent about a little over $100k per year for 3 years for a really nice facility in La Jolla, CA. During that time, real life expenses dropped by a lot since there wasn't any travel, eating out, events to go to, etc. Most people don't spend 3 years in a facility, especially if there is a spouse or family nearby. [/quote] I think the average stay in a long term care facility is 28 months. About 12% stay 5 years or longer. It does happen -- I had an otherwise healthy grandmother with dementia who needed in home care for about five years, and needed to be in a memory care facility for over ten years (she lived to be 95). [/quote]
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