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Reply to "Do I Need to Save More for Retirement?"
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[quote=Anonymous]I feel like the folks paying for 10 years of in home care are outliers. My moved moved to assisted living at 82, cost went from 6500 to 8k month as she needed more help. She was in a very nice facility in terms of her apartment, food amenities etc. however as her dementia became more pronounced we had to mover her to memory care and switched eventually to a smaller and more expensive place which was about 11k month. She was in memory care a total of a year, and died at 85. While the last three years of her life were expensive relative to before it wasn’t millions. She had a pension of 3.5k month, a small social security (1.5k) and retirement accounts. We didn’t even need to sell her house, though it was in the table. So yes, plan for long term care but most people will need not millions for it. There are some life insurance products with a ltc rider that may be worth it (10 or 20k upfront for 300k ltc costs and if unused kids can get back something). [/quote]
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