Most Americans want to age in place and spend their retirement years comfortably. According to Forbes, 77% of people 50 and over said aging in place was their preference. However, statistics show over half of people aged 65 will ultimately require medical assistance of some kind, such as a home health aide, an assisted living facility, or a skilled nursing facility. Did you know that, according to Genworth’s 2023 Cost of Care Survey, the average nationwide cost of an in-home care health aide was $6,292 monthly? That average monthly cost grows to $8,669 for a shared room and $9,733 for a private room. One industry observer anticipates prices will continue to rise over the next ten years. According to Genworth’s projections, the cost of an in-home health aide could increase to $9,314 by 2033 and a private room in a skilled nursing facility to $14,407. Remember, not making a decision is a decision regarding extended care choice. As you prepare for the future, considering your choices for extended care may be an essential part of a comprehensive retirement strategy. If we can help point you in the right direction, find resources, or help you evaluate the pros and cons of extended care, we are ready to have that conversation as soon as you are. |
1. Forbes, 2024 |
Factoring health care into your retirement strategy.
