Article originally published by CNBC.com.
Written by Kate Dore
“As retirees live longer, many worry about outliving their savings. However, many older Americans haven’t planned for a looming expense: the cost of long-term care.
The median cost of a private room in a nursing home was $105,850, and in-home care costs were $53,768 to $54,912 annually, according to Genworth’s 2020 Cost of Care Survey.
Of course, these costs vary by location. While private room nursing homes charged a median of $13,535 per month in Massachusetts, retirees shelled out $7,619 per month in Tennessee in 2020, Genworth reported.
“Long-term care is a major challenge,” said certified financial planner Brett Koeppel, founder and president of Eudaimonia Wealth in Buffalo, New York.
Although it’s tough to predict a retiree’s needs, the odds of requiring some type of long-term care services are high — almost a 70% chance for the average 65-year-old, according to the U.S. Department of Health and Human Services. Men typically need 2.2 years of care, and women may require 3.7 years.”
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