We'll Probably Put it Off Until It's Too Late

Barron's graphic.

During the golden years you need a lot of gold [bold added]:

the reality is that about 70% of people over the age of 65 will need some sort of long-term care, ranging from assistance with dressing and bathing to medication management and skilled medical help....the median annual cost of a private room in a nursing home is $91,250. The median cost of a one-bedroom in an assisted-living facility is $43,200 for a year.

Every senior I know wants to stay in his or her house, with home-health care, as long as possible ("aging in place").

The rule of thumb for moving: “Once you go beyond needing six hours of care, you are getting to the point that assisted living may be less expensive."

There's much more information in Barron's about the costs and benefits of various long-term care alternatives. The important take-away is this: seniors and their families should have the conversation now rather than make hasty decisions in the midst of a crisis.