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How Should I Finance Assisted Living?

November 16, 2018

From the U.S. News & World Report website

In March 2018, the U.S. Census Bureau reported that by 2030, all baby boomers will be over the age of 65, leading to a unique situation in demographics: 20 percent of U.S. residents will be retirement age. This is in part because life expectancy has increased. The Population Reference Bureau reports that “average U.S. life expectancy increased from 68 years in 1950 to 79 years in 2013, in large part due to the reduction in mortality at older ages.”

As health care has improved and life expectancies have extended, more people are living longer after they would traditionally have stopped working. This has led to a potential crisis for many Americans: how to pay for the typically increased amount of health care and assistance needed as the years march onward. It’s like an absurdist word problem in sixth grade math class: If you retire at 65 and need to enter an assisted living facility 10 years later, how much money will you need to pay for the impossible-to-predict level of potentially very expensive health care you’ll need over what could be a similarly hard-to-estimate 10- to 30-year or longer timeline?

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From → Health & Safety

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