Why the Cost of Long-Term Care Is Out of Reach for the Middle Class
The cost of aging in America, specifically for middle-income earners, has been spiraling out of control for years. But as the first boomers reach 75 this year, the financial reality of long-term care needs are moving front and center.
Seven out of 10 people will need long-term care during their lifetime — whether that’s someone in the home to help with activities like bathing and dressing, a skilled nursing facility to recover after a hip replacement or assisted living or nursing home care when living at home is no longer viable, according to a recent Genworth financial survey.
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