The Long-Term Care Crisis: What you Need to Know
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Geri and Dale are both 70 years old and in average health. They both have a history of dementia in their families and they are aware that the need for long-term care for one or both of them one day could be a real possibility.
Many people worry about not having enough money in retirement because, similar to Geri and Dale, they fear needing long-term care and not being able to afford it -- or having to wipe out their savings in order to pay for it. This is why, since Dale was 50, he has invested money every year and saved the dividends to cover long-term care, just in case.
Twenty years later, he has roughly $145,000 saved, and $300,000 in home equity. It is responsible of Dale to invest and save for long-term care. However, there was one thing that Dale did not consider. The $145,000 (even with the $300,000 in home equity) that is supposed to cover both of their care needs is not nearly enough. Dale’s long-term care strategy will most likely not work for them, and I will explain
why.
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