“About 70 percent of people over age 65 need some type of long-term care during their lifetime. More than 40 percent need care in a nursing home for some period of time.” That is a direct quote from the U.S. Department of Health & Human Services.
Long-term care is very expensive, particularly in the NYC Metropolitan Area.
We have had many clients who were paying $5-10 K per month for Home Care, and $15-20 K per month for Nursing Home Care.
So, high likelihood of need + high cost = high risk of losing your life’s savings
Fortunately, if you plan for long-term care, you can dramatically reduce this risk, and prevent financial ruin.
That’s why you need to plan.