For millions of baby boomers, Gen-Xers, and millennials who have no long-term care strategy, the pandemic has sent a message: Act now or it will cost you later.
It’s a sobering task no matter your financial situation to plan for the possibility of some future incapacitation. But putting it off until too late can have dire consequences for your savings. The reality is that more than two-thirds of Americans over the age of 65 will need some sort of daily care for an average of three years during their lifetime, according to the Urban Institute.
Those costs can quickly add up. A stay in a nursing home can cost over $100,000 a year, and even care in your own home can easily top $5,000 a month or more.