Aging is an inevitable part of life, and with it comes the necessity for financial planning. As individuals grow older, their financial needs and concerns shift.  This is especially true for retirement and beyond.  This is when healthcare usually costs the most.  It also tends to be a time when independence and physical mobility become more challenging.   

One of the critical factors in financial planning for aging adults is understanding life expectancy trends. In the United States, the average life expectancy for men is approximately 76 years, while for women, it is around 81 years. These figures highlight the need for a robust financial plan. In short, no one wants to outlive their money. 

Given that women generally live longer than men, they may face a longer period of financial need. This underscores the importance of having a tailored financial strategy that takes these life expectancy disparities into account. 

And because people are living longer, they are tending to have longer stays in either assisted care or nursing care facilities.  Due to the increase of people diagnosed with Alzheimer’s and/or dementia, there are now memory care facilities for patients with these specific challenges.   

Assisted care facilities provide a range of services for individuals who need help with daily activities but do not require the intensive care of a nursing home. The average stay in an assisted care facility is typically about 22 months. The cost of residing in an assisted living facility can also vary, with the national median monthly cost being approximately $4,300, equating to an annual cost of around $51,600. 

Nursing home care is one of the most significant expenses that aging adults may encounter. On average, the cost of nursing home care in the United States can vary widely, depending on the location and level of care required. However, as of recent data, the median annual cost for a private room in a nursing home is approximately $105,850. For a semi-private room, the median annual cost is around $93,075. 

I’ve learned over the course of my career that everyone has different challenges as they age, as well as different strengths.  Over the next several articles, we’ll take an in-depth look at strategies, tools and resources that you can use to deal with your unique situation.  The following articles will help you identify strengths and challenges and build a specific plan to help you and your loved ones.

Regards,