“A recent Merrill Lynch Age Wave survey showed 37% of people over 50 believe they may need long-term care during their lifetime, but the reality is that 70% will end up needing that kind of assistance.”
POWWOW, LLC was recently featured by Jillian Harding, writer for CBS MoneyWatch. Jillian hopes to educate Millenials on financial planning in order to inspire them to save more and get ahead.
This article focuses on factoring in elder care costs for retirement planning. An important takeaway is understanding the cost of care in your specific area. It would also be great to know how long we’ll need care but until a crystal ball is invented I start with the assumption of 10 years with care needs gradually increasing. Care may simply begin as companionship and help with housekeeping. Later it likely evolves to custodial care (meaning help with the 6 activities of daily living). Finally, skilled care may be needed for more serious matters, such as wound care, injections, IV treatment, etc.
To read the whole article, please visit CBSnews.com