Approximately 47% of men who are retirement age or older will need long-term care in the future, compared to 58% of women (Source: U.S. Department of Health and Human Services, 2018). In 1960, 10% of the U.S. population was over age 65. By 2040, 20% of the population will be over age 65 (Source: Time, 2018). In 2017, the average annual cost of a nursing home stay was $82,000 (Source: Kaiser Family Foundation, 2018). Approximately 40 million individuals are caring for older relatives. The typical family caregiver is a 49-year-old female (Source: Journal of Financial Planning, January 2018). The average life expectancy in 1930 when Social Security was designed was 58 years for men and 62 years for women. Today, on average, a man turning 65 can expect to live to 84.3 years, while a woman can expect to live to 86.6 years (Source: Social Security Administration, 2017). About 59% of the Social Security benefits of a 66-year-old couple retiring in 2016 will be required to cover retirement healthcare costs (Source: Wealthmanagement.com, November 2017).
Copyright © 2019 This article is published in its original form from its original publication with Investment Answers and Integrated Concepts, a separate, non-affiliated business entity. The original newsletter publication, Investment Answers Financial Success Summer 2019, is intended to offer factual and up-to-date information on the subjects discussed but should not be regarded as a complete, evolving, or personalized analysis of the topics, and should not be construed as personalized investment advice. Qualified financial professionals should be consulted before implementing a personalized financial plan. Please reference the original publication for additional disclaimers.