Many Americans Will Need Long-Term Care. Most Won’t be Able to Afford It.
“They’re a better educated and more diverse group of older adults than in the past, less likely to experience poverty. Still, most will be unable to afford assisted living, the authors found. A decade hence, 80 percent of middle-income seniors will have less than $60,000 a year in income and assets, not including equity in their homes. Yet the estimated cost of assisted living plus out-of-pocket medical expenses will hit $62,000, by the team’s conservative estimate.”