Even if your nest egg is large enough that you won’t outlive your savings, you still could run out of money if you don’t have a plan to cover long-term care costs, Geary said. If you reach age 65, there’s about a 50-50 chance you will need some sort of long-term care, according to the U.S. Department of Health and Human Services. This sort of care isn’t cheap.
The median annual cost of an assisted living facility is $45,000, and the median monthly cost of a private nursing home room is $97,452, according to the Genworth 2017 Cost of Care Survey. “You could easily burn through $1 million taking care of one person,” Geary said.
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