"Nursing homes can't access your savings accounts, but their costs are high; planning with insurance and savings can help mitigate potential expenses."
"Long-term care can exceed college tuition costs; costs can vary from over $10,000 monthly for a private room to lower rates for semi-private setups."
Many individuals overlook nursing home expenses when saving for retirement, which can lead to unexpected financial burdens. A person who prepared with a Roth IRA and a trust as a buffer against these costs shows the importance of planning. Though nursing homes cannot access personal savings directly, the associated costs, which can exceed $10,000 per month for private rooms, necessitate careful financial planning. Utilizing options like insurance policies and considering home care can help manage these potential expenses in retirement.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]