This Retirement Expense Could Cost You $172,000, and You're Probably Not Ready for It
When we think about the things we'll spend money on during retirement, a few common items may come to mind: housing, transportation, food, entertainment, and Medicare premiums. But there's one major expense a frightening number of seniors don't plan for -- one that could cause them untold financial hardships later in life.
We're talking about long-term care, and it's more common than you might think. An older American turning 65 today has an almost 70% chance of needing long-term care in the future, the U.S. Department of Health and Human Services says. And that care can be extensive. Men, for example, need an average of 2.2 years of long-term care, while women need 3.7 on average.
Unfortunately, long-term care is not covered by Medicare. It's also an expense that costs an average of $172,000 per person on a lifetime basis, according to PWC, and if you'd rather not scramble to come up with that cash or put that burden on your loved ones, then you'll need a plan to cover it.
Source Fool.com
