Longevity Alert: As America Ages, Long-Term Care Costs Could Overwhelm Most Families, ACSIA Partners Says
The concerning statistics are from "Aging in
The proliferation of older Americans places a big burden right now on all breadwinners in their prime productive years (20 through 65), Gott asserts. According to the PRB, by 2030 there will be only 2.8 working-age adults for every person 65 and older, down from 5.0 in 2000.
Because of this, today's working-age citizens, now building our economy and their own economic futures, will be hit by a double-whammy, according to Gott.
The first part of the double-whammy has to do with one's aging parents. According to the
The second part of the double-whammy is that the younger couple may need long-term care services themselves at some point. "After dealing with mom and dad, they'll need to be ready to care for one another; or to pay professionals to do it."
Long-term care services can be expensive, costing from tens of thousands to
But the financial impact extends beyond care costs. It often involves income loss from interrupted employment as well. According to a study by the
"Long-term care has always been expensive and a key cause of impoverishment in one's later years," says Gott. "As America ages, the cost challenge promises to increase."
What can be done about it?
"Forward-looking public policy would help," says Gott. "But there's plenty people can do on their own."
"The key is to develop a long-term care plan," Gott continues. "It's especially important for today's younger, productive couples. It's the only way to control costs and head off avoidable threats to one's income, assets, lifestyle, and future."
Long-term care planning can be done independently but Gott recommends consulting a licensed specialist. "The process is emotional and the options and pitfalls are vast. You need a calm, collected professional to hold your hand."
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