It’s never too early to start planning for long-term care

We hear a lot about how healthcare is a major burden Opens a New Window. for retirees. In fact, the average healthy 65-year-old couple that retired last year will spend an estimated $377,000 on healthcare costs throughout retirement. But while that number paints a pretty scary picture on its own, here's something even more frightening to chew on: It doesn't even account for long-term care expenses like assisted living facilities or nursing homes.

A good 70% of people who reach age 65 can expect to need some type of long-term care at some point in time. And that care doesn't come cheap. According to Genworth Financial's 2016 Cost of Care Survey, the average assisted living facility in the country costs $3,628 per month, or $43,539 per year. Meanwhile, the average nursing home costs $225 per day, or $82,125 per year, and that's for a semi-private room. A private room will set you back $253 per day, or $92,345 per year.



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