Many Americans Will Need Long-Term Care. Few Can Afford It.

A decade from now, most middle-income seniors will not be able to pay the rising costs of independent or assisted living.

A decade from now, most middle-income seniors will not be able to pay the rising costs of independent or assisted living.


Paula Span / May 10, 2019 / NYTimes

QUOTE:

[By 2029] About 14.4 million people will fall into the middle-income category, almost double the current number. 

A decade hence, 80 percent of middle-income seniors will have less than $60,000 a year in income and assets, not including equity in their homes. Yet the estimated cost of assisted living plus out-of-pocket medical expenses will hit $62,000, by the team’s conservative estimate.

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