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Advanced medicine and technology continue to advance our average lifespans, meaning more people are living longer lives.
At Franklin Retirement Solutions, we are routinely structuring retirement strategies for our clients that accommodate for 30 to 40 year retirements. However, living longer also means higher chances of needing long-term care, whether in the form of independent living, home health care, assisted living, or nursing home assistance.
Health care costs, particularly long-term care costs, have traditionally risen faster than inflation, and they continue to do so. For example, a typical nursing home in the Philadelphia metropolitan area can now easily cost over $100,000 per year.
Planning for your own long-term care costs depends on a variety of factors, including your current age, your health history, your current health issues, wealth, types of assets you own, family structure and dynamics.
Depending on your particular situation, the following types of long-term care planning may be appropriate:
The long term care strategy that makes the best sense for you depends entirely on your unique situation. There is no one-size-fits-all solution. Let the experienced team at Franklin Retirement Solutions help you.