The National Investment Center recently published a study projecting that by 2029 there will be over 14 million middle-income seniors (up significantly from about 8M in 2014.)

These are people over the age of 75 who do not qualify for financial assistance through Medicaid. The study estimates that 60 percent of these older adults will have mobility limitations and 20 percent will have high health care and functional needs — which means they’re likely to need daily care from someone. And remember, Medicare does not cover this kind of expense.

Here’s the catch — the majority — 54% will not be able to afford it. Where’s this care going to come from? Potentially family. A different study found 70% of seniors expect  that one of their children will assume long-term caregiver responsibilities in retirement if needed (while only 40% of their children were aware of that expectation!)

Here are my takeaways from this:

• First, if you’re planning for retirement, anticipate home care costs as part of your expenses.
• If you’re still working, save until it hurts (the best advice my father ever gave me!) and….
• If your parents are getting older, find out what your parents want — and what they can afford — if they get to a point where it’s not safe to stay at home without help.

Take Care,

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