How will you pay for it? You have three choices, but two will likely deplete your retirement income and savings.
Seven in 10 Americans will need some kind of long term care, most likely in their later years. In 2012, the average annual rate of nursing home care was $81,030 (semi-private room) and the rate of assisted living care was $42,600. Annual home health care and adult day services were somewhat more reasonable, at an average of $21,840 and $18,200, respectively (MetLife, 2012). View Table 1: Survey of National Findings to see costs by type of care and the full report for state-by-state cost comparisons.
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