The words “long term care” are everywhere.  It’s in advertising, commercials and a in many conversations about aging parents and personal planning.  One of the most common concerns and questions is: how much does long term care cost?  Today, we’ll talk about the cost of care and in future blogs we’ll discuss how to pay for it.  In general, the number dollars it takes to pay for long term care depends on a few factors.  Keep reading to learn more.

The money a person will spend on long term care can vary greatly by location, type of care provided and the length of time care is needed.  Using the 2019 Genworth Cost of Care Survey, we’ll break down the annual median cost of care by location and type in the following chart:

Location by State In-Home Homemaker Services1 In-Home Health Aid1 Adult Day Care2 Assisted Living Facility3 Nursing Home4 (Shared Room) Nursing Home4 (Private Room)
Arizona $57,200 $57,200 $25,220 $45,000 $77,198 $97,638
California $64,018 $64,064 $20,020 $54,000 $105,120 $127,750
Florida $48,048 $50,336 $17,680 $42,000 $102,565 $112,639
New York $57,200 $57,200 $22,100 $83,400 $146,000 $161,148
Texas $47,476 $48,048 $8,447 $45,000 $58,400 $77,015
Virginia $50,336 $52,578 $19,240 $57,600 $88,206 $98,550

The 2019 Genworth Cost of Care Survey also allows you to drill down into particular areas within the state for a more detailed look at that specific location.  Feel free to follow the link to explore more.  As you can see, the cost of care can easily cost an entire annual salary.  This is not something that should be taken lightly as the cost of care can easily bankrupt families even if you have a pension and multiple streams of income.

So, take the initiative and give us a call to start your conversation. Not only are we Lockheed Martin retirement specialist, but we specialize in this area of planning as well.   Don’t leave it to chance, call today!

For more tips like these, click here to sign up for our weekly email blog newsletter. If you would like to get better educated on Lockheed retirement strategies, click here to download our Free Report titled Retire with Confidence: The Top 4 Things You Can Do Now to Maximize your Lockheed Retirement. And, if you want to have face time with a Lockheed Retirement Specialist², you can click here to schedule an appointmentclick here to sign up for our Lockheed Retirement Workshop or click here to just give us a call (817) 210-3444.

Be sure and check back next week for more incredibly valuable information. Cheers!

Disclosures*

Financial Planning and Investment Advisory offered by SWMG, LLC a Registered Investment Advisor.

Lockheed Martin Retirement Specialist is not an official title or professional designation nor is it conferred by Lockheed Martin on any individual or company.

Our Complementary consultation and free report are for informational purposes only and provided free without any obligation to utilize or retain our investment advisory services.

SMWG, LLC is not affiliated with or endorsed by Lockheed Martin Corporation. Our expertise comes from working with LMT employees for several years and helping them to retire with confidence.

Investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. Investment products are not FDIC insured, have no bank guarantee, and may gain or lose value. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable for a client’s investment portfolio.

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