Financial advisors are turning to a variety of options to help clients prepare for the potential cost of help with daily activities like eating and dressing — otherwise known as long-term care.
For standard health care alone in retirement, the average 65-year-old couple will spend $285,000, according to an estimate by Fidelity Investments. LTC expenses would be on top of that.
"If people have about at least about $3 million to $5 million in liquid assets and are in their 60s, they can probably use the income from their assets when they need to pay for long-term care," Wright said. Even then, it's tricky to pinpoint a dollar amount involved. And, average costs can vary widely from state to state.
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