Mary Alice Reporting – A growing concern relates to the lack of financial resources for seniors and housing care.
According to Health Affairs, by 2029, 14 million individuals over 75-years-old, will lack the financial stability for care services.
National Investment Center for Seniors Housing and Care Chief Economist Beth Mace says there are a few factors that will contribute to the concern.
“One is that there hasn’t been enough savings. [Along with] the cost of what is takes to take care of housing and care needs as we get older. Our analysis also includes out of pockets medical cost. We estimates that will be roughly $60,000 a year.”
She encourages anyone, at all ages, to begin the planning process to have the security needed for the senior years.
“As we all get older we need to save more and we need to plan. Talk to family members about what are needs could possibly be.”
One solution is for more affordable options of housing and service to be created to assist the growing number of middle-income seniors.
Copyright WTUZ Radio Inc., 2019