The Scariest Part of Aging: Outliving Your Money

According the to a recent study, 49% of Americans report that running out of money in retirement is one of their main concerns about growing older. ^[1]

With the growing life expectancy and the increasing costs of long-term care, it is no wonder that so many Americans fear outliving their money.

The amount of money that Americans are spending to pay for their long-term care needs continues to grow at a rapid pace. More and more adults are needing long-term care.  A recent study estimates that 70% of Americans who reach age 65 will need some form of long-term care for an average of three years. ^[2]

You can do things now to avoid outliving your money.

Nothing is gained by avoiding the discussion and by not planning ahead. In our last blog, we mentioned that most of our clients come to us in a crisis. Creating an asset protection plan ahead of the need for long-term care, though, can help to offer more options and protections. We encourage families of aging loved ones, especially those who are dealing with a progressive, debilitating illness, meet with an elder law attorney to discuss options and plans.

Medicaid continues to be the payer of most long-term care services.

About 62% of all long-term care services are covered by Medicaid. It is estimated that one in five middle-income seniors will end up on Medicaid. With the increasing cost of care and the increasing life expectancy, this is no surprise. In Georgia, this means that nursing home care and Medicaid waiver programs are being used to provide long-term care services to many older and disabled adults.

In addition to Asset Protection Planning, Hurley Elder Care Law helps families navigate through the Medicaid process.

To learn more about planning ahead or to set up an appointment to meet with one of our elder law attorneys, please contact Hurley Elder Care Law for a complimentary phone consultation by calling (404) 843-0121 or by sending us a message.