A short YouTube presentation by Craig Wear, CFP® introducing strategic financial planning to reduce future long-term care (LTC) cost burdens. The speaker frames the problem with LTC statistics (average entry age ~84; median assisted-living stay ~22 months; nursing-home stays ~13–14 months) and says he will explore how coordinating Roth conversions may be a game changer for families.
Well, hey there. Welcome back. This is Craig. Look, did you know that strategic financial planning today could possibly have a significant way of alleviating future burden of long term care costs tomorrow? And there are a lot of ways of doing that. But today I want to explore how coordinating Roth conversions can maybe be a game changer for you and for your family. You know, the statistics around long term care and nursing homes is has been pretty consistent throughout the years. The average age that most individual enter an assisted living or nursing home is in their mid-80s, the average being around age 84 according to caring.com and the median stay, meaning what happens most frequently in an assisted living facility, is around 22 months. While nursing homes, the average stay is just 13, almost 14 months. And that's status put out by retirement living.
