Dementia affects almost 50 million people worldwide, with a new case of dementia diagnosed every 3 seconds. More than 6 million Americans suffer from degenerative brain disease in the form of Alzheimer’s. Dementia is the leading cause of disability and dependency and the sixth leading cause of death among the elderly. Dementia kills more people each year than breast cancer and prostate cancer combined. This makes planning for long-term care essential in the world today.
With an estimated cost of $355 billion to be spent by the end of 2021, Alzheimer’s and other forms of dementia are a costly crisis for long-term care. Over 11 million Americans currently provide unpaid care for people with Alzheimer’s and other dementias. In 2019, family members and other unpaid caregivers provided an estimated 18.6 billion hours of care.
The 65-and-older population grew by over a third (34.2% or 13,787,044) over the past decade. And by 2030, all baby boomers will reach 70 years old. With advancing age comes an increased risk for Alzheimer’s disease and other dementia. Exceptional memory care housing options will become more necessary than before. Finding quality care and maintaining the health of our seniors is a growing problem facing society.
It’s essential to start planning for long-term care now. Here are some tips to get started to help ensure you’re on the right path:
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At Money Bridge Wealth & Income Planning we work with clients of all ages to plan for a successful financial future. We help clients gain financial peace of mind regardless of stock market and economic volatility. Whether you’re entering retirement or just planning for it, we can help you on every step down your financial path. Contact us today to get started.