Here’s the headline: $119,238. That’s how much a nursing home costs the average resident for an average stay of 14 months. And that’s just the last phase of care. Before entering a nursing home, most seniors previously receive care at home — and potentially in a less intensive assisted living facility. All of these arrangements are part of the long-term care continuum.
The three-legged stool is a metaphor that retirement planners use to describe the three most common sources of income for retirees. At one point in time, the three legs referred to Social Security, pension and personal savings — the multiple sources of income generally needed to achieve a financially secure retirement.
Saving for a secure retirement can often seem like a daunting task. But when you have even loftier goals it can feel near impossible. What would it take to become a millionaire, or even a multimillionaire? Would you need a big inheritance, some luck when playing the lottery? Do you need to spearhead a super-successful tech start up? Or become a doctor or a lawyer?