Women spend much of their lives caring for others. As mothers and wives, they never seem to stop giving to their families and husbands.
So who will take care of mom if she needs long-term care? Or will she plan ahead for her long-term care?
It’s important that she does. Women typically outlive men by an average of about five years. According to aarp.org, more than two-thirds of Americans 85 or older are women. And about 79 percent of 65-yearold women will need longterm care during their lifetime, according to a study by the Georgetown University Health Policy Institute.
Women often become long-term caregivers for their husbands or other family members. And as statistics show, they are also more likely to become widowed before needing long-term care themselves. Her husband’s needs may have further drained assets, leaving the widow with less financial wherewithal to apply to her own care.
“Women too often don’t adequately plan ahead for LTC needs,” says Lisa Odoski, a financial professional focusing on women’s well-being and Vice President of the Fried Group, the parent company of TFG Wealth Management (www.tfgwealth.com).