PT  - JOURNAL ARTICLE
AU  - Michael Crook
AU  - Ronald Sutedja
TI  - Practical Applications of Will Long-Term Care Ruin Retirement Plans?
AID  - 10.3905/pa.2017.5.2.242
DP  - 2017 Oct 31
TA  - Practical Applications
PG  - 1--4
VI  - 5
IP  - 2
4099  - https://pm-research.com/content/5/2/1.11.short
4100  - https://pm-research.com/content/5/2/1.11.full
AB  - As the American population ages, many families are encountering the expense of long-term care (LTC). While there are different types of care, nursing-home care is particularly expensive, with an average cost of more than $92,000 per year. Those costs heighten the risk of running out of retirement assets in old age, yet it’s impossible to know exactly how much long-term care will be needed as individuals age.In Will Long-Term Care Ruin Retirement Plans , published in the Winter 2017 issue of The Journal of Retirement , Michael Crook and Ronald Sutedja of UBS Wealth Management developed health-status simulations to predict the probability of needing long-term care after the age of 65. Next, they developed a model that assessed the financial impact of LTC costs on retirement plans ranging from $1 million to $10 million.