Sobering Facts About Long-Term Care

Is it any wonder so many people run from the topic? [Morningstar](?utm_source=eloqua&utm_medium=email&utm_campaign=newsletter_improvingfinances&utm_content=43729&elqTrackId=bceb36c53cda497d9fcff7ba5a8d3532&elq=e17de6f71c7d4e189b8fdd06657ee87c&elqaid=43729&elqat=1&elqCampaignId=21092) [Improving Your Finances] Improving Your Finances with [Christine Benz]( [Christine Benz] How to plan for long-term care expenses is one of those topics that gives older adults angst. Pondering a day when you might need help taking showers or eating is no fun, of course, and then there’s the expense and the lack of really great options for managing the cost. Is it any wonder so many people run from the topic? But avoidance isn’t a viable strategy. To help arm you with the data to make the right decision given your own situation, I’ve compiled [a fresh set of statistics]( that touch every part of the topic: likelihood that you’ll need long-term care, the cost of that care, the toll on family caregivers, and insurance. The statistics are sometimes disheartening—such as the 12% increase in the cost of home-based care over the past year—but they can help you get closer to a decision—and a plan. Jeff Ptak and I also touched on the topic of long-term care planning [in our recent conversation with Mark Berg]( who founded Timothy Financial, a financial planning firm that charges clients by the hour. We covered a lot of ground in our discussion, including tax strategies, retirement planning, and direct indexing, whereby an investor assembles a basket of individual securities that mimics the performance of an index but allows for a level of customization. One of the great promises of direct indexing is the opportunity to engage in tax-management techniques: using tax losses to wash out the tax impact of gains, for example, or pulling out low-cost-basis shares for charitable giving. [John Rekenthaler recently took on the topic]( of who can reap a tax benefit from direct indexing and who should walk on by; it’s a helpful discussion. Finally, check your local PBS station this weekend to see me on what (for my money) is the best financial program on television, [WealthTrack with Consuelo Mack](. Consuelo and I had a wonderful conversation about all things retirement planning; she’s a consummate interviewer and always advocates for her viewers by putting herself in their shoes. She inspires me to do the same for our Morningstar.com readers and viewers—all of you! With warm regards, Christine Benz [100 Must-Know Statistics About Long-Term Care: 2023 Edition]( A compendium of data about long-term-care usage and costs, the state of insurance, and the toll on caregivers. [Read More]( Share: [facebook]( [twitter]( [linkedin]( ADVERTISEMENT [media]( [media] [Tax-Deferred Retirement-Bucket Portfolios for Vanguard Investors]( Designed for retirees in tax-deferred accounts, these portfolios blend index and active funds. [Read More]( [3 Pillars of Financial Wellness]( Vanguard’s Maria Bruno discusses laying the groundwork for financial success, including paying off debt and setting aside emergency reserves. [Watch Now]( [Mark Berg: Hourly Financial Planning Is ‘A Vast Blue Ocean’]( The founder of Timothy Financial Counsel on the best candidates for hourly advice, direct indexing and tax planning, and how his firm advises clients in retirement. [Listen Now]( [Supersaver Travel Hacks From the Financial Independence Movement]( Christine Benz and Jeff Ptak are joined by ChooseFI co-founder Brad Barrett as he shares tips for scoring good travel deals in support of his financial independence journey. [More]( Listen Now Get the latest investing insights and market updates with [Morningstar’s podcasts]( available on your iPhone, iPad, Android, PC, or smart speaker. Stay connected: [twitter]( [facebook]( [linkedin]( [instagram]( [YouTube]( [Apple News]( [View online]( | [See all newsletters]( | [Share your feedback]( [Unsubscribe]( from this newsletter. Or update your [email preferences](. © 2023 Morningstar, Inc. All Rights Reserved. 22 W. Washington St. Chicago, IL 60602