The High Cost of Age
My parents have reached a point at which they can no longer live on their own. My sister, brother and I have all offered our homes to them, but we all live out of state and the folks would prefer not to leave their friends and church and familiar surroundings and go to a strange place at this stage of life.
So that leaves either round the clock care in their own home- which we did set up at $7,200 a month (that is three people coming in for 8 hours each at $10 an hour.)
The alternative is an assisted living home which would charge about $6000 EACH parent a month. Luckily, they have enough for about 5 years, and the three of us will kick in as necessary.
I just wonder with all the Baby Boomers and people living longer, what is going to happen when we get old? Where is the money going to come from?