money guidance and how to get rich_30

_{Possibly. Here are some scary statistics to help you take this issue seriously:}

_{• At 65, the average person's chances of being admitted to a nursing}

_{home at some point in the future are more than 4 in 10. (Source:}

_{Long-Term Care Campaign)}

_{• One person in three who turned 65 in 1990 will stay a year in a nursing}

_{home. One person in 10 will stay five years or more. (Source: National}

_{Association of Insurance Commissioners)}

_{• In 1994, 7.3 million Americans needed long-term care services at an}

_{average cost of nearly $43,800 per year. By 2000, this number will}

_{rise to 9 million Americans at nearly $55,750 per year and, due to}

_{inflation, by 2060 it will skyrocket to 24 million Americans paying}

_{more than $250,000 per year to receive long-term care. (Source:}

_{Long Term Care Insurance National Advisory Council)}

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_{• Recent studies report that two of every five people age 65 and over}

_{will enter a nursing home and stay an average of 2.5 years. (Source:}

_{• Within a year after admission as private-pay residents, more than}

_{by Harley Gordon, 1994)}

_{• Nursing home care costs, on average, about $40,000 per year. (Source:}

_{State Farm website)}

_{As with all scary statistics, though, take them with a large grain}

_{of salt, as they can be and often are misleading. For more on this}

_{topic, see the article "Those Dratted Statistics Made Easier" written}

_{by The Motley Fool's retirement expert Dave Braze. The article may}

_{be found at the following web address, if you have the stamina to}

_{type it in:}