This morning I read a searingly scary, super important story in the Washington Post and I’m here to freak out over it with you. The headline says it all: “As the cost of aging soars, families’ wealth is evaporating: Growing old is eroding the inheritance Americans hoped to leave behind, a Washington Post analysis found. Many will have nothing to pass on.”

If this is a newsflash for you, and you’re like, “Hmm. What’s going on around here?” then pull up a chair because we need to talk — and do some math together, and get you on the church prayer list, lol. You, I — all of us — must be aware of the challenging realities this piece highlights if we want to age well and avoid pissing off our people and compromising our legacy. “I had no idea” or “Wait, what?” or “I can’t imagine that would happen to me” are just not going to cut it. Truth is, we should all know aging is exhaustingly expensive and is becoming more so as the 65-plus population continues to explode.

But maybe you’ve heard otherwise. Maybe, as the WP story indicates, you’ve heard all about the “Great Wealth Transfer” and that Baby Boomers have had good fortune and economics on their side. Maybe you are a Baby Boomer, or the adult child of some, and you’re living the dream not worried about silly old finances or how you will pay for long term care and other “incidentals” of aging. Well, you are right about some of that:

“Baby boomers — boosted by decades of rising house prices, strong stock markets and economic growth — control more than half of U.S. household wealth. When they die, a lot of that wealth is expected to go to their descendants. Estimates have predicted that $68 trillion to $84 trillion in money and assets will change hands over the next two decades,” the piece reads. $84 trillion sounds like a lot of money, why worry so much? Why all the doom and gloom?

Because we aren’t doing the math, and we’re not looking at the demographics influencing all of it. The doom is that while Baby Boomers, in particular, have stockpiled lots of cold, hard cash and live in nice, big houses and have saved, saved, saved, the number of older adults skyrocketed along with the cost of caregiving, healthcare and housing. By 2035, there will be more older adults than children in our country for the first time ever. The current cost for an in-home caregiver is $35. And 70 percent of us will need some form of long-term care in our lifetime. Another fact? We’re living much, much longer than we used to. The number of centenarians multiplies wildly with each passing year. So yeah, that $68 trillion to $84 trillion may have sounded like plenty — even plenty enough to even share with our loved ones when we die — but that’s barely getting by in this demographic shift we’re experiencing. We are doing some very bad math, I’m afraid, and I know doing bad math. The WP article explains it much more succinctly:

“A Washington Post analysis of the finances of thousands of seniors in the last decade of their lives found that, for many families, the cost of care eats away much of what they had hoped to pass on. And within a growing segment, elder care costs are not just diminishing their savings, but obliterating them.”

The sobering article continues. “Within the time period The Post examined, the costs of aging grew more consuming. The share of people left with nothing after paying for elder care rose from 6 percent among those who died between 2006 and 2010 to nearly 11 percent among those who died between 2017 and 2022. The costs fell hardest on those with the least: Among the poorest fifth of Americans in the analysis, 41 percent were left with nothing after accounting for their care costs in the years before death. Overall, this group spent nearly a third of their wealth on out-of-pocket care costs in the last decade of their lives — more than 20 times the share spent by the wealthiest fifth.”

Please know this, ya’ll! It is so critical to be aware of these facts as we move through our aging journeys together. And I’m not talking about being aware so our precious adult children can inherit big bags of money and live happily ever after, I’m talking about OURSELVES living happily ever after with enough resources to cover the expensive care and housing and plus, plus, plus we know we will need.

The WP article shares what some of those costs are, please read it! It is so eye-opening and important and helpful for smarter planning!

Numbers make me nervous, gotta be real. But we must get comfortable with them if aging successfully is the Grand Plan. My business journalism background taught me numbers can also tell the real story. And in this case, it comes with an eternal front-page headline: Aging is Freaking Expensive. The central planning figure is that an ordinary older household spends approximately $61,432 annually, while significant paid care can add another $26,000 to nearly $139,000 annually. Around-the-clock care at home can cost substantially more.

Need proof, want more sources? Looking for a stronger nut graf? Below is a list of typical U.S. costs an older adult may encounter during their lifetime. Figures are national averages, medians or typical ranges, depending on the best available data and of course, these costs vary by location, health, insurance and level of assistance. The sources for these figures are: CareScout/Genworth Cost of Care Survey, Medicare 2026 costs, Medicare services not covered, Fidelity Retiree Health Care Estimate, Bureau of Labor Statistics consumer-spending data, and National Funeral Directors Association.

Happy calculating! No, seriously. Knowing even loosely about even a fraction of these figures will make better planning possible.

1. Basic household living expenses: $61,432 per year or $5,119 per month for the average household headed by someone 65 or older.
2. Housing, utilities and household operations: $22,193 per year or $1,849 per month.
3. Food: $7,940 per year or $662 per month.
4. Transportation: $9,538 per year or $795 per month.
5. Routine healthcare spending: $7,799 per year or $650 per month.
6. Lifetime retirement healthcare: An estimated $172,500 for one person retiring at age 65. This does not include long-term care.
7. Medicare Part B premium: $202.90 per month in 2026.
8. Medicare Part B deductible: $283 per year.
9. Medicare Part B coinsurance: Usually 20% of the Medicare-approved cost after meeting the deductible.
10. Medicare Part A hospital deductible: $1,736 for each benefit period.
11. Extended hospital stay, days 61–90: $434 per day.
12. Hospital lifetime-reserve days 91–150: $868 per day.
13. Medicare Part D prescription-drug deductible: Up to $615 per year in 2026, depending on the plan.
14. Part D covered-drug out-of-pocket spending threshold: $2,100 in 2026.
15. Medigap insurance: Varies by plan, age and location and must be added to the Part B premium.
16. Medicare Advantage premiums and cost sharing: Vary by plan; the person must generally continue paying the Part B premium.
17. Routine dental care: Often paid out of pocket because Original Medicare generally does not cover cleanings, fillings, extractions, dentures or implants.
18. Hearing aids and fitting exams: Generally paid out of pocket under Original Medicare.
19. Routine eye exams and eyeglasses: Generally paid out of pocket under Original Medicare.
20. Incontinence supplies: Generally paid entirely out of pocket under Original Medicare.
21. Homemaker or companion services: Approximately $33 per hour.
22. Homemaker services at 44 hours per week: $6,292 per month or $75,504 per year.
23. Home health aide or personal-care assistant: Approximately $34 per hour.
24. Home health aide at 44 hours per week: $6,483 per month or $77,792 per year.
25. Part-time home care, four hours a day and five days a week: Approximately $2,947 per month.
26. Full workday home care, eight hours a day and five days a week: Approximately $5,893 per month.
27. Home care for 12 hours every day: Approximately $12,410 per month.
28. Around-the-clock home care: Approximately $24,820 per month, before possible overtime, weekend or holiday charges.
29. Adult day health care: $2,167 per month or $26,000 per year.
30. Assisted living: $5,900 per month or $70,800 per year.
31. Assisted-living care surcharges: Medication management, bathing, dressing, continence assistance and additional supervision may be charged separately.
32. Memory care: Usually costs more than standard assisted living and varies considerably by facility and location.
33. Nursing home, semiprivate room: $305 per day or $111,325 per year.
34. Nursing home, private room: $350 per day or $127,750 per year.
35. Florida homemaker services: $68,640 per year.
36. Florida home health aide: $68,640 per year.
37. Florida adult day care: $31,200 per year.
38. Florida assisted living: $5,324 per month or $63,885 per year.
39. Florida nursing home, semiprivate room: $124,100 per year.
40. Florida nursing home, private room: $138,700 per year.
41. Grab bar: $100–$350 each, professionally installed.
42. Raised toilet seat: $27–$85.
43. Shower chair: $50–$300.
44. Comfort-height toilet: $500–$1,350 installed.
45. Lever-style door handle: $100–$250 per door installed.
46. Nonslip flooring: $5–$14 per square foot.
47. Entrance ramp: Approximately $875–$1,750 for a standard installation.
48. Widening a doorway: Approximately $800 for a basic project, although structural changes can raise the price significantly.
49. Walk-in shower: $1,500–$3,500 or more, with some installation costs potentially additional.
50. Walk-in tub: Approximately $10,000 installed.
51. Straight stair lift: $2,000–$5,000.
52. Curved stair lift: Generally $10,000 or more.
53. Accessible bathroom remodel: Approximately $6,600–$28,000.
54. Residential elevator: Approximately $33,000–$60,000.
55. Broader aging-in-place renovation: Commonly $10,000–$30,000 or more.
56. Home maintenance and repairs: Roofing, plumbing, electrical work, HVAC replacement and storm repairs should be budgeted separately from routine housing expenses.
57. Housekeeping and household assistance: Costs vary by location, home size and frequency.
58. Lawn, pool and exterior maintenance: Costs vary according to property size and service frequency.
59. Property taxes and homeowners insurance: Highly dependent on the home’s value, state, municipality and insurance market.
60. Condominium or homeowners association fees: Vary by community and may increase through assessments.
61. Prepared meals and grocery delivery: Additional to ordinary food expenses.
62. Transportation after driving retirement: May include taxis, rideshare services, paratransit, private drivers and delivery charges.
63. Medical transportation: May require private payment when transportation is not covered by Medicare or another program.
64. Mobility equipment: Walkers, wheelchairs, scooters, lifts and other equipment may involve deductibles, coinsurance or complete private payment.
65. Medical-alert system: Usually involves equipment charges or a recurring monthly monitoring fee.
66. Home security and health-monitoring technology: May include installation, equipment and monthly subscription costs.
67. Medication-dispensing system: May involve purchasing equipment or paying a monthly monitoring fee.
68. Care-management services: A professional geriatric care manager may charge hourly or ongoing fees to coordinate appointments, caregivers and services.
69. Professional bill payment or bookkeeping: May become necessary if managing finances becomes difficult.
70. Estate-planning and elder-law services: Wills, trusts, powers of attorney, advance directives and long-term-care planning vary by attorney and complexity.
71. Guardianship or conservatorship: Court, legal and professional-management fees can become substantial when formal oversight is required.
72. Moving and downsizing: May include movers, packing, storage, estate-sale services, repairs and furnishing a new residence.
73. Continuing care retirement community: May require a large entrance fee plus recurring monthly charges, depending on the contract and level of care.
74. Respite care: Paid replacement care may be needed to give a family caregiver time off.
75. Emergency replacement care: Families may need to hire help suddenly if an unpaid caregiver becomes ill or unavailable.
76. Technology and communication: Internet, cellphone, computer equipment, accessibility devices and technology assistance.
77. Pet care: Veterinary treatment, grooming, boarding and dog walking may increase when an owner has limited mobility or is hospitalized.
78. Entertainment and recreation: $3,025 per year or $252 per month for the average household headed by someone 65 or older.
79. Gifts, charitable contributions and financial support for others: $3,158 per year or $263 per month on average.
80. Personal insurance and pension contributions: $3,480 per year or $290 per month on average.
81. Funeral with viewing and burial: National median of $8,300.
82. Funeral with viewing and cremation: National median of $6,280.
83. Cemetery plot, monument, flowers and obituary: Often additional to the funeral-home total.