The Cost of Senior Care Leaves Boomers Unprepared.

The cost of long-term care for seniors is becoming increasingly unaffordable for middle-income Americans, leaving millions of baby boomers with limited options. Assisted-living facilities, the fastest-growing category of elderly care, provide an independent, homelike environment for seniors who need some help with day-to-day functions, but it starts at $60,000 a year on average, according to the National Investment Center for Seniors Housing & Care (NIC) — and costs go up as residents age and need more care. Long-term care costs represent “the single largest financial risk” facing seniors and their families, according to a 2020 report.