Karen Brown thought her mother was set financially. At 92, she had $750,000 saved up to live out her days comfortably.
Then her mother had a stroke. And a lifetime of savings evaporated in a few short years. First, it was $150,000 a year for round-the-clock care. Then $85,000 annually as she transitioned to assisted living.
By May, Brown’s mother had spent all she had and was forced to rely on Medicaid and her daughter to make ends meet.
Imagine, said Brown, who serves on a state planning group for aging, what retirement will be like for the typical senior. About half of all households age 55 and up have no retirement savings at all, according to the U.S. Government Accountability Office.
Colorado’s aging population will have a profound impact on “virtually every Coloradan” over the next 14 years, according to a new report commissioned by state lawmakers.
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