In his January 5, 2016 Forbes column titled “Costs and Incidence of Long-Term Care”, columnist Wade Pfau explicitly describes how likely it is any of us will need long-term care (LTC).

He states the most credible research he found determined that 58% of men and 79% of women aged 65 and older would need LTC at some point, and that average lengths for care were 2.2 years for men and 3.7 years for women. 38% of men and 63% of women will require care for one year or longer, while 11% of men and 28% of women will need care for at least 5 years.

He correctly explains people are not statistics. Statistics are irrelevant if you are the one needing LTC and you have not properly planned for it.

Mr. Pfau also correctly notes study results vary but the big picture is the odds are needing LTC are very high.

He accurately explains what LTC is.

He quotes average annual rates nationally for assisted living are $43,000/year and a private nursing home room is $91,250/year. A five year stay in a nursing home would cost $456,250 in today’s dollars.

Mr. Pfau explains that LTC costs vary and are regional. He gives the link to the newest Genworth Cost of Care Study, so people can determine a more precise cost of care in their locale.

What I find so entirely cool about Mr. Pfau is that he’s a fee-based financial planner. Unlike me, he is not a commission-based advisor who needs to sell products to make a living. He is an insightful thinker with a clear, common-sense, accessible writing style. He has an accurate view of the Big Picture and the necessity of responsible LTC planning.

In other words, he is interested in helping people create and achieve wealth – many financial planners can do that – but more importantly, once clients achieve wealth, he clearly understands the things they must do to preserve it.