Core Insights - The National Council on Aging (NCOA) estimates that 45% of older adults lack sufficient income to meet their needs, highlighting a significant financial challenge for this demographic [1] - The average cost of assisted living is approximately $5,190 per month, which places many seniors in a difficult financial situation, often relying on family support [1] Financial Strategies for Elder Care - Selling a home is identified as a primary strategy to cover the monthly shortfall in elder care costs, providing a realistic way to manage expenses over time [4] - Investing the proceeds from a home sale into a lump-sum annuity, such as a single premium immediate annuity (SPIA), can offer a consistent cash flow for the remainder of the senior's life [5] - For seniors not ready to sell their homes, a reverse mortgage can be an alternative to access home equity while continuing to live in the home, providing a temporary financial solution [6] - Medicaid eligibility may be more accessible than perceived, offering potential financial support for elder care [6]