Long-Term Care Required Savings
Use this calculator to see what it might take to save, or self-fund, your long-term care needs.
How the long-term care required savings calculator works
It solves for the monthly amount needed to grow your current earmarked savings into the projected cost of care by the time you might need it, letting investment growth cover part of the goal.
Worked example: with projected care cost (future) of $250,000, already earmarked of $20,000 and years until care may be needed of 25, the long-term care required savings calculator shows monthly savings needed of $302.89.
- Already earmarked
- $20,000
- You contribute
- $90,867
- Growth
- $139,133
- Target
- $250,000
The formula
Required monthly = (projected cost − current savings × (1 + r)ⁿ) ÷ (((1 + r)ⁿ − 1) ÷ r), with r the monthly return and n the months.
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender, plan administrator or advisor.
Questions about the long-term care required savings
Can I self-fund long-term care?
Yes, with disciplined saving, though the cost is large and uncertain. The calculator shows the monthly amount required; compare it against insurance premiums to decide.
Is self-funding better than insurance?
It depends. Self-funding keeps the money if care is never needed, but exposes you to the full cost if it is. Insurance pools that risk for a premium. Many use a blend.
What return should I assume?
A moderate one, growing more conservative as the potential need nears — you do not want a market drop right before care is required to derail the plan.
Is the Long-Term Care Required Savings free to use?
Yes. Every calculator on FinCalculators is completely free, with no sign-up, login or paywall. You can run as many scenarios as you like.