“Only 16% of retirees ‘very confident’ they can afford long-term care,” by Lois A. Bowers, McKnight’s Senior Living

Quote:

“Only 16% of current retirees are ‘very confident’ that they will have enough money to pay for long-term care should they need it during their retirement, according to the results of a survey released Tuesday. That percentage, said the nonpartisan Employee Benefit Research Institute and research firm Greenwald & Associates, is a decrease from last year’s 20%, which they defined as ‘down significantly.’ The firms polled 1,040 retirees between Jan. 3 and 16 for the annual Retirement Confidence Survey.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

Sounds like denial is declining, but how do you reconcile these findings with the reality that few people worry enough about LTC expenses to plan for them? Answer: By paying for most expensive LTC, Medicaid enabled people to claim they worry about LTC, do nothing to prepare, and still preserve most of their wealth for heirs. That’s been the reality for 53 years and it explains America’s dysfunctional LTC services and financing.

Only 16% of retirees ‘very confident’ they can afford long-term care

#retirees
#goldencareagent