Two-thirds of middle-income Boomers know someone who has required retirement caregiving, either in their home or in a nursing home, yet few Boomers are taking action to plan for this likelihood.
CPA financial planners say Americans are also concerned about maintaining their lifestyle and not being able to meet rising health care costs.
Among family caregivers, 60% said they had no idea how demanding it would be, and that an insurance product to help with long-term care could have alleviated some of this pressure, according to Lincoln Financial Group.
When individuals plan ahead for long-term care, they can better secure their own future while reducing financial burdens on their friends and family.
A new “Cost of Long-Term Care” analysis published by Moll Law Group underscores the fundamental difficulty of planning for the health care unknowns faced by all retirement savers.
Three quarters of women under 40 do not have a financial adviser.
Yet nearly six in 10 say saving for long-term care is a financial priority