Monday, March 18, 2019
According to a recent report from the Bankers Life Center for a Secure Retirement, baby boomers have become ready for death but have missed preparing for the years before it. The survey questioned 1,500 baby boomers (between the ages of 54 and 72) with incomes between $30,000 and $100,000, and the answers were surprising.
Only 18% had placed a high priority on receiving long-term healthcare or residing in a nursing home during their retirement, even though a much higher number of individuals said they expected to receive such care (45%). However, the Department of Health and Human Services said this number is still too low, predicting that a person that turns 65 this year will have a 70% of needing long-term care in their lifetime. Many people are placing their priorities in the after life, as 81% of those surveyed had made at least one formal preparation for what will happen when they die.
It is hard to determine if it is false confidence or denial when faced with these numbers: 79% of the boomers surveyed admitted that they had not set aside any money for long-term care yet 74% felt confident in their ability to manage their household’s health-care needs as they age.
See Christopher Robbins, Baby Boomers More Prepared For Dying Than Living, Financial Advisor, March 15, 2019.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.