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Retirement Planning > Retirement Investing

Few Consumers Expect Nursing Home Costs To Rise

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NU Online News Service, Nov. 17, 2004, 3:46 p.m. EST

Many Americans appear to be taking an unrealistic approach to retirement planning.[@@]

Genworth Financial Inc., Richmond, Va., has published statistics supporting that position in a report on a recent survey of 750 U.S. residents conducted by outside researchers.

The researchers found that 90% of the participants said living a comfortable life is the most important retirement goal and 54% said they would prefer to stay in their current homes after retirement.

But 55% of the participants review their retirement plans once a year, or even less frequently, and 63% predicted that nursing home costs will remain flat or fall over the next 20 years, Genworth says.