Neither workers nor retirees have much confidence in their ability to handle acute care or long-term care costs in retirement.
Researchers at the Employee Benefit Researcher Institute, Washington, have reported that finding in an analysis of data from a recent telephone survey of 1,001 U.S. workers ages 25 and older and a related telephone survey of 256 retirees.
Only 25% of the retirees interviewed said they are very confident about their ability to handle medical expenses, down from 36% in 2008.
The percentage of retirees who are confident about their ability to handle LTC costs has fallen to 15%, from 24%.
The percentage of workers who are very confident about their ability to pay for acute care in retirement has fallen to 13%, from 18%, and the percentage who are very confident about LTC costs has fallen to 10%, from 13%, the EBRI researchers report.