When thinking about the future of retirement and leaving a legacy behind for children and grandchildren, boomers characteristically stay optimistic and independently strong, thinking a financial crisis could never happen to them. While there are many events that could shatter retirement savings, one of the most daunting is an unexpected long-term care (LTC) event.
Boomers tend to lean toward optimism when it comes to their health and quality of life, understanding and implementing the growing importance of physical activity and healthy living. Even if a best friend or an immediate family member has been devastated by the cost of a serious illness, boomers hate the idea of having to pay premiums for a policy they think they will never use.
In reality, the front-runners of the boomer generation are hitting their mid-60s. This age group has a 70 percent chance of needing some type of extended medical treatment in the coming decades. It’s clear long-term care is one of the biggest threats to a boomer’s savings.
A hybrid plan