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November 29, 2012 at 09:18 AM
Confidence in meeting long-term care costs declines with age, according to a new report.
The Insured Retirement Institute, Washington, D.C., published this finding in a report examines the confidence levels among boomers and GenXers. IRI commissioned Woelfel Research Inc., to conduct the survey, which polled 503 boomers ages 50-66 and 802 Americans ages 30-49.
The report finds that boomer confidence in meeting long-term care costs for themselves and for their parents is lower than for Gen-Xers. When asked whether they will have enough money to pay for long-term care costs, just 24% of boomers say so versus 28% of Gen-Xers.
However, 37% of boomers indicate they will have enough money to cover medical expenses during retirement, as compared to 34% of GenXers. The two generations about evenly split when asked whether they will have enough money to live comfortably in retirement: 36% of boomers versus 35% of Gen-Xers.
IRI find that among boomers who work with an advisor, 30% are “extremely or very confident” they will have enough money to pay for their own long-term care costs, compared with only 19% who do not work with an advisor.
