Almost two-thirds of middle-income boomers have no plan to address long-term care they might need in retirement, according to a survey released Tuesday by Bankers Life and Casualty Company Center for a Secure Retirement. Only 20% have even a rough plan for care in retirement.
Bankers Life surveyed nearly 1,300 Americans between 49 and 67 with incomes between $25,000 and $75,000.
“Retirement care is an important and often overlooked component of planning for retirement,” Chris Campbell, senior vice president of marketing and communications at Bankers Life and Casualty, said in a statement. “Boomers today need to consider moving beyond simply creating a retirement financial plan to also creating a retirement care plan that reflects their own needs, preferences and financial circumstances.”
In a morbid turn, the study found respondents are almost five times as likely to have a plan for what they want their family to do when they die. Over 80% have taken at least one step to prepare for their death like sharing preferences on funeral arrangements or burial location, buying life insurance or creating a will. Just 17% of respondents have taken even one step to prepare for care they may need later in life.