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Retirement Planning > Saving for Retirement

Workers sunnier about LTC costs

By Allison Bell

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Americans may not have much insurance, or cash, they can use to pay for long-term care (LTC), but they have a positive attitude.

Analysts at the Employee Benefit Research Institute (EBRI) have measured U.S. consumer LTC expense confidence when they organized their latest retirement confidence survey.

A polling firm conducted telephone interviews with 1,000 U.S. workers ages 25 and older and 501 U.S. retirees in January.

EBRI found year-over-year improvements in many worker retirement confidence indicators.

Only 32 percent of the workers said they were not at all confident about being able to cover LTC costs in retirement, down from 39 percent in 2013.

Similarly, the percentage of workers who were not at all confident about their ability to pay post-retirement acute medical costs fell to 24 percent, from 29 percent.

But the percentage of workers who said they had accumulated more than $50,000 in retirement savings and investments fell to 31 percent, from 34 percent.

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