Sixteen percent of U.S. workers are “very confident” about their ability to pay for any long-term care (LTC) services they might need after they retire.
Only 14 percent of U.S. workers have more than $250,000 in savings and investments.
Analysts at the Employee Benefit Research Institute (EBRI) and Greenwald & Associates have reported those findings in a summary of results from a retirement confidence survey.
See also: When will Boomers’ nest eggs crack?
The survey sample included 1,000 workers and 505 retirees ages 25 and older who live in the United States.
The percentage of working-age participants who said they were “very” or “somewhat confident” about their ability to pay LTC expenses increased to 48 percent this year, from 44 percent in 2015.
The percentage who said they were very or somewhat confident about their ability to handle acute medical care expenses in retirement increased to 61 percent, from 56 percent.
The percentage of working-age participants who had more than $250,000 in savings and investments was the same as in 2015. The percentage who said they had less than $25,000 fell to 54 percent, from 57 percent.
The analysts did not include data on the percentage of participants who said they had long-term care insurance or other insurance-based protection against LTC expenses, but only 12 percent of the working-age participants said they were “very interested” in buying LTCI. Thirty-seven percent said they were “somewhat interested” in buying LTCI.
Only 38 percent of the participants in the retiree sample said their post-retirement expenses were higher than they had expected, and 21 percent said their expenses have been somewhat lower, or much lower, than they had expected.
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