Both U.S. adults ages 25 to 45 and U.S. adults ages 50 and older seem to be a lot more interested in planning for post-retirement travel than for using post-retirement long-term care (LTC) services.
(Related: Nationwide Finds LTC Discussion Gap)
Analysts at the Nationwide Retirement Institute, an arm of Nationwide Mutual Insurance Company have reported that finding in summaries of results from an online survey of 1,000 U.S. residents ages 25 to 45, and a second survey of 1,462 U.S. adults ages 50 and older.
All of the “older adults” in the survey sample said they had investable assets of $50,000 or more, and either were retired or planning to retire within the next 10 years.
For the younger adults, the top priority was paying off debt: 48% cited that as a goal for their financial investments.
“Traveling in retirement” ranked sixth on the financial goal list, with 28% citing that as a goal.
Here’s how some other insurance-related goals ranked, with the percentages of younger adult participants who said they had those goals:
- “Having a life insurance policy, not just the basic covered offered by an employer”: 8th place (tie) (24%).
- “Luxury purchases”: 8th place (tie) (24%).
- “Paying for health care costs in retirement” : 11th place (tie) (23%).
- “Leaving a legacy”: 15th place (tie) (15%).
- “Paying for long-term care costs during retirement”: 15th place (tie) (15%).
Nationwide found that travel expense planning also ranked near the top of the financial investment goal list for the participants in the older adult survey.
The top goal was “covering living expenses in retirement.” That was mentioned by 67% of the participants.
Here’s how some other goals did with the participants in the older adult survey:
- “Travel in retirement”: 2nd place (65%).
- “Health care costs”: 4th place (48%).
- “Long-term care costs during retirement”: 5th place (37%).
The oldest participants in the older adults survey seemed to be more confident about their ability to handle LTC costs than the near retirees were.
About 40% of the near retirees said paying LTC costs is a financial goal.
Only 35% of the participants who’d been retired for 10 or more years listed paying for LTC services as a financial goal.
— Read Clients May Jilt You Because of This: Nationwide, on ThinkAdvisor.