A recent survey from Nationwide Retirement Institute sheds light on the perspectives of Americans aged 60 to 65, offering younger generations advice on preparing for long-term care needs.
The findings of the 2024 Nationwide Retirement Institute Long-term Care survey coincide with Long-term Care Awareness Month, underscoring the importance of proactive financial and health planning.
With the US seeing a record number of individuals turning 65 this year, the report serves as a timely reminder of the value of early planning and the role financial professionals can play in addressing long-term care challenges.
According to the survey, 53 percent of respondents recommended starting to save for long-term care expenses earlier in life. Another 32 percent emphasized early planning, including understanding care options and potential needs.
And while some younger Americans might feel like they'll be healthy for life, 27 percent urged them to avoid assuming they'll always get cleared for long-term care insurance.
Other advice included recognizing the likelihood of needing care (25 percent), the importance of purchasing long-term care insurance (20 percent), and collaborating with financial professionals to plan for costs (19 percent).
The survey also highlighted significant concerns among those nearing retirement. Nearly half of respondents (47 percent) expressed worry about becoming a burden to their families, while 37 percent hoped to compensate family caregivers for their services.
Financial stress loomed large, with 26 percent concerned about covering long-term care costs and 25 percent worried about having less of an inheritance to leave to their children.
"The wisdom shared by those nearing retirement is invaluable," Holly Snyder, president of Nationwide's life insurance business, said in a statement. "Their experiences remind us that it is never too early to start planning for long-term care. By taking action now, we can help mitigate future challenges and provide greater security for our families."
Snyder also emphasized the importance of open communication, particularly during family gatherings.
"Thanksgiving is an ideal time to have these important conversations with family," she noted. "Gathering together provides a natural opportunity to discuss long-term care planning and ensure everyone is on the same page about future needs and wishes."
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