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Baby Boomers Get an ‘F’ in Planning for Old Age

Most Conducted by the Center for Aging Research & Education (CARE) and entitled "Secure Tomorrow's Autonomy Today" (STAT), the study surveyed nearly 1,000 men and women nationwide to gain their perspectives on aging, long term care resources, motivators and barriers to planning for retirement, and recommendations for the future of long term care. "The STAT survey findings expose the tremendous amount of confusion among Baby Boomers about how to properly plan for long term care needs," said Dr. Christopher Hayes, an independent advisor to the GE Center and co-director of CARE. "As the largest segment of the population heads toward retirement, this alarming lack of preparedness will lead to devastating consequences for our families and the nation." According to the STAT survey, Boomers appear to be confused or procrastinate in planning for long term care needs in their old age, even as most of them (71 percent) admit to a fear of not having enough money as they grow older. Among the Baby Boomer population findings:

70 percent believe that they, themselves, should be most responsible for taking care of their long term care needs;
75 percent have no idea how much long term care insurance actually costs, with most overestimating the cost of premiums by more than 300 percent;
Only 7 percent have actually purchased long term care insurance and 76 percent have not had anyone recommend the purchase of long term care insurance;
71 percent fear not having enough financial resources for retirement and 85 percent are highly concerned with maintaining control over care options and where they live.

The study also shows that a majority of Boomers don't want to burden their children with the responsibility of providing for their long term care needs, nor do they expect the government to provide a viable solution. Seventy-seven percent, for example, say that their children should play a minimal or no role in providing financial support for long term care. Specifically, less than one percent cited their children and only 14 percent cited the government as being most responsible for taking care of their long term care needs. "Clearly, Boomers aren't looking for help from others and want choices and autonomy in their old age, but few seem to know what options are available, with even fewer actually planning now for the future," added Hayes. "Resources like the GE Center for Financial Learning are educating Boomers on their long term care options and working to improve Baby Boomer knowledge and planning efforts as this generation of 75 million people begins to retire."

You can receive more information by going to the Center’s website:

http://www.centerforagingresearch.com/default.htm