They want it, can’t afford it and may have to cut into their kids’ inheritance to pay for it.
Already, 71% of U.S. adults between the ages of 30 and 65 are “concerned” about long-term medical care, according to a study from Prudential.
About the same number of older Americans (those past the age of 65) will require “some type” of long-term care, yet the same study notes 63% of Americans say they have little confidence in their capacity to pay for for it. Only 10% say they are “very confident” they can afford long-term care.
What’s a conflicted senior citizen to do?
Increasingly, the move is to dip into children’s inheritance to get the job done.
At least, that’s the word from Nationwide Financials Services, which has a report out saying 48% of U.S. adults aged 50 and over say their long-term care costs will cut into an inheritance, while 43% say they would prefer to use funds to pay for extended health care instead of handing junior a big inheritance check.
Folks in the poll, which was conducted by Harris Interactive, weren’t poverty stricken. Survey participants included 813 Americans with income of $150,000 or more. But 21% of study respondents said they can’t count on their children;s physical and financial support in retirement, and 78% of older Americans don’t want their kids burdened with mom and dad’s retirement issues.