Many retirement plans, including those from big retirement investment firms, begin and end with money – how much you should save, how you should invest it and how you should spend your nest egg in your later years.
But we live in a world of rising health care costs, increasing longevity (mostly for those with money and education) and generational changes in the availability and role of family care. These shifts are enormous, and they contribute to a forceful case that health care should have equal billing in your retirement plans.
The Center for a Secure Retirement, a unit of Bankers Life and Casualty Company, released a study this month based on a survey in April of 1,300 middle-income ($25,000 to $75,000) baby boomers ages 49 to 67. The study, "Retirement Care Planning: The Middle-Income Boomer Perspective," looks at how expectations about health care needs have changed and the misconceptions boomers have about where their care will come from and who might pay for it.
"Boomers are largely uninformed and unprepared for the day-to-day care they may need in retirement," the study said. It then presented some disturbing details:
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