CHICAGO, Aug. 6, 2013 /PRNewswire/ -- While a majority of middle-income Boomers report having at least a rough retirement financial plan in place, an alarming number— 72 percent— have no plan of any kind to address the day-to-day care they may someday need in retirement, according to a new study released by the Bankers Life and Casualty Company Center for a Secure Retirement ® (CSR).
The study, Retirement Care Planning: The Middle-Income Boomer Perspective, which focused on 1,299 Americans ages 49 to 67 with an annual household income of between $25,000 and $75,000, found only one in five (20%) have a rough plan for their retirement care and just 8% have a detailed plan.
More Prepared for Death than LifeIn fact, the study cites that Boomers today are nearly five times more likely to be concretely planning for when they pass away than to have a detailed plan for the ongoing long-term care they may need, such as nursing care or home care, while they live out their retirement years.
Eight in ten (81%) of Boomers have taken at least one detailed action to prepare for when they pass away, including:
- Communicating preferences about funeral arrangements
- Identifying burial location
- Purchasing life insurance to cover final expenses
- Creating a will