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New Study Finds Boomers Are Redefining Retirement Care Expectations

CHICAGO, Sept. 24, 2013 /PRNewswire/ -- A majority of our country's middle-income Boomers expect their retirement to be defined by greater mental stimulation, more physical activity and more personal satisfaction than the retirement of previous generations.  However, they also anticipate their retirement to include less retiree health insurance from former employers (60%), less financial security (47%) and less care provided by family members (47%), according to a latest study by the Bankers Life and Casualty Company Center for a Secure Retirement ® (CSR).

The study, Retirement Care Planning: The Middle-Income Boomer Perspective, which surveyed 1,299 Americans ages 49 to 67 with an annual household income of between $25,000 and $75,000, also found that a majority do not believe their retirement care will be the same as it was for previous generations.  

Retirement Care Perceptions Boomers characterize retirement care of the past as including reliance on family members for care, nursing homes and moving in with their children— elements of retirement care that will be less common in the future.  

Elements of retirement care that Boomers expect to be more common in the future primarily relates to an increased degree of self-reliance and a greater sense of independence from family.  They expect care of the future to include the use of remote monitoring technology (78%), independent living communities (78%), high-priced care (76%), outpatient care (74%) and long-term care insurance (72%). 

Retirement Care PreferencesBoomers are changing expectations for retirement care.  Nearly eight times as many Boomers (84%) prefer to receive care at home as those preferring a nursing home facility (11%) or care at the home of one of their children (11%). 

When asked whom they prefer to administer their care, the majority preferred their spouse to fulfill that role.  For personal caregiving requirements, such as assistance with bathing and dressing, Boomers are more likely to rely on help from a home health aide rather than their children. 

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