According to a new survey released by Harris Interactive for Nationwide Financial Services, people are significantly underestimating the costs associated with long-term care.<\/p>\n
The people who were surveyed were “Baby Boomers,” a demographic defined by the post\u2013World War II “baby boom,” born between 1946 and 1964. They consistently estimated long-term care costs to be just under $79,000. But Nationwide Financial Services projects costs for nursing-home care will reach $265,000 per year by 2030.<\/p>\n
Costs for nursing home care have consistently increased at least 4 percent every year since 1974, according to John Carter, the president and CEO of Nationwide Financial. He believes that current nursing home costs cannot “even come close” to what that care will cost by the time the youngest Boomers reach retirement age. And those Boomers, like so many before them, are not prepared.<\/p>\n
Though most survey respondents reported that they have some sort of plan in place for retirement, a (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" According to a new survey released by Harris Interactive for Nationwide Financial Services, people are significantly underestimating the costs associated with long-term care. The people who were surveyed were “Baby Boomers,” a demographic defined by the post\u2013World War II “baby…<\/span><\/p>\n