Seniors Underestimate Costs Associated With Living Longer

Though more seniors are aware of the costs associated with living longer than in past years, a recent survey found just 45 percent knew they’d need nearly 90 percent of their pre-retirement income to maintain their standard of living and 45 percent said they’d likely end up working longer than planned. Still, the number of respondents who were aware of the cost of living longer rose to 62 percent from 56 percent in 2008 and 23 percent in 2003. A majority of seniors were unaware of the financial tools available to them, including long-term care insurance, reverse mortgages, and delaying social security. A quarter of respondents were familiar with reverse mortgages, though 42 percent of surveyed Americans believe health insurance or Medicare will cover the price of long-term care. More here.

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