Researchers from the NCOA and LeadingAge LTSS Center at University of Massachusetts Boston analyzed data from the Health and Retirement Study, a longitudinal study of approximately 20,000 people in America. The analysis found most older Americans lack resources to weather a “financial shock” such as long-term care needs, health issues or loss of income due to divorce or widowhood.
The analysis also found:
- Someone turning 65 today has an almost 70 percent chance of needing long-term care services and support in their lifetime.
- Older adults prefer to age in place; however, 60 percent are unable to afford two years of in-home long-term services and support.
- Of people 60 and older, 45 percent had household incomes below the Elder Index — the income older adults need to live independently — for their geography.
- Between 2014 and 2016, 90 percent of older households experienced decreased income and net value of wealth.
The report said optimizing Social Security, accessing benefits, improving long-term care and using home equity could help alleviate the financial strain on older adults.
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