Boomers' attitudes toward how long they will live in retirement and the need for, and cost of, long-term care (LTC) are not in line with reality.
According to a recent survey conducted by Nationwide Mutual Insurance Company, boomers age 50 and older who have yet to retire, expect to live an average of 20.7 years in retirement while boomers who have already retired expect to live 27.1 years — 31% longer than their still-working counterparts.
Financial professionals have tried to get the word out about the risk of outliving one's money by pushing annuities, life insurance solutions and LTC products. They have had mixed results. As the recent Nationwide survey suggests, there is still a prevalent disconnect between what is needed and what is in boomers' retirement coffers.
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