Pearls of wisdom from 60 to 65 year olds on planning for long term care needs

Pearls of wisdom from 60- to 65-year-olds on planning for long-term care needs

Nationwide Retirement Institute survey insights underscore the importance of early and proactive planning for long-term care

Columbus, OH - As we observe Long-term Care Awareness Month, it is the perfect time to reflect on the invaluable insights shared by those aged 60 to 65 from the 2024 Nationwide Retirement Institute^® Long-term Care survey. Their experiences and advice offer a treasure trove of guidance for younger generations on planning for long-term care needs.

This year marks a historic milestone: More Americans will turn 65 than ever before, with roughly 12,000 people a day reaching the age most target for retirement. While many of these individuals aged 60-65 are confidently stepping into retirement, others have valuable lessons to share on avoiding common pitfalls.

Advice to younger selves

When asked what advice they would give their younger selves about planning for long-term care needs, individuals aged 60-65 highlighted three key pieces of wisdom related to planning for long-term care expenses:

1. Start saving financially earlier (53%): More than half emphasized the importance of beginning to save for long-term care earlier. Starting early can significantly ease the burden later in life.
2. Start planning earlier (32%): Nearly a third stressed that alongside saving, early planning is important. This involves understanding potential long-term care needs and exploring options well in advance.
3. Do not assume you will always be healthy enough to be approved for coverage (27%): More than a quarter cautioned against the assumption that you will always be healthy enough to be approved for long-term care insurance coverage. Life is unpredictable, and preparing for all possibilities is essential.

Other notable advice included: not assuming you will never need long-term care (25%), purchasing long-term care insurance (20%), and working with a financial professional to create a plan for long-term care costs (19%).

Concerns about long-term care

The survey also revealed significant concerns among respondents regarding long-term care:

• Becoming a burden (47%): Nearly half express worry about becoming a burden to their families as they get older.
• Desire to compensate family caregivers (37%): Many would like to compensate family members who provide long-term care, recognizing the financial toll caregiving can take.
• Concerns about paying for care (26%): A significant portion is concerned about their ability to pay for long-term care for themselves or their partner.
• Impact on children's inheritance (25%): Some worry that paying for long-term care will diminish the inheritance they can leave for their children.

The importance of early planning

These insights underscore the importance of early and proactive planning for long-term care. By starting to save and plan early, discussing needs with family, and considering long-term care insurance, individuals can better prepare for the future and alleviate potential burdens on their loved ones.

"The wisdom shared by those nearing retirement is invaluable," said Holly Snyder, president of Nationwide's life insurance business. "Their experiences remind us that it is never too early to start planning for long-term care. By taking action now, we can help mitigate future challenges and provide greater security for our families."

While financial professionals are key and can support retirement savers in creating a robust plan for their long-term care needs, the first step is talking about long-term care with their family.

"Thanksgiving is an ideal time to have these important conversations with family," Snyder noted. "Gathering together provides a natural opportunity to discuss long-term care planning and ensure everyone is on the same page about future needs and wishes."

Methodology

The research was conducted online in the United States by The Harris Poll on behalf of Nationwide among 1,334 adults ages 28+ with household income of $75K+ -- including 263 aged 60 to 65. The survey was conducted March 12 - April 2, 2024.

Data are weighted where necessary by age by gender, race/ethnicity, region, education, marital status, household size, household income, and political party affiliation to bring them in line with their actual proportions in the population. Respondents for this survey were selected from among those who have agreed to participate in our surveys.

The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 3.8 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.

About The Harris Poll

The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 and is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

Respondents for this survey were selected from among those who have agreed to participate in our surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within ± 3.2 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.

About Nationwide

Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide is rated A+ by Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto business, homeowners, farm, and life insurance; public and private sector retirement plans, annuities, mutual funds; excess & surplus, specialty, and surety; and pet, motorcycle, and boat insurance.

For more information, visit www.nationwide.com.

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