Seventy-two percent of retirees are concerned about long-term care expenses for assisted living services, nursing home care and home healthcare, according to a new national survey, making such expenses the most frequently cited spending concern by respondents.
T. Rowe Price in July and August queried 1,005 retirees who have a rollover IRA or a left-in-plan 401(k) balance.
Twenty-eight percent of the respondents identified long-term care expenses as a “major concern” for them, making long-term care expenses the most frequently cited expense type deemed to be a major spending concern.
Broken down by years in retirement, 30% of those who have been retired for 11 or more years said long-term care expenses were a major spending concern. Twenty-seven percent of those who have been retired for one to 10 years said long-term care expenses were a major spending concern.
Forty-four percent of all respondents said long-term care expenses were a “minor concern.” Such expenses were tied with out-of-pocket healthcare expenses as the most frequently cited expense types deemed to be minor spending concerns.
Twenty-eight percent of all respondents said long-term care expenses were not a concern, the smallest percentage of all expense types about which retirees said they had no concerns.
See all survey results here.