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Boomers Underestimate Longevity, LTC Costs

Tuesday, June 18, 2013 - 6:35 AM
From The CreditUnion Times:
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.

... The survey also uncovered confusion and misconceptions about what LTC actually entails.

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