“You have this idea that Medicare will cover some of those costs, whereas in fact Medicare doesn’t generally cover most of those costs,” said Genevieve Waterman, director of economic and financial security at the National Council on Aging. “No doubt, for a lot of people, that would run through their savings very quickly.”Ī recent analysis by the National Council on Aging found that 80 percent of people over 60 lack the financial resources to cover long-term care. “A semi-private room in a nursing home is about $100,000 a year, and that is a lot of money,” Wettstein said. More than half of Americans entering retirement today will eventually require “ long-term services and supports,” at an average cost of $120,900, according to federal research. Another is covering the costs of long-term care. Outliving one’s retirement savings is only the largest among several risks Americans face when entering retirement. Too often, researchers say, a household has two wage earners but only one partner actively saving for retirement. A $100,000 retirement nest egg translates to only about $600 in monthly retirement income. The small road hugging the lake and granite rocks along its west side is often just one lane where you find yourself pulling off to let your fellow visitor pass by. Its 75 feet of clarity is sensational and lack of crowds is comforting to swimmers and boaters alike. Workers with retirement accounts may underestimate how far those funds will go. Fallen Leaf Lake is a small one-by-three mile lake and nearly 600 feet deep.
Homeowners often focus too much on the rising value of their home, and too little on how much they owe on the mortgage. Many families overestimate how much money they have on hand for retirement and underestimate how much more they will need. Just as worrisome, perhaps, only about one-third of households are aware that they are unprepared. Another measure, Boston College’s National Retirement Risk Index, finds that roughly half of working-age American households are at risk of being financially unprepared for retirement.
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