“A wave of Americans has been reaching retirement age largely unprepared for the extraordinary costs of specialized care. These aging baby boomers — 73 million strong, the oldest of whom turn 77 this year — pose an unprecedented challenge to the U.S. economy, as individual families shoulder an increasingly ruinous financial burden with little help from stalemated policymakers in Washington.
The dilemma is particularly vexing for those in the economic middle. They can’t afford the high costs of care on their own, yet their resources are too high for them to qualify for federal safety-net insurance. An estimated 18 million middle-income boomers will require care for moderate to severe needs but be unable to pay for it, according to an analysis of the gap by the Center for Retirement Research at Boston College.”
the National Association of Senior & Specialty Move Managers® blog
Long-term care options are too expensive for middle-income Americans, narrowing options for millions of seniors
ByChristopher Rowland, The Washington Post, March 20, 2023
Beth Roper had already sold her husband Doug’s boat and his pickup truck. Her daughter sends $500 a month or more. But it was nowhere near enough to pay the $5,950-a-month bill at Doug’s assisted-living facility. So last year, Roper, 65, abandoned her own plans to retire.
To the public school librarian from Poquoson, Va., it feels like a betrayal of a social contract. Doug Roper, a longtime high school history teacher and wrestling coach…
View original post 2,119 more words