Aging of the Boomers and Long-Term Care

Who Are the Boomers?

Baby Boomers, born between 1946 and 1964, make up a significant portion of the U.S. population—77 million people—many are entering or approaching retirement. While retirement planning often begins during one’s working years, it’s essential for Boomers to reevaluate their plans at age 65 to ensure they are prepared for the next 25 years and beyond.

The Reality of Long-Term Care

Here are four things this program can do for you:

 Although most people have various types of insurance (home, life, health, auto), many lack coverage for long-term care. Medicare and supplemental plans only cover limited short-term skilled nursing care, leaving 90% of people unprepared for the significant costs of long-term care.

What Is Long-Term Care?

 Long-term care refers to services needed when an individual can no longer manage everyday tasks like dressing, preparing meals, or managing finances due to illness, disability, or cognitive decline. Often, these needs arise unexpectedly, and family members become the first to notice changes or assist with care.

Demographic Shifts Highlight the Need for Planning

1. Rapid Growth of the Senior Population (65+)

By 2030: 1 in 5 Americans (20% of the U.S. population) will be 65 or older.

By 2050: The 65+ population will hit 85.5 million, more than double the number from 2008 (38.7 million).

2. Surge in the Oldest Age Group (85+)

The number of Americans aged 85 and older will triple, growing from:

• • 5.4 million in 2008

  • To about 19 million by 2050

With people living longer, the financial and emotional strain of long-term care events is a significant risk, particularly for those over 65 who are beginning to enjoy their retirement.

The Role of Healthy Living

Healthy living can reduce the likelihood of needing long-term care. Habits like proper nutrition, physical activity, and mental engagement can lower risks. However, even with these habits, aging increases the potential need for care, making it critical to plan while you’re still eligible for coverage.

The Cost of Care

 According to Genworth (2023), the average annual costs of care in New York were:

• Nursing Home Private and Semi-Private: $162,465
• Assisted Living: $78,000
• Home Health Care: $77,792

It’s never too early—or too late—to plan ahead.

Explore how long-term care can impact your future and what steps you can take now to stay prepared. Start your journey toward peace of mind at SafeguardIncome.com.