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34% of workers today worry about this devastating retirement expense
31 million Americans dip into retirement savings during COVID-19 pandemic
Workers also contributing less to retirement funds; Fox Biz Flash: 5/27.
There's a reason so many people worry about leaving the workforce: Committing to a fixed income is a scary notion when we stop and think about the many expenses that could rise in retirement. These include home repairs, automobile maintenance, and, of course, healthcare.
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While healthcare is the one expense that tends to go up, not down, during retirement, those who do their part to read up on Medicare can position themselves to save accordingly. But there's a related expense that tends to catch seniors off-guard, to the point where they and their families risk catastrophic costs. It's none other than long-term care, and it's an expense that an estimated 70% of adults aged 65 and older will encounter at some point in their lifetime.
Not shocking, 34% of workers today worry about declining health in retirement that requires long-term care, according to a recent Transamerica survey. And the reality is, they have every right to be concerned.
What do long-term care costs look like today?
Long-term care costs can vary based on where you live and the type of care you need. Here's an overview of the expenses you might face: