The nation is aging: The elderly population is expected to more than double by 2030. Yet many households -- likely to be somewhere between one-quarter and one-half -- are not saving adequately for income and health care needs during retirement. One of the difficult challenges in saving for retirement is the substantial uncertainty associated with long-term care, which can impose massive costs on those who have not insured against the risk.
The paper, Retirement Saving and Long-Term Care Needs: An Overview, documents trends affecting financial security during retirement; examines the financing of long-term care; and then explores the role of pension saving in preparing for financial needs, including long-term care.
William G. Gale, Brookings Institution and Tax Policy Center; Mark Iwry, Brookings Institution and Tax Policy Center; Peter Orszag, Brookings Institution and Tax Policy Center; Alexis Ahlstrom, Health Strategies Consultancy; Emily Clements, Health Strategies Consultancy; Jeanne Lambrew, George Washington University; and Anne Tumlinson, Health Strategies Consultancy; authored the overview.
Pew is no longer active in this line of work, but for more information visit the Retirement Security Project on PewHealth.org.