Forbes.com - Changing Family Caregiver Dynamics Ramp Up the Importance of Long-Term Care Planning - Deb Newman - 7/28/2014
When planning for retirement, clients often list long-term care as a primary concern. However, very few people have well defined plans for dealing with related expenses. Instead, most people rely upon family members to provide long-term care, with roughly 70% of services coming in the form of informal care provided by relatives. According to a new AARP Study, The Aging of the Baby Boom and the Growing Care Gap, the ratio of potential family caregivers to high-risk people in their 80s will decline from 7 to 1 in 2010 down to 4 to 1 in 2030, and is expected to decline to just 3 to 1 in 2050. These changing family caregiver dynamics ramp up the importance of proper long-term care planning. Consumers need to understand their long-term care risks and explore available sources of financing so they are better able to incorporate their long-term care plan into their overall retirement plan.