Eighty percent of older households lack the funds for long-term care

Roughly 80% of households with adults age 60 and older lack the resources to cover long-term care costs or weather a financial emergency. This deficiency exists as the oldest baby boomers turn 80 in 2026 and the population of those 65 and older is projected to rise from 61 million in 2024 to more than 80 million by 2040. The mismatch between total years lived and lifespan is 12.4 years. Women can expect to live roughly 14 years in poor health and men 11 years. The vast majority of this population will require ongoing care or support, yet few plan for it, often mistakenly believing Medicare will cover long-term care costs.