As the American population ages and the demand for long-term care (LTC) rises, the cost of LTC is expected to increase significantly due to demographic challenges, worker shortages, and political uncertainties. Retirees need to consider alternative financial strategies to address these rising costs, as federal long-term care programs remain unlikely. Click here for article.
Aging Population: By 2050, the number of Americans aged 65+ will increase by 47%, leading to greater demand for LTC services.
Workforce Shortages: A shrinking labor pool for caregivers will drive up LTC costs, which will be passed on to retirees.
Political Impact: Immigration reforms could worsen the worker shortage, further increasing LTC costs due to fewer available caregivers.
Mitigating Costs: Retirees can plan ahead by investing in LTC insurance, especially linked life/LTC plans, to help cover future long-term care expenses.
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