Most seniors in America can’t afford nursing homes or assisted living, study finds
Fox News
Up to 80% of aging adults lack the financial resources to pay for two years of nursing home care or four years in an assisted living community, a new study found.
Additionally, 60% of older adults — or 24 million households — would not have the funds to pay for in-home long-term care, despite the fact that they would prefer to "age in place," per a report from NCOA. "For decades, there has been a lack of awareness of how expensive assisted living really is." Middle-aged and older adults are facing a very different financial landscape than the generations before them did. "There is a common misconception that older adults are asset-rich." Melissa Rudy is health editor and a member of the lifestyle team at Fox News Digital.
Researchers analyzed 2018 data from the Health and Retirement Study, which was a joint effort by the National Institute on Aging and the Social Security Administration that surveyed some 20,000 U.S. adults about their net wealth.
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