The majority of women 50 and older in America keep their biggest retirement concern to themselves—the fear of becoming a health care or long-term care responsibility to their families, according to a Nationwide Retirement Institute survey.
The survey of 709 women and 582 men ages 50 or older finds two-thirds of women (66%) are worried they will become a burden to their family as they get older (compared to 50% of men). In addition, 78% of women say they are concerned about having money to cover long-term care (LTC) expenses.
Despite these concerns, six in 10 women ages 50 or older (62%) haven't talked to anyone about long-term care costs. Of women with a spouse or women with at least one child, the most common reason they aren't talking with these loved ones about health care costs in retirement is they don't want them to worry (43% and 62%, respectively).
However, Nationwide says not talking about long-term care now can do more harm than good to women’s families later. “Families need to be aware of what they will face if they do not plan ahead for this risk—both emotionally and financially," says Shawn Britt, director of long-term care initiatives, advance consulting group at Nationwide. NEXT: LTC concerns