Are Americans Considering Everything in Retirement Planning?

However, according to a survey by Nationwide, those who are already retired plan to live significantly longer in retirement than those that are not. Nearly 20% of retirees expect to live more than 30 years in retirement.  

Half of Americans 50 and older have a financial plan for their retirement, but it is not formal nor detailed, while one in 10 do not have a plan at all. Regardless of whether they have a formal plan or not, the majority of their planning accounts for living expenses, unplanned health care costs, and travel. Only four in 10 account for long-term care costs.  

Men are more likely than women to plan their retirement for the following: everyday living expenses (88% of men vs. 81% of women), their spouses outliving them (66% vs. 32%), mortgage (40% vs. 30%), and paying off debt (37% vs. 27%).  

Other survey findings include: 

• The majority of those surveyed do not have expectations of their children when they are in retirement; 
• The majority are familiar with Medicaid, but less than one-third are familiar with Medicaid Planning. Those not retired are more likely to have only heard the name “Medicaid Planning”; and 
• Three-quarters report that their financial advisers help them estimate both health care and long-term care expenses, but slightly less feel they answer all of their questions about this kind of care.