Key Private Bank recently published the results of their poll on long-term care. It showed that older adults prefer to remain independent and to live in their own homes. A close second on the list was moving to an assisted living community. Nursing homes or being cared for by family were viewed less favorably.
Rather than asking clients, Key Private Bank surveyed around 150 client-facing advisors. They wanted to know about their experiences with those facing retirement and their long-term care plans.
Ninety-three percent of advisors confirmed their clients' first wish was to stay at home, completely independent. That preference towards independence may explain the next results of the survey: only fifty percent of advisers could confirm that some of their clients are discussing long-term plans with their families. Twenty-five percent said that hardly any clients are making long-term plans. In fact, 58% of advisors said that less than a quarter of their clients already have a long-term care plan in place.
The results reveal that planning for the future may be more than just a matter of sitting down and crunching numbers or picking an independent living facility or nursing home in case the need ever arises for one. One of the first significant challenges may be accepting that there is a need for a long-term care plan at all.
When is a good time to start creating a long-term care plan?
Half of the advisors said they begin long-term care planning at the start of the relationship with their clients. Nearly half said that clients should start arrangements for long-term care costs between the ages of 40 and 50.
In an interview with McKnight Senior Living, Chad Stevens, a vice president and senior financial planner at Key Private Bank, said, “We encourage all of our clients to take a proactive approach to long-term care planning to navigate the costs and complexities of long-term care.”
Planning may be half the battle.
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