Long-term care planning, retirement savings suffered during pandemic: study – News

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More than half of Americans don’t have any plans in place for long-term care as they age, and many halted or reduced retirement savings contributions during the pandemic, according to the results of a new study.

The coronavirus pandemic triggered end-of-life conversations with family for 33% of U.S. adults, encouraging 44.5 million Americans to have first-time discussions about finances, health and legacy planning, the new study from Edward Jones, in partnership with Age Wave and Harris Poll, found. Fifty-one percent of older adult respondents reported not having any long-term care plans in place, whereas 10% said they have arranged to live with a child or another close family member. 

The revelation could present a marketing opportunity for senior living providers as they work to rebuild occupancy in the wake of COVID-19.

The pandemic also affected American’s potential ability to pay for senior living when they get older. According to the study, almost 50 million Americans paused or reduced contributions to retirement savings. Another 38 million withdrew money from their retirement accounts.

But there is some good news: 59 million Americans began contributing more to their retirement savings during the pandemic, as lockdowns prevented discretionary spending on travel, dining and other activities. An online survey of more than 2,000 adults was conducted by The Harris Poll from Aug. 12 to 16. It is part of an ongoing study exploring the four pillars of living well in retirement.