WASHINGTON (AP) — A new poll finds many baby boomers are deeply worried about the financial pressures that come with age.
The Associated Press-LifeGoesStrong.com poll found that 43 percent of baby boomers polled said they were "very" or "extremely" worried about being able to pay their medical bills, including long-term care. That outpaced concerns about facing a major illness or dying. Forty-one percent were concerned about losing their financial independence.
More than 80 percent of the boomers said they do not have long-term care insurance, a private policy that helps pay for nursing homes or other costs not covered by Medicare. A study by Fidelity Investments estimates that a 65-year-old couple retiring this year with Medicare coverage would need $230,000, on average, to cover medical expenses in retirement — not including nursing homes.