This article, originally published by Fortune, features insights from The SCAN Foundation’s President and CEO Sarita A. Mohanty on the looming retirement affordability crisis facing middle-income older adults.
Drawing on NORC at the University of Chicago’s research, supported by The SCAN Foundation, she underscores the financial strain families will face as baby boomers age and caregivers juggle their own retirement planning.
She writes, “Baby boomers–a massive generation–are moving into older adulthood. NORC found that there will be 16 million middle-income older adults by 2033. As NORC’s research summary explains: “Many will struggle to pay for the health, personal care, and housing services they need. … Even with home equity, nearly 40% will not be able to afford assisted living.”
Dr. Mohanty also calls for candid family conversations, rethinking risk, and policy solutions.
Read the full article here.