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Aging baby boomers raise the risk of a long-term-care crisis in the U.S.

November 21, 2021

From the CNBC website

It is easy to feel pessimistic — even apocalyptic — about the looming challenge of long-term care for the nearly 71 million baby boomers heading into their golden years.

Consider a few numbers:

* There are currently 14 million people receiving some form of long-term care. That number will double by 2050, according to estimates from the U.S. Centers for Medicare and Medicaid Services.

* About 70% of people over age 65 will need some form of long-term care before they die, per an analysis by the Urban Institute.

* The average annual cost of a private room in a nursing home was $102,000 in 2019, according to a survey by insurance company Genworth.

* Research by the Insured Retirement Institute found that 45% of boomers have no retirement savings and more than a quarter of those who do have less than $100,000.

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