It's
estimated
that there
are about 47
million
retired
Americans
controlling
approximately
$10.7
trillion in
retirement
account
assets.
Seventy-six
million baby
boomers are
moving into
retirement
at the rate
of 4-6% per
year. With
the
generational
transfer of
wealth, it
is estimated
that this
group will
control more
than $40
trillion in
assets over
the course
of their
retirement
years1
The market is large - and getting larger
There
are 76
million
baby
boomers
who are
about to
move
into
their
50s and
60s, the
sweet
spot for
LTC
buyers -
and
purchases.
The
percentage
of the
population
over age
65 will
grow
from 4%
today to
over 9%
in the
next 6
years.
It
becomes
hard to
ignore
this
product.2
The costs are high
For
America's
76
million
baby
boomers,
paying
future
long
term
care
costs
remains
their
largest
looming
expense.3
The
national
average
cost of
a year
in a
private
nursing
home
room is
over
$70,000,
and home
care
costs
can be high as
well.4
In
addition,
in
certain
states,
the
average
cost for
one year
in a
private
nursing
home
room can
exceed
$100,000.
1
Today's Retirees, An Affluent Market that Resonates in the Industry; National Underwriter 04/26/2004.
2 "LTC
Marketers
Have
Suffered
Growing
Pains,
But the
Phones
Are
Ringing
Again."
National
Underwriter
Life
&
Health -
Financial
Services
Edition.
08/02/04
3
Investing in
Retirement -
Long Term
Care -
Shelter from
the Storm
: Why more
people in
their 40s
are buying
nursing home
insurance."
Barron's
03/22/04
4
2006
Genworth
Financial
Cost of Care
Survey,
conducted by
CareScout,
an
independent
research
firm, March
2006
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