Politicians love to say they “won’t touch” Social Security, as if leaving the program alone will protect older adults. In reality, a new study by two of my Urban Institute colleagues finds that failing to fix the program’s looming financial shortfall would throw 3.8 million seniors into poverty by 2045. Median promised benefits would decline by $5,900 (in 2022 dollars). [...]
President Trump has proposed deporting hundreds of thousands of immigrants and backed curbs on legal immigration into the US. The president’s aggressive views on immigration have generated intense debate over the past year, but much of that discussion has ignored a key issue: What immigration restrictions would mean for the long-term health of Social Security. A new study by my Urban Institute [...]
About 7.2 million Americans currently own traditional long-term care insurance policies, a number that’s held steady for the last seven years. But who are they? And what does it say about the future of long-term care insurance? Overall, the share of older adults who own long-term care insurance (LTCi) has barely changed since 2002, according to new research by my [...]
Over a 12 year period, nearly 6 of every 10 adult children age 51 or older will provide some care for an aging parent or in-law and nearly one in five will help an ailing spouse. And those who do are less likely to work, more likely to see a decline in their financial well-being, and more likely to fall into [...]
Nearly 18 million older adults, or nearly half of everyone 65 and older, report that they need some assistance with routine daily activities. That’s significantly more than generally believed and suggests that the burden on families and the overall care system may be much greater than previously thought. According to a new study by Vicki Freedman of the University of [...]
Senator Bob Corker (R-Tenn) warned today that long-term care financing is "a major train wreck" and "heading for a national crisis." Corker, the senior Republican on the Senate Aging Committee, said he was very worried about the viability of private long-term care insurance and added , "there is no doubt there is a public sector role" in the future of financing [...]
On Tuesday, Nov 8, I'll be moderating an important discussion on the future long-term care in an era of shrinking government. My fellow panelists will be Robyn Stone, author of Long-Term Care for the Elderly and senior vice president for research for LeadingAge, a trade group that represents non-profit providers ; Len Fishman, the CEO of Hebrew Senior Life, an innovative senior services provider in Boston, [...]