Heading into retirement, many boomers are facing economic challenges and uncertainty about how they’ll fund their long-term care. They’re also looking to age in place, but are wondering who exactly will take care of them—at least, that’s the case for Minnesota boomers, found the Minnesota Post in a four-part series it recently ran that painted a portrait of the challenges ahead for the state’s retirees.
Kicking off the series was an article talking about the differences in what retirement looks like for boomers compared to their parents’ generation, including a greater risk shift thanks to the poor economy, and a majority of boomers uncertain as to how they’ll manage their long-term care needs.
Next came a piece touting a trend of boomers “reinventing” themselves after retirement and embarking on “encore” careers. While some choose to begin new jobs that are perhaps in different fields, for some, finding employment post-retirement stems from necessity (think the “risk shift” mentioned in the first article).
Aging in place emerged as a key desire among Minnesotans in Part Three, with many not planning on moving after they retire—a common theme among the state’s residents. And the concept of retirement itself is considered in this article, as a lot of boomers have been forced to keep working even after they’re eligible to retire.
The series ended with a question that’s cropping up in many boomers’ minds: Who will take care of me? And, by extension, how will that care be funded? Along with assisted or independent living communities, getting at-home care by a family or professional caregiver is emerging as an option. But more than 30% of Minnesotans surveyed by the state Department of Health and Human Services simply did not know how they would cover the cost of long-term care, while less than a quarter planned to use personal savings or investments, and about 18% thought they could use a government program.
Written by Alyssa Gerace