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How voluntary benefits can help save for long term care

Every day, 10,000 baby boomers enter retirement. With that in mind, financial experts are trying to raise awareness of two facts: We are living longer, and we are spending more.

By Nick Thornton | Updated on May 25, 2016

Every day, 10,000 baby boomers enter retirement. With that in mind, financial experts are trying to raise awareness of two facts: We are living longer, and we are spending more.

Recently updated mortality tables by the Society of Actuaries show the average 65-year-old male will live to be 86.6 years old; the average female, 88.2. For many Americans, this increased longevity means a quarter-century-long retirement. And during that time, rising out-of-pocket health care costs are expected to drain the average retiree’s savings.

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Nick Thornton

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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