Many middle-income Americans who are now retired or near retirement may be on a collision course for financial difficulty in just over a decade, say researchers.
By 2033, more than 11 million middle-income seniors aged 75 and older may not be able to pay for assisted living and unlikely will qualify for Medicaid to pay for their long-term care needs, according to a study by the research organization NORC at the University of Chicago.
"Eleven-and-a-half million older adults won't qualify for public assistance and will most likely be unable to pay for their long-term care and assisted living," says Sarita A. Mohanty, Ph.D., president and CEO of The SCAN Foundation, which funded the research. "Homeowners may be forced to sell their homes and even then, many will not be able to afford their needs."
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