In a revealing study on long-term care planning, Transamerica's Extended Care Report illuminates a pressing issue facing the aging American population. The survey, involving over 1,700 individuals, demonstrates that a significant 91% of participants recognize the importance of incorporating long-term care into their retirement strategies.

The Extended Care Report delves into the attitudes and preparedness of Americans regarding extended care. While a majority are cognizant of the need, there remains a noticeable disconnect in actual preparedness and execution of long-term care plans. The findings suggest that although individuals understand the financial and emotional impact of long-term care, many have not taken the necessary steps to address it.

"This report is a clarion call, highlighting the critical intersection of retirement planning and extended care," said John Stanley, senior managing director for Employee Benefits at Transamerica. "With nearly all respondents acknowledging the importance of planning for long-term care, it's clear that awareness is not the issue. The challenge lies in translating this awareness into action. Transamerica is committed to bridging this gap with resources and solutions that empower individuals to take charge of their future care needs."

The report also sheds light on the personal experience of caregiving. Nearly half of the respondents have been in a caregiving role, which often provides first-hand experience of the complexities and challenges associated with extended care. Respondents said the most critical issues when considering long term care are cost, burdening family, and the type of care they will receive. Alarmingly, 45% of survey respondents were unsure how they would pay for long term care, and 80% of those without insurance indicated that they would use personal funds, retirement accounts, pensions, and reverse mortgages to cover long term care expenses.

Transamerica is at the forefront of addressing these challenges, leading the way in educating clients and developing innovative products that support Americans in their planning for extended care. This report is an essential step in that journey, providing critical insights that will guide Transamerica's approach to product development and consumer education.

For more information about the Extended Care Report and Transamerica's efforts in long-term care planning, please visit https://www.transamerica.com/employee-benefits/caregiving.

About Transamerica

With a history that dates back more than 100 years, Transamerica is a leading provider of life insurance, retirement, and investment solutions, serving millions of customers throughout the United States. Transamerica's dedicated professionals focus on helping people live their best lives through saving, investing, and protecting their loved ones. Transamerica is dedicated to building America's leading middle market life insurance and retirement company, with unique access to the large and growing middle market consumer via World Financial Group and US retirement recordkeeping. Transamerica provides a broad range of quality individual life insurance policies, workplace supplemental insurance benefits, workplace retirement plans, individual retirement accounts, and investment products including mutual funds, annuities, stable value solutions, as well as investment management services.

In 2022, Transamerica fulfilled its promises to customers, paying more than $46 billion in insurance, retirement, and annuity claims and benefits, including return of annuity premiums paid by the customer. Transamerica's head office is in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa, and Denver, Colorado. Transamerica is part of the Aegon group of companies. Each Aegon company is solely responsible for its own financial conditions and contractual obligations. Based in the Netherlands, Aegon is an international financial service holding company.

For more information, visit www.transamerica.com.

Annuity Alliance is not affiliated with Transamerica. This article is for informational and educational purposes only. It should not be used to make a buying decision. If you would like to speak with a financial professional, please use Annuity Alliance’s contact form.