Americans expect to retire earlier than ever, but nearly 40% of retirees can't afford to take care of themselves for just one year
Bank of New York. That's the highest reading dating back to 2014 and caps a steady decline in retirement age over the last several years.
The team's calculations include the need for paid and unpaid care. It also uses the median hourly rate for a home health aide for paid-care calculations, which totaled $22 per hour in 2018. College graduates are also much more prepared to cover care costs than less-educated Americans. Just 14% of people with college degrees can't afford a year of minimal care, according to the study. Conversely, 65% of those who never graduated high school don't have the means to pay for care.
The findings paint a bleaker picture of retirement at a time when millions of Americans — many unwillingly — have yet to return to the workforce. The labor force participation rate for Americans aged at least 55 years
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