Long Term Care Insurance Available To More Seniors

“The current state of the economy has influenced nearly everyone’s calculations about work to some extent,” according the results of a survey by the Pew Research Center.

The survey found that nearly four of every 10 workers who are age 62 or older said they have extended their careers because of the economic slump. Almost two-thirds (63 percent) of those 50 to 61, who are approaching retirement, said they will probably have to postpone their departure from the workforce.

"Every cloud has a silver lining and more older individuals will have access to long-term care insurance available through their employer," explains Jesse Slome, executive director of the American Association for Long-Term Care Insurance. Some employer-offered long term care plans have fewer health qualifications which will enable more people to get this important protection before they finally retire.

The Pew report notes that many older adults, their retirement nest eggs battered by the bad economy, have already opted to hold on to their jobs. Even more on the threshold of retirement are reconsidering plans to stop working., the findings cited. The rate for those 65 and older who are employed was at 16.9 percent in July 2009, up from a record-low 10.4 percent in January 1985.

The figures signal the plunge in home values and stock prices that led to a record $13.9 trillion loss in household wealth since the middle of 2007 will force Americans to work longer than they intended before the recession began. A jobless rate projected to reach 10 percent by early next year means younger workers with little experience will find few openings.

The recession is thus magnifying trends that began about two decades ago as older Americans, in better health than previous generations and with a desire to remain active, work past the age of 62, the report said.