80% of Boomers Prefer Aging at Home, but Financial Gaps Threaten…

Event summary

83% of Boomers+ and 78% of Gen X prefer in-home care over nursing homes, per Northwestern Mutual's 2026 Planning & Progress Study.
61% of Americans expect to need long-term care, but 54% have no financial plan for it.
Caregivers report cutting spending (32%), tapping savings (25%), or taking on debt (20%) to cover costs.
Annual in-home care costs could exceed $500,000 by the late 2050s, per Northwestern Mutual projections.

The big picture

Northwestern Mutual's study highlights a growing disconnect between Americans' preference for aging at home and their lack of financial planning for long-term care. As costs escalate—potentially exceeding $500,000 annually by the 2050s—families face mounting pressure to balance caregiving with financial security. The data underscores the need for earlier, more comprehensive planning, particularly as younger generations increasingly take on caregiving roles.

What we're watching

Financial Planning Gaps: Whether Americans will bridge the gap between long-term care expectations and financial preparedness, especially as costs rise.
Caregiving Impact: How younger generations (Gen Z and Millennials) will manage caregiving responsibilities alongside their own financial stability.
Cost Inflation: The pace at which long-term care costs will outpace general inflation, potentially straining family budgets.