Retirees will need to amass small fortunes to pay for their health care, with lifetime forecasts typically ranging from $150,000 to $400,000. Yet advisors say they’ve had substantive conversations about senior health and elder care with less than half of their clients, on average.
Female advisors are doing a slightly better job than their male counterparts, having conversations with an average 53 percent of clients, compared to 46 percent for men. They’re the ones raising the issue with clients more often than men, and they’re raising it earlier in the process. Forty-four percent of women are having the senior health and elder care conversation in the initial planning process, compared to 34 percent of male FAs.
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