(Credit: Stephen Zeigler / Getty Images)
A new report by the Milken Institute details the barriers to achieving lifetime financial security, providing actions employers can take to help their employees and prospective residents.
“Shifting the Retirement Paradigm: Moving Toward Lifetime Financial Security” defines lifetime financial security as the ability to pay recurring monthly expenses, afford adequate housing, absorb a financial shock, set short-term and long-term financial goals, create a plan to save for retirement and cover long-term medical costs, and achieve a comfortable and affordable lifestyle.
The Milken Institute stated that society is at a “unique crossroads,” where an aging population and increasing longevity intersect, making improvements to the current retirement system critical.
Planning for long-term care costs
Medical and…
