Almost a fifth of respondents to a new survey said they expect to move to an independent living community (12%) or retirement home with professional caregivers (7%) once they retire.
Fifty-three percent of overall participants in the 2025 Nationwide Retirement Institute Long-Term Care survey, however, said they plan to stay in their current home, either without (33%) or after (20%) renovations or major changes. Twenty-four percent said they plan to move to a smaller home, 10% said they will move in with family, and 3% said they will move in with friends.
The Harris Poll conducted the survey online on behalf of Nationwide March 17 to April 7 among Americans aged 29 or more years with household incomes of more than $75,000.
Survey finds differences
Plans to move to an independent living community or retirement home with professional caregivers varied by generation, whether or not respondents were retired, and whether participants lived in an urban, suburban or rural setting.
Millennials were more likely to say they would move to an independent living community (15%) than were members of Gen X (13%) or baby boomers (6%). Younger boomers aged 60 to 65 were slightly more likely to say they would move to an independent living community (7%) than were baby boomers as a whole.
People who were not yet retired were more likely to say they would move to an independent living community (14%) than were people who already were retired (6%).
Those who lived in rural areas were less likely to say they planned to move to an independent living community (7%) than were people who lived in suburban (14%) or urban (12%) areas.
Similarly to moving to an independent living community, millennials were more likely to say they would move to a retirement home with professional caregivers (11%) than were members of Gen X (6%) or baby boomers (3%). Younger boomers aged 60 to 65 were slightly more likely to say they would move to a retirement home with professional caregivers (4%) than were baby boomers as a whole.
People who were not yet retired were more likely to say they would move to a retirement home with professional caregivers (8%) than were people who already were retired (2%).
Those who lived in rural areas were less likely to say they planned to move to a retirement home with professional caregivers (4%) than were people who lived in suburban (6%) or urban (10%) areas.
Assisted living comes in second
When asked where they would prefer to receive long-term care if they needed it, assisted living ranked a distant second (14%) compared with “my own home” (77%). Boomers, retirees and rural dwellers were more likely to say they would prefer to receive long-term care in their own homes than members of other generations or urbanicities or those who had not yet retired.
Overall, 42% of survey participants said they strongly or somewhat agreed with the statement that they are considering a multigenerational or co-housing arrangement to help with long-term care and affordability, whereas 58% strongly or somewhat disagreed with that statement. Millennials (57%) and members of Gen X (40%) were more likely than boomers (25%) to be open to such living arrangements, as were people who had not retired yet (47% versus 20% for retirees) and urban dwellers (52% versus 39% for suburbanites and 35% for rural dwellers).
When asked who they expected to provide long-term care for them, 32% of overall respondents said “a hired caregiver at my home or senior apartment,” and 22% said “staff at an assisted living facility.” A spouse or partner (50%) and children (43%) were the most common answers.
Payment? Medicaid, children’s inheritances
Millennial (72%) and Gen X (61%) survey participants were more likely than boomers (40%) to say they planned to use Medicaid to help pay for long-term care costs, although younger boomers aged 60 to 65 (57%) were more likely than boomers as a whole to say they would use Medicaid.
Overall, 50% of respondents strongly or somewhat agreed with the statement that Medicaid cuts would not affect their long-term care, but 50% strongly or somewhat disagreed with that statement.
Half of overall participants said they strongly or somewhat agreed with the statement that paying for long-term care will reduce the amount of money they can leave for their children, and 36% strongly or somewhat disagreed with that statement. Fourteen percent said the statement was not applicable to them. Current retirees were more likely to say that their children’s inheritances would be diminished compared with people who were not yet retired (62% versus 47%), and boomers (59%) were more likely to say that their children’s inheritances would be cut back compared with members of Gen X (49%) or millennials (44%).
Read more results here (clicking on the link will download PowerPoint slides).