Updated
Updated · Insurance News Net · Jun 11
LIMRA Finds 51 Million Workers Face Disability Gaps as Health Costs Top Financial Threats
Updated
Updated · Insurance News Net · Jun 11

LIMRA Finds 51 Million Workers Face Disability Gaps as Health Costs Top Financial Threats

3 articles · Updated · Insurance News Net · Jun 11

Summary

  • LIMRA’s Retirement Income Institute found consumers rank healthcare costs, long-term care needs and caregiving responsibilities above market volatility, inflation and recession as threats to long-term financial security.
  • The report argues health shocks can inflict lasting retirement damage because income interruptions halt contributions, force asset drawdowns and break compounding during peak earning years.
  • A three-year disability at age 35 can leave a dual-income household with a retirement shortfall in the millions, even if the worker later returns to work.
  • At least 51 million working adults rely only on Social Security disability coverage, while many employer plans also miss bonuses, commissions, tax effects or long enough benefit periods.
  • LIMRA says advisors should frame disability insurance around retirement outcomes and wealth preservation, not just short-term paycheck replacement.

Insights

Social Security benefits face a 22% cut by 2032. Is your health the biggest untold risk to your financial future?
Chronic illness is a top financial threat. Why is this risk significantly higher for Americans living in rural communities?