Gen X was promised jetpacks, not assisted living

Back in the 1980s, Generation X was promised a tech-fueled future – flying cars, robot assistants and medical breakthroughs that would make aging almost obsolete. But as the oldest members of this generation turn 60, they face a very different kind of future – one shaped by a rising cost of care, growing caregiving responsibilities and a lack of financial preparation for the possibility that they’ll need long-term care themselves.

As financial advisors, we’ve seen our Gen X clients contribute to retirement plans, support their families, and balance care for children and aging parents. Yet, even with these good habits, many haven’t accounted for how they’ll pay for their own long-term care in the event they need it.

The planning gap we can’t ignore

According to Northwestern Mutual’s 2025 Planning & Progress Study, 61% of Americans expect to need long-term care, yet only 35% of Gen Xers have financially prepared for it. This disconnect has the potential to jeopardize even the most carefully built retirement plans.

And when it comes to long-term care, it’s not just about affordability – it’s about control. Nearly three in four Americans say they will prefer to receive care at home if the need arises. But without a plan in place, that preference may not be financially realistic. The cost of in-home support, home modifications or part-time medical assistance can quickly become a burden if clients aren’t prepared.

This is where advisors have a clear opportunity to provide value: by ensuring that long-term care planning isn’t a reactive, last-minute decision, but an integrated part of a client’s overall financial strategy.

Covering the costs of long-term care

There’s also a common misconception that health insurance or Medicare will cover long-term care needs. In reality, many forms of care – especially non-medical support with daily living – aren’t covered, leaving families unprepared to handle these costs out of pocket.

Without a funding strategy, clients may have to make difficult trade-offs: tapping into retirement accounts, delaying other goals or leaning on family members for support. As advisors, we can help ensure those decisions are made proactively, not reactively.

Gen Xers are already feeling the strain of caregiving

It’s not just about their own future care. Many Gen Xers are living the reality of long-term care right now as they support aging parents. One in five Americans are caregivers today, according to the Planning and Progress Study. Many of these caregivers are making financial sacrifices – cutting back on personal spending, working longer hours or even dipping into their own savings and retirement funds to provide care.

These firsthand experiences are creating awareness – but awareness alone doesn’t translate into preparation. As advisors, we’re able to help clients apply what they’re witnessing in their families to their own long-term planning.

Long-term care is a planning conversation – not just a product

When long-term care comes up, many clients – and some advisors – think only in terms of insurance. But LTC isn’t a product discussion. It’s a planning imperative. And framing it in the context of retirement security, family protection and legacy makes it more relevant to clients at all wealth levels.

Effective long-term care strategies may include:

• Traditional long-term care insurance to help offset qualified care expenses
• Hybrid life insurance with LTC benefits, offering value even if care isn’t ultimately needed
• Self-funding through diversified, tax-efficient methods, including Roth IRAs, health savings accounts and permanent life insurance with accessible cash value

Every client’s situation is unique, but one principle is consistent: The earlier the plan is in place, the more choices clients will have in the future.

Start the conversation early

One of the most meaningful actions advisors can take during Long-Term Care Awareness Month is to raise the topic before it becomes urgent. These conversations build trust and show clients that we’re looking out for more than just building their nest egg to live on in retirement – we’re planning for real-life scenarios that can impact families deeply.

A few questions to open the door:

• Have you thought about what care might look like for you in the future?
• If care were needed tomorrow, how would it be paid for?
• Do you want to have options – or have the options decided for you?

These conversations often surface unspoken concerns – and create relief once a plan is in motion.

Planning protects more than just wealth

Gen Xers may not have gotten the jetpacks they dreamed of – but they can still shape a future on their terms. For a generation known for its independence, the ability to choose where and how they age is one of the most valuable outcomes financial planning can deliver.

We can help our clients turn preparation into confidence. Long-term care isn’t a distant worry – it’s a near-term conversation that belongs in every retirement plan. And as advisors, we are uniquely positioned to lead it.

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