Skip to content
Friday, October 23, 2026 · Today’s edition, 6:30 a.m. ETFri, Oct 23 · 6:30 a.m. editionSign inMy Desk 0EditionsSign in

Northwestern Mutual study: 83% of boomers, Silent Generation prefer aging at home

The study projects an eight-hour-a-day home health aide at $105,120 out of pocket in 2026, rising to $552,232 by 2060.

At a glance

  1. In the same study, conducted by The Harris Poll with 4,375 U.S. adults, 73% put in-home care first overall; older cohorts leaned that way more often, with 78% of Generation X, 67% of millennials and 61% of Generation Z. The boomer and Silent Generation share was the highest.
  2. Northwestern Mutual's analysis puts the out-of-pocket cost of an eight-hour-a-day home health aide at $105,120 in 2026, $454,323 by 2056 and $552,232 by 2060.
  3. Annalee Kruger, founder and CEO of Care Right, an aging-plan consultancy that collaborates with financial advisors on shared clients, told Financial Planning that the cost side is where advisor preparation falls short.

Northwestern Mutual's research found that 83% of baby boomers and Silent Generation members would choose their own home over a nursing home, assisted living or a medical facility. In the same study, conducted by The Harris Poll with 4,375 U.S. adults, 73% put in-home care first overall; older cohorts leaned that way more often, with 78% of Generation X, 67% of millennials and 61% of Generation Z. The boomer and Silent Generation share was the highest.

Northwestern Mutual's analysis puts the out-of-pocket cost of an eight-hour-a-day home health aide at $105,120 in 2026, $454,323 by 2056 and $552,232 by 2060. The 2060 figure is more than five times the 2026 one, and the four years between the last two projections carry a 21.6% increase — about 5% a year on those two figures.

Annalee Kruger, founder and CEO of Care Right, an aging-plan consultancy that collaborates with financial advisors on shared clients, told Financial Planning that the cost side is where advisor preparation falls short. "I've noticed consistently with advisors [that] they truly don't understand the actual cost of care, and they also don't always understand how expensive it is to age in place at home," she said. Aging in place can mean 24/7 care, Kruger added; clients can be bed-bound, incontinent or need to be fed, and the build-out — in-home nurses, wheelchair-accessible ramps, remodeled bathtubs — adds up quickly.

The same survey found that respondents who worked with an adviser were about twice as likely to report having a long-term care plan; 61% expected long-term care and 54% had not planned for it. Kruger's answer to that gap was training: after advisors told her they were not prepared to help clients with elder care issues, she built a certificate program for those who want the specialized skills to serve clients age 85 and older.

Projected cost of an 8-hour-a-day home health aide

Out-of-pocket, per year

  • Inflow / above zero
  • Outflow / below zero
+$105.1K2026+$454.3K2056+$552.2K2060+$105.1K2026+$454.3K2056+$552.2K2060+$105.1K2026+$454.3K2056+$552.2K2060
Source: Northwestern Mutual analysis · 2026–2060 projections
Show as table
LabelValue ($)
2026$105.1K
2056$454.3K
2060$552.2K

Share preferring care at home, by generation

Older cohorts lean toward aging in place more often

  • Baby boomers & Silent Generation83%
  • Generation X78%
  • Millennials67%
  • Generation Z61%
Source: Northwestern Mutual study via The Harris Poll · 4,375 U.S. adults
Show as table
ItemValue (%)
Baby boomers & Silent Generation83%
Generation X78%
Millennials67%
Generation Z61%

Reported by the Tax & estate planning desk from Financial Planning and Wealth Advisor Daily archive. Published . Corrections

Related

Advisors

Northwestern Mutual opens a 40-specialist family office platform to its advisors

Advisors pay a retainer for access to 40-plus in-house legal, tax, estate and philanthropy specialists aimed at clients with at least $50 million in net worth.

Advisors

Edward Jones: 81% of financial caregivers for adults 65+ would sacrifice own financial security

Among the 84% of caregivers not fully reimbursed, out-of-pocket costs average $8,737 a year, the Harris Poll survey of 3,223 adults found.

Advisors

LPL adds $1 billion Seattle team from Northwestern Mutual

Prince Financial Services founders Julie Prince and Dave Burnett each spent about 20 years at Northwestern Mutual.

Advisors

Treasury and IRS replace retirement plan correction framework and create IRA correction program

Revenue Procedure 2026-34 is effective today; Revenue Procedure 2026-33 begins May 1, 2027.

Advisors

Higher rates can cut closely held business valuations and open an estate-gift window

A lower supportable fair market value lets an owner move more ownership out of the estate while using less lifetime gift and estate tax exemption, though company facts still drive the appraisal.

Wealth Advisor Dailyfrom Private Wealth Daily

Practice management, recruiting, RIA M&A and the platforms advisors run on. Weekdays at 6:45 a.m. ET.

Free. Weekday mornings. Unsubscribe from any edition in one click.

From other sections