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EBRI's analysis finds the aggregate national retirement savings shortfall is $4.6 trillion, for an overall average of $47,732 per individual. The average shortfall varies by age, gender, and marital status.
The Institute says adding nursing home and home health care expense increases the average individual retirement savings shortfall for married households by $25,317. Single males experience an average increase of $32,433, while single females have an increase of $46,425.
"This helps quantify just how large of an impact nursing home and home health care expenses can have on people in retirement," said Jack VanDerhei, EBRI research director and author of the report.
EBRI's estimates are present values (stated in 2010 dollars) at age 65, and represent the additional individual average amount needed at age 65 to eliminate expected deficits in retirement. EBRI notes this aggregate deficit assumed that people will receive current-law Social Security benefits.
