One finding of the study, McInerney emphasized, is the importance of aging retirees working with a financial advisor on some level, even as their assets deplete and their need for additional services, such as long-term care, increases.
"Medicaid is still very protective for retirees who qualify, as people who qualify will spend far less on medical care than those who don't," she said. "Many older adults need to work with a financial advisor even if they're not eligible for Medicaid today. As assets deplete and you need long-term care, having someone help you apply as soon as you're eligible is extremely imporant."