Seniors May Be Leaving Money on the Table as They Retire. Between defined contribution plans, new and improved options for medical and long-term care insurance and the myriad options for Social Security collection, there are plenty of ways for pre-retirees to ensure ample, stable incomes in retirement.
However, the complexities of these options, along with the decline of pensions and other defined benefits plans, are requiring far more planning and forethought from clients and their advisers. Ultimately, misinformed decisions regarding defined contribution collection, investments and insurance are leading many retirees to spend too much and collect too little over the courses of their 20-plus year retirements. Retirement savings: Quick guide to how much you'll need - Mar. 3, 2014. Boomers, will your parents finances impact your future? Boomers prepare for their golden years and often manage their parents wealth as well.
The Baby Boomer cohort statistically includes those born between the years of 1946 to 1964, a spread of 18 years, almost a generation. The oldest members of the Baby Boomers are currently in their mid-sixties, whilst the younger members are in their late forties. Certainly, these years contain the biggest bulge, but as with all distribution curves, there are tails at each end of the curve. How sandwich generation benefits from ACA. Price increases, not a larger senior population, are responsible for exploding healthcare costs: analysts.
November 13, 2013 Gap between long-term care costs and Medicaid payments reached record level last year, report finds Escalating healthcare costs in the United States cannot be pinned on an aging population demanding more services for chronic conditions.
Instead, higher costs are primarily the result of price increases, according to a new analysis in the Journal of the American Medical Association. Researchers from a variety of institutions, including Johns Hopkins School of Medicine and the Alerion Institute in Virginia, examined publicly available data to discern healthcare trends since 1980. Healthcare costs have ballooned and now exceed any other industry as a share of gross domestic product, they found. Perhaps foremost among them: The huge number of aging baby boomers is putting increased demand on the healthcare system, driving up overall costs due to rising rates of chronic disease and other conditions requiring long-term care and other services.
Baby Boom and the Growing Care Gap: A Look at Future Declines in the Availability of Family Caregivers. Understanding the effects of the relative size of the Baby Boom compared to preceding and succeeding age groups is essential to anticipating the demand for long-term services and supports (LTSS) and the potential availability of family care in the future.
This paper uses a “caregiver support ratio” to document the declining availability of family caregivers to provide LTSS between 1990 and 2050. It defines a “caregiver support ratio” as the number of potential caregivers age 45-64 for each person age 80 and older. It documents the dramatic widening of the care gap nationally and in all 50 states and the District of Columbia, as Baby Boomers age into their 80’s, beginning in 2026.
The report also highlights sociodemographic trends that may influence the future supply of family support for the frail older population. Read This Report. Www.ustrust.com/Publish/Content/application/pdf/GWMOL/2012-UST-Insights-Wealth-and-Worth-Full-Report.pdf. Options vary for keeping those with cognitive disorders safe. Published: November 7 2013 | 3:30 am - Updated: 28 March 2014 | 11:07 pm in The first time it happened, the Hansons were in New Zealand.
The Cedar Rapids couple had just arrived in Wellington to do some sight-seeing when Bob Hanson stepped into a store to pick up some supplies for the couple's hotel room. He thought his wife, Beverly, was waiting outside, but when he returned, she was nowhere to be found. After nearly two hours of searching, someone dropped her off at the police station. She had wandered nearly two and a half-miles from the shop, to a marina. What Is Assistive Technology? - CareGiver Technology: Independent Living Through Technology for Caregivers and Seniors. Assistive technology is equipment, devices and systems specifically designed to help people maintain their everyday life activities and remain independent in their own home.
CareGiver Technology concentrates on assistive technology solutions for seniors and their caregivers. These solutions can help to: Ensure one's safety and security in the home, such as with fall detection devicesStay in close touch with friends and loved ones through video phones Send and receive emails without the need of a computerManage medication dispensingSend electronic results of basic vital signs to one's doctorMake computers easy to use through touch screensAnd many more.
Www.caregiving.org/pdf/research/EVC_Caregivers_Economy_Report FINAL_4-28-09.pdf. National Alliance for Caregiving. Our mission is to be an objective national resource on family caregiving with the goal of improving the quality of life for families and care recipients.
To that end, the National Alliance for Caregiving has been a leader in research on family caregiving since 1996. We recognize that the more than 66 million family caregivers in the U.S. – nearly 40% of the U.S. adult population – provide important societal and financial contributions toward maintaining the well-being of those they care for. Through national surveys, our research identifies important new trends and sheds light on the varying needs of this huge and diverse group.
Areas of Research Caregiving in the U.S. & General CaregivingA global look at family caregiving across the United States, with companion reports on the following topics: caring for adults over age 50, children with special needs, young adults 18 – 49, and ethnicity of caregivers. Why Hire a Geriatric Care Manager? During one especially dicey period with my mother, then in an assisted living facility, my brother and I hired a geriatric care manager, first for a consultation and then for additional help at an hourly rate.
It felt like such an extravagance, given that we weren’t rolling in money, but the care manager helped solve a series of complex problems that I doubt I’d have solved by myself, mostly involving brokering a compromise with the facility, whose management wouldn’t let me hire a private aide for my mom but could not provide what she needed. Relations had soured to the point that all I could do was scream at them, which was making a bad situation worse, so having an advocate was a blessing. Also, the care manager, who visited regularly with my mother, often was privy to concerns she was keeping from me, and she was always there for me by telephone, which was a lifesaver. Caregiving Resource Center: Tips for the Long-Distance Caregiver, Comm... Create a Contact List Assemble address and phone numbers of friends, neighbors, doctors, faith leaders and others in regular contact with your parents who can be reached in the event of an emergency.
Include at least one person close by who can easily check in on your loved one. Consider giving this person a key to the home if your loved one approves. If you don’t already know them, introduce yourself during a visit to establish relationships should you need to reach out. 10 Tips for Family Caregivers - Caring for Parents Long Distance.
My caregiving began while I was still working full time and my parents, in their mid to late 80’s, still lived in their own home in another state approximately two hours from my house.
Being an only child, it was me, myself and I with the help of my husband and our college age kids. Caring for our Elders from Afar. Caring for our Elders from Afar Long-distance caregiving presents unique challenges as well as opportunities Many people find themselves in the position of caring for an aging loved one.
Whether it is providing full-time care or playing a smaller support role, it can be extremely challenging to balance one’s own life while maintaining the needs of a family member or friend. Yet, hidden in these challenges lie great rewards. Family caregiving is the bedrock upon which this country’s healthcare system depends and is the primary source of support for 65 percent of older adults in the United States. The Long-Distance Caregiver. Hire a care manager or assemble a network of helpers if your parent lives far away.
EDITOR'S NOTE: This article was originally published in the May 2009 issue of Kiplinger's Retirement Report. To subscribe, click here. The Long-Distance Caregiver. Introduction. Five years ago, Dave's mother moved from their old house in Philadelphia to an apartment that was closer to his sister in Baltimore. Before the move, the 30-minute drive to visit his mom wasn't a big deal, and Dave had lunch with her weekly. Sometimes they'd go to a ballgame together. After the move, neither Dave nor his mom expected much to change—what was another hour or so of drive time? But as time passed, the trip seemed to get longer, time together was harder to arrange, and as a result, they saw less of each other. Then his mom's health began to slide.
Financial Tips for Sandwich Generation Caregivers. By: The Experts at The Mutual Fund Store Those of us who are members of the “Sandwich Generation” may not have expected to find ourselves in the position of helping to provide for our elderly parents, nor may our parents have anticipated needing our support at this stage of their lives. Whether the recession, lack of financial planning – or a combination of factors – had something to do with it; sometimes difficult decisions have to be made when it comes to ensuring proper care for aging parents. Sometimes financial safeguards thought to be in place, such as government programs, don’t always end up providing the security that was expected.
For example, those receiving Veterans’ Benefits in some states may not be eligible for Medicaid government assistance, even though Veterans’ Benefits may not be sufficient to fund necessary assisted living and/or home care. Sandwich Generation: Don’t Forget Your Retirement Plan - Wells Fargo Conversations. Financial pressures are increasing on parents ages 40 to 59, according to “The Sandwich Generation,” a report issued by the Pew Research Center earlier this year. In 2005, 45 percent of those surveyed supported both a parent and either a minor or grown child. End-of-Life & Estate Planning Mistakes. Protecting Your Savings from the Cost of a Long-Term Care Illness.
Should you use a financial advisor for healthcare? Health care planning for retirees Tuesday, 29 Oct 2013 | 1:46 PM ET. When a Client Becomes Severely Ill. Mass Affluent Pushing Back Retirement, BofA Merrill Survey Says. More mass affluent Americans concerned about their personal finances are deferring their target dates for retirement, according to the latest report from Bank of America's Merrill Edge. Www.ustrust.com/Publish/Content/application/pdf/GWMOL/2012-UST-Insights-Wealth-and-Worth-Full-Report.pdf. Obamacare, Medicare Maze: What Advisors Need to Know.
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the bottom of any article. October 24, 2013 Dr. Assisted Living Facilities: Tips for Choosing & Making the Transition. Aging America: Changing Family Dynamic May Lead to Tax Relief. Checklist: 5 Legal Documents You Need for Your Parents.
Beyond Today - Finding help for the sandwich generation. Common Caregiver Challenges - Elder Care, Caregiving and the Sandwich Generation. How Many Caregiver Hats do You Wear – 5 Tips for Keeping Balance. Sandwich Generation Financial Struggling with College Kids Returning Home. Caregivers Of Older Adults Feel Mental And Financial Stress Over The Holiday Season. Financial Advice for the Sandwich Generation. Aging Parents: Role Reversal. Shifting the Paradigm of Aging - Restoring the Broken Connection. Aging Parents and Children Should Talk About Finances. Care for Elderly in Home - Elderly Care. Five Tips for Families Facing End-of-Life Care. Having the Talk: How Boomers Should Approach Aging Parent Issues.
How Racking Up Debt is Ruining Our Retirement. Sandwich generation. Q & A: Medicare and the Insurance Exchanges. Caring for Aging Parents - The New Old Age Blog - NYTimes.com. How the sandwich generation can avoid getting squeezed. The Sandwich Generation: Caught in the Middle. Boomers, will your parents finances impact your future? The Sandwich Generation.