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wapo.st

In helping elderly parents, caregivers get a peek at their futures — and are inspired to plan for old age

AARP estimates about 41 million Americans care for their adult family members, a number that has increased as life expectancy has grown. About 4 in 10 such caregivers say they have plans in place for their own future care, according to the organization’s 2015 Caregiving in the U.S. survey.

Often, people who are relatively young and healthy don’t spend much time contemplating what life will look like when they get old and frail — until they see it reflected in the life of a loved one.

via Washington Post.

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bit.ly

Building Tools For The "Sandwich" Generation

Columbia Business School - the Eugene Lang Entrepreneurship Center

Looking ahead

There is a lack of senior care services designed for millennial end-users. Investors can expect increasing demand for services among millennial caregivers, including:

• Estate and financial planning
• End-of-life planning
• Caregiver community, support, and education

Founders building senior care solutions should consider the changing nature of the “sandwich” generation and their importance as caregivers and, ultimately, consumers of these products and services.

via Forbes.

Related Reading:

Providing Social Security Credits for Caregivers.

• In computing the Social Security retirement or disability benefit, imputed earnings for up to five family service years should be granted to a worker who leaves or reduces his/her participation in the work force in order to provide care to children under the age of six or to elderly family members.

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As our nation awaits for the U.S. Supreme Court to decide whether the Trump administration can add a citizenship question to the 2020 Census, two important questions affecting more than 43.5 million Americans won’t be asked at all. The missing questions address whether a U.S. resident is a caregiver for an adult family member or a disabled child and whether a resident is receiving care from a family member.

The 2020 Census does include questions about grandparents caring for their grandchildren (up to age 18) in their homes. But what about family caregiving at the other end of the age spectrum? Nothing.

via Next Avenue.

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squaredawayblog.bc.edu

Women’s Wealth Gap Exceeds Pay Gap | Squared Away Blog

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Society’s focus is on working women’s lower pay, but the bigger problem is that they have less wealth than men: https://bit.ly/2tc2Wyt 

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Related Reading:

Women and Retirement: The Gender Gap Persists.

Americans today are increasingly concerned that they will not have saved enough money to provide for a reasonable standard of living in retirement. When people were asked in a recent survey which they fear most – death or outliving their money in retirement – nearly two-thirds chose running out of money.

These trends inordinately impact women who tend to spend more time out of the workforce as a consequence of their caregiving responsibilities. Women earn less than men even when doing the same jobs and they more often work part-time or in jobs that do not offer retirement savings plans.

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These trends inordinately impact women who tend to spend more time out of the workforce as a consequence of their caregiving responsibilities. Women earn less than men even when doing the same jobs and they more often work part-time or in jobs that do not offer retirement savings plans.

via Women and Retirement: The Gender Gap Persists.

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As a result of caregiving, it is estimated that women spend 12 fewer years in the paid workforce over their lifetimes. At younger ages they are primarily responsible for caring for children, and at older ages women generally have the responsibility of caring for elderly parents or older relatives.

via Women and Retirement: The Gender Gap Persists.

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n.pr

Family Caregivers Exchange Tips, Share Stories To Ease Alzheimer's Losses

As the numbers of Americans afflicted with Alzheimer’s disease continue to swell to an estimated 5.7 million, so do the legions of loved ones caring for friends and family members. The toll on Bartholomew’s own mental health is one of the reasons the Alzheimer’s Foundation of America focuses on the nation’s estimated 16 million unpaid caregivers.

With no cure on the horizon, the foundation has been highlighting the necessity of better support for those caregivers through a national tour. It stopped in Nashville earlier this spring, was in Tempe, Ariz., in June and heads to Fairfax, Va., in September; the tour includes at least six more cities in the fall.

via NPR.

Related Reading:

Providing Social Security Credits for Caregivers.

• In computing the Social Security retirement or disability benefit, imputed earnings for up to five family service years should be granted to a worker who leaves or reduces his/her participation in the work force in order to provide care to children under the age of six or to elderly family members.
  

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bit.ly

In 2050, Where Have All the Family Caregivers Gone?

Max Richtman, President and CEO of the Washington, DC-based National Committee to Preserve Social Security and Medicare, gives his take on the Census Bureau’s 2017 statistical projections, too.  

“Despite how cataclysmic this may sound, the rising number of older people due to the aging of baby boomers is no surprise and has been predicted for many years. This is why the Social Security system was changed in 1983 to prepare for this eventuality. Under current law, full benefits will continue to be paid through 2034 and we are confident that Congress will make the necessary changes, such as raising the wage cap, to ensure that full benefits continue to be made well into the future,” says Richtman.

Richtman calls informal caregiving “a critical part of a care plan” that enhances an older person’s well-being. “While there currently are programs such as the Medicaid Waiver that will pay family members who provide caregiving support more can be done to incentivize caregiving so that loss of personal income and Social Security work credits are not barriers to enlisting the help of younger individuals to provide informal support services,” he says.  

Adds Richtman, the Medicare and Medicaid benefits which reimburse for the home-based services and skilled nursing care “will be unduly strained ”as the diagnosed cases of Alzheimer’s disease skyrockets with the growing boomer population. He calls on Congress to “immediately provide adequate research funding to the National Institutes of Health to accelerate finding a cure in order to save these programs and lower the burdens on family caregivers and the healthcare system. “

via Go Local Prov.

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In The Disaster Artist film, the recent send-up of The Room, James Franco’s character Tommy Wiseau cries out: “You’re tearing me apart!!!” After reviewing a new Northwestern Mutual study of caregiving in America, I felt that many of the nation’s 40 million family caregivers must be feeling this way — about the cruel toll their caregiving for loved ones is taking on their finances, their careers and their relationships.

“Depending on the nature of the care that’s required, it can really derail or change the whole landscape of how an individual goes about the day-to-day world,” said Kamilah Williams-Kemp, vice president, long-term care at Northwestern Mutual. “I don’t know if people realize the full extent they may be required to step in and lend a hand.”

via Forbes.

Related Reading:

Providing Social Security Credits for Caregivers.

• In computing the Social Security retirement or disability benefit, imputed earnings for up to five family service years should be granted to a worker who leaves or reduces his/her participation in the work force in order to provide care to children under the age of six or to elderly family members.
  

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March is Women’s History Month – During the month, we’ll be highlighting ways the gender wage gap affects women’s Social Security benefits.

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First, they confirmed past studies showing that the typical mom earns about $2,760 per month – or 28 percent less than a childless woman earns. Having two children translates to nearly 32 percent less income, and three children, to 35 percent less.

via Earnings Gap Hits Mom’s Social Security.

Related Reading:

Women and Retirement Savings Gap.

• Women are also more likely to spend time out of the workforce entirely to raise their children or provide care to elderly parents.
  

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Mothers often work less because, well, they’re also moms.

Still, they generally work consistently enough to qualify for Social Security pensions based on their own earnings records – rather than on their husbands’, as was common when more women were full-time housewives or worked just a few hours a week while the kids were at school.

Yet today’s working mothers do take a hit to their earnings when they temporarily reduce their hours or take a hiatus from work for childcare. The upshot of lower earnings is less Social Security income later for mothers, according to a new study by researchers for the Center for Retirement Research (CRR supports this blog).

Read more from this article by clicking here (via Center for Retirement Research).

Related Reading:

Women and Retirement Savings Gap.

• Women are also more likely to spend time out of the workforce entirely to raise their children or provide care to elderly parents. In 2014, 43% of women were out of the workforce compared with 31% of men.

• A report by the Family Caregiver Alliance updated in February 2015 found that 66% of all caregivers are women, and 20% of women are family caregivers.