April 5, 2018
An Ever-Expanding Sandwich Generation
Two new “sandwich generations” are getting into the thick of things: Generation X and Millennials.
Baby boomers first latched onto this label as they juggled caring for their parents and children simultaneously. With lifespans continuing to increase, the squeeze from parental caregiving is tightening among Gen-X and Millennials.
As baby boomers and their parents get older, all three generations are feeling the financial strain of this familial obligation, which people take on either because “it is what family has always done” or “there was no other option,” according to caregivers’ responses to Northwestern Mutual’s new annual survey of adults between the ages of 18 and 64.
A separate 2017 report, by the Center for Retirement Research, estimated that one in five people will, at some point in their lives, care for their elderly or ailing parents. They spend an average 77 hours per month assisting elderly parents with everything from simple activities like getting out of bed and taking medications to frequently driving them to doctors’ offices.
The largest group in Northwestern’s survey are adult children caring for parents. The other caregivers identified in the survey care for adults under 65 or children who are either ill or have special needs or disabilities – there were no questions in the survey about routine childrearing.
The major findings indicate that parental care has significant financial and lifestyle implications, which disproportionately affect women: …Learn More
March 27, 2018
Boomers Do Retirement their Way
In the two years since starting a series of blogs, “Boomers: Rewriting Retirement,” I’ve profiled five willing baby boomers in various phases of retirement as they grapple with a variety of issues.
The individual profiles are again posted here, in the event one of them might be helpful to a reader who missed it the first time.
And we’re always looking for more guinea pigs, if anyone has an interesting story to tell!
Click on the links at the end of each headline:
- “A Familiar Dilemma: to Work or Retire.”
- “Finally retired. Now What?”
- “Caring for her elderly parents 24/7.”
- “The Ultimate in Travel: Retiring Abroad.”
March 15, 2018
Boomers are Longing to Retire Overseas
Australia, Cambodia, Laos, Thailand, Spain, Portugal, Scotland, Ecuador, Belize, Nicaragua – our readers living all over the world, or planning to, shared their experiences in comments posted to a February blog, “The Ultimate Travel: Retiring Abroad.”
The article profiled a Houston couple on the verge of retiring who are systematically exploring cities that interest them in Panama and Costa Rica. Few blogs have elicited so many comments – no doubt because thoughts of retiring overseas are more fun than worrying about whether the 401(k) account has enough money in it.
The success of retiree Dennis Desmond and his wife’s relocation to Australia makes it hard to resist temptation. “The weather here is incredible, the people are fantastically friendly, and the scenery is wonderful,” Desmond said in his comment.
But the picture isn’t all roses. William Pederson wrote in his comment that he knows five couples who’ve moved overseas and returned stateside. “You get what you pay for,” he said.
Here’s more of the fun stuff, and a few downsides, from our readers: …Learn More
February 22, 2018
What’s a Geriatric Care Manager Anyway?
Staging your parent’s 90th birthday party, accompanying him or her to a doctor’s appointment, or finding the best long-term care facility for the right price – geriatric care managers do all this and much more.
Geriatric care managers come into the profession with expertise ranging from gerontology and nursing to social work and psychology, and they bring a unique perspective to caring for the elderly. Their first loyalty is to your parent and her well-being, though they want to work closely with everyone involved – parent and adult children – to meet the parent’s wishes.
Suzanne Modigliani, an aging life care specialist near Boston, handles “all spheres of an individual’s life – physical, cognitive social, emotional, financial, community and family.” She’ll even make referrals to geriatric care managers for a parent living in a different city.
An elderly person’s top choice for a caregiver is, logically, their spouse – daughters are typically next. And credentialed geriatric care managers are not cheap: they charge anywhere from $100 to $200 per hour, depending in part on an area’s cost of living – hourly charges can be $400 in Manhattan.
So how do adult children know if their parent could benefit from having a geriatric care manager? Modigliani advises them to be on the lookout for unusual behaviors such as growing difficulty with routine financial matters that the parent has always handled, or a bare refrigerator at mom’s house during holiday gatherings.
Unfortunately, it’s often a medical or other crisis that suddenly alerts siblings to problems that have been developing for a while. Waiting until a crisis, when tensions are high, is usually the worst time to deal with emotional issues – including finding a good care manager. Geriatric care managers have experience and can help smooth over these situations. …Learn More
February 20, 2018
What’s New in Retirement Research
Millennials, longevity, Americans’ retirement outlook – these are among the topics economists tackle in five interesting research briefs.
Links to each brief below appear at the end of their titles. (Full disclosure: the researchers are at the Center for Retirement Research at Boston College, which funds this blog.)
- “Will Millennials Be Ready for Retirement?” – They are the most educated generation. Yet they lag previous generations of young adults in their retirement preparedness. Student loan debt is one big reason.
- “National Retirement Risk Index Shows Modest Improvement in 2016” – Rising house prices boosted individuals’ wealth, modestly improving our retirement outlook. But, again, Millennials face significant headwinds.
- “Is Working Longer a Good Prescription for All? – Most households’ retirement plans would benefit from working longer, saving more, and delaying Social Security. Low-income and less-educated workers with the most to gain financially, however have fewer job options for postponing retirement. …
January 18, 2018
Half of Boomers Social Security Eligible
This milestone must be noted: about half of baby boomers are now over 62 and can claim their Social Security benefits.
The year 1955 was the midpoint for the post-World War II population explosion – and those boomers born in 1955 will turn 63 sometime this year.
This marks the time to take stock of differences between the old boomers (born 1946-1955) and young boomers (1956-1964). Of course, Social Security eligibility doesn’t automatically mean retirement, and boomers of all ages are retiring later than their parents. Today, only around a third of 62-year-olds file immediately for Social Security benefits – it was closer to half for the oldest boomers. The downward trend should continue.
But a yawning difference between the two boomer groups is their vastly different stages of life. Those born in the late 1950s and early 1960s are still working full-time. Entrenched in work, they have several years to go to retirement – their big challenge is having enough time to prepare financially.
The oldest boomers, now in their late 60s and early 70s, are already retired. They can take great joy in their grandchildren, which most have. That’s a comforting antidote to sobering thoughts like whether my financial affairs are in order (just in case), who will take care of me when I no longer can, and how do I want to spend my final years or days?
The good news is that baby boomers are healthier than any previous generation and will live longer. Old and young boomers still have lots to enjoy.Learn More
December 19, 2017
No Longer Homeless at Christmas
A social worker hands Lenny Higginbottom, 52, the keys to a 378-square-foot apartment, the first home of his own after 24 years on the streets.
“Try to fight the tears,” he says, gripping the keys during a video accompanying a story by Boston public radio (WBUR) reporter Lynn Jolicoeur. “Something I thought I’d never be able to do,” Higginbottom says.
His past issues are not uncommon among the homeless: a father who died when he was six, depression, substance abuse, and a failed marriage. He had a Section 8 housing voucher but couldn’t find a landlord willing to rent to him due to minor criminal activity in his past. …Learn More