Posts Tagged "caregiving"

Helping hands

An Appreciation of Professional Caregivers

My 85-year-old mother had been up a few times during a night in early June and still wasn’t feeling well in the morning. I called her doctor, who sent a prescription to her pharmacy, and went about my day’s work. But when I checked in that afternoon, mom was in a full-blown medical crisis that she and her 92-year-old male companion did not think was bad enough to tell me about.

I asked her companion to call the EMTs, who immediately dispatched mom to an emergency room a few miles from her Orlando retirement community. These events marked the start of my maiden voyage as my mother’s caregiver from 1,300 miles away in Boston. It was a high-stress affair that challenged all my organizational skills and stamina – an experience I am, no doubt, destined to repeat.

I’ve heard about the stresses of caring for an elderly parent but had only a vague sense of what that would be like. Nearly a week was consumed with keeping tabs on mom’s medical care at the hospital and what she needed, tracking down busy nurses and doctors – in a pandemic! – for updates on her condition (pneumonia) and treatment. Finally, upon mom’s hospital release on a Sunday, I wanted to make sure nothing else would go wrong at home.

The clouds started to lift when I hired three professional caregivers – Rachel, Nadine, and Rosa – to keep an eye on my mother for the first 24 hours at home. I developed a great appreciation for their kindness and efficiency and the unique talents each one brought to the job.

The hiring process wasn’t seamless, however, due to the COVID. My mother and her partner are fully vaccinated. But Florida has a much lower vaccination rate – 62 percent of adults have at least one dose, compared with 81 percent in Massachusetts – and I quickly learned that 35-year-old Rachel, the first caregiver assigned to mom, was among the unvaccinated.

I was about to cancel the contract with the company employing the caregivers when they offered to give Rachel a rapid COVID test. That worked for me. Having made my intentions crystal clear, the company texted me Nadine’s and Rosa’s vaccine cards for the later shifts. …Learn More

Caring for a Parent Can Take Financial Toll

Parent and adult child with masks

Last spring, as COVID-19 tore through the nation’s nursing homes, many people agonized over whether to pull their elderly parents out and assume responsibility for the care.

The fall surge in the virus is no doubt causing more handwringing as adult children again weigh the challenges of home care against concerns about their parents’ physical and mental well-being.

One practical consideration is the impact on the work lives of parental caregivers, who are overwhelmingly women. Recent research has found that “there are long-term costs associated with caregiving reflected in [lower] earnings even long after caregiving has taken place.”

The research involved women in their 50s and 60s with at least one living parent or in-law, though they generally provided care to a parent rather than an in-law.

Workers sometimes downshift their careers in the years prior to retiring, but caregiving can affect whether older women work at all, the researchers found. Among the caregivers they followed, the share who were working fell by nearly 2 percentage points, to about 56 percent, after their duties began. And the caregivers who remained employed worked fewer hours after taking on a parent’s care.

Women also earned less over the long-term if they had spent time as a caregiver. They saw about a 15 percent decline in their earnings by the age of 65 – or nearly $1,800 per year, on average – according to an update of a study initially funded by the Social Security Administration with subsequent funding from the Sloan Foundation. …Learn More

Photo of blurred bokeh light

Happy Holidays!

Next Tuesday – New Year’s Eve – we’ll return with a list of some of our readers’ favorite blogs of 2019. Our regular featured articles will resume Thursday, Jan. 2.

Thank you for reading and posting comments on our retirement and personal finance blog. We hope you’ll continue to be involved in the new year. …
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Caregiving Disrupts Work, Finances

What do groceries, GPS trackers, and prescription drug copayments have in common?

They are some of the myriad items caregivers may end up paying for to help out an ailing parent or other family member. And these are just the incidentals.

Graph of what caregivers gave upThree out of four caregivers have made changes to their jobs as a result of their caregiving responsibilities, whether going to flex time, working part-time, quitting altogether, or retiring early, according to a Transamerica Institute survey. To ease the financial toll, some caregivers dip into retirement savings or stop their 401(k) contributions. Not surprisingly, caregiving places the most strain on low-income families.

People choose to be caregivers because they feel it’s critically important to help a loved one, said Catherine Collinson, chief executive of the Transamerica Institute.

But, “There’s a cost associated with that and often people don’t think about it,” she said. “Caregiving is not only a huge commitment of time. It can also be a financial risk to the caregiver.”

The big message from Collinson and the other speakers at an MIT symposium last month was: employers and politicians need to acknowledge caregivers’ challenges and start finding effective ways to address them.

Liz O’Donnell

Liz O’Donnell was the poster child for disrupted work. As her family’s sole breadwinner, she cobbled together vacation days to care for her mother and father after they were diagnosed with terminal illnesses – ovarian cancer and Alzheimer’s disease – on the same day, July 1, 2014.

Her high-level job gave her the flexibility to work outside the office. But work suffered as she ran from place to place dealing with one urgent medical issue after another. She made business calls from the garden at a hospice, worked while she was at the hospital, and learned to tilt the camera for video conferences so coworkers wouldn’t know she was in her car.

“I felt so alone that summer,” said O’Donnell, who wrote a book about her experience. “We’ve got to do better, and I know we can do better.” …Learn More

work life balance

Work-Life Imbalances Spur Retirement

When young people are dissatisfied with a job or feel it intrudes too much on their personal lives, they find a new one. Not so easy for older workers.

Their decision is complicated partly because they have fewer employment options as they age, but also because they must ask themselves whether or not it’s time to retire.

A study out of the University of Michigan’s Retirement Research Center found that people in their 50s, 60s, and 70s often choose to retire when long hours, inflexible schedules, and work responsibilities don’t allow them to do what’s required to help a family member or a sick spouse or to enjoy more leisure time.

Many things are constantly pushing and pulling older workers toward retirement, from lower pay, job stress, or unrealistic job demands to accumulating their required pension credits or having enough money in the bank. But the focus here is on lifestyle.

Marco Angrisani and Erik Meijer at the University of Southern California and Maria Casanova at California State University used a survey of some 6,000 older workers that asks about work-life conflicts and then followed them for nearly a decade to see if such conflicts led to decisions to reduce their hours of work or retire altogether.

The main takeaway was that both older men and older women who’ve had a work-life conflict in the past two years are far more likely to retire. This may not be surprising for women, who are typically the default caregivers for an ailing spouse, parent, or even a grandchild. …Learn More

aging parent

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